Cryptology Review
The focus of many individuals has shifted to the cryptocurrency market because of the incredible financial opportunities it offers investors. And for individuals ready to join the bandwagon, it is required that they sign up with an exchange platform such as the Cryptology exchange platform. We’ll be making the Cryptology exchange review and in this review, we’ll be talking about the trading services, features, benefits, and overall workings of the exchange platform.
For many investors coming to venture into the cryptocurrency market, one thing they must understand is that the exchange platform they choose is as important as the financial knowledge that they possess. What this implies is that success in the crypto market is not only a function of the financial knowledge acquired but also a function of the exchange platform chosen as a trading partner.
As a result, it will be reckless of investors to register or sign up with a mediocre exchange platform that is unable to offer the standard and decent trading features needed to succeed in the crypto market.
Apart from mediocre exchanges, scams and fraudulent exchanges are also present in the crypto market posing huge threats to investors’ funds and data. For many investors who have not been careful enough to do their research, they fall for the gimmicks of these fraudulent exchanges losing their funds in the process. Hence, the need for investors to do there and be vigilant enough to choose a credible and legitimate exchange platform
The Cryptology exchange platform is one of the leading exchanges in the market and is well known among investors for the credible and reliable trading features and services it provides its customers all over the globe. However, to ascertain new traders who are just starting their trading journey in the cryptocurrency market about the credibility and validity of the Cryptology exchange, this guide will discuss expressly the services, features, and benefits of the Cryptology exchange platform.
| Exchange Platform | Cryptology |
| Website | https://cryptology.com/ |
| Withdrawal Fee | 0.0005 BTC |
| Trading Fee | 0.20% |
| Security | Secure Socket Layer (SSL) technology, Two-Factor Authentication (2FA). |
| Payment method | Bank Transfer, Credit/Debit card, and Cryptocurrency |
| Trading assets | Ethereum, Bitcoin, Ripple, Monacoin, Litecoin, and lots more |
| Trading platform | Web-based platform, and Mobile app |
The Cryptology exchange platform was established in January 2018 and has its headquarters based in Singapore. Singapore is home to many of the top crypto exchange platforms across the globe making it the largest cryptocurrency hub in the world.
The Cryptology exchange platform takes pride in itself in offering transparent, safe, and professional crypto trading services to its clients. The exchange platform provides simple, straightforward, and direct cryptocurrency services. And it effortlessly does that by offering enhanced security, a user-friendly platform, a wide range of digital assets, and allows its clients to trade in both cryptocurrency and fiat currency.
Since its inception, Cryptology aims at providing its trading services to investors across the globe, however, the services of the exchange platform are prohibited in Japan and the USA. This restriction in Japan and the USA is not as a result of poor services from Cryptology but because the exchange platform is an offshore trading platform.
In fact, as a pointer to the decent trading services offered by Cryptology to investors across the globe, the exchange platform is often listed among the top 100 crypto exchanges in the world. Now, let’s delve into the primary features of this exchange platform to understand why it is considered incredible by many investors.
Registering with Cryptology
The Cryptology exchange platform designed a simple and straightforward registration process to encourage new investors to sign up easily and start trading. To sign up with the exchange platform, you will be required to submit your username, email, and password.
After submitting the required details, a confirmatory email will be sent to the submitted email address to very the email. Upon verification of the email, the basic registration process is completed. Subsequently, a second password will be asked to be submitted which is to be used for the withdrawal of funds from your trading account
Verification of trading account on Cryptology
Every client of the Cryptology exchange platform is compelled to verify their trading account by the KYC policy. Upon verification of the account, clients are then able to trade, deposit, and withdraw from their Cryptology account. The threshold placed on deposits of funds can also be increased once clients have verified their accounts.
In the verification of a Cryptology account, there are two levels of verification each with its own advantage and verification requirements. The verification levels are;
- Basic Verification
The basic verification gives clients a maximum deposit limit of $10,000. To proceed with the basic verification, clients are required to fill a verification form (which can be found on their website), providing their date of birth, last name and first name, and ID document number. Clients are also expected to provide a personal photo ID including a selfie featuring their photo ID card (full page, readable, in color, with client’s name spelled in English)
- Full Verification
The full verification offers no limit to the deposit of funds into the Cryptology account. To proceed with the full verification, clients are required to submit proof of residence. As proof of residence, clients can submit a recent utility bill (which should not be more than 6 months) for gas/electricity/water or an official government letter/bank account statement.
The proof of residence should consist of your full address, full name (as seen in the already submitted photo ID), service provided, and document date.
Security Protocol
The cryptocurrency industry has witnessed a series of cyberattacks and hacks seeing investors and traders lose their personal data and investment funds. To this end, many exchange platforms have taken the security of funds and sensitive personal information as serious business.
In fact, traders and investors are not left out in being security conscious. And as a result, they look to choose an exchange platform that can guarantee them the safety of their funds and sensitive data.
One of the few exchanges that are recognized to offer decent security measures is the Cryptology exchange platform. The exchange platform does well to provide the latest and standard security measures and technologies to safeguard clients’ digital assets, sensitive data, and the trading platform itself.
