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Mercury.Cash Review - is it scam or safe?

Mercury.Cash Review - Is mercury.cash scam or safe cryptocurrency exchange?

RATING: 3.5 / 0 REVIEWS Mercury.Cash

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Service fee when selling Service fee when buying
Standard 1:1 1.99%

ACH Direct: 1.99%

Credit Card: 5.99%

Wire: 30-60 USD

  

 

Mercury.Cash is a US entry-level cryptocurrency exchange, which only facilitates the direct purchase of a given coin (i.e. isn’t a trading venue, suitable for active speculation). The company based in Orlando, Florida is a bit of a newer player on the market and their most unique feature is the lack of support for Bitcoin. Read the full review to see which coins are available and more.

 

Mercury.Cash Advantages

 

Some licensing – Mercury.Cash puts a great emphasis on providing a legally complaint environment. They have listed several licenses, they hold, though the only crypto-specific US regulation, the NY BitLicense isn’t among them. Here is a preview of what they do have (click to zoom):

 

 

We have to note, similar licenses are also held by other exchanges, especially the ones offering USD payments, but they don’t feel the need to disclose them. Check the link below to see more US-based crypto-players and a summary of the current legal situation.

 

>>US Cryptocurrency exchanges<<

 

Credit Card and Bank payments – an obvious advantage of this exchange, and the main reason for its existence is the fact it allows you to convert USD into crypto. The support for both Bank Transfers and Credit Cards makes them an easy to access service, while the costs for some of the methods are rather high (more on that later).

 

Transparent team – the people behind Mercury.Cash aren’t afraid to show their faces to the public. This may not sound that impressive, but a lot of the cryptocurrency exchanges don’t even go this far. Alongside the licenses, this brings a lot of credibility. 

 

Few, but positive user reviews – there aren’t that many comments on this exchange, but the vast majority of them are nice. People realize the fees aren’t that competitive, but they are fully disclosed before you send an order and the transfer always goes through.

 

 

Mercury.Cash Disadvantages

 

Relatively new company  –  Mercury.Cash was launched in 2017, which may sound like the distant past when you are reading this. At the time of writing (June 2018), this is still a young project which has to prove its worth.

 

Fees are rather high – As we stated several times (and have written in the initial table) the costs of trading at this exchange aren’t that attractive. Here is the full breakdown, as provided by the company (click to zoom):

 

 

Most of the costs are slightly not competitive, but the 10% credit card charge is way too high in our opinion. Here are the crypto-related minimums and withdrawal fees (click to zoom):

 

 

Only ETH and DASH supported – the strangest aspect of Mercury.Cash is the fact they don’t offer the oldest and most popular cryptocurrency – Bitcoin. Ethereum and Dash are definitely major coins, but this still looks unusual. 

 

Only a gateway – when trading at this exchange, one can’t intensively speculate on the price fluctuations of digital assets. In other words, this is an “exchnager” and not an “exchange”. Other venues allow you to be more aggressive and frequently swap between coins. Additionally some forex brokers are supporting cryto-trading.

 

>>Bitcoin trading with leverage<<

 

We should definitely mention, trading with such a company is done via Contracts For Difference (better known as CFDs). These are derivative instruments, which only follow the price movement of a given asset. This allows traders to use leverage and even go short, but doesn’t grant them access to any cryptocurrency. Read our complete guide, if this sounds interesting.

 

Full KYC required – this isn’t a major issue for real clients, who want to use the service, but we weren’t able to access the platform, for the purposes of this review. Judging by the company’s offering, they likely only provide basic charting and a simple interface, similar to that on your online banking, instead of an actual trading environment. 

 

 

Conclusion

 

Mercury.Cash is an Orlando-based entry-level cryptocurrency exchange. They seems like a credible company, with all the licensing they have provided. On the other hand, their offering is still rather limited, when compared to some of the more well-known players in the field. With only ETH and DASH supported and the current state of the fees, it’s not surprising Mercury.Cash isn’t that popular of a service.

 

Despite the fact, this appears to be a very legitimate exchange, there will always be some level of risk involved in the cryptocurrency space. Other than the immense price volatility, even the most reputable exchanges have been hacked in the past. If you are looking for exactly this action, but want to approach it from a much safer environment, some of the forex brokers which we mentioned above can be right for you. That being said, be sure to look for a well-regulated company.

 

>>Trusted forex brokers, offering Bitcoin<<

 

Here are the key characteristics of Mercury.Cash one more time.

 

Pros Cons
Some licensing Relatively new company
Credit Card and Bank payments Fees are rather high
Transparent team Only ETH and DASH supported
Few, but positive user reviews Only a gateway
  Full KYC required

 

 

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Traders` reviews for Mercury.Cash

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