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.
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.
 | Were you SCAMMED online? Recover Your Money Now! |
 | Crypto Betting Platform (CFDs) |
 | Best International Crypto Exchange - Buy/Sell BTC & other Cryptocurrencies |
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.
| Were you SCAMMED online? Recover Your Money Now! |
| Crypto Betting Platform (CFDs) |
| Best International Crypto Exchange - Buy/Sell BTC & other Cryptocurrencies |
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.
Read other Cryptocurrency Exchange Reviews.
Thanks for reading our Qryptos review. To receive relevant cryptocurrency news and scam warnings directly to your e-mailbox, feel free to subscribe to ScamBitcoin.com!
Ignite ratings keeps announcing a partnership with Qryptos/quoine/liquid they are full of shit. scammy ICO looking for a scammy exchange
Qryptos =total SCAM
I’m struggling still 7 months to withdraw my stellar Tokens.
You should absolutely avoid this exchange.