Our column continues to compare crypto exchanges, cryptocurrencies, and other projects, with the aim of presenting their similarities and differences in a clear and comprehensible manner. Our ultimate goal is to provide you with the information you need to make informed decisions with ease.
In today's blog post, we will be conducting a comparative analysis of Cryptal and Bitnet - two prominent crypto exchanges. Our objective is to highlight the similarities and differences between these two platforms, as well as provide valuable insights on trading cryptocurrencies, over-the-counter (OTC) trading, service fees, and supported cryptocurrencies. By the end of this post, you will have a better understanding of the unique features that each platform offers and be able to make an informed decision based on your needs and preferences.
What methods can be used to trade cryptocurrencies?
The primary objective of a crypto exchange is to provide its users with flexible and user-friendly options for buying and selling cryptocurrencies. In this regard, both Cryptal and Bitnet offer multiple methods for purchasing and selling digital assets.
In terms of buying and selling cryptocurrencies, there are notable differences between the two platforms. While Cryptal offers the functionality of Spot Trading and Convert, it doesn't allow users to purchase cryptocurrencies directly using cash. This means that users cannot exchange cash for digital assets directly on the crypto exchange.
In contrast, Bitnet doesn't provide the option for Spot Trading, meaning users are unable to place buy or sell orders on the platform. Instead, users can utilize the Instant Trade feature to exchange their crypto assets directly into fiat currency, allowing for the direct conversion of digital assets into cash.
Is a Personal Broker (OTC) available?
Over-the-Counter (OTC) or Personal Broker Services enable users to buy and sell crypto and fiat currencies without having to place a request on a centralized exchange.
One of the primary advantages of using OTC or Personal Broker Services is the convenience and speed of buying and selling crypto assets. Unlike traditional exchange platforms, OTC transactions can be processed quickly and without the need for extensive verification procedures. This means that users can seamlessly convert their assets without having to wait for orders to be filled on an exchange. Additionally, personal brokers can help facilitate the exchange of assets between parties, simplifying the process even further.
If you're interested in learning more about Over-the-Counter (OTC) services and the benefits they offer, be sure to check out our blog:
If you would like to use the service of a personal broker (OTC), write to us here.
Private broker service is available on both - Cryptal and Bitnet.
What Fiat Currencies are Supported?
If you're looking to purchase crypto assets with traditional currency or receive fiat currency in exchange for your digital assets, it's essential to select an exchange that supports a wide range of currencies.
Cryptal currently offers support for three popular fiat currencies: Georgian Lari (GEL), Euro (€), and US Dollar ($). This allows users to buy and sell cryptocurrencies using these fiat currencies, providing greater accessibility and flexibility for traders.
On Bitnet, users can use two fiat currencies - the Georgian Lari (GEL) and US Dollar ($)
How to Deposit & Withdraw Fiat Currencies?
Similar methods are available on Bitnet as well, except for WallyPay.
What about Trading Fees?
Since Bitnet does not offer Spot Trading, which allows users to place buy and sell orders, there are no trading fees associated with using the platform.
On Cryptal, both Taker and Maker commission is 0.25%.
If you want to use the Convert function, in the case of Cryptal, the spread is +2% when buying and -4% when selling. Detailed information on Cryptal fees can be found here.
You can only buy and sell USDT on Bitnet. Therefore the exchange rate is often changing, you can see detailed information about fees on web page.
As a reminder, if you decide to buy USDT on Cryptal, you will receive an additional 0.4% profit.
How much is the Deposit Fee?
Cryptal offers a variety of deposit methods, including bank transfers and Visa/Mastercard card payments.
Depositing funds into your Cryptal account via bank transfer is completely free of charge. However, if you choose to deposit funds using Visa or Mastercard cards, Cryptal charges a 3% fee on the deposited amount.
In the case of Bitnet, three similar ways are available for depositing money - bank transfer, Visa and Mastercard cards. Bank transfer here is also 0%, and the commission for using cards is - 2%.
How much is the Withdrawal Fee?
Similar to depositing funds, Cryptal also offers multiple methods for withdrawing funds from your account. Users can choose to withdraw funds via bank transfer or using Visa/Mastercard cards.
If you want to withdraw money from Bitnet, the same ways are available here.
Both Cryptal and Bitnet offer interest-free withdrawals via bank transfer, providing users with a convenient way to withdraw their assets. Additionally, both platforms allow users to withdraw funds using Visa and MasterCard cards, although different fees apply. For Cryptal, a fixed fee of 1.2 GEL is charged for this service, while Bitnet charges a fee of 1% for withdrawals made using these cards.
How many Cryptos are Supported?
Having a diverse selection of cryptocurrencies is an important factor for traders when choosing a crypto exchange.
You can see the full list here.
Only one coin is supported on Bitnet - USDT.
Cryptal offers support for the Ethereum-based ERC-20 and Binance Smart Chain-based BEP-20 networks, while Bitnet supports the TRON-based TRC-20 network.
How to contact Support?
In the rapidly evolving world of cryptocurrencies, receiving quick and accurate information is essential for users.
Cryptal, like Bitnet, has a support team available that you can contact via email, Facebook page, and hotline.
Please be aware that Cryptal's hotline is only available between 10:00 and 00:00, while Bitnet's hotline is accessible 24/7.
It is crucial to consider your specific needs when selecting a cryptocurrency exchange, such as the types of cryptocurrencies supported, fees, and other relevant factors.
Our blog aims to assist users in making informed decisions by providing comprehensive information and analysis. However, it is important to note that the blog does not offer any form of financial advice, and users are encouraged to conduct their own research and seek professional advice before making any investment decisions.
Wish you successful Trading!