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Exchange Review

elegro

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Exchange Fees

Bitcoin Logo 0 Withdrawal Fee • 1.50% Taker Fee • 0.00% Maker Fee

Deposit Methods

Yes Wire transfer Yes Credit Card Yes Cryptocurrency

Supported Cryptos (4)

Bitcoin Cash ABC, Bitcoin, Ethereum, Litecoin

elegro Review

A crypto exchange guide must provide reviews of all of the top crypto exchanges out there, so that you can find the right one for you. This review of elegro consists of four parts: general info, fees, deposit methods and security.

General Info

elegro is a newer Estonian exchange. With HQs in Tallinn, elegro is an EU regulated blockchain-based platform developing FinTech payment solutions that make it fast, easy, and secure to use crypto in daily life.

Other Estonian exchanges also include: Crex24, Coinsbit, CoinMetro, B2BX, STEX.com, LATOKEN, Bitnordex, P2PB2B, BTCbear, Jubiter and Kriptomat. Estonia is actually the only country in the Baltics that have any crypto exchanges (that we know of).

It might be a bit misleading to call elegro a crypto exchange though. The services offered are more like the services of a broker.

elegro has an interesting offering called Certified Coins. Certified Coins is an exchanger that was developed to allow individuals to make smooth crypto-to-fiat and fiat-to-crypto exchanges. Each transaction made via Certified Coins is supported with an official document proving the legal origin of the obtained funds. With Certified Coins, you can buy and sell cryptocurrencies in 53 countries covered by SEPA, SWIFT, Fedwire, and ACH. In addition, the exchanger offers you an opportunity to make deposits in the regular currency of your choice. Currently, you can buy crypto with more than 35 fiat currencies. Recently, elegro has also launched a mobile exchange app that allows trading cryptocurrencies on the go in any part of the world.

As two of their advantages, elegro promotes that its platform is available in over 50 countries and that they support 4 major cryptocurrencies; Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The latter statement is, however, not particularly impressive compared to most exchanges out there.

elegro Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.

On Elegro’s Certified Coins’ order page, you can find order history, order explorer, and 4 price charts for each of the supported cryptocurrencies. Using the Order Explorer, you can track the status of your current order. You can also use the Document Verification tab to verify your certificate of origin or proof of sale receipt by putting its number in the corresponding field and clicking the “Verify” button.

Elegro Certified Coins Trading View

elegro Fees

elegro Trading fees

This exchange doesn’t charge different fees between takers and makers, as there are no real takers and makers. The fees start at 1.50% of the order value. Compared to regular centralized exchanges, this fee is 6 times higher than industry average (0.25%). However, it’s also difficult to compare these two types of parties at all. We should note here though that the trading fees reduce as the trading volumes increase.

elegro Withdrawal fees

elegro charges no fees for crypto withdrawals. This distinguishes elegro’s Certified Coins-offering from other crypto exchange services.

Deposit Methods

This exchange offers wire transfer as a deposit method and since 2020, you can also deposit via credit card. This makes elegro a so called “entry-level exchange”, where new crypto investors can enter the thrilling crypto world.

elegro Security

We also run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is also one of many indicators of the exchange’s security. elegro received a D-score in this test. This is actually above average.

Surprisingly enough, if you would like at the median value (and not the mean, or average, number) of the Mozilla Observatory Test-security scores, the median value among all exchanges in our Exchange List would actually be F.

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Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are many entry-level exchanges out there, such as:

  1. Bybit
  2. PrimeXBT
  3. Simex
  4. BaseFEX
  5. Currency.com
  6. CEX.io
  7. Changelly
  8. Crex24
  9. Binance
  10. Coinmate