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Mercatox Review - is it scam or safe?

Mercatox review - is mercatox.com scam or good cryptocurrency exchange?

RATING: 2.5 / 31 REVIEWS Mercatox

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Minimum deposit Leverage Trading Fee
Standard 0.0001 BTC Available 0.25%*

 

*Withdrawal fees also apply.

  

Mercatox is a decentralized, peer-to-peer (P2P) cryptocurrency exchange that offers a single trading account with trading fee of 0.25% and two-step authorization process, which is quite common in the crypto-space. It also allows margin trading and offers lending services.

 

An e-Wallet with a wide range of payment instruments is also available with Mercatox for personal and commercial use.

 

The company, security of funds

 

 

Company Country Regulation
Mercatox Limited UK N/A

 

Launched in 2016, Mercatox is a modern P2P service for accessing e-currency and cryptocurrency exchange markets via its trading platform. Basically, such exchanges match buyers and sellers of cryptocurrencies. The service is running on blockchain technology, supported by the community, which significantly deters hacks. Besides, clients` personal information is not accessible by the service provider (it is only shared with your direct trading counter-parties).

 

The firm operating the site and the brand is headquartered in London, UK, but given the nature of its service, it is not licensed by the Financial Conduct authority, nor by any other regulator.  However, the UK financial watchdog has not taken a definitive approach towards crypto-exchanges.

 

While this is currently the most common situation with cryptocurrency exchanges worldwide, investors should be aware that there are also many blockchain-themed fraud schemes out there, exploiting the recent hype around Bitcoin.

 

Yet another option to trade in cryptocurrencies is to do that with forex brokerages. There are certain specifics you should take into account, however most of them are regulated and provide leveraged trading.

 

 

>>Top 5 regulated brokers offering Bitcoin trading<<

 

 

When we checked the user reviews on Mercatox, as we always do for our reviews, we found they are a mixed bag, but it appears that most of them are negative. Many investors complain of non-responsive customer support and slow withdrawal process.

 

To date, the company has not been hacked in a major way, despite allegedly being targeted in October 2017. Because of the attempted attack, Mercatox website and platform were down for a day or so, but the coins were safe.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

At the moment of writing this review, there are more than 80 digital coins available for trading on the Mercatox platform, including the company`s own token, Merca. Nonetheless, the trading volume on most of them is not impressive, to say the least. Currently, the most traded pair appears to be ETH/BTC.

 

You can also trade fiat currencies (USD, EUR and RUB) against the digital coins using some electronic payment systems.

 

Minimum initial deposit

 

Unlike most cryptocurrency exchanges, Mercatox has set minimum initial investment requirements. A minimum deposit level is applied for blockchain transfers, as well as for those in fiat currencies via e-wallets. Deposits in Bitcoin for example must be no less than 0.0001 BTC.

 

Leverage

According to the information on its website, Mercatox supports trading on leverage, however no further details are disclosed. Some major crypto-exchanges like Kraken also allow margin trading, however mot such venues don't.

 

If you want to gear up your trading, you can also trade in digital coins with forex brokerages, as all of them provide leveraged trading.

 

>> Forex brokers offering leveraged Bitcoin trading <<

 

Fees

Both buyers and sellers at Mercatox are charged with a 0.25% fee per trade, which is in line with the current offers by other exchanges. Some venues charge differently market makers and market takers, and it is not uncommon to set a trading fee only to market makers.

 

Keep in mind that Mercatox also charges withdrawal fees for most currencies, which are discussed in detail below.

 

Trading platform

 

As most crypto-exchanges, Mercatox offers a web-based interface. Its platform is available in English, Russian and Chinese and is equipped with most of the features that similar venues offer: a functional functional order book, trading history window, as well as a chat room. Trading pairs are grouped into two categories: Crypto markets (inter-cryptocurrency trading) and e-Currency markets (trading digital coins against fiat currencies). Nonetheless, Mercatox’s platform is quite slow, the charting is very basic and it seems that liquidity is rather low. Besides, no mobile trading app is not available.

 

Here is a preview of Mercatox’s platform (click on the image to zoom in):

 

 

According to the information on the website, transactions on P2P exchange are done through the service secure transactions via Mercatox or smart contracts Ethereum, bypassing the platform wallets.

 

Methods of payment 

 

Deposit and withdrawal methods on the Mercatox Exchange include wide range of cryptocurrencies and electronic payment methods such as PerfectMoney, OkPay, Yandex Money, Payeer and QIWI. Supported fiat currencies are USD, EUR and RUB.

 

Unfortunately, it does not accept credit card payments, nor bank wire transfers.

