CRYPTOLOGY

What is CRYPTOLOGY？

CRYPTOLOGY, established in Singapore in 2018, is a cryptocurrency exchange. It's unique as a non-custodial platform, letting users manage their private keys. CRYPTOLOGY offers more than 50 cryptocurrencies and boasts a daily trading volume of $100 million. Their trading fees follow a maker-taker model, with maker fees at 0.10% and taker fees at 0.15%.

Pros and cons

CRYPTOLOGY excels in these areas:

• Non-Custodial Control: At CRYPTOLOGY, users keep control of their private keys, which is essential for their fund's safety.

• Variety of Cryptos: With over 50 listed cryptocurrencies, CRYPTOLOGY provides ample choices for users.

• Competitive Costs: The exchange offers fees that are competitive in the market, allowing users to save on trading expenses.

• User-Friendly Interface: CRYPTOLOGY boasts an easy-to-use interface, especially helpful for newcomers in crypto trading.

• On-the-Go Trading: Users can access a mobile app, enabling convenient trading even while they're on the move.

CRYPTOLOGY lacks these areas:

• Lack of regulation: CRYPTOLOGY operates under no regulation, which contains a high level of risks.

• New exchange: Being a new exchange, CRYPTOLOGY hasn't been around as long as some other platforms.

• Slow customer support: Customer support can be sluggish, which can be frustrating when assistance is needed

• Limited trading features: Fewer features available compared to some alternatives

Regulation

Unfortunately, CRYPTOLOGY lacks proper regulation. To confirm an exchange's status, you can check Wikibit for accurate information. No regulation for an exchange poses risks like insecurity, dispute problems, and legitimacy concerns for users.

Security

• Two-factor authentication (2FA): CRYPTOLOGY requires users to enable 2FA for their accounts. This adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.

• Cold storage: CRYPTOLOGY stores the majority of its users' funds in cold storage, which means that they are offline and not connected to the internet. This makes them less vulnerable to cyberattacks.

• SSL encryption: CRYPTOLOGY uses SSL encryption to protect all sensitive data transmitted between its servers and users' browsers. This helps to prevent hackers from intercepting and stealing data.

Cryptocurrencies available

CRYPTOLOGY lists over 50 cryptocurrencies, including popular options like Bitcoin, Ethereum, Litecoin, and Dogecoin and more.

Here are the top 10 cryptocurrencies listed on the CRYPTOLOGY exchange:

• Bitcoin (BTC)

• Ethereum (ETH)

• Tether (USDT)

• Binance Coin (BNB)

• USD Coin (USDC)

• XRP (XRP)

• Cardano (ADA)

• Solana (SOL)

• Terra (LUNA)

• Avalanche (AVAX)

However, it's been adding new coins at a slower rate lately. In the last 6 months, just 5 new coins joined the platform. Compared to exchanges like Binance and Coinbase, CRYPTOLOGY's coin listing speed is slower. These exchanges often introduce new coins weekly or even daily. It's important to consider this pace if you're looking for quick coin variety.

How to open an account？

The registration process of CRYPTOLOGY can be summarized in the following six steps:

1. Visit the CRYPTOLOGY website and click on the “Create Account” button to start the registration process.

2. Provide your email address and create a strong password for your account. This will be used for login and account security purposes.

3. Complete the verification process by clicking on the verification link sent to your email. This is to verify your email address and activate your account.

4. Provide your personal information, such as your full name and date of birth. This information is required for regulatory compliance and to ensure the security of your account.

5. Submit the necessary documents for identity verification. This typically includes a government-issued ID, such as a passport or driver's license, as well as proof of address, such as a utility bill or bank statement.

6. Wait for the verification process to be completed. This may take some time, as CRYPTOLOGY ensures thorough verification to comply with regulatory requirements. Once verified, full platform access awaits.

Fees

At this exchange, there's no distinction in fees for takers and makers. Instead, they follow a “flat fee model” set at 0.20%. This aligns with or even slightly undercuts the global average, which hovers around 0.25%. This can be seen as a reasonable deal for traders. In futures trading, makers receive a fee reduction of 0.025%, while takers are charged 0.05%.

Deposit & Withdrawal

The Cryptology online brokerage offers various payment options. These include standard methods like credit cards, debit cards, and bank transfers (wire and SEPA). For fiat, debit/credit card deposits have a 2.65% fee with a minimum deposit of $25, RUB 1000, or €20. EUR SEPA deposits carry a 0.45% fee with a minimum deposit of €1, and wire transfers (only for Full Verification users) have no fees, requiring a minimum deposit of $25 or €25. Withdrawals are limited to institutional accounts and SEPA transfers, with a €7 fee for a minimum €50 withdrawal.

Customer Support

Clients have typical contact options, including standard email support. Customer support tickets can also be submitted through Cryptology's website. However, where Cryptology falls short is the absence of a customer support phone line and live chat feature. These avenues for direct assistance are currently unavailable.

Is CRYPTOLOGY a Good Exchange for You？

CRYPTOLOGY may be a good exchange for traders in the following types:

• Traders who pursue low trading fees.

• Traders who are willing to bear the risk of trading with an unregulated exchange.

• Traders who are experienced in cryptocurrency trading.

Compare with other exchanegs

Features
Trading Fees	0.20% for both taker and maker	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies		500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

User Reviews

August 20, 2021

Jack Wilson

“CRYPTOLOGY's interface is pretty smooth, making trading a breeze. They've got a bunch of cryptocurrencies, which suits my preferences. However, I was slightly let down by their customer support. It took a while to get help when I needed it. But hey, their security measures are robust, which counts for a lot. The fees are reasonable, not breaking the bank. All in all, a decent exchange for someone looking for variety and solid security.”

September 5, 2022

Lark Thompson

“So far, CRYPTOLOGY's been good to me. Their interface is user-friendly, perfect for someone new to crypto. The selection of coins isn't massive, but it's got what I need. Plus, their security's top-notch, which is a big relief. The only hiccup is the customer support – it can be slow at times. Fees are fair, and I appreciate that. Overall, a dependable exchange with room for better support.”

Conclusion

In summary, CRYPTOLOGY offers non-custodial control and a wide range of cryptocurrencies. While competitive fees and user-friendly interface are positives, the lack of regulation and slow customer support are drawbacks. The exchange suits on-the-go trading but has limited trading features. Consider both pros and cons before deciding.

FAQs

Q: Is cryptography unbreakable？

A: No, cryptography is not unbreakable. However, the security of a cryptographic system depends on the strength of the encryption algorithm and the key used to encrypt the data. If the encryption algorithm is strong and the key is long enough, then it is very difficult to break the encryption.

Q: What are the fees for trading on CRYPTOLOGY？

A: The fees for trading on CRYPTOLOGY are 0.20% for both takers and makers.

Q: Is CRYPTOLOGY regulated？

A: CRYPTOLOGY is not regulated.

Q: What is the security of CRYPTOLOGY？

A: CRYPTOLOGY uses a variety of security measures to protect its users' funds, including cold storage and two-factor authentication. Cold storage is a security measure that stores cryptocurrency offline, making it less vulnerable to attack. Two-factor authentication is a security measure that requires you to enter a code from your phone in addition to your password when you log in to your account.

Q: What is the KYC/AML policy of CRYPTOLOGY？

A: CRYPTOLOGY has a strict KYC/AML policy. This means that you will need to provide personal information, such as your name, address, and date of birth, when you create an account. You will also need to verify your identity by providing a government-issued ID.

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.