What is Mercatox?
As a dedicated crypto exchange reviewer, I am always ready to try new crypto trading platforms and exchanges. My interest piqued when I heard of Mercatox, the crypto exchange making rounds for all the right reasons.
Mercatox is a popular centralized cryptocurrency exchange based in the UK. The platform offers a modern and accessible service for cryptocurrency exchange markets. During my experience with the platform, I noticed that Mercatox offered a decent loyalty program, wide range of cryptocurrencies, and lower fees than the industry average.
My Overall Thoughts on Mercatox
During my first interaction with Mercatox, I found it to be unique in many ways. The primary terminal for trading is convenient to scroll through and covers the bare bones.
I saw all trades come with a fixed 0.25% commission, with withdrawal and deposit fees changing from currency to currency. Interestingly, the withdrawal rates and fees come out to be less than the industry average, which I will discuss later.
P2P Platform
When it comes to unique features, Mercatox's P2P or peer-to-peer exchange caught my eye. The exchange connects investors with each other and helps users take loans from fellow users. The lending process can help users without an upfront investment get the funds they require.
Free Universal Wallet
I also found the free universal wallet to be functional because it helped me store multiple fiat and cryptocurrencies. However, you can only recharge your wallet transactions on the platform and cannot replenish it with deposits.
Loyalty Program
Moving onward, I feel the loyalty program may also attract users. It rewards users for reposting Mercatox news across social media, and managing topics in public discussions. I tried the loyalty program and saw a decrease in costs alongside an increase in bonus payments. We will study the loyalty program in detail further in this article.
Key Features & Advantages of Mercatox
The information mentioned above is just the tip of the iceberg when it comes to my experience with Mercatox. To be fair, I found a number of interesting features and advantages during my time on the platform.
To that end, some of the most notable features include:
Negatives & Disadvantages of Mercatox
There is a lot that I have come to like about Mercatox. The fees are user-friendly, it supports several cryptocurrencies, and it has flexible trading options. But no platform is perfect, and Mercatox does have its shortcomings.
Two of the biggest limitations I faced while using the exchange include the following:
What Services does Mercatox offer?
Multiple Order Types
One of the first features I noticed while trading at Mercatox was the multiple order types. The platform offers these to users;
Multi-currency Wallet
As discussed previously, Mercatox offers a multi-currency wallet to all users. The multi-currency wallet is secure, convenient, and fast. The wallet gives users the option to store all their different coins in one single place.
Additionally, Mercatox gives users the option to initiate instant payment gateways. The accepted payment gateways include OKPAY, Perfect Money, Qiwi, Payeer, Yandex Money.
Loyalty Program
Mercatox also has a permanent loyalty program in place to appreciate users who promote the platform. All users who promote the platform will get points for assistance with platform promotions.
As mentioned earlier, I saw a discount on trading fees after becoming part of the loyalty program. However, there was another privilege that I didn't properly utilize but was glad to have: the ability to suggest new coins. All members of the loyalty program can suggest new coins to add to the platform. As a result, you can start trading with a preferred coin on Mercatox, even if it’s not on the platform currently.
You can become a part of the loyalty program by reposting Mercatox news across social media, managing topics in public discussions, and answering questions related to Mercatox’s UI.
Simple Account Creation Process
The account creation process on Mercatox is fairly simple and easy. Once you visit the website, you can click on the green ‘Sign Up’ button.
I was immediately redirected to another page that came with a registration form and process. The form asks you for simple details like phone number, country of residence, and email address. Once you fill out the form, you will receive a confirmation email.
You can then set your login credentials to further protect your account and validate your email. The step will feature a form like the one below:
Customized trading platform
Like many other exchanges, I found the trading platform at Mercatox to be the best part of their services. The platform is designed to be simple to use and meets the needs of both novice and professional traders.
The page for trading separately lists all cryptocurrencies covered by the exchange, which allows users to select a coin of their choice. While you’re selecting your preferred coin, you will see a chat room on the trading page. The chat room helps initiate conversations and can also help pass on helpful tips.
The web-based trading platform is also easily customizable. The customizable interface allows you to set different figures for order type, trade amount, crypto trade, and directions for the trade.
