It grew to provide support for many cryptocurrencies without the need for KYC, and even offers margin trading access. Mercatox is not regulated in any jurisdiction and therefore does not deal with any fiat deposits or withdrawals. The common goal of the team behind the exchange is to deliver fast and easy-to-access crypto trading to the global crypto scene, something that they have managed to grow since back in 2016. Apart from that, its features are fairly standard and not as refined as the top crypto exchanges we have reviewed.
The fee will be minor but will be dependent on the asset transferred, network congestion, and the complexity of the transaction. Being an unregulated exchange, Mercatox boasts a straightforward registration process. Users need to provide an email address and a password to gain access to create an account on the exchange platform. After doing so, users will receive a confirmation email enabling them to gain access to Mercatox.
- From here, you will be able to find out more about any relevant fees that may apply to your account, e-wallet, and/or trades.
- The P2P lending program is one of a kind and definitely a unique feature of the exchange.
- A loyalty program is available by application that issues point rewards, discounted fees and other benefits for various levels of platform promotion.
- The only downside I felt in the UI was the information overdose.
- It can be difficult for investors or traders to determine which platform best matches their needs.
Users are obliged to comply with the KYC requirements but the exchange doesn’t even mention its legal address and other data that can be used in court. However, the lack of registration means that the exchange is harder to hold accountable. It means that the Mercatox team has low responsibility for your funds.
Mercatox E-Wallet
Mercatox charges a 0.25% fee per trade to both its buyers and sellers. Which is quite reasonable considering that resembles the average in the market. There’s also 0.25% per transaction on the exchange, which makes the trading fees with Mercatox competitive and reasonable. Mercatox is a cryptocurrency exchange that offers peer-to-peer trading on hundreds of different digital assets. The information that is provided is poorly written and doesn’t inspire confidence. No, however Mercatox notes a difference between verified and unverified accounts.
Once executed, you can view the order history in the order book window. And with margin trading, Mercatox also give you the option to be a lender to other traders. Poor security and company transparency, lack of live customer support and slow response time on ticket submissions creates a frustrating experience at best, and a treacherous trading environment at worst. A P2P send feature for deposits, transfers and lending is available between Mercatox users. Electronic payment gateways for dollars, rubles or Euros are listed as Yandex, Qiwi, Perfect, OKPAY and Payeer.
Worst scam exchange, high rates, high minimum for withdrawals, full of scam coins, an interface from 1995. It is a hot wallet, meaning your coins are stored with Mercatox. While Mercotax claims its wallet is secure, they provide no details on the security protocols they use. Mercatox does provide support, but even still, many users complain about the lack of help available when you need it. It offers very little education on crypto, trading, or how to use the platform. More than 200 cryptocurrencies and 700 trading pairs are advertised, less are listed.
The benefit of Mercatox is that you can trade many exotic crypto gems that have been released very recently to have a head start over other crypto enthusiasts who are looking to invest or trade these coins. The signup process is very fast which means that you can create an account, transfer funds, and start trading within minutes if you are eager to get into the markets. While Mercatox has my support as a crypto exchange, I feel the staff at the backend could put a little more thought into customer support and the lack of information pertaining to security measures. The interface is bare-bones, and while that works in passing information, it also borders on poor layout and latency issues. According to information found on Mercatox’s website, the platform supports users from almost all over the world. The exchange also supports multiple cryptocurrencies, with over 200 coins on offer.
Mercatox Trading Fee
For those of us who have been through many crypto cycles, we have come to value security most of all. Unfortunately for Mercatox, despite having resolved major issues in the past, it remains too low on our overall evaluation of trust to suggest trading on the exchange mercatox exchange reviews at this time. Our review of Mercatox was unable to track down any information that covers the deposit insurance policy of the exchange. We suggest you contact support in the event that you do sign up and want to know more about potential insurance on deposits made.
Mercatox Trading fees
Low fees also contribute to potentially profitable trades across the board. We’ll be sure to update you on any new developments that occur on the Mercatox exchange if, or when, these changes come to light. However, being spoilt for choice can sometimes overwhelm you as you start out your trading journey. Mercatox has created an in-house trading platform which tracks cryptocurrency markets and provides you with real-time updates. There are several new features that have been included on the site.
How To Use Mercatox Exchange?
To get started in this section, one has to set the terms of engagement with the borrowers, i.e. amount, terms, and interest rates. According to Mercatox, lending is a high-profit exercise that has no risk. In fact, it’s better to adequately estimate possible risks and profits before making the decision to use this feature.
On the date of last updating this review (2 December 2021) the 24-hour trading volume of this exchange was around USD 36 million, according to Coinmarketcap. On the same day, however, Binance was on place no. 1 in the list of the exchanges with the highest 24 hour trading volumes with a trading volume in of USD 30 billion (with a “b”, not an “m”)… The platform launched in October 2015 and on 18 July 2019, they informed on its website that it had 579,071 users. These users had in aggregate executed 17,537,044 deals totally worth 651,791 BTC. On the same date, the platform’s 24-hour trading volume was USD 16.2 million, giving it place no. 84 on the list of the exchanges in the world with the highest 24-hour trading volumes.
You can trade crypto to crypto, and you can only deposit and withdraw crypto. This means you need to transfer crypto into your Mercatox e-wallet, and you can only transfer crypto our of your e-wallet to another one. This article will outline several reasons why you may want to shy away from this exchange, examining the broker’s reputation, fees, trading conditions, deposit and withdrawal choices, the trading platform, and more. Embark on your trading journey with Mercatox, a versatile broker that caters to diverse trading preferences.
It’s noticeably better than brokers like Crypto.com (0.40%) and Coinbase (0.50%), but not quite as appealing as Binance (0.10%) or FTX (0.02%, 0.07%). They execute granted personal data security and protection according to generally accepted practice data protection in the Internet community. They don’t go by your schedule & if you want full time or a certain day off they won’t give it. Plus one time my husband food had glass in it & they never gave us a free meal. He had the glass in his mouth & they didn’t do anything but say sorry.
As for now, the services remain below par when compared to what the leading exchanges are able to offer. No fiat withdrawals are allowed, but electronic withdrawals are accepted with the same deposit methods. Withdrawal to personal wallets is free, but any other type of withdrawal contains fees based on each currency or electronic payment method, available here. If trading cryptocurrencies appeals to you, our Mercatox review UK will certainly be of interest. Mercatox is a reliable and exciting online trading platform with an array of innovative features. Mercatox lending is a program for investors who don’t want to trade themselves.
Binance is the most popular and well-known futures market in the global cryptocurrency industry and well-known for its extensive futures pairs. Trading fees are 0.25% for both market makers (providers of liquidity) and market takers (takers of liquidity). There are no incentives or tiers based on trading volume, unlike at many other exchanges. The main disadvantages of Mercatox are that its exchange services and offerings outside of its moderate range of coins are quite limited. Users will not find any advanced or complex crypto financial services here, or even basic ones such as staking.
Besides being user-friendly, the Mercatox exchange is also available in multiple languages like English, Russian, and Chinese. Traders on the Mercatox platform get the opportunity to trade multiple crypto coins on the exchange and view prices from both cryptocurrency and e-currency markets. As an unregulated exchange, Mercatox offers only cryptocurrency-to-cryptocurrency trading services and does not provide a gateway to deposit or withdraw fiat currencies such as USD or EUR. According to CoinMarketCap, Mercatox has a daily trading volume of over $9.5 million which is very small compared to the larger exchanges in the market. Yes, according to the various Mercatox exchange reviews, the platform appears to be a good cryptocurrency trading platform.