Mercatox Cryptocurrency Exchange Review 2020

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One of the major shortcomings of most of the cryptocurrency platforms that we find on the internet is their lack of multifunctionality. Users have to subscribe to different platforms to take advantage of the different verticals of the cryptosphere. This creates a lot of inconvenience to users and also leads to confusion.

This is where Mercatox comes to the rescue with its multifunctional platform and is also one of the big cryptocurrency exchanges in the market. Apart from trading services for a wide selection of cryptocurrencies, Mercatox specializes in a multicurrency e-wallet and payment services, and lending.

A platform that is designed to meet the need of every type of trader, whether beginner or professional. Therefore, let us have a closer look and check how it is like to trade on the platform.

Overview Of Mercatox Cryptocurrency Exchange

Mercatox is a UK-based multi-functional cryptocurrency exchange that was launched in late 2016. It is consistently ranked within the top 100 exchanges by trading volume at coinmarketcap. With its wide range of services offered on the platform, Mercatox is a new financial market in the digital world.

On the exchange platform, it lists over 100s of cryptocurrencies and has more than 700 trading pairs. And, its proprietary web-based trading platform allows it to view and trade from both the cryptocurrency market as well as the e-currency market. Here, you can find all the major cryptocurrencies as well as the lesser-known alt-coins with huge potential.

An easy to use the platform, it is successfully attracting users from all over the world and has over 650,000 registered users on the platform. In the future, it plans to cover multiple areas of the cryptosphere, including DEX, p2p marketplace, private trading API & WebSocket API to expand its user base.

For users, Mercatox is a highly rewarding platform. Its lower rates combined with the loyalty program and affiliate program allows users to earn more for every dollar spent.

Deposit & Withdrawal Option

Mercatox only deals in cryptocurrencies and doesn’t support fiat currencies to deposit or withdraw funds.

You need to deposit and withdraw from your account through cryptocurrencies by going to the e-wallet section of the platform. Mercatox provides multicurrency e-wallet to all its users. It supports all major cryptocurrencies for deposit and withdraws, however, you should once confirm by selecting the cryptocurrency.

Mercatox also has an instant automatic withdrawal feature that allows you to withdraw a set amount at a regular interval of time. 

Fee Structure

Mercatox has a flat rate trade fee structure and charges 0.25% for every executed trade on the platform. Regarding withdrawals, for unverified users, Mercatox allows withdrawing 0.5 BTC per day, and for verified users, its 5 BTC per day.

The withdrawal rate differs for every cryptocurrency. For the top five cryptocurrencies, the below rate gives an indication.

  • Bitcoin (BTC): 0.0003 < FEE < 0.005
  • Ethereum (ETH): 0.002
  • Litecoin: 0.015
  • DASH: 0.001
  • Dogecoin: 2

For BTC withdrawal, you can set the priority of the transaction based on how fast you need the withdrawal to be confirmed. If you pay higher withdrawal fees, your transaction will get prioritized and will get processed in the shortest possible time. 

How Does Mercatox Work?

Mercatox has a multi-lingual platform that is offered in three different languages, English, Russian, and Chinese, which helps it reach the maximum part of the world.

The platform interface is very simple and lets users trade multiple cryptocurrencies and view prices of both the e-currency and the cryptocurrency market. The proprietary web-based trading platform supports three order types, limit, market, and stop. Apart from this, the users can check the market depth through the order book section of the website and also check the order status. 

The margin trading feature is also available on the platform to take a leveraged position in the market. And, the charting solution is provided by TradingView, where you can analyze all the price action effortlessly. 

There is also an in-built chat-room that loads alongside providing you more social trading like experience.

How To Start Trading On Mercatox?

Opening an account with Mercatox is very easy and can be completed in just a few steps. To create an account, you just need a valid email id to register yourself on the platform

After successful signup and email account verification, go to the account section set up by 2FA through Google Authenticator for enhanced security. 

Now, add funds to your account using any of the given methods of funding. Post successful loading of your e-wallet, you can start trading electronic and cryptocurrencies using currency pairs.

Privacy & Security

The photo ID verification process at Mercatox is optional. The only time when you are required to fulfill the Photo ID verification process is when you want to withdraw more than 0.5 BTC in 24 hours. 

In the photo ID verification process, you need to upload a copy of a government-issued personal identification card, address details with supporting documents, and an additional photo. 

However, until you maintain the daily withdrawal threshold of 0.5BTC and below, you are not required to verify your account, giving you the advantage of an anonymous trading setup.

Concerning the security of the platform, Mercatox has deployed many steps to improve the security framework of the platform. 

  • Secure login through email authentication and Google 2FA
  • All users’ funds are stored in cold wallets. The automatic withdrawal is processed from hot wallets. Any large amount (above 1 BTC) for automatic withdrawal is not allowed and is processed manually. 
  • Whitelisting of IP addresses

Customer Support

Mercatox offers multilingual customer support to cater to a wide user group. For customer support service, you can either reach them via email (support@mercatox.com)  or submit a ticket by giving out the details of the issue faced.

You can also reach them through their social media accounts like Facebook, Telegram, Twitter, and Instagram.

Apart from this, Mercatox also has an extensive knowledge base, helping users to understand and get familiarized with all the features of the website.

Affiliate and Loyalty Program

Mercatox gives a special focus on its affiliate and loyalty program to reward users and improve user participation. 

In the affiliate program, you will receive a certain percentage of profits for exchange transactions made by your referrals. Mercatox pays 15% commission for each transaction done by a referral who joined via personal invitation. And, an additional 5%, if it comes from the second level (guest level 1 your partners). 

The Mercatox loyalty program offers users greater privileges to users against the promotion of the platform. Types of privileges offered are- discounted trading fee, double affiliate program, payment of annual interest rate for assets on Mercatox wallet, and many more.

Conclusion

Compared to any other crypto exchange in the market, Mercatox offers a much-simplified view and ease of operation. It successfully meets the diverse needs of customers and makes cryptocurrency trading stress-free and more accessible. 

Some of the benefits of Mercatox platform:

  • Multi-functionality
  • Simple and intuitive platform
  • Wide range of cryptocurrency available
  • Multi-currency e-wallet
  • Margin trading available
  • Less stringent KYC/AML verification requirements
  • Attractive affiliate and loyalty program
  • Low-cost trading 

Mercatox is a very promising exchange and is growing rapidly in this hyper-competitive exchange business which shows the confidence of users in the platform. 

Sudhir Khatwani

Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.

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