As the first line of defense, Cryptology mandates its clients to set up the Two-Factor Authenticator (2FA) which prevents unauthorized third parties access into their trading accounts. The 2FA is also used to secure sensitive trading activities on the platform such as withdrawals and change of password.
The Cryptology exchange platform also integrates the Secure Socket Layer (SSL) technology within its security system to protect its database by detecting and automatically fixing loopholes within the security system.
Liquidity
When it comes to liquidity, the Cryptology exchange platform ranks as one of the best in the crypto market. The exchange platform makes it to the list of top 100 crypto exchanges in the market in terms of the daily trading volume. On the 20th of November 2018, Cryptology recorded a daily trading volume of $3.4 million which saw it rank 99th in terms of daily trading volume in the world.
On the 22nd of March 2020, at the center of the global COVID-19 pandemic, Cryptology witnessed an increase in liquidity recording a daily trading volume of $4.7 million. However, this trading volume did not increase the exchange’s position on the list of top exchanges in terms of trading volume but saw it hold the 141st position.
Trading Platform
For investors to be able to have access to trade various cryptocurrencies, every crypto exchange platform offers a trading platform to its clients. However, there are considerable differences in the trading platforms offered by exchanges in the crypto market. And most of the time, the differences are usually in terms of the user interface, design, and customization.
Although, regardless of these differences, a decent trading platform is expected to be simple, smooth, user-friendly, and very easy to navigate. A trading platform that can offer these attributes guarantees investors and traders an incredible and smooth user experience. With the trading platform, investors can execute various trading activities like market analysis, price monitoring, and trade execution properly
The Cryptology exchange platform understands how much influence the trading platform has on the overall trading experience of investors and traders. And to that end, has developed its Web-based platform as well as its mobile app. The web-based platform is modeled and built to provide excellent trading features and benefits to its clients.
The web-based platform is of very simple design, highly intuitive, and has a user-friendly interface that is easy to steer by both newbie and professional traders. The trading view of the web-based trading platform consists of various price charts and graphs, buy and sell-boxes, order history, order books, and so on.
For the mobile application, clients also get to enjoy all the remarkable features and services offered on the web-based platform. However, the mobile app comes with an additional benefit; it enables investors and traders to monitor and control their trading activities on the go. This saves investors the stress of having to constantly log in to the web-based platform. The mobile app is available for download on Google Play and the Apple store which implies that it is supported by both Android OS and iOS.
Withdrawals and Deposits
The first step after registering with an exchange platform is the deposit of investment capital into the trading account. Without this deposit, investors can’t have access to the crypto market. Also, given the fact that the idea behind investing in the crypto market is to earn a considerable profit, it then becomes necessary for investors to withdraw their accumulated funds.
To this end, crypto exchange platforms offer several payment methods to investors so they can easily withdraw and deposit funds in and out of their trading accounts. For the Cryptology exchange platform, it offers 3 types of payment methods for its clients to make withdrawals and deposits. These payment methods include Wire Transfer, credit or debit card, and crypto transfer.
These payment methods offered are very simple and straightforward to use which is mostly helpful for newbie investors. The variety in payment method options also offers the flexibility needed by investors to choose one that best suits their situation.
Commissions and Fees
Every exchange platform in the crypto market charges several commissions and fees on the trading services they offer investors and traders. This is quite natural as these fees and commissions charged are what finance the activities of exchanges as well as how they profit in the market.
Generally, the fees charged by exchanges are on deposits, withdrawals, and every trade executed. As you would expect, the fees charged on these services vary from one exchange to the next, hence traders should endeavor to choose an exchange platform whose fees are not on the high side.
- Trading Fees
The trading fee charged by exchanges is divided into two; takers fee and makers fee. However, Cryptology doesn’t separate its trading fee into different rates. What this means is that the exchange platform charges a flat rate for both its takers fee and makers fee.
Cryptology charges a trading fee of 0.20% which corresponds with the industry’s average which is approximately between 0.20% – 0.25%.
- Withdrawal fees
Cryptology also charges a withdrawal fee on every successful withdrawal performed on the exchange platform. The exchange platform charges a withdrawal fee of 0.0005 BTC on everything Bitcoin withdrawn from the exchange platform. This withdrawal fee charged is slightly below the industry’s average which is about 0.0006 BTC per withdrawal.
Customer Support
The Cryptology exchange platform offers just a single support channel which is email support to its clients. Upon having requests or complaints clients are required to submit a ticket to the email address made available on their website. Clients often get a response in the space of 24 hours after submitting the ticket.
The exchange platform also provides an FAQ section on its website which addresses various questions that could be asked by new and existing customers.
Final Thought
So much has been said about the Cryptology exchange platform and from this guide, it is easy to conclude that the exchange platform is decent and credible enough to offer incredible trading services to clients across the globe.
However, if you’re not convinced enough about the performance of this exchange platform, you can always visit the website for more info before you finally decide if Cryptology is ideal for you or not.
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