This creates a very limited and slow environment for trading at anything beyond the most beginner level. Signing up at Mercatox is easy and free, but it is important to note that it is Web-based only, there is no mobile app available – smartphone use would have to be done by browser. If we look at the statistics page on the Mercatox site, we can see that they show 765,000 signups with only 5,000 active users in a 24-hour period. The highest average user-review scores we could find were still well below average.
However, since KYC verifications are important for Anti-Money Laundering measures, I recommend all readers fill out the details before starting. Even Mercatox realizes the importance and asks users to fill up the form to increase their withdrawal limits. The customizable interface allows you to set different figures for order type, trade amount, crypto trade, and directions for the trade. The page for trading separately lists all cryptocurrencies covered by the exchange, which allows users to select a coin of their choice. While you’re selecting your preferred coin, you will see a chat room on the trading page. The chat room helps initiate conversations and can also help pass on helpful tips.
The exchange is interesting for cryptocurrency traders from different parts of the world, they often evaluate its work positively, thus showing that the company is on the right path of development. Kraken offers a large variety of cryptocurrencies and pairs (over 90 coins, over 400 pairs), so users who value a large selection and advanced traders who seek regulated margin will prefer Kraken by far. The Mercatox exchange has certainly opted for functionality over aesthetics but this should appeal to those traders who are interested in a practical online exchange that is easy to use. With hundreds of different digital currency pairs on hand, there are certainly a lot of trading opportunities within these markets. Low fees also contribute to potentially profitable trades across the board.
- This Mercatox exchange review will provide an extensive guide to crypto investors to understand the platform’s key features and functionalities and its current regulatory status.
- As for now, the services remain below par when compared to what the leading exchanges are able to offer.
- You can trade crypto to crypto, and you can only deposit and withdraw crypto.
- These include a Peer-to-Peer (P2P) crypto exchange, margin trading capabilities, and an in-built cryptocurrency wallet that stores digital assets.
- Both the maker and taker fees for Mercatox are 0.25%, which is about average for the industry.
But no platform is perfect, and Mercatox does have its shortcomings. I also found the free universal wallet to be functional because it helped me store multiple fiat and cryptocurrencies. However, you can only recharge your wallet transactions on the platform and cannot replenish it with deposits. Deposits and withdrawals of cryptocurrencies to and from the Mercatox multi-token wallet will not incur any fees.
Cryptoexchange Commission
It can be difficult for investors or traders to determine which platform best matches their needs. A decentralized crypto exchange (DEX) that has been used widely is Mercatox. We’ve created this Mercatox review to clearly and concisely explain the ins and outs of the platform, highlighting its features, fees, and security measures. Mercatox is seeking to attract customers from all over the world by offering them a platform in various languages such as English, Chinese and Russian.
However, for higher withdrawal limits, one has to verify the account by uploading two pictures of their ID and an official document containing the personal address. By verifying the account the user gains access to withdrawals of up to 5 BTC in 24 hours. Enabling 2-factor authentication is probably the most important step to protect the account from hacking. If one needs the opportunity to withdraw over 1 BTC per day, she/he should submit personal information to verify the account. The exchange allows users who have not verified their accounts to trade, deposit, and withdraw funds, too. Just like an absolute majority of cryptocurrency exchanges, the platform does not have any deposit fees.
Where Is Mercatox Located?
This gives you the best possible idea about which trading sites are to be trusted and which trading sites will keep your money and online trades safe. There are a number of reasons you can tell whether this is the case or not. Our Mercatox review UK has assessed the regulation and deposit insurance of this exchange. We can tell you that this exchange is not regulated as of yet.
What’s good is that if such an order gets triggered it always gets triggered at the desired or better price. Market orders can be used to buy or sell assets at the mercatoc current price (the trader cannot specify this price when placing a market order). In markets with high liquidity, market orders usually get filled instantly.
Crypto Security
There is also very little transparency or information about what the exchange is doing to prevent hacks, scams and other potential attacks upon its users. Let’s explore a few areas that Mercatox gets right and what it gets wrong as a centralized crypto exchange. The only downside I felt in the UI was the information overdose. The trading page is full to the brim and has no additional white space for relaxing your eyes. Since traders spend a significant amount of time on the trading page, a more aesthetic design would do wonders.
While there are no reported daily or weekly funding limits, as Mercatox is an unregulated exchange, and therefore limiting the amount of money stored on the platform is advisable. Furthermore, despite the exchange offering strong security, it would be difficult or impossible for users to get their funds back if something goes wrong. The only real difference is that instead of sending funds to Mercatox, they would rather be sent to the user’s crypto wallet. Unverified accounts will have a daily 1 BTC withdrawal limit, while verified accounts can withdraw up to 5 BTC. Unfortunately, Mercatox lacks when it comes to the range of deposit methods as only digital currencies such as Bitcoin and Ethereum can be deposited.
Mercatox differentiates between unverified and verified accounts on its platform. For verified accounts, the platform has kept the withdrawal limits a little higher. The withdrawal fees ranges from 0.0003BTC to 0.005BTC on BTC withdrawals. For the traders who pay less, the transactions might take some time to process within the range of few days. In which, as per the average of the market, the fees on the withdrawals applied by the broker of 0.0003BTC is below the average of the market which gives an advantage for the broker. The security measures the broker is applying to maintain the safety of the information on the accounts aren’t disclosed perhaps due to confidentiality reasons.
Basic Trading UI
The only negative feedback we have seen is some congested blockchain transactions but that is standard where ever you trade. Mercatox lending is a program for investors who don’t want to trade themselves. Here you can lend your assets to already profitable traders and they will trade your money for you. Once they profit, you will earn a cut from the gains and both parties win.
Mercatox hasn’t had a security breach during the entirety of its history, but there are no details regarding the background security info. With security becoming an area of interest, it is highly necessary for the exchange to add relevant info on the website. While this may be considered a downside by many, I believe it works in Mercatox’s favor. Everything is properly labeled, and users can identify charts and tables easily without requiring expert assistance. Then the potential user is required to submit an email address, set the password, and agree on terms and conditions.
For the same day it shows a high of 26,970 and a low of 24,620 with 14.5 billion USDT traded. Mercatox doesn’t have a trading app, which puts it way behind its competitors. Imagine if you paid $25.5K only to see other orders going through at $22.5. That is even worse than AAATrade which has a roughly $800 spread when trading Bitcoin.
Join the growing community of satisfied traders who have found Mercatox to be a reliable partner in exploring the exciting world of trading. There are 55 coins in maintenance that if you have coins in you have no access to them. I have made well over 100 support tickets to get them to take my coins out of maintenance so I can remove the coins from this exchange. They only respond with the same comments over and over It has now been 5 months and now they just ignore me. One thing that I know that on this exchange prohibited double accounts.