Frequently Asked Questions

Server Time - 6.27 20 Feb

BTC Price - $1038.2

LTC Price - $2.93999

general

What is Cryptonit?

Cryptonit is a digital market where you can buy and sell digital commodities (“cryptocurrencies” like BTC, LTC, PPC, MNC, FTC, TRC) for FIAT money (USD, EUR).

Are your fees competitive?

Yes, we have the lowest fees in the “crypto” industry. You may request a debit card and withdraw your funds for free or for example get it sent to your paypal account for 4.5% only. Moreover we charge for trading operations only 0.15% - the lowest fee on the market. Here you can find a full list of fees.

Do you have API?

Yes, we have a very convenient API.
If you want to get just a general information, such as listed order, executed transaction, last price then use our Public API.
If you are a trader and want to automate your work at Cryptonit then register to have an account and use our Developer API.

How can I buy BTC for USD on your site?

First of all you must create an account and deposit some dollars. Generally we provide at your service a lot of methods such as Wire transfer, Western Union, MoneyGram, OKPay, PerfectMoney, Webmoney, Egopay, EPESE, PayPal, Skrill but depending on your status (Verified or Not) there may be some limitations for you. For example PayPal and Skrill are available only for Verified users. The list of all available deposit methods and fees may be always found directly on the deposit page or here. After you credited your account you can place an order and buy BTC at the market price. In the same way you can buy other cryptocurrencies (Litecoin, Peercoin, Namecoin, etc…).

How can I sell LTC for USD?

First of all you must register at Cryptonit and deposit some LTC. Every user has a unique cryptocurrency purse for every type of cryptocoins. For your first deposit you will have to go to Finances page, select correspondent cryptocurrency, click Deposit and click Request to generate your unique purse. All cryptocurrency deposits are processed automatically at zero fee and we can’t make it faster or slower. After you credited your account you may sell you Litecoins for USD at the market price by placing an order. Please note again that Cryptonit does not charge any fees when you deposit cryptocurrencies to your account.

How can I withdraw my funds?

To withdraw your cryptocoins or FIAT money please go to your user profile and choose "Finances" on your right menu.
If you withdraw cryptocurrency then you need to input desired amount and confirm your withdrawal operation using your Authenticator. Thus, if you do not have any Authenticator added to your account then you will be not able to withdraw your cryptocurrency balance. We recommend you to add at least one type of Authenticator before to deposit any funds to your account.
If you withdraw FIAT currency (USD, EUR) you must make withdrawal request and follow instructions. Generally we provide at your service a lot of payment methods for withdrawal such as Wire transfer, Western Union, MoneyGram, OKPay, PerfectMoney, Webmoney, PayPal, Skrill, QIWI, Paxum, EPESE, Egopay, RedPass DebitCard. The list of available withdrawal methods and fees may be always found directly on the withdrawal page or here.

Why should I pass verification procedure?

Unverified users have some restrictions. First of all they are limited in their FIAT deposit+withdrawal turnover to 10000 USD. Additionally, some convenient deposit methods are available for verified users only (for example credit/debit cards). If you lose access to your account or your Authenticator you will be able to reset it only after verification procedure. Please read our ToS to know how to pass verification procedure.

Can you make me a debit card to withdraw USD?

Yes, as soon as you reach 5000 USD trading turnover you may request your personal debit card. At the moment we cooperate with RedPass company. We will order a card for you and as soon as you pass additional easy verification on their site you will get the card shipped. After that you may withdraw funds from Cryptonit to your RedPass card for free! The card can be used worldwide at any ATM machine supporting MasterCard. ATM transaction fee is just $2. All the fees for card maintenance you may find here https://www.redpass.com/fees/

I want to offer an interesting idea for your site and would like to have one more funding option. May I ask you about it?

Sure, we are always opened to hear our users and always work hard to make our site more convenient and secure for you. Please contact support for any ideas and proposals.

Why I cannot withdraw my cryptocoins?

During the first cryptocurrency withdrawal some users complain being unable to do it. They do not find Withdraw form and complain that we want to steal their money. The real reason is that you have not setup any Authenticator. In order to withdraw cryptocoins you must have at least one Authenticator added. If you dont want to waste time understanding every type of Authenticator we recommend you to use eMail Authenticator because it is very simple (you just need to link and confirm additional email address). Please go to eMail Authenticator section on your right menu to add it.

Why I do not see my crypto withdrawal in blockchain

Since October 2014 withdrawal transactions must be signed by our financial managers. For this reason there may be a small delay if there are a lot of withdrawals in the queue. Be sure it will be processed shortly.
This step has been implemented for the security of Cryptonit wallets and not only. Read more about this improvement.

Where can I read some basics about Bitcoin?

We can advise to take a look at Bitcoin WiKi https://en.bitcoin.it/wiki/Main_Page

Authenticator

How can I protect my account from unauthorized use?

In order to protect your account you must setup and use one or more authenticators.
We offer 3 types of authenticators: eMail Authenticator, Google Authenticator (GA) and Yubikey.
eMail Authenticator is the most simple and can be used to confirm cryptocoin withdrawals. We recommend you to setup eMail authenticator as soon as possible because it is very easy (you need just to link and confirm additional email address) and it will allow you to withdraw cryptocoins instantly. You can also learn about the e-mail authenticator in one of our video tutorials: https://cryptonit.net/video/withdraw-coins-cryptonit-email-authenticator
GA and Yubikey can be used to protect account login as well.
If you keep high balances in your account we encourage you to use GA or Yubikey. We have a separate section in FAQ and a special documentation page where you may find all the necessary information on how to do it.
Yubikey may be ordered for $25 (shipping not included). We may also link your existing Yubikey (if you have got it already). For users with FIAT turnover more than 50000 USD we offer Yubikey absolutely for free. Please contact support via email if you wish to order a Yubikey.

