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Qryptos – a New Kind of Cryptocurrency Exchange

Operated by Quoine, a next-generation fintech company involved in various blockchain-focused projects, Qryptos is a cryptocurrency exchange which brings quite a few fresh ideas to the table. Always set on innovating and adding new features, Quoine appear to have much bigger plans for the project though. In fact, Quoine are involved hook, line and sinker, with a number of similarly innovative, high-profile cryptocurrency projects. Besides Qryptos, they also run Quoinex, another crypto exchange, the technology of which is what currently powers Qryptos. Quoine Liquid is yet another project of theirs, which aims to be a global liquidity platform, built on its own crytocurrency called Quash.

qryptos.com - QRYPTOS
QRYPTOS.com

About Quoine

Quoine is not your run-of-the-mill fintech company from any angle. Before we take a closer look at the operation and at the people running it, let’s get the question of legitimacy out of the way: this operation is indeed as legitimate as it could possibly get. It has recently become the first global cryptocurrency firm to be licensed by the Japan Financial Services Agency. Its license number is 0002. Some of the early reviews of Qryptos and Quoine have made a point of stressing that the services delivered by this financial outfit have a global reach, with the exception of the Japanese market. These days, the Japan exception can be dropped too: Quoine’s reach is indeed truly global.

The company maintains offices in several countries. Their Head Office is based in Japan, their Global Business Development branch is located in Singapore and their Tech and Customer Support operates out of Vietnam.

The Board Director of the company, Masaaki Tanaka, used to work as a Board Director at Morgan Stanley, and a Deputy President at Mitsubishi UFJ Financial Group. He is currently an advisor with the Japan Financial Services Agency and Price Waterhouse Coopers International. Every member of the board of directors is featured on a special page of the Quoine website, with short bios and photos.

Back to Qryptos: What Exactly Does it Do?

Launched in June 2017, Qryptos set out to revolutionize the cryptocurrency industry. The operation does away with the fiat currency aspect completely: only cryptocurrencies are accepted at the site, and of these, more and more are supported each passing week/month. The specialty and unique selling point of the operation surfaces upon the addition of new cryptocurrencies. To stimulate initial liquidity, the exchange offers negative trading fees on new coins. That’s right: the exchange actually pays people to trade certain currencies. While this seems like quite the stroke of genius when it comes to securing early liquidity, the community at large has been rather reserved about Qryptos’ services thus far, in the sense that they’re not jumping on the opportunities in droves. This issue may also stem from the fact though that – while sleek and well-designed – the Qryptos website does a poor job at conveying the negative trading fees message.

The attractive fee structure should be featured prominently. How exactly do market makers get paid though? Simple: they are paid 0.075% on every trade that they make, and they pick up the reward directly. That may not seem like much, but the mere existence of these negative fees is quite a big deal indeed. This 0.075% is essentially half (50%) of the taker fee collected by Qryptos. This is how the operation maintains this reward-model: by essentially donating 50% of its fee-based revenues on certain cryptocurrencies, to the market makers. The taker fee is set to 0.15%, which is indeed quite competitive as it is too.

By comparison, an exchange such as Poloniex charges market makers some 0.10-0.15%, depending on the market. Takers pay fees in the 0.20-0.25% range.

The operator has recently launched a beta desktop client, which has further facilitated access to the platform for experienced traders and beginners alike.

Qryptos Security

Qryptos are very keen on this operational aspect. They comply with all the Anti-Money Laundering and Know Your Customer requirements of their home jurisdiction of Singapore, as well as the current global AML and KYC standards. What this means for users is that they will be required to navigate some potentially uncomfortable verification, before they gain access to the platform.

Multi-factor authentication, a combination of multisig Bitcoin wallets with cold storage, private API keys and private servers round out the Qryptos security picture.

Existing Quoinex clients, who are interested in taking part in the trading action at Qryptos, will be able to use their existing login details to access the platform. Most popular crypto markets are available at Qryptos: BTC, ETH, XRP, LTC, Dash, Monero, Stellar, NEM, BCH and more.

In addition to the above detailed exchange-focused services, Qryptos also offers an open API, which is available directly at the site, complete with full documentation.

Qryptos’ Future Plans

At the speed these folks are moving, these “future plans” aren’t really plans, but rather features that are already in the works. It looks like the Qryptos team is aiming to turn the platform into a safe ICO platform, where newly launched tokens can be listed and traded. Their negative trading fees model does indeed suit this approach to a T.

While dipping a toe into the rather controversial ICO angle may end up drawing more scrutiny upon Qryptos, the team is confident that their solid KYC checks, coupled with a number of stringent preventive measures, will in fact revolutionize the ICO game. Those who open an account at the exchange, will gain access to upcoming token listings.

According to the Qryptos website, the ICO/trading platform will soon become accessible from mobile devices too.

Qryptos Review Conclusion

A very solid, regulated and transparent operation, built on a unique and feasible business model, Qryptos has been created to tackle a very controversial crypto-industry issue: that of ICOs. Will these guys succeed where others have failed? If they won’t, it certainly won’t have been for lack of ambition.

Please leave any feedback – positive or negative – about QRYPTOS by commenting below.

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32 Comments

  1. Mark

    ” legitimate as it could possibly get” What a lie! Is that a joke?
    Qryptos has arbitrarily blocked or banned thousands of verified customers with zero explanation, zero replies from customer support, funds stolen. How many millions have they stolen without any enforcement from so called regulators?

  2. Peter

    Their KYC process is a load of bollox. I sent them a drivers license copy along with an insurance certificate copy. They just find every reason to unverify you. It’s like your a terrorist or something. This exchange is the opposite of the crypto community spirit.