 

As we have pointed out, Mercatox has set minimum deposit requirements for most currencies, which makes this exchange not that beginner friendly. Besides, withdrawals are also charged. For example, Bitcoin withdrawals are charged from 0.0003 to 0.002, deepening on the volume. Here is a snapshot of the withdrawal fees for various digital coins:

 

 

Conclusion

 

Mercatox is a UK-based cryptocurrency P2P exchange where you can trade in wide range of digital coins with reasonable trading fees. However, minimum deposit amounts are set and withdrawal fees also apply. While you can buy Bitcoin and a number of altcoins with fiat currencies, the deposit methods are limited to several e-payment systems, no credit cards and bank wire payments supported. Also, it seems that trading volumes on most pairs are quite low. To sum up the above:

 

Pros Cons
Decentralized peer-to-peer network Unregulated, recent negative reviews
Many digital coins offered Low trading volume and liquidity
Easy to use interface Poor charting, no mobile app
Fiat currencies supported Credit cards and bank wire not supported
Margin trading offered Withdrawal fees apply

 

Latest news about Mercatox
No news about Mercatox. Check back later.
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Traders` reviews for Mercatox

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Slippage

Pros

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Requotes

Pros

Cons

 

 

Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

Pros

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Summary

Pros

Cons

 

 

Scam do not deposit!!

Aside from their listing of coins with no project the are constently swaping coins for ones with largers supplies and not teling anyone. Myfi had a 900 million supply then out of nowhere the exchange swaps it for a coin with 15 billion supply. Everyone lost. Then a few days ago they swaped oen 10 billion supply for 100 billion supply
Not to mention they listed GFC a while back let their customers buy it then 12 days after the listing they delisted it and everyone got wrecked. They regularly delist coins that are not traded anywhere else and the users get wrecked all the time. 100% scam

Crypto joe 03/13/2019

Associated with Organized Crime

Mercatox is registered in the UK by an 80 yr old man from the islands, he is just the legal registrar of the site....Located in Phoenix, Arizona, they are a money laundering operation for the mexican cartels...They list tokens such as tvt and xtt that have no webpage and are clearly scams....This site could be shutdown by FEDS at any time....Withdraw if you can,,,,stay clear from this exchange.....

David Smith 12/23/2018

Mecatox STOLE my money

Nothing but scammers. I can no longer login due to the new Google authentication. I emailed them to fix it and they have been stringing me along for over a month. Having me send a pic of my DL, then the date, then with me holding it. Now they claim they have no record of my email address which was verified last year.

So now I have coins in there I can't get to, can't sell or withdraw.

I don't know about UK law but this company needs to be shut down.

T.M 11/26/2018

Unrecognized withdrawal in Mercatox account

Mercatox is a scam ,they have stolen my
Money withdraw it without my concern , the platform is no safe . if you need proves I can email to you

Paul Motsoeneng 11/17/2018

Bad support, poor customer service

Wallets always in maintenance, staff suck ballz for support and don't give a fuck. Very poor exchange, run by kids I think. Pure shit coins, if your trading shit coins don't use them!!!!

Btcgb0x 09/30/2018

Mercatox Bandits

Went to Mercatox to buy INV,so difficult to understand. My wife who has a computer degree couldn't navigate site would not let us place a market order. Sold us 2 Inv worth 15 cents for 2 Ethereum worth $1,200.00 Site is so poorly made the worst I have seen. Nobody should do business with this crooks.

Jock 06/17/2018

Totally ripped me off!!!

I purchased approximately $470 worth of XDCE at 0.00000100 a share and they have me only $49000 shares. By my calculations they should have paid over 470 million shares. I contacted them and no response! Completely pathetic excuse for an exchange and absolutely a scam site! Very disturbing!

Mark 04/25/2018

Do not put your money in Mercatox - anyone know how to get it out yet???

They took my BTC almost immediately. Tried to buy others with BTC funds and still pending weeks later. No response from Mercatox. DISGUSTING!

If anyone figures anything out PLEASE post, please. THANK YOU

mo 03/01/2018

scam website

one you deposit btc or eth into mercatox, you can never withdraw it again. money has been stuck for weeks if not months

jaivir 02/10/2018

Need Help URGENT - LTC withdraw

Dears,

please if someone knows any real contact on mercatox i need a urgent help!

Since yesterday my LTCs (+28 hrs) are in withdraw process totally stopped! I don´t have even the HASH. It means that intentionally they keep the transaction in the server without enter in the blockchain!
Also, I cannot cancel it! so, i´m loosing money without be able to trade my coins!
[email protected]

Heubert River 01/31/2018

mercatox

licenced on UK or Brazil ?? withdraw not working for all coins , support not responding !

Lemkhalet 01/27/2018

Reset google authenticator code

last few weeks, I m writing a mail to [email protected] regarding resetting my google authenticator code...but no response to mail...pathetic...

hgpat 01/25/2018

They will keep your money!

