Mercatox Review 2023: Security, Fees & Special Features

Mercatox Review 2023: Security, Fees & Special Features

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. The UI definitely needs some work, and there is a lot of information missing, but each section is organized and often includes step-by-step picture walkthroughs. Mercatox and Gemini can be compared in the scope of their offerings, but Mercatox offers even less crypto financial services than Gemini.

If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. Mercatox exchange supports an array of payment gateways such as Payeer, OKPAY, Kiwi, Yandex Money, and Perfect Money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The material does not contain (and should not be construed as containing) investment advice or an investment recommendation,or, an offer of or solicitation for, a transaction in any financial instrument. Mercatox ‘s customer support can be contacted via email, live chat, and via Twitter.

Mercatox Exchange Review

The Mercatox app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website. Moreover, due to very low volume, nearly all trades occur among just a few dozen pairs with the bulk of the order book dominated by ETH/BTC, followed by LTC/BTC, TRX/BTC, XDC/ETH and EOS between both BTC and ETH. While some of these can be ascribed to user error, these complaints are far too widespread and consistent to give confidence that funds can be withdrawn in a quick and accurate manner. We could not find evidence of cold storage or encryption protocols.

Multiple Payment Getaways

• No fiat withdrawals are allowed, but electronic withdrawals are accepted with the same deposit methods.
• The lending process can help users without an upfront investment get the funds they require.
• Still useful in its own right, but it’s by no means a traditional news aggregator.
• Mercatox has different withdrawal fees for different cryptocurrencies.
• Once the money is deposited with it, it stops responding to the queries..
• The exchange allows total withdrawal limits of 0.5 BTC or equivalent per 24 hours for unverified users and 5 BTC or equivalent per 24 hours for KYC-verified users.

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 at this time. To cater to their multi-lingual clientele, Mercatox has made its website available in 3 different languages, English, Russian and Chinese. For the customer support service, you can reach out to the support team through email or through the support center. When you log in for the first time to the exchange you need to verify your email by clicking LOGIN TO ACCOUNT in the email you receive.

Great Exchange! Love It! Cool Branding

Even big-name exchanges have fallen prey to hacks, but if we look at the current state of the Mercatox shown below in their CER ranking, they have earned a D score. 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. You can become a part of the loyalty program by reposting Mercatox news across social media, managing topics in public discussions, and answering questions related to Mercatox’s UI.

What Services does Mercatox offer?

In addition, it is one of the few centralized exchanges on the market today that does not have a public team, especially on its LinkedIn page. Some of the exchange’s webpages are also not well developed and the exchange in general has a very old-fashioned feel to its look. The exchange reached an advertised 600K users in 2019 and the users had executed an aggregate of 17M deals worth a total of 651K BTC. As of 2022, Mercatox sees around $24M in daily average trading volume, according to CoinMarketCap. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

I personally found the P2P lending program at Mercatox unique and interesting. The lending program connects users with each other and allows them to assist each other in trades. The exchange provides almost 360 different trading pairs, and you will find all the popular pairs, including Litecoin, Bitcoin, Ethereum, Dogecoin, and Dash. Mercatox also has a permanent loyalty program in place to appreciate mercatox review users who promote the platform. All users who promote the platform will get points for assistance with platform promotions. Additionally, Mercatox gives users the option to initiate instant payment gateways.

During my experience, I found Mercatox to be a decent crypto exchange. It provides reasonable trading options for crypto traders and has been operational since 2016. When it comes to unique features, Mercatox’s P2P or peer-to-peer exchange caught my eye.

The fees are user-friendly, it supports several cryptocurrencies, and it has flexible trading options. But no platform is perfect, and Mercatox does have its shortcomings. In short, it’s a platform with a lot of problems and will certainly struggle to compete with any major exchange, centralized or otherwise. It’s possible they keep improving their services, but considering they’ve been around since 2016, it’s hard to imagine the improvements in the next year will be that much of a change. Their wallet also has an API integration for users to accept payments on their website, which is somewhat unique but not quite as intuitive or smoothly executed as something like FTX pay.

Mercatox Trading Fees

• People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
• We support a direct API code import for many centralized exchanges, while others may require a CSV import.
• Mercatox is a UK based cryptocurrency exchange that launched in October 2015 and currently accommodates more than 280,000 users on its platform.
• In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
• The platform offers a basic trading UI alongside a massive suite of digital currencies.
• Trading fees are 0.25% for both market makers (providers of liquidity) and market takers (takers of liquidity).

Dealing with an unregulated company like Mercatox increases the risk factor of your money. Once the money is deposited with it, it stops responding to the queries.. Mercatox does offer an e-wallet for custody, however its primary feature is an exchange. Then, fill in the details of the withdrawal including toggling the correct currency and be sure to include a tag or memo if needed.

The peer-to-peer crypto trading platform strives to offer its unique features and crypto trading services to its customers all across the world. Other than being user-friendly, it is also available in languages such as Russian, English, and Chinese. Mercatox exchange users can not only view prices from the cryptocurrency markets but also from e-currency markets.