What is 2 factor authentication?

2 factor authentication is a way to protect your account with an additional system (Authenticator) together with your password. This system is implemented to protect your account especially your coins from being withdrawn by third person. Authenticator generates a special secret code that is sent to your email,mobile phone or presented by Yubikey (depending on the type of Authenticator you have chosen).

Why I have to use 2 factor authentication?

We believe you. However, your password and computer is only a small part involved. First, all communication is done over internet. Second, the website is running on a server which itself is a target for attackers. Even if we give our best to prevent attacks there is always a possibility an attacker succeeds and can manipulate the website. 2 factor authentication is no real benefit for us, it is for you.

Can I use my account without 2 factor authentication?

No. Having at least one Authenticator is obligatory. Without Authenticator you will not be able to withdraw cryptocoins.
We highly recommend you to add at least one type of Authenticator before to deposit any funds to Cryptonit.

Can you reset the 2 factor authenticator for my account?

In order to reset your Authenticator you must pass verification procedure. If you lost your Authenticator control being already a verified member then you will have to send a paper statement to the Cryptonit Solutions Ltd office declaring you have lost your Authenticator control. Your valid ID scan must be attached in this case.
To avoid additional problems, keep a backup of you Google Authenticator on a second device and report your YubiKey as lost here if you loose it.

How to setup a Google Authenticator?

How to create a Google 2 factor authenticator?

To create a Google 2 factor Authenticator go to your profile and select "Google Authenticator". After you selected your wished type of authenticator, scan the barcode with your smartphone app. If you do not have a smartphone, copy the URL above. The last 16 character are the required secret. If you have selected HOTP you will also have to save the counter at the end. Use the secret (and counter) to generate valid codes with the desktop application available for the Google Authenticator.

What does HOTP in Google Authenticator mean?

HOTP stands for "HMAC-based One-Time Password" and it generates an unique code based on an internal counter.

What does TOTP in Google Authenticator mean?

TOTP stand for "Time-based One-Time Password". It generates an unique code based on the current time. To use this type of system please ensure that the time on your device is absoluty correct. This requires also correct timezone settings. If possible syncronize your time with a time-server.

Should I choose HOTP or TOTP for Google Authenticator?

While TOTP is based on the current time, the authenticator can be installed on several devices as for example a smartphone and the local desktop computer. TOTP requires that the time on the involved devices (your client and the server) are running synchronously. Otherwise confirmation will fail. HOTP uses a counter which increases each time a code is created and, therefore, is time independent.

I have OpenID. Why I need 2 factor authentication?

OpenID is only a mean to reduce the number of passwords you have to remember. However, it still has the same weaknesses as a normal user account. To protect your account you, therefore, need 2 factor authentication.

How can I protect my account from unauthorized use?

In order to protect your account you must setup and use one or more authenticators.
We offer 3 types of authenticators: eMail Authenticator, Google Authenticator (GA) and Yubikey.
eMail Authenticator is the most simple and can be used to confirm cryptocoin withdrawals. We recommend you to setup eMail authenticator as soon as possible because it is very easy (you need just to link and confirm additional email address) and it will allow you to withdraw cryptocoins instantly. You can also learn about the e-mail authenticator in one of our video tutorials: https://cryptonit.net/video/withdraw-coins-cryptonit-email-authenticator
GA and Yubikey can be used to protect account login as well.
If you keep high balances in your account we encourage you to use GA or Yubikey. We have a separate section in FAQ and a special documentation page where you may find all the necessary information on how to do it.
Yubikey may be ordered for $25 (shipping not included). We may also link your existing Yubikey (if you have got it already). For users with FIAT turnover more than 50000 USD we offer Yubikey absolutely for free. Please contact support via email if you wish to order a Yubikey.

What is the difference between a Google account and authenticator?

Its like comparing your house with a bicycle lock. With a Google account you can store things, like e-mails, contacts events etc. The Google authenticator is a mean to protect from misuse and robbery.

What is 2 factor authentication?

2 factor authentication is a way to protect your account with an additional system (Authenticator) together with your password. This system is implemented to protect your account especially your coins from being withdrawn by third person. Authenticator generates a special secret code that is sent to your email,mobile phone or presented by Yubikey (depending on the type of Authenticator you have chosen).

Why my Google account is not working?

We do not know? It seems that you have a misunderstanding of Google account and Google authenticator.

Can I use my account without 2 factor authentication?

No. Having at least one Authenticator is obligatory. Without Authenticator you will not be able to withdraw cryptocoins.
We highly recommend you to add at least one type of Authenticator before to deposit any funds to Cryptonit.

How to create a Google 2 factor authenticator?

To create a Google 2 factor Authenticator go to your profile and select "Google Authenticator". After you selected your wished type of authenticator, scan the barcode with your smartphone app. If you do not have a smartphone, copy the URL above. The last 16 character are the required secret. If you have selected HOTP you will also have to save the counter at the end. Use the secret (and counter) to generate valid codes with the desktop application available for the Google Authenticator.

How to setup a Google Authenticator?