Mercatox Logo

AUM:

 

Undisclosed

Number of cryptocurrencies:

 

100+

Fees:

 

0.25% on transactions

Account Types:

 

Regular

Editorial Rating

Mercatox Logo

Editorial Rating

Mercatox Review

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AUM:

 

Undisclosed

Number of cryptocurrencies:

 

100+

Fees:

 

0.25% on transactions

Account Types:

 

Regular

Accepts Fiat:

 

No

Mobile App:

 

None

Withdrawal Fees:

 

Vary depending on the cryptocurrency

Mercatox Logo

Editorial Rating

Safety, cost-effectiveness, and reliability are non-negotiable for traders choosing a cryptocurrency exchange. However, proper customer support, ease of use, and a pleasant user experience are equally important.

But in an environment where service providers constantly improve their offering, standing out requires going above and beyond.

This Mercatox Review analyzes a unique commerce platform that offers traders more than just crypto trading services.

What Is Mercatox?

Most cryptocurrency exchanges only serve one purpose — facilitating the trading of digital assets. Mercatox, on the other hand, is a multifunctional suite that offers much more.

The platform combines regular crypto functions with lending, payment, and multi-currency wallet services.

Launched in 2016, the London-based crypto exchange is a broad-appeal solution that caters to traders of all experience levels. It is also famed for offering a fixed rate on all trades.

That said, it wouldn’t take long for any keen researcher to notice the company’s ownership and organizational structure are shrouded in secrecy. Next to no information on this subject is available to the public.

How to Use Mercatox?

To start using Mercatox, you have to:

  • Create an account
  • Fund it (unlike other cryptocurrency exchanges, Mercatox does not support fiat currencies. The only way to deposit on Mercatox is through using cryptocurrencies.)

After that, you can buy and sell cryptocurrencies using different pairs listed in the trading window.

What are the account requirements?

If you are 18 or older, you can create a Mercatox account simply by providing your email address.

The exchange will then send a confirmation link to your email address. Once you follow the link, the account will be set up, and you can start trading.

KYC verification

You won’t be asked to provide much documentation when opening an account. However, you won’t be able to enjoy full Mercatox services until you comply with Know-Your-Customer (KYC) requirements.

As underscored in Mercatox’s Anti Money Laundering (AML) and KYC policy, the exchange reserves the right to close any account suspected of engaging in illegal activity.

To prevent that and fully comply with Mercatox’s AML & KYC policies, users need to provide personal information such as:

  • Last name
  • First name
  • National ID/Passport number
  • Email address
  • Telephone number

They must also send a copy of their National ID and a selfie with the original.

What Can You Trade?

As of June 21, 2022, Mercatox had listed over 100 digital currencies and 700+ trading pairs.

Mercatox’s coin list is extensive and includes popular names like Bitcoin, Ethereum, Tether, and Litecoin.

Plenty of other coins are available as well, and the list keeps expanding. Mercatox allows users to vote for new digital currencies which get added to the listing.

Coins that garner more than 5,000 votes come under consideration, but the exchange can overlook a popular choice based on exceptional circumstances. These include:

  • Missing API documentation
  • Synchronization problems

Every Mercatox user is allowed to vote five times per month as long as the account has been funded at least once since registration.

Are there limits?

Like most cryptocurrency exchanges, the limits are higher for verified accounts and lower for unverified accounts.

  • Unverified users have a 24-hour instant withdrawal limit of 0.5 BTC.
  • Verified users can withdraw five BTC within 24 hours.

How to Trade on Mercatox?

To trade on Mercatox, you have to visit the official website and log in. After that, just follow these steps:

  • Click on the “Trade” feature located in the upper left corner of the website (right next to the site’s logo)
  • This will prompt you to the trade page, where you see the current state of the crypto market and can choose to sell or buy cryptocurrency.
  • There you will also see the buy and sell windows where you can initiate a transaction:

Mercatox Trade

  • These display your account balance and the maximum and minimum you can buy/sell. They also have dropdown menus that allow you to choose your preferred order type.
  • Beneath the buy/sell windows is well-tabulated data on buy and sell orders. Also laid out is the platform’s trade history and the transactions you have initiated on the platform.

Special Features on Mercatox

Liking this Mercatox exchange review so far? Well, here are some other reasons why the exchange stands out.

