Qmall Cryptocurrency Exchange: review, registration and verification, commissions, pros and cons
Most regulators of countries do not recognize cryptocurrency, do not regulate, or prohibit its circulation at the legislative level. The exception was Ukraine, where the Qmail cryptocurrency exchange recently appeared, whose activities, judging by the information published on the site, are regulated by the National Bank of Ukraine.
History of creation and the Qmall command
The exchange appeared in November in 2021 . Its founders are Ukrainian businessmen in the IT field Nikolai Udyansky and Bogdan Prilepa.
According to them, they have been working with the technical component used to create Qmail for a long time, have gained tremendous experience in the development of top crypto platforms and a clear understanding of how it works in the market. Their plans are to bring to the market not just a decent platform, but an entire ecosystem.
The exchange has several versions of the official website (qmall.io ) in English, Ukrainian and Russian. There is also a physical office.
Qmall: The first metaverse exchange
The administration of the exchange announced its intention to make the exchange a metaverse by the end of 2022. This means that the functionality of the site will be significantly expanded.
So, it will be possible to communicate via avatars on the exchange, purchase goods and services for exchange tokens and take training courses on working with cryptocurrency.
Thus, the metaverse exchange will be based on the construction of a virtual world associated with cryptocurrency.
Registration and verification on the Qmall exchange
To register, you need to go to the exchange’s website Qmall.io and click on the registration button, which is located in the upper right corner. Then you should fill out the form that opens and come up with a password.
When assigning a password, you can use the password creation button, which is located on the form. The password generated automatically should be saved (written down) so that it can be easily found if necessary.
To complete the registration application, you need to stretch the virtual slider on the registration page.
Registration is made at the email address to which the letter from the exchange will be sent. After receiving it, you need to complete the procedure by clicking on the link from this letter. If the email has not arrived, you should check if it is not in the Spam folder. In case of difficulties, you can contact the exchange’s support service.
In addition to registration, to start trading on Qmall, you need to pass verification.
Important! The verification process is mandatory.
For verification, you need:
- Go to the “Profile” tab, where there is a section “Identity verification”.
- Click on the “Check” button. A form will open in which you should register the surname, first name, patronymic and other data. Then click the “Next” button.
- At the next stage, you need to enter the address data by filling in all the fields. If there is no apartment (the user lives in a private house), you can write any number. But all other data in the form must match the passport data, otherwise the application will be rejected. After entering the information, click “Next”.
- The user will be asked to upload a photo of a passport or identity document. A driver’s license can be used as such a document. You need to take a selfie with the document, holding an open passport in one hand. In the other hand, you need to hold a piece of paper on which the name of the exchange is written and the date is put down. The date on the sheet must match the registration date.
Only persons over the age of 18 can pass verification. The application for registration is considered by the exchange administration within a day. An email with the results will be sent to the user’s email.
The partner of the Qmall crypto exchange is the Ukrainian bank iBox. The joint product of this cooperation is a bank card for working with cryptocurrency.
How to trade on the Qmall exchange
Currently, there are not very many cryptocurrency pairs traded on the exchange. The crypt can also be purchased for fiat, but only the Ukrainian hryvnia is supported from fiat currencies.
Now there is a service token on the exchange, with which you can reduce commissions up to 50%, as well as participate in the development of the project. Tokens can be paid in the marketplace of the exchange.
A total of 100 million tokens have been issued, half of which are allocated for tokensale. The third stage of the tokensale ball is scheduled for February 15, 2022.
Deposit and withdrawal of funds
Accounts on the exchange can be basic and extended.
You can top up your account in your Personal Account not only from plastic cards and cryptocurrency wallets, but also through the terminals of the partner bank, including cash.
Withdrawal of funds is carried out to crypto wallets and is available only to verified users.
Commission for transactions
The commission for trading operations is 0.2%. Funds are deposited free of charge, with the exception of fiat (commission – 0.7%).
The minimum withdrawal amount and withdrawal fee depends on the selected currency. The output becomes available only after verification. During the day, you can withdraw an amount not exceeding 500 units in dollar equivalent.
You can earn passively on the platform by inviting new users to the Qmall exchange, i.e. by participating in the referral program.
The affiliate program is five-level. This means that the reward goes not only for the operations of attracted users (the first level), but also those whom they attracted (referrals of the second and subsequent levels).
The amount of remuneration depends on the level and ranges from 25% to 3%.
Pros and cons of the Qmall crypto exchange
The following advantages of the Qmall cryptocurrency exchange can be distinguished:
- low fees;
- the ability to exchange assets with other users without commissions;
- in the near future, it will be possible to conduct calculations, including offline, in cryptocurrency, using a bank card;
- availability of a multi-level affiliate program;
- there is a convenient mobile application with versions for iOS and Android.
Among the disadvantages, we can note a small selection of currency pairs and the requirement of mandatory verification. Thus, the exchange is not suitable for those who want to preserve the anonymity of trading operations.
Reviews of the Qmall exchange
The exchange is very young, so there are few reviews on the web yet.
Users like the fast work of support and the speed of transactions. Of the minuses, the disadvantages described above are noted, and not everyone is satisfied with the verification process, which may take several weeks.
Published: 16 February, 2022