Cryptonicks Review
5 (100%) 1 vote

Cryptonicks Review

What is Cryptonicks?

It is a company, which deals with the cryptocurrencies. It has a very good platform for trading in the future. There are other platforms. One of them is BitMEX. The platform offers the better system to miners. They are looking to reduce their effect.
Where is it and where has it registered?
The company is in the United Kingdom. It is UK registered platform governed by Financial Conduct Authority (FCA). This company has cryptocurrencies as the assets because they deal with the trading. The trading is in derivative form. The watchdog of British is not interested in this platform. Because the cryptocurrencies trading companies are unusual to them.

Security and Rules

This platform uses Financial Services Compensation Scheme (FSCS). That is why it will help the clients to keep their money safe. Even it will protect them from losing their money even if there is a case of bankruptcy. The FCA looks after all these things. It has many rules. There are some definite rules for Cryptonicks as well. The company has a clause 3.2 under the Membership Agreement. Here it states the balance of an account is kept in the form of cryptocurrencies. Hence, it is not in the form of money. That means it is neither in Specified Investment form nor in the form of money. FSCS rules are not applicable on this.

Account storage

The company keeps all of the accounts related to people in the form of segregated cold-storage wallets. The wallet is secured by leading crypto-security Company. That company is Elliptic. If you have knowledge about the market, you can easily predict and find the insurer. Because the company is registered in the United Kingdom. All the blockchain settlements are under “A-rated, Fortune 100 underwriter”.

Security Breaches

The company has very high-security standards. Because of that, it is not hacked till date. The security is better than the other cryptocurrency exchanges. Company’s high-security claim is definitely working.
Reviews and famous quotient.
The platform is very new to clients. Hence, very few people know about this. That leads to fewer reviews. However, those few reviews have positive points towards the company.

Trading accounts and trading conditions

The platform has a standard trading account with a minimum deposit, maker fees, leverage and taker fees. You can keep your account balance either in Ripple or in Bitcoins. As there are main account and margin account, you need to carry transaction between these two accounts internally. This is very easy to process. Your trading balance is nothing but your secondary wallets. It will help in risk management. One of the samples is listed below
Account type Minimum deposit Maker Fee Leverage Taker Fee
Standard Undisclosed 0.01 1 0.0258 XTB*
The conditions are difficult to understand. You need to understand the process completely to understand it.

Trading instruments

The company uses different instruments. You can use Bitcoin and Ripple. These will assist you in future trading. Different instruments use different conditions. The size of Bitcoin and Ripple is 1 and 10000 respectively. At 17:00 UTC on Wednesday, trades will be settled. That helps to higher advantage. Bitcoin Turbo, XRP/USD and XBT/USD helps in trading.

Advantage

Bitcoin Turbo has the trading leverage ratio of 1:50. Ripples stand at 1:8 and Bitcoins stand at 1:6. XRP/XTB can provide up to 1:5 leverage ratio. You can make use of short and long positions for margin netting and trading from the same portfolio of the given margin.

Other derivatives

Depending on the digital assets, there are some derivatives, which can help trading. Forex brokers provide spot CFD’s. Litecoin is also an option but not very famous. Ethereum and Bitcoin are famous forms compared to others. CFD reflects the current price of but also have some future values and characteristics.
All the trade fees applicable
Depending on the contracts, the fees are either in XRP or in XBT. Market makers are different from the brokers. They have passive orders in the book. It is trade free. The fees vary from 0.0008 XTB to eight XRP during the high traders with the first available bid. These are just figures. They can change very quickly with a change in the cryptocurrency values. BitMEX has makers’ fees of 0.025%, which is good, and taker fees at 0.075%.

Trading platform

These consume very fewer computer resources and the hardware. They are similar to the MetaTrader4. They use web-based platform for its trading. With high security and better design, they can give better desktop solutions to the client. Therefore, it is not a surprise when it comes to cryptocurrency trading systems.

Conclusion

Cryptocurrency is a big step in the trading field. The company Cryptonicks has taken a big step in this field. The security of the company is good. This is based in The United Kingdom. FCA governs its operations. It provides safety for the clients and their money. FSCS free work definitely helps the proceedings. Trading with this kind of system is not suitable for everyone. The level of difficulty is more. It is very important to know everything before trading with Cryptonicks.