1. Margin trading:  Mercatox users can borrow funds and use them to complete a trade.
2. Multicurrency wallet: Mercatox has a multi-currency wallet where users can store supported digital assets purchased from the exchange until they are sold.
3. Loyalty program: the exchange rewards customers with discounted trading fees, voting rights, and other privileges if they promote the platform by:

  • Reposting company updates on their social media handles
  • Translating topics on Bitcointalk
  • Placing links to the platform on their blogs

4. Affiliate program: Mercatox users can earn a commission by referring their friends to the platform:
For first-level referrals (personal invitation), the commission is 15%.
For second-level referrals, the commission is 5%.
5. Multiple order types: The exchange also allows users to set their trading preferences:

  • Limit order: users set the price they are willing to buy or sell crypto for. The option also lets them specify the volumes.
  • Market order: this is an instruction to buy or sell an asset at the prevailing market price instantly.
  • Stop order:  this option allows initiating a trade once the market price hits the desired price you have set.

Mercatox Fees

Unlike most exchanges, Mercatox charges a flat transaction fee. The platform’s rate is 0.25% which is competitive compared to the best exchanges.

Mercatox’s withdrawal fees differ depending on the cryptocurrency. As of June 21, 2022, the charges for the leading digital currencies were as follows:

Bitcoin     0.0003 < FEE < 005
Ethereum        0.008
Dogecoin        50
Litecoin   0.015
Dash        0.001

Security

Mercatox is very guarded on how it protects user funds. However, the exchange recommends that account holders take several measures to secure their funds even further.

These include:

  • Enabling two-factor authentication (2-FA) as an extra layer of protection.
  • Using an original password (not the same one you’d maybe use on other platforms).
  • Not using your Mercatox password on other sites.
  • IP whitelisting, which instructs Mercatox to only authorize trades and withdrawals from the specified IP addresses.

Regulation

Although the London-based company states it adheres to Anti Money Laundering (AML) and KYC laws, there is no evidence to suggest that Mercatox is licensed or regulated by the Financial Conduct Authority (FCA).

Since information about the platform’s ownership and organizational structure is also shrouded in secrecy, account holders wouldn’t even know who to sue in case they were unable to access their funds.

This is not to say that the platform is not legit. However, users would be much more confident if they knew who to turn to if an issue came up.

Mercatox Customer Support

The options to contact Mercatox’s customer service team are also limited. These include:

  • Reaching out via email
  • Submitting a ticket

Users can also find answers to common questions or issues in the knowledge base section of the website.

User Reviews

Finding a positive Mercatox review on reliable platforms was like finding a needle in a haystack.

The platform’s handle on Trustpilot was a bloodbath. Every other review lamented about an unpleasant experience on the platform.

Numerous users labeled Mercatox a scam after being unable to withdraw their money from the platform.

The same users also complained about being unable to reach customer service agents and the lack of a Mercatox mobile app.

A search for Mercatox on Better Business Bureau (BBB) yielded no results.

Final Thoughts

Should you go for Mercatox or not?

The platform is certainly built for what it says on the tin. It scores major points for its smooth user interface, ease of use, and special features.

But for many traders and investors, better safe than sorry is the mantra. Mercatox’s opaqueness speaks volumes. We conclude that more transparency on the company’s operations could inspire much more confidence and set the exchange on a success trajectory.

Pros

  • A wide range of cryptocurrencies
  • Fixed and transparent fee structure (0.25% on all transactions)
  • A loyalty program
  • Multiple order types
  • Multicurrency wallet

Cons

  • Not regulated
  • Opaqueness on ownership and organizational structure
  • Imposes limits on withdrawals
  • No mobile app
  • Doesn’t support fiat deposits
  • Too many negative customer reviews
Mercatox Logo

Editorial Rating

FAQ

Does Mercatox require KYC?

Yes, it does. You won’t be prompted to verify your identity right away. However, if you want full access to the platform’s features, you’ll have to do it sooner or later.

Is Mercatox safe?

There is no airtight proof to indicate that Mercatox is a scam. However, user reviews on third-party sites indicate that many customers are often unable to withdraw funds from the platform.

Aside from this, the platform isn’t regulated.

Does Mercatox have a mobile app?

No, it doesn’t.

Who owns Mercatox?

That’s a million-dollar question. As you could see in this Mercatox review, the platform’s ownership is shrouded in secrecy. The company states it’s based in London, but that’s just about it.