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QRYPTOS Review - is it scam or safe?

QRYPTOS Review - Is qryptos.com scam or safe cryptocurrency exchange?

RATING: 3.8 / 16 REVIEWS

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Trading accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard Undisclosed Unknown -0.075% 0.15%

QRYPTOS is the second brand operated by QUOINE (with QUOINEX being the main product they are famous for). While this may seem curious to those who aren't familiar with the crypto space, there is a simple reason for running two companies – they offer different services. Their first project is aimed at cash to cryptocurrency transactions, while QRYPTOS focuses on exchanging one digital asset for another. The situation is very similar to the one at Coinbase and GDAX.

 

 

The company, security of funds

 

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QRYPTOS is owned QUOINE Pte. Ltd., a company with offices in Japan, Singapore and Vietnam.  When it comes to their viability as an exchange, they are regulated by the Japanese Financial Services Agency (JFSA). This is more than what most competitors in the crypto-space can claim.

 

QUOINE was founded in 2014 and their latest project, QRYPTOS is even younger. A lot of its features, like the mobile apps are still under development. We will update this review, once major changes occur. 

 

Substantial hacks have not yet occurred at either of the companies operated by QUOIN. That being said, we must mention the most notable case of a technical issue, experienced by the parent company. One of their largest traders (the firm B2C2) made a $3.7 million profit, after allegedly “exploiting a glitch” in the QUOINEX trading software. The transaction(s) were later reverted, leading to a lawsuit. Not much is known about the details of this event. For the sake of clarity we must mention, this whole saga happened before the company received the JFSA regulatory approval.

 

As the QRYPTOS project is fairly new, there also aren't that many user reviews.

 

Trading conditions

 

 

Trading instruments (cryptocurrencies)

Quite a few coins are available at QRYPTOS. The full list includes Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Monero, Zcahs, Sellar, Dash, Augur and NEM (13 trading pairs in total). While the selection isn't as big as the one provided by Bittrex, for instance, it is still very solid.

 

Minimum initial deposit

We didn't have information about the minimum deposit at QRYPTOS. On the other hand, forex brokers usually provide this freely. As an example, one of the world's leading FCA-regulated brokers (which also offers Bitcoin and Ethereum trading) IG doesn't have an entry bar. One can open an account with the company for as little as she wants. For a full comparison of the two different services, read this post.

 

 

Leverage

There is no information on the leverage available at QRYPTOS. The company’s other brand QUOINEX offers a 1:25 ratio, but a lot fewer products (and a different fee structure, more on that later). We are unaware if this functionality will be integrated with QRYPTOS. Keep in mind, cryptocurrencies tend to be a lot more volatile than traditional ones, where forex brokers offer amazing leverage levels, such as 1:500.

 

 

Fees

The main way of attracting volume to the QRYPTOS exchange is the fee structure. While a lot of exchanges offer slightly better conditions for market makers, going into negative territory I.e. paying rebates for providing volume is usually reserved for the big traders. QRYPTOS offers a 0.075% rebate for everybody who provides liquidity on their platform. The taker fee is a very competitive 0.15%. In effect the company is giving 50% of its profit to the passive traders.

 

Before you think, you can become a liquidity provider at QRYPTOS and make money without taking any risk, we will have to clarify how exchanges work. A market “maker” (not to be confused with a forex market maker) is a trader who places pending orders on the exchange, hence filling the “order book”. A taker is anybody who sends a market order, entering directly at the best possible price. If you decide to be a liquidity provider, who simply aims to profit from the buying and selling of others, you will still be taking a significant market risk. Whenever a swift market move occurs, your will be taking the other side. On top of that the field is very competitive, with a lot of algo players.

 

Trading platform

 

The platform provided by QRYPTOS is web-based, with mobile apps promised for the future. Traders can fully customise the layout to their preference, but the main limitation of browser platforms still applies – everything must be in the same window. When it comes to the charting, one can choose between the charts provided by either TradingView or Cryptowatch. Here is a preview of the default layout:

 

 

As you can see from the picture, the charts aren’t properly configured yet, or the trading activity is rather minimal. Additionally they have maintained one of the features from QRYPTOEX, which we didn’t like – the order book is still placed vertically. As far as our tinkering with the platform, we couldn’t find a way to make it appear better. That being said, this still a fairly new project, so such things should not be surprising. 

