- Simple and easy to use
- Fiat currency accepted
- Good customer support
- New and unestablished
- Not regulated
- Very limited features
Terrexa is a newly launched cryptocurrency exchange that launched in the first quarter of 2018. Terrexa was launched with a vision to be different from other cryptocurrency exchanges by providing a simple and intuitive way to buy and sell cryptocurrencies for fiat money. Terrexa is owned and operated by Prime Marshall CY Ltd. and is headquartered at Prime Marshall Cy LTD, Arch.Makariou 3, 34 Hadjiyannis Court Limassol, Cyprus. The exchange is not yet regulated by any reputable regulatory authorities and has yet to build a viable reputation as they are so new. Therefore, how do you know if you can trust this crypto exchange and know how their services really are. Well, in the following review we analyze every aspect of this new crypto exchange and reveal whether they can be trusted and how their services stack up to the competition. So, delve in and discover what the Terrexa cryptocurrency exchange is all about.
The trading platform provided by Terrexa is powered by the reputable financial technology and software provider, Leverate. The platform is a web-based trading solution that has been intuitively designed to provide the best possible user experience, making it a viable option for beginner and inexperienced cryptocurrency users. The platform focuses on simplicity and does not feature any of the advanced analysis tools, order types, or charting that some other crypto exchanges have. Instead, the trading platform is simple and provides the most basic necessities of a crypto exchange platform. For instance, the platform features a very nice looking chart that’s simple to understand the price history for determine whether it’s a good buying or selling opportunity. The order window allows users to place a simple buy or sell order at the current market rate and is generally processed instantly. All in all, the exchange platform offered by Terrexa is great for who and what it’s designed for.
As Terrexa is a very simplified cryptocurrency exchange, the digital crypto assets offered by them are also very limited. Traders can buy and sell two of the most popular cryptocurrencies being Bitcoin (BTC) and Ethereum (ETH). These cryptos can only be exchanged with fiat currency and not with one another. Therefore, Terrexa really is super simple, perhaps too simple as they don’t even support the most basic features and aspects of a crypto exchange. However, the plus side of Terrexa is that users can use either US Dollars (USD) or Euro (EUR) to buy or sell Bitcoin and Ethereum. Many cryptocurrency exchanges do not support fiat currency and therefore Terrexa can be used to acquire Bitcoin or Ethereum with fiat and then transferred to another exchange that’s more sophisticated for trading.
Fees and Commission
The fees and commissions imposed on Terrexa users are very straightforward. The fees are completely dependent on the payment method used to buy Bitcoin or Ethereum and there are only two payment methods. Users who place a buy order using a Bank Wire Transfer incur a fee of 3% of the order amount with a minimum fee of $15. Also, the minimum order amount is $200 and maximum order amount is $10,000. Users using a Credit Card to make an order incur a fee of 5% and must make a minimum order of $50 or a maximum order of $2,500. At the time of this review, Terrexa was not supporting sell orders and therefore had no information regarding the fees for selling. However, they claim they will support sell orders very soon.
In addition to the fees mentioned above, Terrexa charges their clients a fee that’s incorporated into the spread. When a user buys either Bitcoin or Ethereum, the price is generally higher than on most other cryptocurrency exchanges because there is a fee included. This spread fee is not stated and thus not very transparent. However, users know exactly how much they are paying and how much crypto they are receiving. Therefore, there are no hidden fees.
Security and Fairness
Terrexa is a relatively new cryptocurrency exchange that has yet to prove themselves as a trustworthy exchange. As well, they are not licensed or regulated by any reputable regulatory organizations. However, Terrexa does employ top of the line security measure to keep their user accounts, personal information, and funds safe. Such security measures include; advanced SSL encryption technology on all transmitted data, the usage of Payment Card Industry Data Security Standard (PCI DSS) compliant processors, and the fact that the users cryptocurrency funds are never stored in the exchanges hot wallet. Once crypto is bought, it is sent directly to the users personal crypto wallet. All in all, Terrexa appears to be a relatively safe and secure cryptocurrency exchange as crypto funds are sent directly to the users wallet and PCI DSS compliant payment processors are used on all payments.
Terrexa support is rather limited, but much better than many other cryptocurrency exchanges. Customers can contact support via telephone, fax, email, and through the exchanges various social media channels. The support hours are not mentioned on their website. Additionally, customers can browse Terrexa’s extensive FAQ page.
Overall, the Terrexa cryptocurrency exchange is just another simple and unimpressive cryptocurrency exchange that doesn’t bring anything new to the table. Only Bitcoin and Ethereum are available to buy and the exchange interface does not support any advanced features. However, Terrexa is an excellent solution for beginners looking to buy some crypto. The entire process is very easy, fast and simple. As well, both US Dollars and Euros are accepted as payment. All in all, the Terrexa cryptocurrency exchange has potential for beginners, but there are more established options that are similar and better.
The following are the common questions that customers inquired about Terrexa.
Is Terrexa regulated?
No, it is not regulated.
Is Terrexa a scam?
No, Terrexa was established by a real company and appears to be legit.
Where is Terrexa based?
Terrexa is based at Prime Marshall Cy LTD, Arch.Makariou 3, 34 Hadjiyannis Court Limassol, Cyprus.