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QRYPTOS

QRYPTOS Review
Trader's rating 2.1
Editor's rating 3.8

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  

 

BitMEX

BitMEX Review
Trader's rating 1
Editor's rating 3.6

Instument types

 

Instrumetnt type Leverage Maker Fee Taker Fee Settlement Fee
Swaps 1:100 -0.025% 0.075% -
Futures 1:100 -0.025% 0.075% 0.050%
Upside/Downside 1:1 0% 0% 0%

 

BitMEX (Bitcoin Mercantile Exchange) is a derivatives exchange, which offers leveraged trading on cryptocurrency-based instruments. This is not a traditional exchange, like Kraken for instance. That being said, this is not a beginner-friendly exchange – some knowledge of traditional futures and options will be required before you can fully understand the trading environment.

 

The company, security of funds

 

Company Country Regulation
HDR Global Trading Limited Seychelles N/A

 

The company behind BitMEX is called HDR Global Trading Limited. It is registered on the Seychelles, which generally does not inspire a lot of trust. That being said, little to no regulation is applied to the crypto-space in most jurisdictions. Most exchanges earn their credibility by word of mouth, slowly. 

 

That being said, trading at BitMEX offers several key specifics. Most importantly, your account balance and trading results (PnL) are always measured in Bitcoin. While this goes in-line with the company’s main philosophy, it may prove to be an inconvenience for those looking to make systematic trading profits. The regular traders probably also hedge their exposure.

 

From its foundation in 2014 until now, BitMEX has not experienced any major hack. This is always a positive sign, although not a guarantee for future stability.

 

The user reviews on BitMEX are not that many, given the fact this is a relatively complicated exchange. However, there are virtually no complaints about the company’s service.

 

 

Trading conditions

 

Trading instruments

As mentioned previously, this exchange offers very interesting trading instruments. They include:

 

Perpetual swaps function similarly to a futures contracts, except for the fact they don’t expire. You may think of this as an ETF or CFD, although this will be a very loose interpretation.

 

Currently only XBTUSD is available as a perpetual swap. The BitMEX price index is taken as an average from the trading prices at Bitstamp and GDAX.

 

Futures work the same way the traditional ones, which are traded at futures exchanges do. They have an expiration date, a different Initial and Maintainence margin and a specific settlement mechanism. The coins for witch futures are available are XBTUSD, ADA, BCH, ETH, LTC and XRP. The asset list used to be a lot longer and even included an XTBJPY pair.

 

Upside/Downside Contracts are derivatives similar to exchange-traded options (which are very different form their binary counterparts). Trading in these assets involves an initial premium payment and a fixed strike price. Taking short positions isn’t allowed. At the time of writing this is only available for the XBTUSD pair and the available strike prices are rather far apart from each other. 

 

At the time of writing, there is a $2000 discrepancy between the two strike prices

 

Binary series (or predictions) are another type of instrument, which is apparently discontinued. We have kept our portion of the review, which describes them and it can be found later on. The following conditions only apply, for futures and perpetual swaps.

  

Leverage

A maximum leverage of 1:100 is available. That being said, this comes at a price, which is charged once every 8 hours. Be sure to check out the BitMEX funding page to fully understand the implications which this will have on your account.

 

>>Regulated Bitcoin forex brokers, where leverage is free<

 

That being said, a neat feature at BitMEX is the fact you can change your leverage, per position. In effect, this allows you to place a maximum loss, after which your single position will be liquidated. With forex brokers, your entire account serves as a guarantee for all of your positions. 

 

Fees

The fees on Perpetual Swaps (and some of the futures)  are currently -0.025% for the market makers and 0.075% for the market takers. These terms refer to the different traders in relation to liquidity – those who place “passive” orders in the book will receive small rebates, while those trading at the market will have to pay a fee. Additionally, there is a 0.05% settlement fee for futures. All of these levels are very competitive, when compared to most crypto-exchanges.  

 

Forex brokers, on the other hand, charge the costs of trading in their spreads. While there are a lot of factors, which make comparing the two services hard, we have done so here

 

 

Binary Series (predictions) 

 

Update: This idea appears to be removed since our initial review. The B-series are prediction-based contracts, which can only settle at either 0 or 100. This instrument is by far the most unusual and we will not recommend it to beginners. In essence, the B-series are a more complicated way of making a bet on a given blockchain event. As an example there used to be an instrument, associated with the activation of SegWit on the Bitcoin chain, when the fork occurred. 

 

The only b-series betting instrument available at the time of writing of this review is related to the next 1mb block on the Bitcoin blockchain. 

 

B-series are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee. 

 

 

Trading platform

 

BitMEX allows trading through a web-based platform. The charting functionality is provided by TradingView, which means the technical analysis aficionados will be pleased. Here is an overview of the platform (click to zoom-in):

 

 

The top portion allows switching between the different products, while the order placement module is located where the welcome message is in this screenshot. 

 

This is yet another crypto-exchange which provides a vertically arranged order book. While this isn’t a huge issue, people who are familiar with the way traditional trading platforms, like cTrader present the depth of the market will be surprised. Other than that, the platform has a nice visual appeal. 

 

Additionally BitMEX has been integrated with two of the leading futures trading platforms, Ninja Trader and Sierra. Keep in mind these may not be that friendly towards beginners and using them usually comes with a monthly fee.

 

Methods of payment

 

Only Bitcoin transfers are allowed at BitMEX. If you are used dealing with companies, who support credit cards, or e-wallets (such as Neteller) this exchange may not be right for you anyway, as the trading specifics require detailed knowledge of the crypto-space.

 

Conclusion

 

BitMEX is a company which provides access to derivatives based on cryptocurrencies. Despite being based on the Seychelles, they have proven their worth since 2014. Trading at this exchange is very complicated and we will not recommend it to beginners. Even those of you with experience in either the crypto-world or traditional financial markets should look up some tutorials, before trading with serious sums. That being said, those seeking arbitrage trades may find exciting opportunities at BitMEX. 

 

Here are the pros and cons of this exchange:

 

Pros Cons
No major hacks yet Complicated trading environment
Competitive fees Account is in Bitcoin
Mixed user feedback Margin comes at a price
Relatively nice trading platform  

 

Forex
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