 

Methods of payment

QRYPTOS only accepts cryptocurrency transfers. They are possible in all of the coins, which the company supports. On top of that, you can use your QUOINEX account as a means of depositing money with the company.

 

 

Conclusion

QRYPTOS is the second brand operated by the JFSA-regulated company QUOINEX. While their initial project QUOINEX is oriented towards attracting new people to the cryptocurrency space, this one is for the more experienced traders. With 13 trading pairs this exchange offers some alternatives, but is by no means an altocoin heaven. The entire QRYPTOS project is still in its early days, and we will update this review, once more information is available.

 

Pros Cons
JFSA Regulation Not enough user feedback yet
No major hacks yet Not that many altcoins available 
Competitive commissions (including rebates) The order book is placed vertically (as in QUOINEX)
Customizable trading platform   
Several trading instruments  

 

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Traders` reviews for QRYPTOS

Scam

Trying to withdraw, but withdrawal gets "reverted". Stay far away!

Thomas 03/13/2018

Scam stay away from there

I bought ripple using qryptos and it's now over months and withdraw says pending, send hundreds of emails asking when they're going to transfer it but never got an answer. Stay away from it, use decent exchange markets

Adam 02/19/2018

Scam

Qrypotos is a scam I been 2 months trying to get my money back nothing but a run around!!!!

Bucky 02/09/2018

Qryptos scam - login problem

Qryptos is a straight up scam been 2 months trying to get into my account they keep telling me it is a Yahoo problem. I keep telling them that I get all other mail from them with no problem. I opened another account (without money) with them just to prove its not Yahoo and now I get no response from them.

Louis Short 02/07/2018

Scam - account blocked

QRYPTOS is a straight up scam!! I've been a month trying to get verified after I made a deposit!! All I got is blocked from my account and a run around!!They got my money and now it's FU!!!

Bucky 01/23/2018

i hope i didn't get ripped off

Got into this site because they had coins that were not on binance. Hoping it is just the weekend that is creating problems with withdrawal. This will really suck if its a straight up scam site. Seems more secure than Binance but maybe so secure you can't take anything out? Oh please god no....

Ben 01/22/2018

QRYPTOS is not a scam! Super safe!

I was worried at first, especially reading these comments, but they have to manually send coin withdrawal and keep in cold storage as it is safer not to get hacked. When using this trade site I thought it was much safer and better than Binance! I withdrew over weekend, so it took more than a day, but by sunday night, I got my 2.71 ETH and didn't even notice a fee taken out. I recommend it, 5 stars, happy customer. I got into it because it features coins not available in Binance and focuses on great products that you may over look in the thousands of coins out...

Benjamin 01/22/2018

Trader

I was surprised that after authorizing a simple eth withdrawal, I received an email from Qryptos saying that they were holding my coin transfer in “cold storage” and not to expect the transfer to take place for “1 business day”. That request was made over 24 hours ago. I wrote an inquiry asking for a more specific date of the transfer request being completed and have yet to receive a response. Neither had the transfer been completed. It’s now Saturday which to me would mean the next business day is Monday, except that is a holiday in the US. So it would seem that Qryptos is holding my eth transfer (about 2eth) for 4, maybe 5 days.

Extremely disappointing and the very antithesis of what I am accustomed to with easy transfers.

Something seems very fishy here. User beware.

Colin 01/13/2018

Not a scam, sorry Qryptos

Send 0.1 eth to test, buy qtum, try to send it to another wallet : never received the mail to confirm the new withdrawal adress !!
SCAM !!! dont give your money to them !

max 01/10/2018


---> Receive the confirmation mail, received muy money, everything good, so sorry qryptos !

max 01/13/2018

It’s a scam.

I send $20 for ETH and received it with no problem, but when I transferred $50 to my Qryptos account I never received it.

Besides this after I enabled 2-step security authentication I can no longer log into my account. It says it sent a code to my phone yet I never receive the code. Qryptos just stole $70 from me. Great.

Ethan 01/12/2018

Scam!

