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MBAEX Review - is it scam or safe?

MBAEX Review - Is mbaex.com scam or safe cryptocurrency exchange?

RATING: 3.4 / 8 REVIEWS MBAEX

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee
Taker Fee
Deposit Fee
Standard 1:1 0%* 0.20% Unspecified for Credit Cards;
Crypto: Free

*appears to be a temporary promotion, which may change in the future. There are other details regarding the fees, which you should check out below.


MBAEX is a Singapore-based cryptocurrency exchange, which is quickly picking up speed in the South East Asia region. They facilitate credit card deposits, which makes them an “entry-level” company, but their service may also appeal to experienced traders. We must note it isn’t that clear if withdrawing fiat currencies is possible at this point in time.


MBAEX Advantages


Transparent company
– this is one of the few exchanges, which provides the name of the actual legal entity behind it. In this case it is MBAEX ONLINE PTE. LTD. This may sound like a small thing, but given the nature of some of their competitors is a sign of credibility.


Solid security measures– MBAEX applies a lot of different measures to increase security. They include industry standards, like two-factor authentication and cold storage. On top of that, one can track his login history in a convenient way.


Two layouts of trading platform – trading at MBAEX can be done via two interfaces. One is a rather simple (and probably well optimized for smartphones) layout, which only shows the current state of the market.


On the other hand, the “advanced exchange” is what experienced traders call a platform. This layout is much more suitable for bigger screens and puts a lot of attention on the charts. While they may not be as good as the ones provided by MetaTrader4, they are still pretty decent. Here is a screenshot:



The advanced platform at MBAEX (click to zoom in)


Competitive fees – the costs of trading at MBAEX at the time of writing are very low. We must mention a few details. The zero market maker fees are part of a promotion. While its deadline is not mention it should come at some point in time. Additionally, the company presents the fees not as ones for “makers” and “takers”, but as different ones for “bids” and “asks”. Here is what we mean:



This is most likely an oversight, but in case it isn’t this is an attempt at market manipulation – giving more incentives for people to buy coins instead of selling them.


Credit Card deposits supported – MBAEX accepts funds via Credit Card, but as we mentioned in the beginning may not facilitate withdrawals. This is a bit odd of a situation, which we’ll cover in the negatives section.


>>Other places to buy Bitcoin with a credit card<<


Some altcoins available – for an entry-level exchange, MBAEX offers a decent variety of coins. The list includes: BTC, ETH, LTC, BCH and the much less known RWB, WCG and MDP – their own token, which can be used for discounts on the trading fees. These are traded aginst USDT and BTC.


Nice user reviews
– while these should always be taken with a grain of salt, as they are anonymous, the feedback on MBAEX is generally positive. Be sure to leave your experience with this exchange in the bottom of this review.


MBAEX Disadvantages


No fiat currency withdrawals – we have to address the elephant in the room first. After registering an account with MBAEX, we didn’t find a way to withdraw fiat currencies. Additionally we didn’t find a balance section for the different ones. While we are not 100% certain, this implies all deposits are converted to USDT. This may become an issue of its own in the future, given the speculation on the actual dollar backing of this token.


Lack of leverage – while the team behind MBAEX is composed of people with experience in the traditional financial markets, they don’t provide leverage to retail clients. This may be for the best, given the volatile nature of cryptocurrencies. We must mention an alternative for those of you who are willing to trade more aggressively.


>>Bitcoin forex brokers<<


This option is the forex brokers, offering CFDs on digital assets. Trading with such a company has pros and cons when compared to going through an exchange. Be sure to read all the details here, before deciding to go on either route.


Website occasionally going down
– while we were making this review, the company’s website occasionally went down. This may have been a temporary issue due to high traffic. It was not as repetitive as the things we have seen at other exchanges, and given the positive user reviews, it probably doesn’t happen frequently.


Conclusion


MBAEX is a cryptocurrency exchange, operating out of Singapore. Their offer seems appealing, except for the lack of fiat currency withdrawals. Hopefully this (as well as the support for USDT) will be resolved in the future, when we revisit them.


Still, such things are to be expected in the world of cryptro, where there is little regulation (mostly in the US and Japan). If you are looking for a safer way to play the market, or are even interested in leverage and the ability to go short, be sure to check out forex brokers. That being said, some of them can be even worse than some, exchanges, so be sure to look for reputable companies.


>>Regulated Bitcoin forex brokers<<


Here are the positives and negatives of MBAEX:

Pros Cons
Transparent company No fiat currency withdrawals
Solid security measures Lack of leverage
Two layouts of trading platform Website occasionally going down
Competitive fees  
Credit Card deposits supported  
Some altcoins available  
Nice user reviews   
Latest news about MBAEX
No news about MBAEX. Check back later.
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Traders` reviews for MBAEX

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Slippage

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Price feed

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better use your usdtk change to other and invest

sure will unble change to USDT, is the scam.
better use usdtk change to other coin and do other investment to cover back.

Mar 08/23/2019

Difficult Usdtk to usdt

I have try to exchange my usdtk to usdt take for 1 month also cannot to convert to usdt
May I know what is the faster way to convert from usdtk to usdt?

Lim weng ho 07/23/2019

Scam

Penipu

Lieya 07/03/2019

Unable to withdraw or convert USDTK from MBAEX.

Wanted to withdraw or convert USDTK to USDT but always show merchant is unavailable. Customer service told there is a daily limit to exchange and withdraw but until now I'm still unable to exchange it. It seem like going to take forever to take back the money.

Better not to invest on this platform.

Hong 04/21/2019

Very beginner-friendly environment

I realise MBAex is easy for people who want to start trading cryptocurrency. WHy? Because there are so many tutorials, analysis and also support in this platform.

I am from Malaysia, and our small group of friends has people from Malaysia and Singapore. We can easily C2C from MYR and SGD to USDT in MBAex.

Very suitable for newbie to start and make some money there.

Jackson Chuah 03/28/2019

Cannot Withdraw Usdt from Mbaex

Clients are not allowed to transfer their usdt to another trading house. I wanted to withdraw my usdt but their c2c system always say merchant is unavailable. Customer service said they have high volume to withdrawal.

Wan 01/30/2019

Deposits of WCG

It’s a big disappointment to know it takes 3 to 5 days to reflect my WCG deposits in MBAEX ....

Liew Wai Hoong 08/20/2018

ID documents submission is being processed.

Submitted my id for verification on the 8 Aug, till today 14 Aug, id doc submission still in process??? Message to live chat no one replied, and till now still pending. wtf is the company doing ?

Jeffery 08/14/2018
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