Many Supported Cryptocurrencies and Countries
According to information found on Mercatox’s website, the platform supports users from almost all over the world. The exchange also supports multiple cryptocurrencies, with over 200 coins on offer.
The exchange provides almost 360 different trading pairs, and you will find all the popular pairs, including Litecoin, Bitcoin, Ethereum, Dogecoin, and Dash.
P2P Lending Program
I personally found the P2P lending program at Mercatox unique and interesting. The lending program connects users with each other and allows them to assist each other in trades.
The program is one of its kind and allows users without an upfront investment to take funds from others and invest in the trading process.
KYC Verification
While Mercatox does include Know Your Customer or KYC regulations as part of the sign-up process, it isn’t a prerequisite. You can use the platform to trade crypto without KYC verification if you prefer to remain anonymous.
However, since KYC verifications are important for Anti-Money Laundering measures, I recommend all readers fill out the details before starting. Even Mercatox realizes the importance and asks users to fill up the form to increase their withdrawal limits.
Basic Trading UI
Mercatox has a bare-bones version of a trading platform. While there are multiple customization options, the trading platform meets the basic UI requirements.
While this may be considered a downside by many, I believe it works in Mercatox's favor. Everything is properly labeled, and users can identify charts and tables easily without requiring expert assistance.
The only downside I felt in the UI was the information overdose. The trading page is full to the brim and has no additional white space for relaxing your eyes. Since traders spend a significant amount of time on the trading page, a more aesthetic design would do wonders.
What I don't like about Mercatox
Let us now take a look at the two disadvantages I mentioned above in detail:
Poor Customer Support Services
I feel Mercatox seriously misses the mark with customer support and services. The crypto exchange comes with its own dedicated forum-style website form and a support email for issues. The form allows users to create tickets for assistance.
While this may seem adequate at first look, I heard serious reservations from many users about the response time for these tickets. Some users received a delayed response, and others are yet to receive a response to their ticket. An exchange as prominent as Mercatox should focus on customer support and not drop the ball, especially when it is doing so well in other areas.
No Details of Security Measures
Mercatox hasn’t had a security breach during the entirety of its history, but there are no details regarding the background security info. With security becoming an area of interest, it is highly necessary for the exchange to add relevant info on the website.
While Mercatox does have a stellar history and clean security record, they aren’t public with the background security information and processes that help secure the exchange. A little more info would make traders feel more secure.
Mercatox Fees
Mercatox Deposit Fees
Mercatox does not charge a fee for deposits made into the multi-currency wallet.
Mercatox Trading Fees
Mercatox charges a trading fee of 0.25%. While the fees may be higher than Bybit and Binance (0.1%), Mercatox still beats the fees charged by many other popular crypto exchanges.
Mercatox Withdrawal Fees
Mercatox has different withdrawal fees for different cryptocurrencies. The exchange allows total withdrawal limits of 0.5 BTC or equivalent per 24 hours for unverified users and 5 BTC or equivalent per 24 hours for KYC-verified users.
The table below illustrates the withdrawal fees of a few cryptocurrencies supported by Mercatox. To view the full list, click here:
Pros and Cons of Mercatox
- Mercatox supports 200+ cryptocurrencies
- A competitive straight trading fee structure of 0.25% on all trades
- Multiple order types are available
- Decent loyalty program
- The platform provides multiple currency e-wallets
- Customer support is delayed or non-existent
- Limited available information on platform security
Verdict
During my experience, I found Mercatox to be a decent crypto exchange. It provides reasonable trading options for crypto traders and has been operational since 2016.
The platform offers a basic trading UI alongside a massive suite of digital currencies. Users can buy and exchange these coins with each other. There are also multiple order types to help users find the best fit. The P2P lending program is one of a kind and definitely a unique feature of the exchange.
While Mercatox has my support as a crypto exchange, I feel the staff at the backend could put a little more thought into customer support and the lack of information pertaining to security measures. The interface is bare-bones, and while that works in passing information, it also borders on poor layout and latency issues.
All in all, I recommend Mercatox as a secure and reliable crypto exchange, but don't expect to be blown away. If you are looking for other crypto exchanges, read my article here.Comparison Table of the Best Crypto Exchanges in the USA
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