🎂 Turned 31 this year? Get health insurance before your price rises.
Get cover

Cryptonit review

Buy and sell bitcoin through the cryptocurrency platform Cryptonit.

To send money through bitcoin, you need a platform like Cryptonit where you can buy, sell and trade cryptocurrency.

Product Name Cryptonit Cryptocurrency Exchange
Fiat Currencies EUR, USD
Cryptocurrencies BTC, ETH, ETC, ZEC
Deposit Methods PayPal, Moneygram, OKPAY, Perfect Money, SEPA, WebMoney, Western Union, Wire Transfer, Paxum, QIWI, Payeer
Trading Fee Maker: None
Taker: 0.25%
Deposit Fees Cryptocurrency: none
Credit/debit card: 4.5%
Wire transfer: 2%
SEPA: 2%
Withdrawal Fees Cryptocurrency: 0.001 BTC, 0.005 ETH, 5.00 ETN

Pros

  • Competitive trading fees
  • Choose from wide-ranging deposit and withdrawal methods.
  • 24/7 customer support by email, phone and online tickets.
  • Trade with a convenient, secure Android app.

Cons

  • The transfer process can be complicated and slower than other platforms.
  • Exchange rates can be up to 3% lower than the mid-market rate.
  • You'll pay fees when depositing and withdrawing fiat currency.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Cryptonit exchange rates

You can find the price of bitcoin by using the currency calculator on Cryptonit’s homepage — just enter how many euros or US dollars you want to sell.

Typically, Cryptonit’s exchange rate is 2% to 3% below the mid-market rate. For example, if your US$10,000 is worth 9.051 BTC according to the mid-market rate, you may receive 8.832 BTC from Cryptonit.

What’s the cost of Cryptonit?

To understand how much you’ll pay to make an international money transfer through Cryptonit, it’s helpful to know the steps you need to take:

  • You deposit fiat currency — US dollars or euros — into the Cryptonit platform.
  • You use the fiat currency to purchase bitcoin, depositing the bitcoin into your recipient’s digital wallet.
  • Your recipient sells the bitcoin for fiat currency.
  • Your recipient withdraws the bitcoin from Cryptonit (or another bitcoin platform).

There are no explicit fees for buying and selling bitcoin. Instead, you’ll pay fees for depositing and withdrawing the money. Cryptonit also gets you in fees through the exchange rate.

For a complete list of what you could pay, see Cryptonit’s fees page.

Buying and selling bitcoin

There are no explicit fees for buying and selling bitcoin. Instead, you’ll be charged fees in the form of an exchange rate that’s lower than the mid-market rate.

Transferring bitcoin

When you purchase bitcoin on Cryptonit, you can have it sent to a specified digital wallet. This comes with a 0.001 BTC fee (about US$1), but there is no fee if you send the bitcoin to a Cryptonit wallet.

Depositing money

Transfer feeMinimum fee
International wire transfer0%$0
Credit card (Visa or Mastercard)4.9%US$2
PayPal9.8%US$2

Withdrawing money

Transfer feeMinimum feeMaximum fee
PayPal2%US$1No limit
International wire transfer0%US$80No limit
Western Union20%US$25No limit
MoneyGram20%US$25No limit

Minimum transfer fees

Though there are no minimum or maximum amounts you can trade on Cryptonit, there are limits for withdrawals.

Here are the limits for a few popular platforms.

Minimum withdrawalMaximum withdrawal
PayPalUS$10US$2,500
International wire transferUS$500US$20,000
Western UnionUS$200US$1,000
MoneyGramUS$200US$1,000

How do I deposit and withdraw on Cryptonit?

You can choose from multiple ways to deposit money to Cryptonit. A few popular methods include credit card (Visa or Mastercard), PayPal and international wire transfer.

For withdrawals, you can use methods like PayPal, international wire transfer, Western Union and MoneyGram.

Sending or receiving money through Cryptonit

To buy and sell bitcoin through Cryptonit, you’ll need to create an account. Enter an email address and username to be emailed a log-in link.

Because Cryptonit isn’t a full-service money transfer platform, you need to buy and sell your own bitcoin.

What to look out for

  • The exchange rate. Because Cryptonit’s exchange rate is 2% to 3% lower than the mid-market rate, you will lose money when buying and selling bitcoins.
  • Double fees through the exchange rate. You’ll lose money twice on the exchange rate when you buy bitcoin and then sell it for another currency.
  • Fees for depositing and withdrawing currency. Just like the exchange rate, you’ll also lose money twice when moving currency through Cryptonit. Deposits and withdrawals can come with high fees, so review Cryptonit’s fees page before transferring money.
  • Entire transfers can take a while. It can take three to four days to deposit fiat currency and a similar amount of time to withdraw fiat currency. An entire transfer could take as long as six to eight days.

Pros and Cons

Pros

  • Inexpensive to transfer if you already have bitcoin or your recipient is willing to keep the bitcoin (and not convert it back to fiat money).

Cons

  • Process can be complicated.
  • You’ll lose money on the exchange rate.
  • Potentially high fees for depositing and withdrawing fiat currency.
  • Transferring money is slower than through other transfer platforms.

Next steps

To make a transfer, first deposit fiat currency into Cryptonit. Then buy bitcoin and have the cryptocurrency deposited into your recipient’s digital wallet.

When your recipient receives the bitcoin, they can sell it for fiat currency and withdraw it.

Frequently asked questions

Image source: Cryptonit

Was this content helpful to you? No  Yes

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site