What is Mercatox?

Based in the UK, Mercatox is a cryptocurrency exchange platform with more than 280,000 users. As well as offering popular cryptos like bitcoin, Litecoin and Ethereum, it allows traders to access an extensive list of other, rarer cryptocurrencies.

Mercatox also provides an e-wallet with which you can store multiple digital currencies and has plans to launch a peer-to-peer lending platform to allow investors to loan money to cryptocurrency traders.

Pros

• Access to an extensive range of cryptocurrencies
• Transparent 0.25% fee on all trades
• Multi-currency e-wallet
• Ability to place limit, market and stop orders
• Loyalty program that rewards users who promote the platform

Cons

• Limited information available online
• No credit card or bank transfer deposits
• Withdrawal limits and fees apply
• Low trading volumes on many currency pairs
• No mobile trading app available

Is Mercatox safe to use?

Mercatox encourages users to set up two-factor or two-stage authentication to increase the security of their trading funds.

It’s also important to consider the security and stability of any platform before depositing funds, as crypto exchanges are a common target for hackers. For example, on January 2, 2018, Mercatox posted the following on its Facebook page:

“Due to high overload of our system and attempts of DDoS attacks we forced temporarily suspend website for upgrading our hardware and software. The service will be restored as soon as possible. All coins are SAFE! Sorry for inconvenience.”

It’s a good idea to research online forums and trusted cryptocurrency websites to stay abreast of the latest news and developments regarding the security of any exchange.