Mercatox is one of the most popular crypto exchanges today. However, it was created in 2015 and supported more than 200 cryptocurrencies. We all know that picking the best cryptocurrency exchange platform that helps maximize profits is vital, and this is what Mercatox aims at.
Hence, this Mercatox review will reveal everything you need to know about Mercatox.
What is Mercatox?
Mercatox is a peer-to-peer crypto trading platform with half a million users worldwide. The trading platform allows traders to access different currency pairs and a robust multicurrency e-wallet.
Besides offering a robust multicurrency e-wallet, Mercatox also offers many other services, such as margin trading. It also allows different payment services such as OKPAY, Payeer, Yandex Money, etc., allowing people to invest in different digital currencies.
Overall, Mercatox is a convenient platform well suited for beginners and newbies. Mercatox is located in the United Kingdom. Other sources name Canada as the location for its headquarters. Nonetheless, users around the globe can access the exchange, including those in the U.S.
With almost a decade of experience, Mercatox knows precisely what the average cryptocurrency trader wants. Its user interface is one of its selling points. It is essential to know that Mercatox’s has a convenient design that appeals to different traders—both experienced and novice.
Furthermore, the platform’s homepage enlightens visitors on the advantages and briefly describes its features. Mercatox’s website also has a chatbox, which is helpful for those in need of quick assistance.
Mercatox has a minimum amount for deposits, depending on the currency, which indicates that the site is less suitable for beginners. Many payment methods like Perfect Money, OkPay, Yandex Money, etc., and fiat currencies like USD, EUR, and RUB are supported by Mercatox. However, they do not accept credit cards or bank wire transfers. Mercatox also offers many benefits for loyal customers, like a two-level affiliate program (customers are rewarded for promotion through points and privileges).
Other Mercatox features
- High level of data security
- Single commission for all trading operations
- Profitable trader-lending program
How Mercatox works
Mercatox is a new cryptocurrency exchange that attracts customers worldwide due to its unique features and cryptocurrency trading services. It is a user-friendly platform and is available in multiple languages such as English, Russian, and Chinese. Furthermore, traders on Mercatox can trade a wide range of digital assets and view prices from both the e-currency and cryptocurrency markets.
Mercatox services and products
There are lots of services and products that Mercatox offers. Here are some of them:
Mercatox offers these types of orders:
This order type notifies a user about the maximum price of cryptocurrencies to buy or their minimum price to sell.
This is the market order executed immediately at the current market price.
After achieving the current market price at a specific rate, this order immediately executes the user’s market order.
Mercatox’s wallet|| source: Google
Mercatox’s multicurrency wallet is fast, secure, and also reliable. Users can store supported cryptocurrencies they purchase from the platform and hold them until they are sold. Again, Mercatox’s users can also purchase goods through this wallet and withdraw their assets from the exchange to the wallet for free. Deposits made through this wallet are also free of charge. Business owners can also use the Mercatox multicurrency wallet to accept payment by integrating the wallet into their business website.
Another exciting service offered by Mercatox is margin lending. The feature was added to the platform back in February 2017. This service helps users make extra money from the platform without engaging in crypto trading. To get started, one has to set the terms of engagement with borrowers, I.e., amount, terms, and interest rates.
Mercatox affiliate program
Mercatox rewards its users for referrals on the platform. Users receive a percentage of the profit for every transaction executed by those referrals invited through referral links.
For first-level referrals (personal invitation), a 15% commission is given out from the transaction. Also, a 5% commission is offered on the transaction for second-level referrals. Profit is calculated immediately and instantly credited to the user’s wallet.
Mercatox loyalty program
It is also essential to know that Mercatox users also earn privileges in the form of discounted trading fees if they promote Mercatox by reposting essential updates of the platform on social media and other popular forums and translating topics on Bitcointalk.
Mercatox pros and cons
|Supports a wide range of cryptocurrencies.||Not a regulated exchange|
|Provides multiple e-wallets||Limited information is available on the exchange’s website regarding the platform’s functionalities.|
|Offers multiple order types.||Bank transfer not available.|
|A loyalty program is available for users.||No mobile application yet.|
|Straight trading fees structure- 0.25% on all trades.||Imposes limits on withdrawals.|
How to create your Mercatox account
Creating your Mercatox account is easy, and all that you need to do is visit the official website of the platform and click on the “sign up” button. You will be redirected to a page that bears a simple registration form. To sign up, you will need to fill out this form with some basic information about yourself, such as your email address, phone number, and country of residence.
After filling out the form, you will need to confirm the confirmation message sent to your email by the Mercatox team. Confirming the message by clicking the link sent to your email will activate your account immediately. However, you can then use your login credentials and choose any protection method of your choice.
How to fund your account
Once you have successfully created your trading account, the next thing you need to do is fund the account using any of the supported deposit methods. Since Mercatox is a crypto to crypto exchange that doesn’t deal with fiat currency, there is no way to deposit fiat money. Also, there is no feature for buying cryptocurrency for fiat money through PayPal, bank cards, or other methods seen on other crypto exchanges. The only thing you can deposit is cryptocurrencies. Mercatox accepts the following cryptocurrency deposits:
Protecting your Mercatox account
After opening an account on Mercatox, it is time to protect your account. To do this, you need to enable 2-factor authentication, which is the most crucial step to protecting your account from theft. If you want to withdraw over 1 BTC per day, Mercatox will ask you to submit personal information to verify your account.
|Security Measures||Available on Mercatox?|
|User funds are stored offline||No|
|Exchange team is public||No|
|Exchange is licensed||No|
Mercatox allows unverified accounts to trade, deposit, and withdraw funds. A user has to verify the account for higher withdrawal limits by uploading two I.D. pictures and an official document containing the personal address. The user gains access to up to 5 BTC withdrawals in 24 hours by verifying the account.
