Cryptology Review

Cryptology is a cryptocurrency exchange from Singapore. It launched in January 2018. Singapore is one of the world’s premier places for cryptocurrency exchange headquarters. 

You can trade most of the biggest cryptocurrencies here at Cryptology, but the altcoin selection is actually quite limited compared to most other top crypto exchanges.

The trading platform is also available through mobile use. If you have an iPhone or an Android phone, you can download the application in the Appstore or through Google Play.

Cryptology Review

Liquidity

Cryptology is witnessing a steading growth in liquidity over time. When we first prepared this review on 20 November 2019, the 24-hour trading volume was approximately USD 3.4 million. This had increased to USD 4.7 million on 22 March 2020. But on the date of last updating this review (20 September 2021), the trading volume stood almost 10x times higher at USD 48.6 million. 48.6 million is still quite modest compared to the dragons in the crypto exchange industry, but the trend is very positive.

US-investors

US-investors may not trade here. The reason for excluding US-investors are primarily regulatory reasons. If you’re a US-investor, don’t despair! You can find the best exchange for you to trade at by simply using our Exchange Finder or using the filters in our Exchange List.

Cryptology Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Cryptology:

Cryptology Review

Cryptology Fees

Cryptology Trading fees

This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%. This is line with – or even slightly below – the global industry average which is arguably around 0.25%.

Cryptology Withdrawal fees

Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Cryptology however only charges 0.0005 BTC when you withdraw BTC. This is also 40% below the global industry average of 0.0008 BTC.

Deposit Methods

This exchange is an “entry-level exchange”, meaning that you can also deposit fiat currency here. In fact, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors.

Sign up

It’s extremely easy to sign up: you’ll just need to fill a form with your name, surname, email, and password. Of course, accepting the Terms of service is mandatory. You can choose to sign up even with your Google account. 

When you sign up you have two choices: you can sign up for a personal or institutional account. 

For personal accounts, only the Trading account is available.

The Trading account differs from the Global Wire account in that you can make different kinds of deposits and withdrawals:

  • With a Global account, you can deposit fiat money and cryptocurrencies via wire transfer or bank card. You can also withdraw cryptocurrencies and fiat - for fiat money, you can withdraw only to the account you used for deposits.
  • The Trading account allows you to deposit both fiat money and cryptocurrencies, but you can withdraw only cryptocurrencies.

You can deposit fiat money via Visa and Mastercard for the European Union, but Global accounts can withdraw fiat only via wire transfer.

Verification

In accordance with the company’s KYC practices, you have to go through a 2-step verification method:

  • The first step is the Basic Verification that will grant you a limit of $10,000. 
    For this step you’ll just need to upload your passport, driving license, or national ID and a selfie with that same document.
  • The second step is the Full Verification and consists of a proof of address: passing this verification level will avoid limits.

Spot Exchange Futures Trading

Cryptology’s Spot Exchange and Futures trading platforms are extremely simple and intuitive.

For the exchange, you have the order book, the trade history, a chart by TradingView, and a very simple order form that allows you to buy and sell at the market or limit. 

For futures, the platform is very similar, with the difference that you can choose leverage.

Cryptology Fees, Deposit, and Withdrawal options

Current trading fees on Cryptology are 0.002 for both makers and takers. As for any other crypto exchange, fees changes according to trading volume,

For what concerns fiat, you pay 2.65% fee for debit and credit cards deposits, for a minimum of $25, RUB 1000 or €20 deposit. 

Users from Brazil have different deposit options with fees that range from 1.7% to 3.6% for a minimum $1 deposit. 

EUR SEPA deposits have 0.45% fees for a minimum €1 deposit; while wire transfers - that can be used only by Full Verification users - have no fees, for minimum $25 or €25 deposit.

Regarding withdrawals, only Institutional accounts can withdraw fiat money and only with SEPA accounts, with a €7 fee for a minimum €50 withdrawal.

Countries

Cryptology is available worldwide, with the exception of the United States and Japan.

Recently it became known that Binance is leaving Germany, Holland and Italy. However, Cryptology is not going to leave any countries in the near future and will still continue to offer its service, including in these countries.

Available pairs on Cryptology

Futures

  • BTC/USD
  • BTC/USD Perpetual
  • ETH/USD Perpetual
  • EOS/USD Perpetual
  • MKR/USD Perpetual
  • SNX/USD Perpetual
  • TRX/USD Perpetual
  • XLM/USD Perpetual
  • YFI/USD Perpetual
  • BCH/USD Perpetual
  • LTC/USD Perpetual
  • ZEC/USD Perpetual

Spot Exchange

For the exchange, the number of pair is higher and includes: 

  • BTC
  • ETH
  • XRP
  • XLM
  • BCH
  • LTC
  • ZEC
  • USDT
  • USDC
  • DAI
  • BAT
  • TRX

Pros

  • Support: I’ve tested the speed of Cryptology’s support service, since I had a couple of questions concerning the verification method. Replies arrived after 10 minutes and they were extremely polite and clear in their answers.

Cryptology has a fast support service

  • $100 bonus for $100 first-time deposits.
  • 0% Futures trading fees, from August 3 to September 30.
  • Up to 100x leverage for Futures trading. 
  • Very low minimum order size: on Cryptology the minimum order size is $0.10 or its equivalent.
  • Cryptology is available everywhere (except for the United States and Japan).

Cons

  • No margin trading on the spot exchange.
  • No possibilities to withdraw fiat with a trading - read personal - account.

In conclusion, we shared this Cryptology review with you to help you decide whether to profit from the promotions of this crypto exchange, and all based on a list of six features a crypto exchange should have.

Thank you for rating.
Source: https://forexsiri.com/cryptology-review