This is a Northcrypto review. Northcrypto is an online service for buying, selling, and storing cryptocurrencies. It has been praised for its simple interface, which makes it a perfect place for newcomers to buy their first coins.
Northcrypto company presentation
Northcrypto is a blockchain business founded in 2018 in Finland. This means it was started during the long and cold “crypto winter”, which tells you that the founders really believe in the future of cryptocurrencies. The service was developed diligently for over six months before launching it.
The founders of Northcrypto have a background in information technology, online marketing, and finances. Members of the board of directors are all Finnish: Ville Runola, Miikka Laukkanen, and Tyko Karjalainen. Ville Runola is the current CEO. You can find him also on Twitter @VilleRunola.
#BitcoinHalving2020 trending on Twitter. It’s amazing an event coded more than 10 years ago and known to happen gets everyone so excited today, including me. #Bitcoin still working reliably just as Satoshi planned.
— Ville Runola (@VilleRunola) May 11, 2020
The goal of Northcrypto has always been to streamline the process of buying cryptocurrencies without cutting corners in safety. This website is aimed for newcomers and Northcrypto is probably the easiest way to buy cryptocurrencies with euros anywhere.
The site was officially opened on the 8th of March in 2019. Later that year, Northcrypto was registered with the Finnish Financial Supervisory Authority making it one of the few companies in Finland with the cryptocurrency operator license.
Northcrypto expanded its service on the 8th of March in 2020. Now it accepts customers from all EU countries.
Northcrypto review – how to register an account
Opening a new account is a fast and simple process. You’ll be forwarded straight to the Northcrypto registration form from the following link:
Your name, address, and e-mail address are needed for opening a new account in the first stage. Filling this information takes just a minute. In the second stage, you will go through a quick KYC process, meaning account verification. This is a standard for any service with bank transfers.
Northcrypto is using Onfido for non-Finnish customers. It’s a fast and easy system, where you’ll upload a picture of your passport or ID. Finnish customers are verified through their bank IDs.
Once you have registered successfully, you should also get an e-mail confirmation.
The whole registration process is easy and straightforward. If the issuing country in your document is not the country you live in, you can contact Northcrypto’s customer support to get your account verified manually.
How to make a Northcrypto deposit
Now we can go forward in our Northcrypto review and make a bank wire deposit to your newly registered Northcrypto account. This operation is performed from the My Account page. If you are not there already, click the user icon in the main menu and select My Account (see the picture below).
Here you can see the balance of all your currencies. The green and red buttons will take you to the deposit and withdrawal pages.
Click the green Deposit button on the Euro row. When you deposit for the first time, you need to input your own bank account information. This won’t be asked again in the future. Note, that deposits and withdrawals are only allowed from this account.
Next, you’ll see the bank details for the deposit. Go to your internet bank and make the deposit with the given details. Make sure you input the reference correctly. You should see your deposit in one to three banking days.
Northcrypto started to use the services of German WEG Bank in October 2019. This was a welcomed boost making all deposits 100% free. Withdrawal fees were also cut to just one euro. Northcrypto is only processing SEPA transfers, which is the standard in Europe.
How to buy cryptocurrencies on Northcrypto
Once you have made a successful euro deposit, it’s possible to buy cryptocurrencies. At the time of writing this article (05/2020), Northcrypto has the following cryptocurrencies available:
The selection will probably expand in the future, but these three are the most popular and desired coins. They will be enough for most newcomers.
Click the Buy & Sell link in the top menu to access the following page.
On this page, you can convert any of the available currencies into each other. For example, you can convert your euros to bitcoins, as seen in the image above. You could also convert your Litecoins to Ether or Ether to Bitcoin etc.
Just input a number to the sell-side and the buy-side will update automatically. Once you click the green Execute trade button, your trade is being executed immediately. You’ll always see the exchange rate on the page as well.
So, whether you want to buy a certain currency or sell it, it is done from this simple page. AboutBitcoin.io has only good experiences with this service. The execution is fast, and the operation couldn’t be simpler.
Northcrypto review – service fees
Northcrypto’s fee structure couldn’t be any simpler. All trades have a fixed 1.0% fee. The rate is available when this article is being written (05/2020) and it might change in the future in one way or another. Click the Fees link in the site footer to check the up-to-date information.
Deposits are always free of charge. Northcrypto also shows the number of confirmations required when making cryptocurrency deposits. At the moment, the confirmations are 2 for Bitcoin, 6 for Litecoin, and 30 for Ethereum. These will translate to an average transaction time of 20 mins (BTC), 15 mins (LTC), and 7.5 mins (Ethereum).
Withdrawal fees are the following: 1 EUR (euro), 0.005 BTC (Bitcoin), 0.001 LTC (Litecoin), and 0.01 ETH (Ethereum).