The first step to trading on Mercatox is to choose any preferred cryptocurrency trading pairs categorized in two sections: e-currency markets and cryptocurrency markets, after which they can start trading.
Mercatox trading platform
Mercatox trading view|| source: Google
Mercatox trading platform is easy to use, and it is well-suited for both beginners and experts. Mercatox’s website showcases supported cryptocurrencies so that the traders can select their preferred cryptocurrency-trading pairs.
Mercatox web-based platform can be easily customized, so traders can quickly get their order type, cryptocurrency price, and the amount of trade they want to execute. The platform also enables verified account holders to view their transaction history from their order book window.
Furthermore, Mercatox also allows Margin trading and enables traders to become lenders. Its trading platform aims to cover many investments with these advanced features to expand its customer base.
The Mercatox exchange follows a flat fee structure for makers and takers. Like every other crypto exchange, the platform charges users three types of fees: withdrawal fees, deposit fees, and trading fees.
Like most cryptocurrency exchanges, the Mercatox platform doesn’t charge for deposits made.
Mercatox is a bit more expensive than most exchanges when it comes to trading fees. Even though some exchanges incentivize traders to place limit orders (and add liquidity this way) via collecting lower trading fees or even rewarding them for limit orders, Mercatox doesn’t apply special conditions for market makers. However, the platform collects the same 0.25% fee from the market makers and market takers.
Concerning the withdrawal fee, withdrawals on Mercatox depend on the currency. Mercatox also has transfer limits. The platform also imposes minimum limits on the amount users can deposit or withdraw. However, according to the Mercatox website, the withdrawal fee on Bitcoin is 0.0003 < FEE < 0.005 BTC.
Interestingly, the Ethereum withdrawal fee is 0.002 ETH, higher than many popular exchanges.
Mercatox has limits on withdrawals and deposits. These limits depend on the currency to be withdrawn or deposited. According to Mercatox, verified users can withdraw an amount worth 5 BTC per day, while unverified users can withdraw only up to 0.5 BTC worth amounts.
Mercatox customer support center
According to some Mercatox reviews, customer support is not responsible as it ought to be. But one thing that is fascinating about this platform is that the site is available in three languages: English, Russian and Chinese. Therefore, users from different parts of the world can interact and report to the customer support center on the exchange’s website. In addition to this, a dedicated FAQ section on the Mercatox site has all the common queries of the traders answered in simple language.
How safe is Mercatox?
We have already showcased how dedicated the platform is to protecting users’ funds. However, it seems that Mercatox is a legit platform. It has been in existence since 2015 and has over 500,000 users from different parts of the world. We cannot hide that the platform also had issues with fraudulent attacks in 2018.
Nonetheless, users have reported cases saying that Mercatox is a scam because users often lose their funds on the platform. This is a serious red flag. However, we can’t state that you will lose your investment if you deposit with Mercatox. However, there is a risk involved, and we can’t say the platform is 100% safe.
Generally, the platform has an active user community on Reddit and Twitter. Hence, we generally advise crypto exchanges: you should always do your due diligence before deciding on a platform that suits your needs. It is up to you to decide if you can or cannot trust the platform after everything has been said about it.
We cannot take away that Mercatox offers various digital assets to trade on. Users can also access the platform from anywhere in the world.
Is Mercatox regulated?
Even though the platform claims that it respects KYC or AML regulations, it doesn’t look like Mercatox is regulated or licensed.
Moreover, the website hasn’t or doesn’t mention any legal information about this. Users are, therefore, advised 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. It doesn’t necessarily mean the platform is a scam. The lack of a legal license means that the exchange cannot be held accountable if the platform fails you.
Does Mercatox require KYC?
As mentioned before, Mercatox respects KYC regulations. Hence, users are required to KYC verification. However, you can read its take on AML on its website. Users participating in suspicious activity can be denied service.
You won’t get the full service from Mercatox if you don’t provide the required information. This data includes the full legal name, date of birth, sex, nationality, marital status, I.D./passport and photo, a selfie with documents, telephone number, residential address, and email address.
How long does it take to withdraw from Mercatox?
There are different reports on how long it takes to withdraw money from Mercatox. Some users claim withdrawals come in a matter of seconds, while others say it took them minutes to get their funds after withdrawals.
After thorough research, we can say that Mercatox is an excellent multi-functional exchange for clients because it offers more than just cryptocurrency trading. However, it offers its customers a lending platform, a multicurrency wallet, and many helpful payment services like Payeer, Perfect Money, Qiwi, OKPAY, and Yandex Money.
Mercatox is a new platform that began operation as a crypto exchange, and it has a few flaws like slow customer support, limits on withdrawals, etc. Nonetheless, the platform should look into these issues and work on these loopholes to gain more trust from customers.
Are you a Mercatox user? If yes, we would love to hear more about your experience in the comments.
FAQs about Mercatox
How long does it take to withdraw money from Mercatox?
It depends. It may take a couple of seconds or several months.
Where Is Mercatox located?
Most sources name the U.K. as the exchange location. However, Canada is also mentioned. Unfortunately, there is no official information.
Is Mercatox available in the USA?
According to our data, Mercatox can be used in the USA.
Does Mercatox have a mobile app?
How do you withdraw from 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. Users then need to click on the ‘Withdraw’ tab, and the withdrawal options will appear on the screen. Finally, the users should type in the exact amount they want to withdraw, paste the wallet address, and click on the ‘Submit’ button.
Is Mercatox a good exchange?
According to the various Mercatox exchange reviews, the platform appears to be a good cryptocurrency trading platform. It offers a wide range of crypto assets and other services like margin lending, multicurrency wallet, and quick payment.