It means that on the other side of things you can be a lender. However, unverified account holders are entirely not prohibited from withdrawing any amounts from the platform; traders with unverified accounts can make BTC withdrawals up to a certain limit, like 0.5 BTC per day. In comparison, verified account holders can withdraw up to 5BTC per day. There is not much information about the security measures employed by Mercatox, perhaps due to the confidentiality purposes that the exchange intends to undertake. Mercatox differentiates between unverified and verified accounts on its platform. For verified accounts, the platform has kept the withdrawal limits a little higher.
Many users complain that they cannot get a satisfactory response from the support team of the exchange for months. Sometimes, the customer service doesn’t provide even a formal response to queries. The same goes to efforts to reach out to the support agents via official social media pages of Mercatox. Users can easily withdraw funds from Mercatox by logging into their official website, which will direct them to the E-Wallet page of the exchange.
We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. We may receive compensation from our partners if you visit their website. It seems that Mercatox had a good start but weakened its positions at some point. It looks like many users cannot receive responses from the support team. Many of the supported coins are not available for withdrawal due to maintenance. Fees and limits are higher than the average commissions that can be stumbled upon in 2022.
As a result, the exchange lacks modern styling, detracting from its appearance but adding to its ease of use. Lacking the ability is buy crypto using fiat is a significant disadvantage to any exchange. With no option for GBP, AUS, USD, or any fiat currencies, crypto investors will find it challenging to use Mercatox for progressive purchasing strategies like Dollar Cost Averaging. This exchange shouldn’t be used, unless you don’t mind throwing money away.
- Some of the coins on this list have no trading activity for a long time, showing at this list (provided by Mercatox on their website) likely hasn’t been updated in years.
- It provides reasonable trading options for crypto traders and has been operational since 2016.
- Mercatox includes a variety of features such as trading, lending, wallets, payment systems, news, and more.
- A P2P send feature for deposits, transfers and lending is available between Mercatox users.
- Interestingly, the withdrawal rates and fees come out to be less than the industry average, which I will discuss later.
They will be immediately directed to a page bearing a simple registration form. Users must fill in that form with basic details like email, phone number, and country of residence. While Mercatox clearly advertises lending as one of the their main tabs, it isn’t accessible from the United States or any other country via a VPN.
Mercatox Exchange Reviews 2024 : Is Safe for Cryptocurrency Trading?
Though Mercatox is established in the UK, but it is not regulated from FCA. The platform is not complying with trading standards and regulatory policies. Trading with the unregulated platform would also reduce investor’s potential to get funds from any insurance company. Trading through the unregulated platform is risky and sometimes it could result in big losses.
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Our review of Mercatox found little information pertaining to fees. However, it is clear that this exchange only applies a 0.25% fee on trades. We suggest that you create a free account, in the event that the latest Mercatox review UK, appeals to you. mercatox exchange reviews 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. Keep in mind that a withdrawal fee will be charged and this varies significantly based on the cryptocurrency in question.
They have set minimum deposit level which differs from crypto to crypto. On the other hand, Coinbase offers safe and simple withdrawal and payment methods. They support multiple popular payments methods such as PayPal. Although the company claims that it respects the KYC and AML regulations, it doesn’t seem that the company itself is regulated or licensed. At least, the website doesn’t mention any significant legal information.
Withdrawals are generally quick on Mercatox, but withdrawals take a little longer than usual if the network is busy. Mercatox also has a support email you can reach out to if the support center isn’t helping. You can email them directly or create a support ticket from within the support center. It would be nice to see a pop-up window added for support like you see with most platforms, but the email/support ticket is close to the same thing. Both the maker and taker fees for Mercatox are 0.25%, which is about average for the industry.
Where Mercatox Is Located?
Above the charts, one can see the numbers (24-hour change, 24-hour volume, 24-hour peak price, 24-hour bottom price, and so on). The user interface is easily one of the selling points of Mercatox as the platform is intuitive and has a convenient design. No, Mercatox is a new cryptocurrency exchange, which is still in its infancy stages and thus is not regulated. This feature allows traders to make money without crypto trading. Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein.
For those who prefer simplicity, Mercatox forgoes the typical taker and maker fees of most exchanges by offering a flat 0.25% trade fee, which is on the lower end of the scale. This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. This is perfectly in line with the industry average that is arguably also on 0.25%. So let’s say that you have a new favorite coin that you want to trade but can’t because it’s not out on the market yet.
Withdrawl pending
Instead, its services are only accessible via an internet browser and the lack of a mobile app is a major downside. We found the Mercatox website to be mobile-friendly, however, the experience was a bit cumbersome and tricky. Users who prefer cryptocurrency trading on a mobile device will be better served by an alternative exchange that provides a top-rated crypto app. Nevertheless, it’s also important to note that there are many complaints online from users who purport Mercatox is a scam after losing their funds on the platform. Some of the complainants claim that even after reaching out to customer support, they didn’t get the kind of assistance that they sought.
Since traders spend a significant amount of time on the trading page, a more aesthetic design would do wonders. On the surface, this may seem adequate, but users of the exchange have repeatedly stated that they received heavily delayed assistance or, worse yet, have yet to receive a response. Lack of support is unacceptable for such a prominent exchange and is worth considering before registering. The Mercatox platform has TradingView charting but it suffers from latency issues and lacks a robust selection of drawing tools. A chatroom (troll box) is presented and is indicative of an older-style platform but it doesn’t exude the level of professionalism that the major exchanges provide.
Trading crypto online has become extremely popular across the globe. Thus, it’s important to find a reliable online trading platform if you wish to gain a foothold in this industry. Our latest review of Mercatox will provide you with a comprehensive analysis of all aspects that make up this platform. These three advantages are what make Mercatox stand out among its competitors.
Mercatox Fees
Long wait times, failed confirmations, frozen funds due to “maintenance” and even sending crypto to the wrong address are among those that we encountered across many comment sections. Deposits are limited to crypto only, no fiat bank options are available, nor is PayPal. There is no fee for deposits, but there are minimum amounts required depending on each cryptocurrency, which you can search here. It’s important to find out whether a trading site is safe and secure. If not, you’ll simply be putting your real money funds at risk. This is something that can be avoided as there are a number of quality sites out there.