Mercatox Review 2019: Pros, Cons, Fees, Features, and Safety

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Established in 2016, Mercatox is one of the emerging peer-to-peer cryptocurrency exchanges. This exchange is known for providing cryptocurrency trading services for a 0.25% fee on all trades. The platform permits traders to trade more than 100 cryptocurrencies. Traders from all over the world can access a wide range of currency pairs along with a multi-currency e-wallet. The platform is basically established to match buyers with sellers.Image result for Mercatox

Besides cryptocurrency trading, Mercatox offers several other services to its clients such as lending platform and payment services.

Choosing the right cryptocurrency trading platform plays a vital role in enhancing returns from volatile cryptocurrency markets. This guide will help crypto investors in understanding the key features and functions of this platform along with its regulatory status.

Is Mercatox Recommended?

We do not recommend Mercatox for cryptocurrency trading because this platform is neither regulated nor licensed from any government authority. Headquartered in London, UK, it is not licensed by the Financial Conduct Authority. Several cryptocurrency exchanges are operating without any license. Thus, scams and violation of trading standards are significantly high in crypto trading compared to other assets. Therefore, investors are suggested to be aware of fraud schemes that are exploiting the hype around crypto coins.

Though the majority of cryptocurrency exchanges are unregulated which increases the risk of scam and illegal practices, traders can use regulated brokers platform for crypto trading.

Coinbase is one of the best examples of brokers that offer crypto trading along with several assets. It is a regulated platform and it has been providing trading services since 2006.

Visit Our Recommended Exchange Instead

66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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You can Click here to compare different cryptocurrency exchanges or you suggested to visit our guide on how to buy Bitcoin and other cryptocurrencies.

What is Mercatox?

Mercatox aims to offer a modern service for trading and exchange of more than 100 cryptocurrencies. Mercatox plans to allow traders to get funds for margin trading along with providing sources to invest and earn income on the loan. It is seeking to offer P2P lending facilities in the coming days. It also offers E-wallet for commercial and personal use.

How Does Mercatox Work?

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. It has developed simple to use platform that let traders trade multiple crypto coins. Traders can view prices from both the e-currency market and the cryptocurrency markets.

With its proprietary web-based trading platform, traders can easily set the price, order type, and the amount combined with the direction of the trade. The platform permits traders to view the transactions history in the order book window. Margin trading is also available on this platform and it permits traders become a lender. Actually, Mercatox platform is seeking to cover multiple areas of investing to expand their customer’s base.

Which Countries Does Mercatox Support?

Mercatox permits customers across the globe to trade on their platform. This is not a regulated platform, which allows the management to accept clients from all over the world. Below is the list of countries that are accepted on Mercatox:

  • United States
  • Singapore
  • Australia
  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Finland
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Malta
  • Monaco
  • Netherlands
  • Norway
  • United Kingdom
  • Poland
  • Portugal
  • San Marino
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland

What Cryptocurrencies Does Mercatox Support?

Mercatox supports more than 100 cryptocurrencies on their platform. According to CoinMarketCap, the platform supports 329 trading pairs, including popular Bitcoin, Ethereum, Dash, Dogecoin and Litecoin. Below is the list of cryptocurrencies that are supported on Mercatox platform:

💱Bitcoin (BTC)

💱Bitcoin Cash (BCH)

💱Cardano (ADA)

💱Dash (DASH)

💱Ethereum (ETH)

💱Ethereum Classic (ETC)

💱Litecoin (LTC)

💱Monero (XMR)

💱NEO (NEO)

💱Ripple (XRP)

💱VeChain (VET)

💱Verge (XVG)

Mercatox Platform Account Creation and Dashboard

Once you press the green Sign up button, you will immediately see the registration page. You need to fill the registration form and then the platform sends you a confirmation email. Once you confirm your email, the system will direct you to a new screen where you need to go through the authorization form.

