Cryptal Exchange Review
Cryptal Exchange is one of the fast-rising trading platforms in the crypto sphere. The Georgia-based exchange launched in 2020. Cryptal describes itself as a customer-centric service provider focused on enabling a highly secure and user-friendly trading environment for a global market. To know for sure whether Cryptal Exchange s embodies these values, we decided to review its website. Here, we will explore all of the exchange’s core features and highlight its strengths and flaws.
Overview of Cryptal Exchange
Exchanges are fast becoming the heart of the crypto industry because they provide all the tools required to interact with blockchain and cryptocurrencies. While this is a given, we have witnessed how the inherent flaws of some of these platforms expose their users to all sorts of risks. Therefore, it is imperative to carry out due diligence before registering or depositing funds on crypto exchanges. This is why we strive to provide all of the resources that can help speed up the process.
In this guide, our core focus will be on Cryptal Exchange. On our first visit to the website, we discovered that the platform has opted for a simplistic approach to crypto trading. The website wears a simple look that aids navigation. Judging by this design decision, it somewhat feels like Cryptal is focusing on providing a seamless gateway to the crypto market. This is evident in the two trading systems available on the platform.
The first is an instant trade channel, where users can buy and sell crypto using exchange rates set by Cryptal. Here, traders can execute fiat-to-crypto exchanges instantly. Alternatively, they can opt for a more immersive system tailor-made for professional trades. While the core differentiating factor between these two systems is the technical requirements or the lack thereof, both are designed to facilitate instant exchanges.
Apart from the seamless trading experience that Cryptal provides, it also implements standard security measures and infrastructures such that users’ data and assets are protected at all times. It is also worth mentioning that there is a Georgian version of the exchange where traders can use the Georgian Lari (GEL) as their primary trading currency. As such, it is safe to say that Cryptal is not only hoping to cater to a global community of traders, but it is also looking to dominate locally.
Another notable detail is that the exchange offers OTC services to traders looking to execute large transactions, albeit away from the platform’s public order books.
The trading models of Cryptal Exchange
As discussed earlier, Cryptal offers to major trading terminals. The first is the instant trade terminal that suits users looking to access crypto via fiat currencies or sell digital assets for fiats. The good thing about this option is that users do not need to hone any trading skills to utilize the trading tool. All you need to do is enter the amount of crypto you wish to buy, select a payment option and confirm the transaction. On the sell side of the instant trade channel, a trader only has to input the amount of crypto he wants to sell and click the sell button.
In essence, Cryptal is a viable option for those looking to have their first go at the crypto market since it enables seamless brokerage services and a fiat-to-crypto gateway. However, while brokerage services are known for their simple interface and seamless processes, users often buy crypto assets on such platforms at a premium. This was evident in the pricing of supported digital assets on Cryptal’s instant trade channel. We noticed that the prices of cryptocurrencies were slightly higher than what they were selling for on professional trading platforms. As highlighted earlier, this is a common occurrence on fiat-to-crypto gateways.
Alternatively, traders can choose to go for the platform’s trading terminal that comes with order books, trading charts, and the likes. Here, traders must have some level of trading experience and skill, particularly in terms of chart interpretation and the timing of trades. For its more professional trading terminal, Cryptal adopts two order types. They are:
This type of order refers to trades that are executed immediately at the latest market price of the digital asset. Here, the trader is not necessarily concerned about implementing a price execution plan for his orders.
Unlike market orders, the trader sets price conditions that would determine when his orders are executed. The exchange will not implement the order until the market price of the digital asset in question matches the limit price set by you.
At the time of writing this review, Cryptal supports 9 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Matic, Chainlink, DAI, Bitcoin Cash, and Shiba Inu. in total, there are 16 trading pairs available on the exchange. Notably, this is nothing near what we have come to expect of crypto exchanges. Compared to platforms like Binance and Kraken, we can say that the list of cryptocurrencies on Cryptal is limited. On the fiat side, users can trade these digital assets against the US dollar and the Georgian Lari.
