The rise of these digital assets and the general public’s willingness to adopt them led towards this once-obscure technology turning into a billion dollar industry. Before anyone knew it, the phenomenon resulted in the formation of many new businesses to exclusively serve this new financial segment.
With a massive horde of individuals and institutions flocking towards this growing business sector in order to make the most out of it, it became very difficult for cryptocurrency users to keep track of all of them – something that we all experience to this date.
Cryptogo Review: How Does Cryptogo Work?
The London based Cryptogo came to surface around February 2018. The venture was backed by Investoo Group, a financial service company that is also based in the city of London.
From the very start of its operations, the platform set itself apart from other services out there due to functioning on a model that was different from traditional cryptocurrency exchanges.
Instead of selling cryptocurrencies to customers by itself, the platform acts as a facilitator to connect various popular exchanges around the world with interested traders. These traders can then leverage their services to purchase their choice of cryptocurrency by using fiat.
This mechanism of having multiple exchanges at their disposal means that Cryptogo customers have access to an array of digital assets as well as the ability to use various fiat currencies.
However, one must keep in mind that the service’s focus is only on facilitating customers who want to buy cryptocurrency using fiat. It does not primarily execute transactions where customers are interested in selling their own cryptocurrency. Even though it has a resale option on its website, it is not one of the main services offered by the platform.
Cryptogo Review: How To Deposit or Withdraw Funds on Cryptogo?
In order to utilize the services provided by Cryptogo, users need to have an account on the site.
The registrations process is rather straightforward.
If someone does not already have an account, then all that they need to do is to go through a usual submission process of important information. After a short and quick know your customer (KYC) verification procedure, they can proceed to use the account to buy cryptocurrencies.
Since the service is centered on letting customers buy cryptocurrency through fiat, it offers various options for fiat deposits such as bank transfers and additional methods such as debit/credit cards. It also allows payment to be made through Bitcoin, wherever applicable.
The deposits can be made across popular fiat currencies including but not limited to USD, EUR, and GBP.
However, even though it allows fiat deposits and the ability to buy cryptocurrencies, the service does not offer storage services for digital assets. This is both a blessing and a curse for the platform and its customers. This restriction allows the platform to take off the liability of safeguarding customers’ assets and gives customers free rein in selecting a third party wallet provider.
Cryptogo Review: How Does Trading On Cryptogo Work?
As noted above, Cryptogo trading works by the platform acting as a facilitator between popular cryptocurrency exchanges and the end user. The firm searches through several cryptocurrency exchanges to find the best prices available for the customer against their choice of cryptocurrency. Once the customer pays for the cryptocurrency that they want to purchase, they can have it transferred to a wallet service of their choice.
This process is pretty straightforward and also allows users to access over 1000 cryptocurrencies across the world and serves as one of its most beneficial aspects.
Cryptogo Review: The Fee Structure
This is where it gets tricky.
Cryptogo does not offer its users to access the exact breakdown of its fees right away. Instead, it includes the complete fee within the exchange rate that the customer pays for their purchased cryptocurrency.
This method of operation makes the service frustrating to use for those customers who like to know where exactly their money is going. The problem is that they are not able to access the information until they specifically contact Cryptogo customer service. Only after specifically reaching out and ask their representatives to define the charges being levied on their specific transaction will they find the answers to their query.
On one hand, the company could be doing this to make the process easier for customers so that they do not have to be bombarded with intense calculations. However, the service it provides is of a fairly higher price than its competitors and thus it might not want the percentage or amount to be shown blatantly.
This lack of transparency can be quite disconcerting.
Cryptogo Review: Security
While Cryptogo does have an SSL certificate on its site to protect its users’ information, it is not exactly clear whether any additional security measures are implemented by the firm.
However, since the platform does not use any digital assets on its own platform and requires users to transfer their purchased cryptocurrencies to their own third-party wallet, the lack of security is at least not a big question on the financial aspect. Especially when the payment processing page remains completely secured through SSL.
How Is The Customer Service On Cryptogo?
Cryptogo assigns a dedicated customer service officer to each account whom customers can contact in case of any questions, such as inquiries regarding the fee structure on a specific transaction.
Other than that, numerous posts have been noticed through different forums on the internet that complain about the lack of timely services from the platform. However, these complaints are quite normal for any business, especially one that operates in the online space.
According to our own experience and something that has not been reported from different sources, the site keeps experiencing occasional downtime where it is not accessible at all.
That was something that we noticed while compiling this guide together as well, where the site kept flipping between being accessible and out of reach before it went completely out of order for an indefinite period of time.
Needless to say, this raises questions on the site’s capability to be trusted as a dependable service.
Should Cryptogo Be Selected as a Primary Trading Platform?
There is no doubt that the services provided by Cryptogo certainly remain very lucrative and could also be considered as a much-needed alternative to traditional exchanges.
However, the platform’s relative obscurity as compared to other platforms and most importantly, its ambiguous and high fee structure become its downfall in terms of its value proposition.
With that being said, if you do not care about how much extra money you have to spend to get your hands on your choice of cryptocurrency through fiat, then Cryptogo might be the service for you. If not, then traditional exchanges would be the way to go since they might have more stringent security requirements, but would also provide you with a defined fee structure that would also remain low when compared to Cryptogo.