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Mr. Excange (Mr. Ripple) Review - is it scam or safe?

Mr. Exchange (Mr. Ripple) Review - Is mr.exchange scam or safe cryptocurrency exchange?

RATING: 1 / 0 REVIEWS Mr. Excange (Mr. Ripple)
Mr. Excange (Mr. Ripple) is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.15%* 0.15%* Free

*this only applies for some assets, while others are traded at 0.30%

Mr. Exchange (which was previously known as Mr. Ripple) is a Japanese cryptocurrency exchange. At the time of writing of this review, they are in a transitional process, moving to the new name and domain. This may be the reason for some of the technical issues, reported by users.



Mr. Exchange Advantages



2FA support
– Two Factor Authentication is a widely accepted security measure, which lets you connect your account at the exchange with another device. This is most frequently done via a smartphone app.


Relatively low fees – most other exchanges charge around 0.25% of each transaction’s volume. The fees applied for BTC trading at Mr. Exchange are slightly lower (at 0.15%), while some altcoins are traded at 0.30%. This leaves mixed feelings, but is still in line with the industry averages. Here is a list of all the fees.



 
No deposit fees – Mr. Exchange does not charge anything for deposits in crypto or fiat currencies. This does not means the transactions will be free of cost – both the blockhain (depending on the coin) and the banks involved in the process will have a fee of sort.


Bank transfers supported – Mr. Exchange accepts transfers in JPY. While USD trading is supported on the website, we are not certain if deposits are. Even if they were, they would probably be very expensive. A much easier way to get involved with cryptocurrencies is with an exchange accepting credit card payments.



>>How to buy Bitcoin with a credit card?<<



Some altcoins traded – for an entry-level exchange (one which accepts fiat currencies), Mr. Exchange offers a decent variety of digital assets. The list includes: BTC, BCH, ETH, LTC, XRP, DOGE, REP. ZEC, XLM, XMR and DCT.



Mr. Exchange Disadvantages



Has trouble with the local authorities – to quote the company's website:


Mr. Exchange Co., Ltd. received a business improvement order from Fukuoka Financial Bureau today under Article 63-16 of the law concerning fund settlement.


While we aren’t familiar with the legal system in this part of the country, we know Japan has implemented a lot of rules for cryptocurrency exchanges. The Financial Services Authority (FSA) has even started regulating companies. This one is not explicitly under their oversight, but more importantly has probably had some issues in the past.


Negative user reviews – the aforementioned trouble has been mentioned in user comments even in English. This is quite rare for a Japanese exchange. Multiple clients claim they were not able to withdraw coins (or fiat currencies) from the exchange and the customer support was rather slow to respond.


Suitable only for Japanese clients – while this is a common theme for regionally oriented exchanges, it is further reiterated by the reviews which we mentioned – being a local resident appears to be hidden requirement for withdrawing funds.


Poor charting – the trading platform we saw, after opening an account with Mr. Exchange was quite disappointing. It doesn’t load up meaningful charts after hours of waiting. This is sad as the overall layout is rather nice, with a huge emphasis placed on the charting section. Here is a preview (click to zoom and by the way don’t freak out about the prices – they are in Japanese yen):


 

No margin trading – given the previously described issues, this shouldn’t come as a surprise. A few exchanges in the Land of The Rising Sun do have this functionality, but it is still rather limited, when compared to the offers of some forex brokers.


>>Bitcoin forex brokers<<


These are companies which specialize in providing high leverage ratios, mostly for fiat currency speculation, but also for CFDs. This is the way crypto is facilitated with them – via a new instrument, which only copies the price dynamics of the given coin. This type of trading is different than going to an exchange. We would advise you to look at our guide for more information.

Withdrawal fees – as you have probably noticed in the beginning of the review, these annoying charges are present at this exchange. While they will not have a significant impact for bigger traders, those who are willing to delve in the world of crypto with a very small investment will be affected. Then again, we already mentioned much bigger issues with this exchange.



Conclusion


Mr. Exchange is the new name of Mr.Ripple. The exchange is still in the transition process, which may be the reason for the multiple problems they are experiencing (most notably, some users not being able to withdraw). This is definitely not a trading venue which we would recommend for non-Japanese traders (in fact, the locals should also proceed with caution). Hopefully we will be able to update this review in the future, when the situation settles – we are sad to see the gentlemanly logo be associated with such a project.


The story of Mr. Exchange illustrates the risky nature of cryptocurrencies. If you are looking for a safer way to trade some of the major coins, a forex broker may be a better option. While some of them are also pretty dodgy, you can read more about the trusted ones below.


>>Regulated forex brokers, offering Bitcoin<<

 

To recap Mr. Exchange:

Pros Cons
2FA support Has trouble with the local authorities
Relatively low fees Negative user reviews
No deposit fees Suitable only for Japanese clients
Bank transfers supported Poor charting
Some altcoins traded No margin trading
  Withdrawal fees

 

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Traders` reviews for Mr. Excange (Mr. Ripple)

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