Review: Cryptsy

ScamAlert: We don't advise to use this exchange

Cryptsy is a US-based cryptocurrency and fiat exchange that specializes in offering a wide selection of altcoins. They were one of the first major players in the altcoin space, as well as one of the first legitimate US-based altcoin exchangers. They are based in Delray Beach, Florida. You can find out more about the company’s history here, on their About page.

The Cryptsy Review Overview

  • Has not been audited publicly, to the best of my knowledge!/li>
  • Cryptsy is a cryptocurrency and fiat exchange.
  • A huge selection of altcoins. Seriously, they have 150 current active COINS, and over 200 markets.
  • Total daily volume between all pairs is generally between 2 and 4k BTC per day, making Cryptsy the most active altcoin marketplace.
  • US-based in Florida, FINCEN-registered MSB, fully AML/KYC compliant.
  • The layout is simplistic and a little ugly, but utilitarian.
  • Site runs slow sometimes and occasionally behaves glitchily–Cryptsy used to be known for having an awkward website, but it’s getting better fairly quickly, thanks to the effort of BigVern and others.
  • Their Twitter presence (first, second) is a solid source of support, news, and customer interaction.
  • Their support really got taken to another level recently–it used to be reasonable but slow, it’s now lightning quick. I sent 3 tickets at three different times on random days. All 3 tickets were replied to within 15(!) minutes. Two of the tickets got clear and concise answers to my questions, the other was about a glitch that resulted in my account being missing a small amount of DRK, which was immediately fixed. Very, very impressive support.
  • They established a wiki, which contains some good information and has helped establish their credibility.
  • Trade key system allows Cryptsy users to frictionlessly send funds back and forth within their ledger, a very useful feature. My key, if you’d like to tip me: 66b88e55f7b97a3f3553c5a30afb87376fe3bbb4

Cryptsy Review: Fees

  • .2% fee for buys, .3% for sells.
  • Fees are higher than most other exchanges, although slightly lower than advertised due to their CryptsyPoints reward system, which gives you back a percentage of your fees in CryptsyPoints at a rate of 1 point per .025BTC paid in fees.
  • CryptsyPoints are set at a value of .001BTC, but are traded on a free market, and can be used to enter giveaways run by Cryptsy. They’ve recently given away an iPad, a Gridseed miner, and, as of this writing, are in the process of giving away 25BTC worth of shares of MN2!
  • The fair market value of a CryptsyPoint is currently .002BTC, which says something about their giveaways.
  • Mathematically, if this value holds, this means that their fees are actually .184% for buys and .276% for sells, for an average fee of .23%.
  • This puts them at worse than MintPal (.15%, B), Bter (<.18%, B+), or CoinMKT (M/T average .125% and potentially a rebate of 0.05%, A-), but better than Bittrex (.25%, C-).

Cryptsy Review: Security

  • Cold wallet storage of most customer funds.
  • 2FA, or Two Factor Authentication, allowing you to use your mobile phone to secure your account.
  • Forced https, wallets encrypted using AES-256.
  • 3rd party security screening.
  • Required strong passwords, store passwords as hashes.
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