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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  

 

FXCM

FXCM Review
Trader's rating 3.9
Editor's rating 4.7

Trading Accounts

 

FXCM UK

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads  
           
Standard $300 1000 1:30 1.5 pips + commission $4 (£3 in the UK)*   
 AciveTrader  $25 000 0.01 1:30 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) *  

 

*Commission is calculated per standard lot of 100 000 base units (per side).

 

 

FXCM Australia

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $50 1000 1:400 1.5 pips + commission $4 (£3 in the UK)*
AciveTrader  $25 000 0.01 1:400 0.4 pips + commission $1.8 – $4 (£1.8 – £3 in the UK) **

*Commission is calculated per standard lot of 100 000 base units (per side). 

 

FXCM offers two account types: Standard and Active Trader. For those unwilling to expose themselves to the greater risk related to trading in large volumes, micro lots are available on all account types.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FXCM Australia, one has to invest just $50, which is a low minimum initial deposit. FXCM UK requires minimum deposit of $300, in line with the industry average. 

 

Spreads & Commission

FXCM offers competitive variable spreads, averaged 1.5 pips on EURUSD on commission-free accounts.

Active Trader account holders may benefit from tighter spreads and commission discounts, provided that they satisfy certain trading volume requirements. For further information, you may check out and compare real-time spreads of 10 leading brokers here

 

Maximum leverage

 

FXCM UK offers the highest possible under ESMA regulations spread levels to all of its clients:

30:1 leverage restriction for major currency pairs

20:1 for non-major currency pairs, gold and major indices

10:1 for commodities other than gold and non-major equity indices

5:1 for individual equities and other reference values

 

The maximum leverage offered by ASIC-regulated FXCM Australia is quite higer:

400:1 leverage for Forex trading

200:1 leverage for CFD trading

 

The Company. Security of funds

 

Company Country Regulation
FXCM LTD UK FCA
FXCM Australia Pty. Limited Australia ASIC
FXCM South Africa (PTY) Ltd (IB) South Africa FSCA


This broker takes regulation, financial transparency and investor protection very seriously. In order to maintain transparency of operations, the company provides regular press releases where anyone can see the broker's monthly execution data. Besides, the companies within the FXCM group are regulated by some of the most respected regulatory bodies in the world: FCA in UK and ASIC in Australia.

 

Both FCA and ASIC regulated brokers are under strict supervision and are very well controlled. To acquire a license from the UK financial watchdog, financial services providers need to maintain net tangible assests amounting to at least EUR 730 000. Australian brokers, on the other hand, must hold at  least AUD 1 000 000 to prove  their financial stability.


Besides, under the UK regulations, investors’ funds are kept in segregated bank accounts separated from the company’s operating funds and, in case of default, sums of up to GBP 50,000 are protected under the Financial Services Compensation Scheme (FSCS).
 

 

Trading platforms

 

This broker offers a selection of robust trading platforms to its clients, including the most popular MetaTrader 4, its award-winning Trading Station, and NinjaTrader. In addition, Copy trading is available through the advanced web platform ZuluTrade.

 

FXCM’s In-house award-winning platform Trading Station is available as desktop, web, and mobile versions.  Apart from its sleek design and intuitive interface, Trading Station comes equipped with Marketscope – a powerful charting package. Here are some of its key features:

 

-         -  Place and manage trades from the charts;

-          - Pre-loaded Indicators: over 30 popular indicators like MA, MACD, Bollinger Bands and RSI;

-          - Custom Indicators: over 600 custom indicators available;

 

FXCM’s Trading Station. Click to enlarge.

 

As trading robots are extremely popular among forex investors, Trading Station offers automated strategies that take the human element out of trading and what is more, you don’t need to stare at the PC screen all the time. You may easily determine key areas where your trading strategies can be improved, and gain confidence in your robots prior to applying them by using the platform’s strategy optimizer conducts excessive backtesting.

 

There are also some exclusive tools with Trading Station, like the unique order type, Good Till Date, which lets you execute at specific times; and the broker’s exclusive Real Volume indicators, which opens FXCM’s trading book of traders around the world.

 

NinjaTrader is another platform supported by FXCM. It has simplified interface and offers all of the functionalities that you can make use of if you trade on Metatrader 4 or the desktop version of Trading Station, and even more. You can also benefit from fast execution, trading from charts, creating your own trading strategies, superior back-testing options, custom indicators and alerts.

 

Those traders who stick to the good old MetaTrader 4 (MT4) will not be disappointed with FXCM, as the broker fully supports this powerful multiasset software. The platform comes equipped with an outstanding charting package, numerous built-in technical indicators, Fibonacci retracements, trend lines, support and resistance levels, and so on – pretty much everything a trader needs. Those who are handy with code may create their own automated strategies (EAs) and custom indicators in the MQL programming language.

 

Payment methods

 

Clients of FXCM may make deposits and withdrawals from and to their accounts via debit/credit card, bank wire transfer, check, and ACH (Automated Clearing House).

 

Conclusion

 

One of the biggest FX brokerages worldwide, FXCM is an excellent choice: a reliable and well-regulated broker, offering excellent trading conditions on a wide range of trading platforms. Here are, in a nutshell, the advantages and disadvantages with regard to this broker:

 

 

Pros Cons
Group of companies with multiple regulations Stocks, options, and futures are not available for trade
Tight spreads   
Low initial deposit  
A selection of trading platforms offered  
Advanced copy trading options   
Price improvement (e.g. positive slippage) is available  
   

             

 

Website: www.fxcm.com 

Headquarters:

55 Water St. FL 50, New York, NY 10041

Country: United States

Regulated by:
USA: CFTC, NFA # 0308179

US: CFTC and NFA (NFA Member# 0308179) 

UK: FCA (Firm registration #217689)

Australia: ASIC (AFSL #309763)

Hong Kong: SFC (SFC CE #AIM232)

Italy: CONSOB (#76)

Germany: BaFin (#122556)

France: Registered with the ACP, as the branch of Forex Capital Markets Ltd.

Forex
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