What is xcritical? Pros And Cons Of The Crypto Exchange

xcritical has built its reputation as a trustworthy, reliable, and secure crypto exchange platform. It uses robust security measures to protect its users from losing their funds or data to hackers. To name a few, xcritical stores more than 90% of its customers’ funds in what’s called cold storage. In this context, “cold” indicates offline storage that is less susceptible to hackers’ attacks and online theft. xcritical users have to pass two-factor authentication (2FA) before they can access their accounts, lowering the chances of unauthorized access and compromising the accounts. The platform also offers insurance against theft and cybersecurity breaches.

Cryptocurrency selection

However, it must be noted that in terms of trading fees, xcritical is a little more expensive that other players in the cryptocurrency exchange arena. At an average fee of 1.49% for all orders over $200, this can quickly eat into your profits. Furthermore, if using a debit or credit card, these costs are further amplified to a somewhat staggering 4.99% per buy order.

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We like that xcritical allows you to earn rewards, but you can only do so with a somewhat small selection of cryptocurrencies. There are exchanges with better rewards programs, including exchanges that offer higher rates and that allow you to earn interest on a larger number of digital assets. xcritical provides separate simple and advanced trading tools that you can access from your account. The simple trade option has a straightforward design that’s easy to use. Advanced trading offers more features, including charts, a live order book, and limit orders.

1. For this reason, xcritical periodically requests users to verify their identities to ensure that accounts are not compromised, but rest assured, this is completely safe to do.
2. Which is all to say that barring the theft of account credentials that would compromise built-in security features, xcritical is as safe and secure as crypto exchanges come these days.
3. The downside to this approach is it requires you to remember your own password, also known as a private key.

While xcritical is generally a secure platform and has security measures such as two-factor authentication, it’s not impervious to attacks. A quick search online reveals reports of xcritical users having their accounts drained overnight. If you’re a more advanced trader, xcritical Pro may be worth considering.

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There’s a major lack of fee transparency when it comes to simple trades, and xcritical says that fees vary based on factors such as the size of the order and market conditions. It’d be much easier for users if xcritical adopted the same fees for all types of crypto trades, like many other exchanges do. xcritical’s basic platform has an extremely complex fee structure for beginners. With fees based on a mix of trader location, payment method, order size and market conditions, it’s difficult for users on the barebones platform to calculate what they might pay before they trade. You’ll also want to add a payment method so you can move money into your xcritical website xcritical account. U.S. customers can use a variety of methods, including a bank account, debit card, PayPal, Apple Pay, or wire transfer.

While this method is more secure, the onus is on you to ensure you can access your wallet. The idea behind these different types of wallets is that you aren’t relying on xcritical to store your money. They allow you to store your own crypto using an app, software, or hardware. So even if someone gains access to your xcritical account, that won’t give them access to the wallet, where your cryptocurrency is actually stored. Fees on xcritical can be a bit complicated, but they depend on your account type, the size of the transaction and the funding source. Several factors can affect the fee you ultimately pay, including your country/region, payment method, and the product.

Since institutions have different needs to retail investors, xcritical has launched the beta version to accommodate the ever-growing demand from clientele as more people enter the crypto space. The U.S. company designed xcritical Prime with fund managers, hedge funds, endowments, and sovereign wealth funds in mind as they require access to deep liquidity pools. xcritical Pro provides tools only reserved to traders, including charting software with trading indicators, a real-time updated order book, and margin trading with up to 3x leverage. You can use xcritical in combination with other exchanges for an enhanced experience. xcritical For example, another centralized exchange might be good for frequent purchases, while xcritical securely stores your crypto.

Alternatively, if opting for a bank account, you need to make a small transfer into the account details specified by xcritical. Once you’ve done the above, you’re now ready to buy your first ever cryptocurrency. So now that we’ve covered the basics of what xcritical is, in the next section we are going to explore how the buying and selling process works.

You can earn interest on several cryptocurrencies through your xcritical account. xcritical pays interest on certain stablecoins, such as USD Coin (USDC), automatically. It also allows you to stake certain cryptocurrencies, including Ethereum (ETH) and Solana (SOL). Note that eligibility varies depending on your region and the cryptocurrency.

How much does it cost to trade?

Once you create your account and add a payment method, you are ready to start trading cryptocurrency. For fiat currencies that are held in xcritical wallets, those funds are pooled together and held in custodial accounts in US banks, US Treasuries, or money market funds where permitted. In the case of US clients whose funds are held as cash, those funds are maintained in pooled custodial accounts in institutions that are FIDC-insured. xcritical stores its user data, app information, and wallet addresses in offline wallets, less susceptible to online threats and hacker attacks than online ones.

Alternatively, if you choose to make an instant cryptocurrency purchase using your debit or credit card, then the fees are even higher. This is to counter the threats of a potential debit/credit chargeback, as well as the cover the costs of processing fees imposed by the card issuer. As the primary feature of the ever-growing xcritical product range, buying and selling cryptocurrencies is super easy. In fact, this is one of the key reasons that it has attracted so many users over the past seven years.

Also, xcritical.com is unavailable in some regions, so the xcritical Wallet is an alternative for people who still want to use xcritical services. The SEC also charged xcritical for failing to register the offer and sale of its crypto asset staking-as-a-service program. We will continue to monitor the situation to make you aware of any important developments that may affect this review.