Once you fill the required data you need to press the Log in button. Following the login, a new screen will permit users to select any protection method that you like the most. The user can easily turn off the protection from profit settings.

After the registration and account creation process, the system will direct the user to fund your account using the deposit methods listed above. Once you deposited fund into your account, you are eligible to buy or sell cryptocurrencies. Some of the main sections of the trading platforms include the order book and the trading history window. Trading pairs are grouped in two sections (Crypto markets and e-Currency markets). Below are various types of orders available on this platform:

Limit order: This order is placed by a user which shows the maximum price to buy or the minimum price to sell.

Market order: This is a buy/sell order that is executed instantly at current market prices.

Stop Order: A Stop order immediately converts into market order after achieving market specified price.

Which Payment Methods Mercatox Accepts?

Unlike many exchanges, fiat currencies are not accepted at Mercatox. It only permits traders to use crypto coins for deposits. Traders can use following payment methods for depositing funds but they not permitted to deposit in US dollars (USD), Russian rubles (RUB) and euros (EUR) payment methods:

💳BTC

💳DOGE

💳DASH

💳ETH

💳LTC

On the negative side, clients have been complaining about withdrawal methods. Several clients complained that the exchange has been taking a long time when we want to withdraw funds. They impose unnecessary restriction which makes the withdrawal process difficult and depressing.

For instance, on trustpilot forum, one client said, “Avoid this company at all cost. They really frustrated and deceived me. I’ve been trying to withdraw for weeks now, NO ABSOLUTE LUCK. The transaction was pending indefinitely and my crypto was gone in a jiffy. The worst thing is that you can’t find any open transaction in the dashboard in order to cancel. Use mercatrox exchange at your own risk!.

On the other hand, Coinbase offers safe and simple withdrawal and payment methods. They support multiple popular payments methods such as PayPal.

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Click here to compare different PayPal cryptocurrency exchanges, or visit our guide on how to buy Bitcoin and other cryptocurrencies with PayPal.

Is Mercatox Regulated?

Though Mercatox is established in the UK, but it is not regulated from FCA. Mercatox is an unregulated platform. The platform is not complying with trading standards and regulatory policies. Therefore, the risk of losing money is higher. 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.

How Much it Cost to Use Mercatox?

This cryptocurrency exchange has set 0.25% fee on all trades placed on the platform. The fee is applicable to both buyer and sellers.  Though the platform does not charge a fee on deposits, it has imposed a fee on withdrawals. The fee is different on the withdrawal of each cryptocurrency. Below is the list of fee structure for various coins:

Currency Withdrawal fee
Bitcoin (BTC) 0.0001 – 0.005
Ethereum (ETH) 0.002
Dogecoin (DOGE) 2
Litecoin (LTC) 0.002
DASH (DASH) 0.001
Payeer (in USD) 1.5
Perfect Money (in USD) 0.95
Perfect Money (in EUR) 0
OKPAY (in USD) 0
QIWI (in RUB) 1

 

What is the Minimum and Maximum Deposit at Mercatox?

Unlike other exchanges that don’t set limits on minimum and maximum amounts, Mercatox imposes restriction regarding the amount. They have set minimum deposit level which differs from crypto to crypto. For Bitcoin’s, the deposit must not be less than 0,0001 BTC.

The exchange also imposes a different restriction on verified and unverified accounts.  The offer higher withdrawal limits on verified accounts, while unverified accounts can withdraw up to 0.5 BTC per day. For the verified account holders, they can withdraw up to the equivalent of 5BTC per day.

Currency Minimum deposit Minimum withdrawal
Bitcoin (BTC) 0.0001 0.001
Ethereum (ETH) 0.001 0.005
Dogecoin (DOGE) 100 1,000
Litecoin (LTC) 0.005 0.005
DASH (DASH) 0.002 0.005

 

Is Mercatox Customer Support Good?

