Mercatox Exchange Review & Guide
Launched in 2016, Mercatox is a relatively new cryptocurrency exchange that’s renowned for its impressive array of supported cryptocurrencies and its low fees. It’s a peer-to-peer crypto exchange that allows users to access exchange markets via a user-friendly trading platform.
In short, it’s a platform that matches buyers and sellers of cryptocurrencies, making the whole process secure and easy for all involved parties. Another interesting aspect of Mercatox is the fact that it runs on blockchain technology which should, at least in theory, ensure a very low risk of hacking.
Even though the firm is based in the UK, the service can be accessed by citizens of most countries around the world, the US included.
Supported currencies and cryptocurrencies
Mercatox is a crypto-to-crypto and fiat-to-crypto exchange. It comes with support for well over 120 cryptocurrencies (according to CoinMarketCap, it has 329 trading pairs) including popular ones such as Bitcoin, Ethereum, Dash, Dogecoin, Litecoin, including its own token, the Merca.
Regarding fiat currencies, the exchange allows you to trade USD, EUR, and RUB against all the digital coins using various electronic payment systems.
Mercatox accepts deposits in BTC, DOGE, DASH, ETH, and LTC. Furthermore, you can deposit USD, EUR, and RUB using the following electronic payment methods: OKPAY, Payeer, Perfect Money, Qiwi, and Yandex Money.
Since we are on the subject, it’s worth noting that unlike most crypto exchanges, Mercatox has a fixed minimum initial investment. This minimum deposit level is applied for blockchain transfers, but also transfers via e-wallets in fiat currencies — this fixed minimum investment differs from crypto to crypto. On Bitcoin’s case, the deposit must not be less than 0,0001 BTC.
Fees and other charges
Mercatox has a universally applicable fee of 0.25% on all trades placed on the platform (meaning that both sellers and buyers are affected). This fee is neither higher or lower than the average standard within the industry, which makes Mercatox a relatively advantageous exchange.
While Mercatox does not charge any fees for deposits, withdrawal fees apply and vary depending on the cryptocurrency you want to withdraw. For Bitcoin, the fee is between 0,0001 and 0,005 BTC, for Ethereum it’s 0,002, and for Dogecoin is 2. More information can be found on the official section.
Mercatox has various transfer limits for both deposits and withdrawals. As mentioned before, the minimum deposit for Bitcoin is 0,0001 BTC, and the minimum withdrawal is 0,001. In Ethereum’s case, the minimum deposit is 0,001, and the minimum withdrawal is 0,005.
The platform’s web-based interface is not what you would call stylish, but it has enough functionality built-in that it gets the job done. The interface is available in three languages: English, Russian, and Chinese.
Some of the main sections of the trading platforms include the order book, the trading history window, and a chat room. Trading pairs are grouped in two sections (Crypto markets and e-Currency markets).
Is Mercatox safe?
Since its launch, Mercatox has seen its fair share of hacking attempts. However, close to none have been successful, as the platform’s team always opted to shut down the platform and upgrade the security protocols instead of risk. Mercatox has two-factor authentication, and all users are urged to take some time to activate it when creating an account.
Pros and cons
First and foremost, Mercatox is worth your attention because of its extensive range of cryptocurrencies. The trading fees are also quite low, and the interface is easy to use. Another advantage is the fact that fiat currencies are supported. It also provides its users with the ability to place limit, market and stop orders.
Sadly, Mercatox does not support credit card or bank transfer deposits, and the trading volumes on many currency pairs are quite low.
Mercatox is one of the best P2P exchanges currently on the market. This fact is due to its numerous advantages, advanced features, and a bulky set of supported cryptocurrencies. As previously mentioned, the exchange is not perfect, but it should fit most traders perfectly.