Cryptonit.net - buy and sell PPC for USD-EUR-BTC 0.1% fee, Wire, SOFORT, SEPA

Economics Trading & Exchanges
1

Dear Peercoin lovers
Cryptonit exchange have been one of the PPC pioneers
However there is still not official topic here
Let me present Cryptonit.net – cryptocurrency exchange.

Trading pairs:
PPC/EUR - PPC/USD - PPC/BTC
NMC/EUR - NMC/USD - NMC/BTC
LTC/EUR - LTC/USD - LTC/BTC
BTC/EUR BTC/USD BTC/FTC BTC/TRC

Trading fee as low as 0.1%-0.15%

Deposits and withdrawals:
At really competitive fees
International Wire Transfer (0 %) / SEPA (0 %) / AstropayDirect / AstropayCard / Instant SOFORT Banking / Egopay / OKPay / Paypal*
Most of the payment systems are instant.
Cryptocoin deposits are instant and FREE.
Cryptocoin withdrawals are instant.
Full list of available systems with fees and time terms https://www.cryptonit.net/fees-and-terms

Verification:
For large turnovers you will need to pass verification. We currently support two options:

  • Submit your ID scan, address proof and a photo of yourself with the same documents in your hands.
  • Have a short videochat with us showing the same documents during the conversation (if video quality is not good enough you will need submit document scans additionally).

Compliance:
Cryptonit is owned and operated by UK based company Cryptonit Solutions Ltd. First of all, we work in close collaboration with FCA (Financial Conduct Authority). By today our company has already obtained 2 official letters from FCA stating that Cryptonit is currently exempted from regulation. We monitor all changes in UK to stay within the applicable legal frawework. Secondly, we have been recently registered at HM Revenue & Customs as a Money Service Business with status “BUREAU DE CHANGE”. We have as well been registered in HMRC under the anti-money laundering regulations. You can check our registration at HMRC site, MLR number is 12761601. Last but not the least, we have been registered under the Data Protection Act as a part of our Privacy Policy.

Banking:
Reliable banking is a cornerstone of every cryptocurrency exchange.
It is our policy to be absolutely transparent with a bank in order to decrease a probability of account termination. Being in compliance with AML rules and a set of requirements we were able to establish relations with a bank in Germany. Our partner bank allows us to process SEPA in/out payments quickly and at the zero fees.
Our bank is aware of the nature of our business, aware of our AML policies.

Customer service:
To interact with our support team you can either write an email, post a ticket or contact via phone.
Please, visit https://www.cryptonit.net/support
We have our own root certificate and stick to S/MIME standard in secure correspondence. Here https://www.cryptonit.net/documentation/certificates you can always get our public certificates to send and encrypt letter or verify our signature.

Account Security:

  • eMail authenticator
  • 2FA by google authenticator
  • Yubikey account protection

API
We have a flexible rest API https://www.cryptonit.net/documentation/api

  • Public API
  • Developers API
  • SocketIO
  • Affiliate API

Affiliate program (*beta testing)
There is a unique affiliate program with 33% commission sharing. Bimonthly payouts without holds. There are three options to partner with Cryptonit.

  • Refer users to Cryptonit with affiliate link
  • Assign special label to trading traffic (for app and script owners)
  • Registration Cryptonit accounts via API (for pools and app owners)
    Currently affiliate program is in test phase, so partners are invited for private tests. In the nearest time it will go on public.

Most important:
Though we have been on the crypto scene since 2012 we did not run any serious promotion campaigns and never announced our service officially. Providing the community exchange services is a huge responsibility. For this reason it took us more than a year to learn mistakes of similar projects and polish Cryptonit. We admit that it is still not the state-of-art service and many features are still to be implemented. However what we offer really works and is well-tested during the last 12+ months. There are customers who have already used Cryptonit with great satisfaction and we hope they will drop some feedback here.

You are welcome
Register https://www.cryptonit.net/

2

Finally Affiliate program has gone on public
We will share 1/3 (33%) of the profit with you 8)
You are welcome:
https://www.cryptonit.net/affiliate-program

3

What about xpm :)?

4

right now we are in the process of adding Quark and Doge.
XPM could be easily the next one :wink:

5

Hey guys,

Just did an extensive review of cryptonit.net. They asked me for some feedback, but I refused any payment for this. I still decided to review the site including some trading on my existing account. The main reason I did this review is that I’m not happy with the current situation where BTC-e.com has more than 90% of all PPC trades. I don’t think that is healthy. With showing alternatives I hope it contributes to changes.

Although it is lengthy, the review doesn’t intend to be complete. It is definitely not interesting for the professional trader hoping for huge market depth or for people wanting to know how to trade. But I think it is useful for some people relatively new to the scene or if you just want to try something else and read some experience from others.