Traders reviews on different forums show that Mercatox support service is not according to the industry standards. They take a longer time to respond to investor’s queries. They do not offer a live chat feature. You can only contact them through email. Customer support plays a key role in strengthening a trader’s confidence and helping in solving their issues. In the case of Mercatox, customer support appears sluggish which could create big problems for investors.

Is Mercatox Safe?

The Mercatox platform has never become a victim of hacks that are frequent in emerging crypto markets. It uses two-factor or two-stage authentication in order to enhance the security of their trading platform. Despite several attempts, the platform remains strong enough to tackle hackers.

on January 2, 2018, Mercatox posted the following on its Facebook page: “Due to a high overload of our system and attempts of DDoS attacks, we forced temporarily to suspend the website for upgrading our hardware and software. The service will be restored as soon as possible. All coins are SAFE! Sorry for the inconvenience.”

However, the platform does not hold customer funds in the separate account according to the policies of regulators. Coinbase, on the other hand, works according to regulators policies. It holds trader’s funds in a separate account to increase the safety.

What are the pros and cons of Mercatox

Pros:

✅The platform expands access to a wide range of cryptocurrencies

✅Straight fee structure of 0.25% on all trades

✅Several types of e-wallet

✅Availability of various orders types

✅Loyalty program

Cons:

❌ Poor customer support

❌ Lack of regulations and trading license

❌ Educational material

❌ Limited information available online

❌ Bank transfers are not available

❌ Higher fee on withdrawal

❌ Limits on withdrawal

❌ No mobile trading app available

Conclusion

Mercatox is a new exchange that is still unregulated. Although the platform offers a wide range of cryptocurrencies, there are several flaws in the system that are making it difficult for the user to comfortably trade on this platform. These flaws include poor customer support, fee, and limits on withdrawals. The fee structure that changes from coin to coin makes it difficult to understand the fee structure of the platform. We recommend investors to use regulated brokers platform such as Coinbase for cryptocurrency trading.

FAQ:

How to start trading on Mercatox.Com?

The process is simple and straightforward. You need to fill the registration form for the account creation process. Once you fill the form, you need to deposit funds into Mercatox account according to the deposit methods described in this guide. After funding, you are free to trade more than 100 cryptocurrencies.

Is Mercatox safe to use?

Mercatox is using two-factor verification processes. Two Factor Authentication is an extra layer of security designed to ensure the safety of the account. However, the platform is unregulated, which increases the risk of scam and insolvency.

What is the fee structure of Mercatox?

The platform has set a 0.25% fee on all trades. It also imposes a fee on withdrawal of funds.

What countries does Mercatox accept?

Mercatox is an unregulated platform. They are not complying with regulators policies. Therefore, it accepts clients from all over the world.

The only restrictions on access to the Mercatox service are:

  1. All users must be over 18 years of age;
  2. All users must have a valid working email address.
What types of Orders are Available on Mercatox Platform?

Three types of orders are available on this platform: Limit, Market and Stop.

How Do Investors Make A Deposit To Mercatox?

The users can easily send more than 100 cryptocurrencies listed with Mercatox to their wallet. You can do this simply by transferring it to your Mercatox deposit address by Following these steps:

  1. Log in to your Mercatox account
  2. Click ‘E-Wallet’, find proper coin and press deposit
Does Mercatox accept fiat currency?

No, Mercatox doesn’t accept fiat currency as a deposit method. It is crypto-to-crypto exchange and they are not working with fiat.

What is the minimum deposit amount?

They have set a minimum amount for deposits. We have listed above their minimum deposit requirement related to each coin. In some cases, if you send less than the minimum amount your funds will be lost.

How do you Withdraw funds?

The platform allows users to withdraw any cryptocurrency held in Mercatox account. However, they have set a restriction on the maximum level of withdrawals in a single day.

How can I unlock my account?

If you can`t access your account for any reasons such as Incorrect google 2FA code, or something else – use the following link: https://mercatox.com/news/2fa-lost

 

 

 

 

 

 

 

 

 

 

 

 

Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.