They will take your money, but won't give it back. Trying to withdraw BTC, transaction says waiting for email confirmation which never comes. Use Binance or Kucoin, both fast and professional. Best of luck

Gold Fever 01/25/2018

damn scam

It has been 2 weeks I have been waiting for a KIN withdrawal. So with all these people waiting for long I can say that my 1000$ is gone...Damn you Mercatox!!!

mclaren33 01/24/2018

Thanks Guys

I can't be thankful enough for these reviews. My private company intended to pump in USD100,000. Your reviews have saved my funds. How on earth can someone be so dumb as to looking for ways to scam fellow men. Too bad.
Once again, thanks guys.

Waza 01/23/2018

Ssskkkiiizzaaam

why No withdraws??? ive been waiting all week after "paid" status was instant my coins STILL processing & Never got a hash ever. ther are thousands of ppl who cannot withdraw from 2-4 weeks ago WTF???? thats Insane?!?! nobody ever get support ticket reply. Yet they post social media "new coins listings" are you kidding?? is this a total fuking scam ?? everybody just keeps spamming their favorit coin but WHAT IS THE POINT if you cant even withdraw any btc or coins you invested in. ive herd people are takeing legal action & contacting authorites and attempting to take steps to track down & locate. i am shocked & amazed at this shitshow

anthonyA 01/22/2018

Where is the proof that this is a legit company?

Nowhere on their site can any details be found about this company, let alone be verified. Anyone can claim they’re from the UK, but are they really? What’s the name of the CEO? Who is in the management team?
Imo you should not use exchanges that are vague.
Expect to loose money and receice bad or non existent customer service.

Brad Sogo 01/21/2018

Cant withdraw - no customer service

Do not use this site. You can deposit but you cant withdraw.
I lost $3,000 usd and its stuck for weeks.

Neil H 01/20/2018

ICO Scam

She does not pay the traders. In fact it is paid to pump and dump the new ones that launch recent ICO coins. Nothing else.

Please do not put your coins in the mercatox or any UK company without an FCA license.

Tiago 01/16/2018

TRX transfer

I wanted to withdraw my tronnix and send it to binance. It is been 5 days. Still in process

Samson 01/15/2018

Can we do something with that company?

what we can do if that company is registered in uk? if we inform about that government they can do something for us? sorry for my grammar

Matus 01/12/2018

Full scam

They're scam, stay away.

No customer service.

They only take your deposit and you'll never be able to withdrawn. I read many comments like this. And my coins are still there for a day. They never reply back to my requests!...

Inanc Gumus 01/11/2018

No any support or customer service

I have for like 6 weeks no acces in my account on mercatox. Dua to a lost 2fa. i have sent them 3 emails, 1 facebook message,1 twitter. still no replay. i have my money on mercatox, which i can forget now!

stay away from mercatox.


While binance.com helped me out in 2 days!!! Binance.com is one of the best.

Adam 01/07/2018

Mercatox are scammers

Can't withdraw, they just keep it. Cost me over 3 K. They ban u from their chat room so you can't warn other people. I don't understand why they are not charged with fraud. Do not use this mob or you will lose your money even if you win. They don't respond to anything. Bitgrail are connected to them so don't use them either.

Dave Billington 01/06/2018

14 hours since BTC withdraw requested and still not even submitted to BTC Network for confirmation.

II am firmly starting to believe this is a scam exchange.

Shea Kastl 01/06/2018

Been almost a week, haven't gotten my withdrawal

I haven't gotten my withdrawal of XRB since the 29th. I've opened a ticket, sent an email, and sent them multiple messages on Twitter. No response. Their website was down and up a day or so ago. On a news post, they've mentioned that "all coins are safe," which doesn't really reassure me. This is ridiculous.

Do NOT use Mercatox. There are some much more reputable crypto exchanges out there.

XRB Trader 01/05/2018

estafadores -cuidado

ase tres dias deposite por payer 17 dolares y no aparesio en mercatox-
me puse en contacto con payeer ,y mde dijeron que la operacion se habia realizado y que me comunique con soporte de mercatox.

mande un ticket a mercatox y asta ahora no mde responden.

me an robado,

Translated by Google:

take three days deposit by payer 17 dollars and not appear in mercatox-
I contacted payeer, and they told me that the operation had been done and that I communicate with mercatox support.

Send a ticket to mercatox and antler now do not respond.

They stole me,

lucho 01/05/2018

Pretty sure they are a SCAM, beware!

They are extremely expensive, no support and site is horrible.

I deposited Dash and only half is reflecting. I have contacted support and nothing.

I will be surprised if I get a response, there goes $5000 down the drain. Scammers.

Byron Branfield 12/29/2017

Scammers

Deposited LTC. Three days now and it's not shown up. Others in the chat on the site tell similar stories. Scam.

Eddie 12/16/2017

Scammers

Withdrew my BTC and it never showed up. $600 down the drain

H 12/12/2017

SCAM

They forge trade history to lure people in thinking they'll get good prices on coins.

João 11/09/2017
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