Cryptonit.net review

General:
Cryptonit.net have been around for a while and has gradually improved their platform since.
The website interface used to be a bit clunky, but this has been improved a couple of months ago.
It is still a low volume exchange. Only a few orders a day on all trading pairs and
only relatively small (between 0.01 and 150 USD on average). This may create some problems for people wanting
to do a quick trade against the latest prices for thousands of dollars. You might have to wait one or more days (depending on the popularity of the
trading pair) until someone fulfils your order. I also noticed that it is not mentioned on coinmarketcap.com, at least not consistently.
Not only the PPC pairs don’t appear, couldn’t find any other pairs either. Not sure why as they do have a documented API on the website.
The site supports a decent number of languages including Chinese, Spanish, Russian and German.

Customer services
They have always been responsive to me. Usually overnight, but that’s because of the time difference. Europeans won’t have that problem and US to lesser extend.
You will get your own mailbox once you created your account on the site. With that you can send them a message and when there is new mail you can set up a notification for your own email.

Account creation:
Haven’t reviewed this part as I already had an account. To create an account and be able to trade you will have to register yourself.
In my case that included showing identity information during a Skype video session. This process may have changed (see their own post).
The good part is that the site allows 2-way authentication with Google or Yubikey authenticator or email authentication.
For standard authentication you can also use OpenID or Google. They also have video on how to create an account with them and how to withdraw coins (https://cryptonit.net/tags/video).

Deposit:
For this test I transferred 50 euro via SEPA to a German bank (details will be provided by the website). This can be copy and pasted
into your internet banking website. The beneficiary is a UK based company called Cryptonit Solutions LTD.
Haven’t been digging on who is behind this, but everyone can do their own research. As with most exchanges, keep your balances relatively low until you know who you are dealing with.

To deposit you have to select first the currency (USD/EUR/PPC/BTC etc.) and then enter a deposit amount.
After that you can select a deposit method. There is a wide range of options (see their post above).
Sofort Banking was unfortunately out of order during the time of review. This is due to a generic issue with Sofort and has nothing to do with this exchange. Therefore no instant payment method was available.

In the past I have done several Paypal deposits without a problem. This time I have done a SEPA (wire transfer) through an Euro account.
This is the most common way to transfer funds into someone’s account in Europe. This is usually an overnight or 1 day transaction,
but may take up to 3 days. There won’t be any bank fees and no fees from the exchange. This is different with other payment options.
e.g. Paypal will costs you 6% of the deposit with a minimum of 1 Euro. All deposit and withdraw fees and maximum withdraw amounts
are easily accessible on their website (https://cryptonit.net/fees-and-terms).

Withdrawing:
Withdrawing Euro via SEPA will cost you at least 20 euro fee or 1.5%! Not attractive, only when withdrawing larger amounts of fiat.
However withdrawing to Paypal costs 5% or a minimum of 1 Euro. However there is a number of cheaper but less known options available.
Withdrawing your PPC will cost you 0.1 PPC (less than a 0.10 Euro or 0.10 USD at the current rates).

Trading:
I couldn’t find the fees for trading on their website might have overlooked it, but their post says 0.15% which is relatively low.
The SEPA transfer took the full 3 days this time, which is unfortunate as I could have bought some PPC against a lower price earlier last week when it dipped.
It is hard to tell whether it is my bank, their bank or that they have been slow picking it up. Once it did arrive I’ve got a notification via email
For irregular one-off crypto buys, you might be better of on sites like bittylicious.co.uk or litebit.eu. They have ways for instant money transfers, but
you pay the price they ask. It is like buying a kilo potatoes at the supermarket. You just pay the price the supermarket asks that day, no trading.

Adding an order was easy, just go to Trade, select the trading pair (e.g. EUR/PPC) and add how many fiat or crypto you want to trade and at what rate. When you enter you order you can actually see the market with the sell and buy orders so you get an idea of the actual rate. I would definitely have a look for the price at coinmarketcap.com or another exchange, ensuring you don’t pay too much.
When you hit ‘buy PPC’, you only add your order. Only when there is already a sell order matching your price nothing happens and you will have to wait for someone to add an order matching your price. I raised two orders. One order matched the price of litebit.eu asked at the time and one order was a few euro cents lower.
Luckily the PPC market rate dipped slightly overnight and my first order was fulfilled and my second order for 80%, leaving a little bit behind as the price
of PPC did rise shortly afterwards. I decided to buy the remaining PPC by matching an existing sell order, so it fulfilled instantly.