The fixed transaction fee of 1.0% is nice and low when comparing to other fiat on-ramps like Coinbase, where it’s much higher on small purchases. Confirmation times and withdrawal fees follow the industry averages.
How to send and receive cryptocurrencies on Northcrypto
Northcrypto is designed especially for newcomers, who often want to store their currency on the platform used for buying and selling. When the crypto portfolio grows larger and more knowledge is gained, you might want to store your coins to a hardware wallet or maybe to a desktop wallet on your own computer.
In such a case, you need to make an outgoing transaction. This is very easy. Click the user icon in the main menu and select My Account. You land on the same page which you used for deposits as well. This time click the red Withdraw button.
This is how the page looks for Bitcoin withdrawals.
Just input the receiver’s address to the first box. Remember to always copy-paste cryptocurrency addresses, never try to input them letter-by-letter. You are bound to make a mistake and there is no undo option available when it comes to cryptocurrencies.
Also, make sure you are sending bitcoins to a Bitcoin address, Litecoins to a Litecoin address, and Ether to an Ethereum address. The fee is deducted from the transaction automatically.
After submitting your withdrawal, you’ll also get a confirmation link to your e-mail. Click this link to finalize the transaction.
When you have confirmed the withdrawal, it shows on your pending withdrawals. Click the user icon in the main menu and select withdrawals.
Once Northcrypto has processed your withdrawal, it moves to Completed withdrawals. Usually, this happens in a couple of minutes.
If you want to make a cryptocurrency transaction to your account, that is also easy. Click the user icon in the main menu and go to My Account page once more. Click the green Deposit button and you’ll see a simple deposit page with your cryptocurrency address and QR code.
Either scan the code with your mobile or copy-paste the address to your wallet software. Confirmation times for each cryptocurrency were listed under Fees.
Northcrypto vs competition
One important part of this Northcrypto review is looking at the competition. Northcrypto is a new operator in the crypto scene compared to its well-known competitors. It doesn’t make sense to compare such a website to Binance or BitForex or other “altcoin casinos” like that.
One should compare Northcrypto to other fiat on-ramps instead, which are often used by newcomers. In Finland, Northcrypto is competing against Coinmotion, which has traditionally been the leading Scandinavian cryptocurrency service. It is also competing against Coinbase, which is an extremely popular fiat on-ramp globally.
All these services have a clear design and they can be used by people, who are not so familiar with cryptocurrencies. Even if this is the case, Northcrypto is probably the only online service that doesn’t really even need a beginner’s guide. It is so easy to use. Anyone, who can use a browser and internet bank, can use Northcrypto without any issues.
Northcrypto is also cheaper than its main competitors. Both Coinmotion and Coinbase are 50%-100% more expensive depending a bit on your volumes. The fixed 1.0% fee of Northcrypto is an attractive one for sure.
While Coinmotion and Coinbase are more expensive and maybe not that easy to use, they do have more features. Coinmotion has also Ripple XRP and Stellar Lumens – especially XRP is a very popular cryptocurrency. Coinbase has about two dozen cryptocurrencies with super popular coins like Chainlink and Tezos.
Coinbase has also staking and other small features, which are available depending on your country. You can also apply for a Coinbase debit card. Coinmotion has a vault service for extra protection and crypto loans, which allow you to get some yearly interest on your deposits.
All these services are reliable and regulated by local authorities. They also support monthly savings.
Northcrypto is a great option for those who want a super easy GUI and want to just invest in the most popular cryptocurrencies. You can also use Northcrypto as your fiat on-ramp for more altcoins: buy bitcoins from here cheaply and then move them to Binance and buy altcoins with those bitcoins.
Northcrypto review and experiences
Northcrypto is a new operator in the market having its doors opened in March of 2019. So far it has proven to be a reliable service with no major problems reported. It also seems that the Northcrypto team is listening to its clients when developing their platform further.
The service was upgraded further in the summer of 2019 when Northcrypto published native mobile applications. There is an iOS and Android version available. See the iOS version screenshots below.
Northcrypto’s mobile apps follow the same approach as their desktop version. Apps have a clean design and they are easy to use. If you like using a mobile you’d definitely download the app as well to enhance your Northcrypto experiences.
The only major feature we are missing is the 2FA. We hope that can be also integrated soon.
Our Northcrypto review is definitely a positive one as are our experiences of this service. We’ve used the service since it was launched in March 2019. Everything works as promised and the customer service is quick to respond to any questions.
It’s great to see that the company has taken steps outside Finland and expanded to Europe. The website is translated into English, German, Spanish, Finnish, and Swedish.
Northcrypto provides a simple and straightforward service to buy and hold the most popular cryptocurrencies. Just see yourself!
Follow Northcrypto also on Twitter @northcrypto to stay up-to-date with the latest events.