Established in 2016, Mercatox is a modern peer-to-peer exchange service for accessing e-currency and cryptocurrency exchange markets through its multi-functional trading platform which is suitable for both beginners and experienced traders. Unlike most cryptocurrency exchanges out there, Mercatox is a multi-functional cryptocurrency exchange service that offers more than just digital assets trading services. Besides providing trading services for a wide variety of digital currencies, Mercatox also provides its customers with a multicurrency wallet and payment services, as well as a lending platform. With over 280,000 registered traders, Mercatox has started to become one of the most controversial crypto exchanges recently.
Mercarox platform is running on blockchain technology, maintained by the community, which significantly prevents hacks. Apart from this, customers’ personal information is not accessible by the company itself, as it is only shared with users’ direct trading counter-parties.The company operating the exchange and the brand is headquartered in London, United Kingdom, but considering the nature of its service, it is not regulated by the Financial Conduct Authority or any other regulatory body. However, the United Kingdom financial watchdog has not taken a definitive strategy towards cryptocurrency exchanges.
As with other cryptocurrency exchanges, Mercatox distinguished between verified account and unverified account. Generally, the withdrawal limits are higher for verified accounts, but users with unverified accounts can still make bitcoin withdrawals limited to 0.5 BTC per day. Users with verified accounts can withdraw up to the equivalent of 5BTC per day.
Regarding the security at Mercatox, the exchange does not give any information about their security setup.
Offered in different languages such as English, Chinese, and Russian, the Mercatox platform lets you trade in different kinds of cryptocurrencies like Bitcoin, Ethereum, Litecoin, OkPay, Payeer, Dash, Dogecoin, PerfectMoney, and Ya.Money. With its in-built web-based trading platform, users can check prices from both cryptocurrency and e-currency markets. The choices of currency pairs in the e-currency market include the following:
- BTC /OK USD
- BTC /PM EUR
- BTC /PM USD
- BTC /PR RUB
- BTC /PR USD
- BTC /QIWI
- BTC /YA RUB
- MERCA /QIWI
- PM USD /YA RUB
- POINT /BTC
On the Mercatox platform, users can set the order type, the direction of the trade, as well as the price and the amount. Once the trade has been executed, users can go to the order book window to check the order history. The platform also lets users trade on margin. And with margin trading, Mercatox also give its clients the option to be a lender to other traders.
How to Buy Bitcoin on Mercatox
Mercato offers a peer-to-peer exchange where you can trade bitcoin with other users of the platform. And according to the information made available on its website, transactions on this exchange are carried out through the service secure transactions via Mercatox or Etehereum smart contracts, bypassing the platform wallets.
The platform provides information about current market conditions then link you with various buyers and sellers of a digital currency for you to choose from.
Deposit and Withdrawal
On the Mercatox Exchange, the deposit and withdrawal methods include a wide range of cryptocurrencies and electronic payment methods such as OkPay, Yandex Money, Payeer, PerfectMoney, and QIWI. Supported fiat currencies are USD, RUB, and EUR.
Unfortunately, Mercatox does not accept bank wire transfers nor credit/debit card payments.
Mercatox has set minimum deposit terms for most currencies, which makes this company, not very beginner friendly. Apart from that, Mercatox also charges withdrawal fees. For instance, Bitcoin withdrawals are charged from 0.0003 to 0.002 BTC, deepening on the volume.
Mercatox charges 25% on every trade. For withdrawals, however, the fees are determined by the type of cryptocurrencies. The following table below indicates the fees that Mercatox charges for withdrawals:
- Bitcoin (BTC) 0.0005 < FEE < 0.005
- Ethereum (ETH) 0.002
- Dogecoin (DOGE) 2
- Litecoin (LTC) 0.001
- DASH (DASH) 0.001
- Bitcoin Gold (BTG) 0
To cater for its multi-lingual customers, Mercatox has made its website accessible in three separate languages, English, Chinese, and Russian. For the customer support service, users can reach out to the customer support team through email or via the support center.
Is Mercatox Safe
Mercatox P2P cryptocurrency exchange based in the UK, where you can trade in a wide range of cryptocurrencies with reasonable trading fees. However, minimum amounts of deposit are fixed, and withdrawal charges also apply. While you can purchase Bitcoin and some altcoins with fiat currencies on this platform, the deposit methods are limited to various e-payment systems, no credit/debit cards and bank wire payments supported.
Overall, what Mercatox is trying to create is a cryptocurrency marketplace that can meet the various needs of its clientele. As to whether Mercatox will be successful with its effort in the future, only time will tell. As for now, the services offered by the exchange remain below par when compared to what the leading cryptocurrency exchanges can offer.