Conclusion:
Cryptonit.net is good for the small traders among us either manual or with an API (not tested). They can’t beat BTC-e.com on trading and market depth.
They also have a hard time beating the non-trading exchanges where you just buy cryptos at their set prices when it comes to instant fund transfers (e.g. iDeal, Sofort). The low volume has advantages and disadvantages, sometimes you can pick up some PPC at a good price when PPC is rising elsewhere. It basically leaves a market for them serving those who like to use PayPal or one of the other payment methods other exchanges don’t offer. Or for those who don’t like shady exchanges elsewhere.
They have also been around for more than 18 months which says something in this very new market, no guarantees though.

The competition
Other exchanges trading in USD/PPC and/or USD/EUR pairs are:

  • BTC-e.com (high volumes, largest PPC exchange, around for a long time)
  • CCdek.dk (low volume, very new)
  • crypto-trade.com (low volume, around for some time)

Exchanges where you can’t trade but only buy at set prices, but with advantage of instant bank transfers:

  • Litebit.eu
  • bittylicious.co.uk
    BTW I’m not aware of any sites providing such services in US or Canada, maybe others do.
    There might be even more, feel free to add to the list if you have experience on other exchanges with USD/PPC or EUR/PPC pairs

Disclaimer:

6

Thank you Cybnate for such a comprehensive review, we really appreciate it.

Just our small response concerning a few aspects, which Cybnate has kindly reviewed:

  • The SEPA deposits are indeed quite fast, in this case Cybnate has made a deposit order on Saturday, which is unfortunately not a banking day. During the working week the transfers take way less than 3 days in most of the cases.

  • The SEPA withdrawal is indeed at 0 fee, we simply did not change it in the table on fees and terms page, apologies about this.

We also wanted to inform, that affiliate program is finally rolled out to public. It’s available to everyone right after login, in the main navigation menu on the right. As it was mentioned above by my colleague Brandon, our affiliate program is flexible and incudes 3 tiers:

  • Tier 1 is for general users, who wish to refer with simple affiliate link
  • Tiers 2 and 3 are for those working on larger scale, allow more complex integration and will suit best for trading app/script developers, mining pools, various data aggregators.

Cryptonit affiliate is a nice extra profit opportunity for a wide group of specialists involved in the crypto industry: from active forum posters, those who are good at networking, bloggers etc. to professional developers and teams.

Detailed description is available here: cryptonit.net/affiliate-program

Would be glad to answer your questions.

Regards
Edward

7

Thank you, Cybnate once again for a comprehensive approach.
There was really some display glitch that made fees show not correctly.
It has been fixed and SEPA fees are shown correctly now http://www.cryptonit.net/fees-and-terms
Once again, SEPA deposits and SEPA withdrawasl are COMPLETELY FREE.
International Wire deposits in USD and EUR are COMPLETELY FREE.

8

Tomorrow Cryptonit will participate in Bitcoin Central & Eastern European Conference starts in Ljubljana, Slovenia.

I will be on the event to present Cryptonit and will be ready to answer all your questions.

Official site of the event http://www.bitcoin-conference.eu/

See You

9

Today we have added two new trading pairs
BTC/DOG and BTC/QRK

We enable trading today however DOGE and QUARK deposits/withdrawals will be available from 24th of September 14:00 CEST
Thus everyone can get ready

Speaking about new altcoins, we have got our own manifest to consider before to add some new coin to trade.
We believe that Dogecoin and Quark are worth trading at Cryptonit because they we not premined, completely open source, has strong enough hash algorithm etc…you can read our full Manifest on our site at documentation section https://cryptonit.net/documentation/manifest

10

We have been experiencing a heavy DDoS attack during the last 2 days (about 450 Gbps), so there were problems accessing the site.
For now situation is under control.
If you get an error saying about redirect loopback please clean cryptonit.net COOKIE of your browser.

11

I had very good experience with cryptonit.net, site is nice and works well. Security options are sane and abundant.
What surprised me is support, it is very good. They will answer you in almost no time with fix.

However, liquidity for PPC is not so great so I hope more people will adopt this exchange since it is worth to put faith in it.

12

In order to improve API performance we had to make a small change in the procedure of order cancellation.
Starting from today, in order to cancel an order you must make a POST request instead of GET request.
Public API is not affected and this change concerns only Developer API.
The full order cancellation procedure you can find on our documentation page https://www.cryptonit.net/faq/how-cancel-order-api
Old cancel function will be active until 8th of December. Please update your trading bots/scripts until this date.

Original news link: https://www.cryptonit.net/content/important-api-update

13

Dear Peercoiners

from now on you can create and redeem Vouchers at Cryptonit

more details at: https://www.cryptonit.net/content/cryptonit-vouchers

14

Cryptonit team wishes everyone Happy Holidays!

Would also like to let you know that Paypal 2% withdrawal fee promotion is extended until the end of winter.

Kind regards
Cryptonit team