QUONIE Review: Two Japanese Cryptocurrency Exchanges Under One Company

QUONIE is a Japan-based company founded in 2014 by Mike Kayamori and Mario Gomez-Lozada. It is #10 on BlockExplorer’s top 25 exchanges of 2017 list. In 2017 it became one of the first cryptocurrency firms to acquire licensing from the Japan Financial Services Agency. QUONIE has two exchanges under it, the first of which trades crypto/crypto called QRYPTOS, and the second that trades fiat/crypto called QUOINEX.

QRYPTOS seems to have relatively little activity across its markets, though there is some. Low to mid-tier traders looking for a smaller exchange with loads of trading pairs will find QRYPTOS to be a good place for their trading endeavors.

QUOINEX is also somewhat quiet, at the time of writing there was little to no activity on anything other than the BTC/USD and BTC/JPY markets.

Both exchanges offer an API that can be used for programmatic trading and information gathering.

QUONIE

Feature QUOINEX QRYPTOS
URL https://quoinex.com  https://www.qryptos.com
Trading pairs 58 78
Trading Fees Yes Yes
Margin Trading Yes No
Withdrawal Fees Yes, for fiat currencies No
Deposit Fees No No, aside from an XRP wallet opening fee
Verification Yes Yes

Registration

Registration on both platforms is similar, requiring an email and password. Though you cannot register on QUOINEX in the United States. Once you submit the registration form you will receive an email to confirm your email address.

Fees

QUOINEX

QUOINEX’s fee system is atypical. When registering you may select a single trading pair that will have 0% fees on any trade, while the rest of the trading pairs will have a flat 0.25% trading fee across the board. There is no deposit fee for either crypto or fiat on QUOINEX, though any banking fees incurred are yours to deal with. For withdrawals, there are no fees on cryptocurrencies, though there is a minimum withdrawal amount that is specified per currency. For fiat currencies, there are different fees per currency, which are listed on QUOINEX’s support system

QRYPTOS

QRYPTOS uses a maker/taker structure for its fees, where takers are charged a flat fee of 0.15%, while makers are charged a fee of -0.075%, meaning you will receive currency as a maker. The fee for makers is marked as temporary, and the date which it ends is not advertised. There are no fees involved in either deposit or withdrawal.

Interface

Both exchanges share a similar interface, which is highly configurable and defaults to a dark background with light text. You can select between a basic and advanced mode for trading.

The interface’s basic mode provides a small chart, the current price and order book, and large sections for submitting buy and sell orders.

In advanced mode, the user is presented with a well-sized chart of the selected trading pair in the middle. On the top left, you get a list of markets and their price that is user configurable and below that the history of the currently selected market. On the right, you have the current order book and a place to submit buy/sell orders.

The entire interface is configurable, from the overall color scheme to the location and size of all the information panes.

Verification

For both exchanges, verification is required to withdraw currency, but not to deposit. This can lead to a situation where you cannot extract funds from either exchange. So make sure you have completed verification before starting to trade. Verification requires a government ID and proof of residence, which may not be more than three months old. For QRYPTOS, you can use your government ID as proof of residence if it has an address on it. Verification should complete within a week after submission.

Security

Both exchanges support two-factor authentication via multiple apps, including Google Authenticator and Duo Mobile.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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