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

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.

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

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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.

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:

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Rating

5.0

4.9

4.8

4.7

4.6

4.5

4.4

Mobile App Rating

10/10

8/10

8/10

9/10

9/10

9/10

8/10

Features

Mobile App

Wallet

Number of Coins

34

42

10

31

47

14

54

Fees

Trading Fees

Spreads

Spread

Spreads

0.1%

0.50%

Spreads

Spreads

Deposit Fees

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Withdrawal Fees

$5

N/A

N/A

N/A

N/A

N/A

N/A

Extras

Regulated

ASIC, CySEC, FCA

CySEC

ASIC, CySEC, FCA

FCA

FCA

CBI, MiFID

FCA

Min. Deposit

$50

100 EUR

$20

$10

$2

$100

$100

Leveraged Trading

1 - 30x

N/A

1 - 30x

1 - 100x

N/A

1 - 30x

1 - 30x

Latest Prices (per Coin)

Bitcoin

$61992.67

$62234.42

$62048.46

$63384.57

$63412.01

$62203.42

$63399.55

Ethereum

$4290.77

$4240.25

$4214.98

$4141.88

$4140.09

$4225.51

$4139.77

XRP

$1.14

$1.12

$1.12

$1.11

$0.30

$1.13

$1.11

Tether

$1.00

N/A

N/A

N/A

$1.00

N/A

$1.00

Litecoin

$197.62

$194.91

N/A

$198.46

$198.54

$195.10

$198.61

Bitcoin Cash

$629.20

$625.50

N/A

$634.50

$634.59

$625.19

$634.31

Chainlink

$33.42

$33.49

N/A

$29.26

$29.26

$33.92

$29.24

Cardano

$2.23

$2.20

$2.17

$2.20

$2.20

N/A

$2.20

IOTA

$1.46

$1.42

N/A

$1.91

$1.91

$1.42

$1.45

Binance Coin

$496.12

$484.74

$570.70

$489.46

N/A

N/A

N/A

Stellar

$0.39

$0.39

$0.38

$0.38

$0.38

$0.39

$0.38

Bitcoin SV

N/A

$174.31

N/A

N/A

N/A

N/A

$171.70

USD Coin

N/A

N/A

N/A

N/A

N/A

N/A

$1.00

EOS

$4.92

$4.83

N/A

$4.76

$4.76

$4.86

$4.76

Monero

N/A

$292.24

N/A

N/A

N/A

N/A

$124.02

Payment methods

Credit Card

Giropay

Neteller

Paypal

Sepa Transfer

Skrill

Sofort

Which 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:

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 Bitcoin 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 does Mercatox Accept?

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:

• TC
• 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.

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.

Mercatox Fees

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:

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.

Is Mercatox Customer Support reliable?

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.

Mercatox pros & cons

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.

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