Overview of Cryptal Exchange
Cryptal Exchange is a rapidly growing crypto trading platform that was launched in 2020. It positions itself as a customer-centric service provider with a strong focus on creating a secure and user-friendly environment for global traders. In this review, we will explore the core features of Cryptal Exchange, highlighting its strengths and weaknesses.
Trading Models of Cryptal Exchange
Cryptal offers two main trading options:
- Instant Trade Terminal: Ideal for beginners, this option allows users to buy and sell cryptocurrencies using exchange rates provided by Cryptal. It simplifies fiat-to-crypto exchanges.
- Professional Trading Terminal: Tailored for experienced traders, this terminal offers advanced features such as order books and trading charts. Users can execute market orders or set limit orders based on their trading strategies.
Supported Currencies
Currently, Cryptal supports 9 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Matic, Chainlink, DAI, Bitcoin Cash, and Shiba Inu, with a total of 16 trading pairs. This selection is more limited compared to other crypto exchanges.
Cryptal’s Trading Fee Schedule
Cryptal charges a flat fee of 0.25% for both takers and makers. This fee structure is less competitive compared to other established exchanges.
Deposits and Withdrawals
Users can deposit funds via crypto and fiat using methods such as local bank transfers, international wire transfers, and Visa or Mastercard cards. Cryptal does not impose additional fees on deposits made via local banks, wire transfers, or cryptocurrencies. However, card deposits are subject to a flat 3.00% fee. Withdrawal fees vary depending on the method and currency used.
Transaction Limits
The minimum withdrawal amount via wire transfer is $100. Trading on Cryptal's professional trading terminal requires a minimum of $5, while the instant trade channel has a minimum tradable amount of $50.
Security
Cryptal prioritizes security and offers 2FA (two-factor authentication) for added protection. The exchange complies with ISO 27001 information security standards and the Cryptocurrency Security Standards (CCSS).
Supported Countries
Cryptal claims to be available globally but is prohibited in certain countries, including the United States of America and others listed in the review.
KYC/AML Compliance
Cryptal requires users to comply with KYC (Know Your Customer) regulations, necessitating the submission of identification documents for account verification.
Customer Support
Cryptal provides a range of customer support options, including email support, phone support, and a support page with FAQs. The exchange also integrates Facebook's Messenger for live chat support.
Pros and Cons of Cryptal Exchange
Pros:
- Georgian-Focused Exchange: Cryptal caters to the Georgian market, offering support for the Georgian Lari and local bank transfers.
- Two Trading Terminals: It provides both a beginner-friendly instant trade channel and a professional trading terminal, accommodating users of varying experience levels.
- Fiat and Crypto Support: Cryptal offers a combination of fiat and crypto trading options, appealing to a wide range of users.
- Security Measures: The exchange prioritizes user asset and data security, complying with industry standards.
- Customer Support: Cryptal provides multiple customer support channels, including live chat via Facebook's Messenger.
Cons:
- Limited Cryptocurrency Support: Cryptal offers a relatively small selection of cryptocurrencies and trading pairs.
- High Trading Fees: The flat fee of 0.25% for all trades may be considered high compared to other exchanges.
- Relatively New: Being launched in 2020, Cryptal is still building its reputation compared to more established exchanges.