Send 0.1 eth to test, buy qtum, try to send it to another wallet : never received the mail to confirm the new withdrawal adress !!
SCAM !!! dont give your money to them !

max 01/10/2018

Eth for Dent

I just transfered &100 worth of Eth to Qryptos to exchange for Dent. The transfer completed and when I tried to make the exchange it wouldnt let me. It said the following:

"You do not have enough free balance in your account. Please check your live orders, open trades, and pending withdrawal requests"

What is free balance? Is this a scam site? The reviews I've read thus far are not too promising. Please advise any info is appreciated.

jon lewis 01/09/2018

My money was stolen.

I owned 3200 Tron going for .20 USD at the time and trade for DENT .08 USD at the time. In my mind I should have ended up with double the DENT but instead ended up with 3300 shares. So to try and correct the issue cause I felt DENT was over priced at this moment I sold my DENT for Tron and on ended up with 820 Shares. So in a matter of seconds I lost 66% of my investment. Not to mention my account has not be verified yet so my money is hostage anyways. Thanks God I tested the site before dumping more into it.

Raleigh Williams 01/05/2018

This site deifnitely steals your money. Stay way!!!

Funds transferred are lost. I have accts in 10 other exchanges and never saw this happen. Sending exchange says transaction completed - but not showing up in QRYPTOS. No response from support. Scam site.

Asif Rahman 01/04/2018

Qryptos support

At first I thought this was a bad website. I tested it out with 100$, my own funds. Thought I would try to buy ripple, and get it transferred over to my bondage account. XRP holders require a destination account and a tag. The website will not allow you to withdrawal unless you have the tag entered.

I waited until it was confirmed and processed. I still haven't received my funds, and have contacted through email the support but nothing. No answer. I've made other withdrawals with other sites and applications, but this site makes me in easy. I'm missing p30XRP. My account says it was processed, but under the description it doesn't show the tag I had entered initially to start the withdrawal process. I'm hoping that the companies website doesn't have a'glitch' and automatically removes the destination tag. Hopefully that is just a security feature.

It's been 48 hours, no word, no response, nothing but silence. Its as if this website is a self automated one. I don't think there are any real people who operate it. I think when they restructure themselves and get their priorities straight this would be an awesome sure. Until then, I believe this site steals your money.

Bland D. Wallace III 12/22/2017

AVOID Qryptos Exchange

AVOID trading on Qryptos. They lock in your funds and every time you try to withdraw any coins, they impose some NEW Restrictions as to why you cannot Withdraw it. When it does get approval for withdrawal, the withdrawal order stay on the exchange in "Pending" Status Forever and is NOT Processed. My opinion is that they want you to Stay and Keep trading on their exchange so as to make it Credible and Ultimately "Popular" like some of the Others, hence the "Lock In of Coins" Strategy. I tried switching from coin to coin (Taking Losses along the way) in order to get that Opportunity to be able to Withdraw and each time they implement some NEW Restriction to prevent the Withdrawal. What will be your opinion After you trade with them ... Share it on this Forum too.

The CEO Mike used the QASH ICO to try to attract Un Suspecting Traders to his Exchange by saying that in order to participate in the QASH ICO, one has to OPEN an account with QRYPTOS, because of Security Reasons and it is the Safest Way to Store your QASH coins. He didn't even Offer that Opportunity to have a Wallet available like how the other ICOs do it. Go Figure out what his "Strategy" was in doing this and making all the QASh ICO participants have to OPEN Accounts on his Qryptos Exchange.

My Opinion of Good Business practices is that clients must be able to move funds in and out of their accounts, with out any restrictions, unless of RARE cases of "Fraudulent or Other" reasons.

LOCKING IN clients funds for what ever 'Strategy" the Exchange Management thinks is BEST for their Business SURVIVAL and SUCCESS is a very UnProfessional, UnEthical and UnBusiness like. This strategy ONLY helps to SCARE Away the clients and they NEVER want to Return.

Period: Restrictions of Genuine clients FREEDOM to Trade, Withdraw, Deposit or whatever in their accounts are viewed as BAD to the Clients, and it Ultimately leads to Withdrawals on a large scale. Never to Return again.

I had enough Anguish, Losses and Disappointments dealing with this Exchange. I will NEVER be a client again and will NEVER Promote this Exchange again.

Only Time will Tell if this Exchange will Survive with the current "strategy" in place.

AltTrader 12/15/2017
Forex
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