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The world’s financial system is rapidly changing into digital currencies. We are gradually shifting from the world of hard cash into E currency and cryptocurrencies. Since the introduction of bitcoin, the first mainstream cryptocurrency, the trend has not stopped and more and more coins are being launched every other day. Cryptocurrency market capitalization has never been higher.
This has created the need for exchange platforms and digital wallets to enable buying, selling, exchange of these digital currencies. Mercatox is one of many such exchange platforms that provide several online services relating to cryptocurrency exchange.
What is Mercatox?
Mercatox is a fairly new cryptocurrency trading platform that seeks to provide the best in cryptocurrency exchanges and transactions at low costs. Mercatox was launched in the year 2016 and it is in this year that the company had its Initial Coin Offering (ICO). Mercatox has its headquarters in London which is in the United Kingdom. Here is where its site and brand is operated.
- However due to the nature of business activities carried out by Mercatox, the company is not licensed by the Financial Conduct Authority or even any other regulator. Nonetheless, this is understandable to the novelty of cryptocurrency exchange.
Mercatox provides 4 primary services that include:
1. Altcoin Exchange – This services seek to facilitate the buying, selling and exchange of cryptocurrencies.
2. E currency exchange – Unlike altcoin exchange, E currency exchange is the exchange of digital money. It is essential for merchants and making purchases on the internet.
3. E-Wallet – Mercatox provides an E-wallet where you can securely store your coins or digital money. This wallet contains a wide variety of payment feature that used for personal use or commercial purposes.
4. P2P Exchange – Also peer to peer exchange, Mercatox facilitates the exchange of cryptocurrencies amongst two or more individuals. In this case, Mercatox acts as the in-between link between the contacts.
- Mercatox, like many other cryptocurrency exchanges, is decentralized and offers only a single trading account per user.
- It should also be noted that Mercatox offers margin trading and allows lending services.
- Mercatox works on a multi-language platform supporting English, Russian and Chinese.
- Mercatox boast of not only having a plan of creating a platform with different financial abilities but also has a vision of creating a new financial market in this new digital world.
- Mercatox’s official website boasts of over 250,000 users and over 5 million deals done.
What cryptocurrencies are supported on Mercatox?
- Mercatox supports all the major cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Dash, DogeCoin, Enigma as well as over 100 other coins.
- You can buy, sell, exchange or even lend these coins. However, Mercatox does not include an automatic convert feature for its coins.
What are the methods of payment available on Mercatox?
- Besides the more than 100 cryptocurrencies available for deposit and withdrawals available in Mercatox, there exist electronic payment methods.
- Electronic payments available include Yandeex money, Payeer, PerfectMoney, OkMoney, and QIWI.
- The company, unfortunately, does not support bank wires as well as credit cards.
What are some of the special features of Mercatox?
- Mercatox has its own trading token christened ‘Merca’ although its trading volumes are not very impressive.
- Franchise Partnerships – Mercatox provides an opportunity to create franchise partnerships with its users by integrating the Mercatox website into the users’ websites.
- Mercatox provides margin trading that enables traders to buy more coins while providing professional tools to enable them to achieve high incomes.
- Mercatox has a program that is keen on attracting new users to the site by means of referrals. It is quite simple and works on the principle that if you invite a person to sign up with Mercatox, you get to receive a small percentage of the person’s transactions fees for a limited period.
- Mercatox runs a loyalty program where it appreciated its users for performing tasks that lead to making the site and brand more popular. For each of these tasks you receive points and later you can translate this points into privileges. Some of the promotions you will receive points for are:
1. Reposting Mercatox news on various social media platforms.
2. Managing and translating topics on Bitcointalk.
3. Creating topics on Mercatox on different forums.
4. Creating Mercatox content on a personal blog site.
What are Mercatox fees?
- Mercatox charges a 0.25% transaction fee to both its buyer and sellers. This can be considered as low transaction charges comparing with most exchange programs.
- Withdrawal fees are also charged and vary depending on the type of coin and volume of transaction.
Here is a table showing some of the withdrawal fees.
|Full Name||Withdrawal Fee||Min Deposit||Min Withdrawal|
|Bitcoin Gold (BTG)||0||0||0|
|R Token (R)||25||30||50|
Is Mercatox Safe?
- The company seems to have average ratings from its users so far. Remember, Mercatox is fairly new in the financial exchange world and has quite a way of building its reputation.
- The company has not had any hacking disaster that has plagued it but has had an incident in October of 2017 and the company’s leadership chose to shut the system down for a few days in order to thwart this attempts.
Security? How are coins handled on Mercatox?
- Mercatox runs on blockchain technology and therein comes with the benefits of the security that blockchain technology provides to cryptocurrencies.
- Blockchain technology forms the entire foundation of the security of cryptocurrencies and has been able to withstand hacks for close to 8 years now.
- Mercatox use of this technology significantly deters hacking by malicious individuals.
- It should however nevertheless be noted that there exist many blockchain themed exchanges seeking to defraud unsuspecting individuals.
- As a first user of Mercatox, the site prompts you, immediately after signing up for an account, to bolster the security of the account by installing either a 2-factor authorization email verification or a Google 2FA authenticator.
Customer Support and Handling Speeds
- From a review by Mercatox users, the customer care support is average and there have been instances where transactions have taken along while to conclude. However, these claims are few which gives an indication of a rising trajectory as far as customer support and handling speeds are concerned.
- Mercatox users remain anonymous as the company is unable to access its client’s information. Only the parties carrying out the transaction done.
How to use Mercatox
- To use Mercatox, you will first have to sign up on the company’s website at mercatox.com
- This will involve providing your email address, password and reading and accepting the terms and conditions of service.
- This will then lead you to a security panel where you get to choose how you would like to secure your account.
- Once that is done, you then commence to the interface of the site where you can see your wallet, wallet ID, User ID and the number of coins you have on each cryptocurrency.
- The Interface is pretty easy to grasp and you can seamlessly switch between your E-wallet, lending, and trading tabs.
- In the trading tab, Mercatox provides the user with current market changes that help investors make wise decisions.
- Mercatox has a peer to peer exchange system where you can trade bitcoin with other users.
- The site provides information about the current market conditions then links you with different buyer and seller of a coin for you to choose from.
Mercatox Review Summary
Mercatox is a multi-language financial trading platform that does whatever it was designed to do very well. In my opinion, the website itself could be made to look more appealing as it has a dull appearance as compared to other exchange websites.
- There appear to claim that Mercatox is a scam but this is not new to cryptocurrency trading platforms. I could not confirm the absolute truth of these claims but in my opinion, they are most likely malicious claims seeking to smear the name of the company.
- The company has been able to prevent any major hacking of the system so far and has been taking serious precautions to carb them which is a plus for them.
- Mercatox also invested in a beta version of their software in 2016 that proved beneficial for them.
- Offers to trade of many altcoins.
- It has a quite simplified user interface.
- It supports fiat currencies such as the US Dollar, Rubies and the Euro.
- Offers margin trading.
- Has no mobile trading application which is the norm with other trading platforms.
- Has a set minimum deposit requirements for its currencies. This makes it a bit challenging for beginners.
- Has low trading volumes as well as liquidity.
- Does not support direct bank wires and credit cards.
Thank you very much for checking out this Mercatox Review, make sure to roam our site for more.