  3. Peter

    I am worried as well. Have deposited funds and went through the verification process. Uploaded al the documents required and since been in “Pending Verification” mode. After weeks I sent them a support request, and… only an auto reply stating they received the request… No email responding my question, and as of yet, still “Pending Verification”…

    I like the exchange a lot, but if you cannot get your money out, then what is the sense of putting it in in the first place…

    Really hoping this gets solved, because it sucks to have your money stuck without any outlook on when you can get to it, if at all…

  4. marvin schriber

    Total scam, give you a deposit address . You provide them with proof of the deposit and nothing. Sites like this and Yobit make it very hard cor crypto acceptance.

  5. Chris

    They basically stole my money. I am new to crypto and accidentally sent bitcoin cash to a qryptos bitcoin address. They said “sorry, cant help. We only help if it’s 5,000 or more.” Which means they could help but choose not to so Im out that money. Qryptos sucks. Theives

    • Mike

      You sent Bitcoin Cash to a Bitcoin address & think somehow that can be fixed? Lol… you are just as screwed if you had sent Bitcoin Cash to an Ethereum address. THERE IS NOTHING that can be done & the ONLY person to blame is yourself! Smh…

  6. Bucky Short

    Scam, scam,scam!!!!! Do not put money in an account. they will give you every reason the the world why they can’t verify your account.

  7. Jello Biafra

    They are a scam yes most definitely they have stolen allot of money. This site should be taken down and the CEO’s their days are numbered.

  8. Raleigh Williams

    SCAM!!!!! Stay away, your money stays hostage cause they will not verify your account. Also I traded 3200 Tron at .20 USD and only got 3300 Dent which was suppose to be .08 USD. I tried to quickly sell back and get my Tron and only ended up with 820 in a matter of 5 sec. Thieves..

  9. Hadi

    I am still waiting to have my account acctivated! I keep sending them emails but never gotten any reply for them, really regretting opening an account with them.

  10. alphamublog

    ***HONEST REVIEW*****
    People’s biggest complaint: Takes 3+ days for withdraws
    – so the main reason why this is happening is because they have said they put a lot of stuff in cold storage in order to be more secure. They also have some extra days because it’s a very very very secure exchange. Founder was VP at softbank and they have investors from ex: execs of major companies (Yahoo, Credit Suisse, Goldman Sachs), and and Japan’s richest man. They’re honestly not trying to scam anyone.

    Other than that, as a heavy trader, it’s prob one of the best exchanges out there. You can add a lot of custom settings to have your trade view be very unique.

    I do see a problem with how long withdraws take and they have mentioned they are working on it, but other than that depositing takes like 10 mins, and great exchange for any level of traders

  11. woowood

    completely a terrible platform to trade or to deposit your coins, it takes more then days to take it out, and the trading platform is not stable and i loss 3.5 ETH when i trade with them. What I saw on the screen isn’t what I will received. I post for the sale of my 95 FCT and with the price of 0.059425 but the final price i received after submit is 0.02500 ETH. Dont’ expected anyone to answer you or helping you their only say is you Fk up. i requested the help and nobody answer me. Try to move my coin out and it is almost 10 days still can’t received it. No body tell you waht is going on, and it seems like their are wanting to keep your money

  12. DonaldWassink

    This is the worst cryptocurrency exchange I have ever used. They have held a withdraw for 3 days. When you email them, you will either get no reply back or a canned response. They never answer your questions. My Eth is still in pending status after 3 days. Never trust them. I will continue to tell my experience on the internet to discourage people until they do the right thing and simply release my funds. I hope you are listening Qryptos!!! (END) I hope Qryptos is not ripping people off!!!

    do[email protected]

      • Ray

        Yeah, they got me as well. Transferred GET from HITBTC to Qryptos, checked wallet address to deposit in to. Everything was correct. On HitBTC it showed the transaction was successful. I’ve sent multiple E-Mails to NO response whatsoever. They are a good scam indeed.

        Deeply regret signing in to Qryptos.

  13. James

    An American senior here, who had STRUGGLED for 2-months to accomplished what I thought would be a rather simple task, these days! To wit, purchase with my Visa card, online, circa $1,000 (US) of Bitcoin. Not! That wasn’t gonna happen, buckos!! And then, simply start to speculate in CHEAP “altcoins” like Ripple, Dash, Monero, etc. With hopes of grabbing the next BITCOIN skyrocket! Well, after said 2-months of cryptocurrency-world NIGHTMARES, deadends, & Catch-22’s, I finally stumbled-upon the QRYPTOS site. While desperately searching for a site whereupon I could buy some Ripple coins, for starters! (At wits end, I had at least finally acquired a little Bitcoin at a “CoinSource” ATM machine in a down-market liquor store here in San Diego, CA!!) So, long story short, when I finally found the Qryptos site, in just one hour I quickly registered, shot them my circa $300 (US) worth of Bitcoin from my (Windows-7) computer’s Bitcoin wallet, submitted their easy/simple I.D. requirements, and I was suddenly IN BUSINESS in the crypto-world!! Impossible!! Are you kidding me!! Actually FIND a site, like Qryptos, where they don’t ASSUME you are computer/crypto-world genius?? Bottom line, if you, like me, want to enter the crypto-money-world with MINIMAL nightmares, Catch-22’s, convoluted I.D. hassles, and labyrinthine mazes of pop-up windows & click boxes, then QRYPTOS should be your FIRST CHOICE!!! (END)

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