Cryptal’s trading fee schedule
Unlike most crypto exchanges, Cryptal charges a 0.25% flat fee for both takers and makers. As such, regardless of the volume of trades you execute on the platform, you will pay 0.25% on all trades. It is worth mentioning that this is not as competitive as what we have on most established crypto exchanges. Note that you can get better deals on other top exchanges.
Deposits and withdrawals
You can deposit funds on cryptal via crypto and fiat. The supported payment options are local bank transfer, international wire transfer, and Visa or Mastercard cards. Remarkably, apart from the fees charged by your bank and the crypto networks, the exchange does not impose additional fees when users deposit funds into their Cryptal account via local banks, wire transfers, and cryptocurrencies. In contrast, Cryptal charges a flat 3.00% fee on all card deposits.
On the withdrawal side of its payment infrastructure, Cryptal also supports a wide array of payment methods, albeit with different transaction fees. For USD and GEL bank transfers, users have to pay 1.50% and 2.00% transaction fees, respectively. Likewise, a commission of 0.0005 BTC comes with all Bitcoin withdrawals.
The minimum you can withdraw via wire transfer is $100. Also, the minimum you can trade on the platform’s trading terminal is $5, while the lowest tradable amount on the instant trade channel is $50.
Cryptal seems to have gone all out to deliver the level of security cover required by crypto holders and traders. The platform supports 2FA activation for that extra layer of protection. Furthermore, it is compliant with ISO 27001 information security standard as well as the CryptoCurrency Security Standard (CCSS).
Notably, Cryptal claims that it is available globally. However, there are countries where its services are prohibited. These nations include:
- North Korea
- South Sudan
- United States of America
Does Cryptal comply with KYC/AML requirements?
From our research, we discovered that Cryptal complies with KYC regulations. Therefore, you will have to submit identification documents like your passport before your account can be verified.
Cryptal tries to be as consumer-centric as possible by providing a series of educational resources on its support page. Here, users can find answers to some of the most frequently asked questions regarding features and processes. In addition to this, the exchange provides a phone number and an email address which you can use to contact the platform’s representatives.
The exchange also integrates with Facebook’s Messenger to offer a live chat feature. Cryptal says that its representatives respond to messages sent via this channel within 24 hours.
What are the pros and cons of Cryptal Exchange?
What are the pros of Cryptal?
Cryptal is an ideal exchange for Georgians
Recall that the exchange has a website version that supports the Georgian language and the country’s local currency, Lira. It is also possible to buy crypto or deposit funds directly from Georgian bank accounts. Therefore, it is a good option for traders living in the republic of Georgia.
The exchange supports two variants of trading channels
Cryptal offers both a brokerage service and a professional trading terminal. Hence, it doubles as a fiat-to-crypto gateway and a crypto-to-crypto trading platform. With this system, Cryptal is an ideal option for both professional traders and newbies.
Cryptal supports both crypto and fiat payment methods
It is commendable that Cryptal has integrated fiat and crypto channels. This decision helps it secure its place as one of the go-to crypto exchanges for all categories of crypto users.
Cryptal complies with industry standards
The exchange complies with ISO 27001 information security standards and the Cryptocurrency Security Standards (CCSS). Hence, it is safe to say that the security of users’ assets and data is of utmost importance to Cryptal.
The crypto exchange provides robust customer support
Cryptal solidifies its status as a customer-centric exchange by delivering an array of customer support channels. The channels available to users are email support, phone support, and a resourceful support page. The exchange also tries to provide live chat features by integrating Facebook’s Messenger.
What are the cons of Cryptal Exchange?
It does not support a wide range of cryptocurrencies and trading pairs
With only 9 cryptocurrencies and 16 trading pairs available to trade, Cryptal does not seem like a viable option for traders looking to capitalize on the price movements of a wide variety of digital assets.
The trading fee is a bit on the high side
The exchange charges a 0.25% flat fee on all trades. When you compare this to the industry’s average, you will discover that it is quite expensive to trade on Cryptal.
It is relatively new
Note that Cryptal launched in 2020. As such, it is almost impossible to gauge the resilience of its system. It will take a while for it to garner the level of reputation associated with established exchanges.