Margex exchange review

Margex: Emerging Top Tier Crypto Exchange For 2024 Revealed

The crypto industry offers plenty of derivatives trading platforms, however, it’s pretty hard to find a decent exchange with an extensive range of trading tools working smoothly. So today, we’re going to examine Margex, the innovative crypto derivatives exchange, with a fine-tooth comb. We may suggest that the reader’s initial impression may lean toward skepticism, but wait, don’t judge a book by its cover. We have a feeling that the Margex exchange can reveal numerous pleasant surprises, leveraging your derivatives trading routine. So keep reading this extensive review, as we’ll dive into the Margex features and tools and explore how traders can benefit from them.

Margex Trading Platform

Margex exchange

So let’s give an extensive answer to the question “What is Magex?” Margex is a robust derivatives crypto exchange and investment platform, catering to the needs of seasoned and novice traders with secure and fair digital asset trading. Since its inception in 2019, the exchange has adhered to its commitment to making crypto trading accessible and straightforward to a wider audience. But these aren’t mere words, as the exchange demonstrates the cutting-edge technologies to do its utmost for a seamless trading experience.

Swift order execution is one of the Margex’s distinctive features. Its trading engine stands out for its exceptional efficiency, advanced capabilities, and rapid performance. According to Margex, it can handle 100K orders per second and the average order execution time is 8ms, which is pretty impressive.

To avoid being unfounded, let’s take a quick look at the exchange’s advantages and explore how you can benefit from crypto futures trading on Margex:

  • Powerful derivatives trading with 100x leverage trading on 40+ trading pairs.
  • Margex’s supported coins list includes BTC, ETH, LTC, XRP, EOS, ADA, UNI, SOL, and others paired with USD.
  • Users can access the latest information through a cumulative order book value exceeding $40,000,000 and data from more than 12 liquidity providers.
  • Multicollateral wallets empower users to deposit, trade, and settle transactions using different types of digital assets without necessarily owning the underlying assets.
  • Personal’s details aren’t required.
  • Margex allows users to harness the full potential of copy trading.
  • The exchange has developed an MP Shield, serving as a protective system against price manipulation in the cryptocurrency market.
  • Staking opportunities with no lock-up period.
  • The Margex interface is very intuitive and user-friendly, making it easy to navigate even for a beginner. Notably, Finance Magnates has recognized Margex for its clear and user-friendly design.
  • Visa, MasterCard, GooglePay, and ApplePay, as well as Paypal, are accepted for buying digital assets.
  • The Margex app is available on the web version, as well as on IOS and Android.

The Full Margex Review: Key Features

With Margex, crypto trading turns into a lucrative and pleasant endeavor. The exchange offers derivatives trading on 40+ trading pairs with leverage from 5x to 100x. However, Margex supports trading on a limited number of coins and the amount of trading pairs seems to be meager. To soften the blow, Margex is planning to add Forex trading to the platform shortly, with the cherry on top – up to 500x leverage. That seems pretty generous.

Additionally, spot trading will also be available on the platform and, currently, it is in the development stage.

Let’s take a look at the Margex trading interface, designed to make trading smooth and straightforward. On the left sidebar, you can find everything related to setting the order: the desired trading pair, order type, selection of leverage rate, and of course the option to choose between cross or isolated margin modes. As one can see, the trading terminal is easy to navigate yet keeps sufficient tools and features covering users’ trading needs.

Margex trading interface

Margex Order Types

Margex offers a set of basic orders, which prove to be sufficient for lucrative derivatives trading. These orders are versatile and can be adjusted for any market situation, aiding in effective risk management:

  • Market order is the most straightforward order in crypto trading, allowing you to buy or sell assets at the current market price. If you prioritize the speed of order execution over a specific price – this is your go-to choice.
  • Limit orders are perfect for those who like to control the entry or exit price of their trades. This order type allows you to set a target price for buying or selling cryptocurrency.
  • Stop-Market order, is the perfect combination of Stop and Market orders, executing an immediate Market order when the price hits a preset target (the stop price).

And the icing on the cake – you can attach Stop Loss or Take Profit to any order. Simply click on the SL/TP tab in the open position and choose the desired price levels.

  • Stop Loss is a perfect tool for risk management, which protects traders from potential losses and triggers the order at the predefined price if the market moves against them.
  • Take Profit helps secure gains. Simply specify the price level and wait till the market reaches it, and the order will be triggered automatically.

However, if you’re a professional trader, the basic Margex orders set may not be enough to meet your trading needs.

Trade in Profit with Advanced Trading Tools

Margex Copy Trading

Margex provides an opportunity for novice traders to benefit from the experience of seasoned crypto go-getters! Crypto trading is a complex venue, requiring a lot of knowledge and expertise. If you don’t want to wait till you get a hand in trading and become an expert in cryptocurrency trading to profit, this innovative feature is just what you need! Margex offers copy trading – a perfect tool for getting profits while watching PROs doing their job. This feature is beneficial for both followers and traders, with an additional sweet bonus – all profit goes directly to you and the copy trader, Margex doesn’t charge any additional fees for that. Explore the Leaderboard to find the best crypto trader to follow, assess their key performance indicators, choose the best strategy to copy, and voila! You can simultaneously watch, learn, and profit! Nevertheless, traders must be careful in selecting the trader to follow and keep in mind that the profits can never be guaranteed. Copy trading is a great tool yet it should be approached wisely and it’s vital to implement a well-thought-out risk management strategy.

Margex copy trading

Besides, if you’re interested solely in Margex copy trading and prefer to keep trading in your pocket – you can download a separate copy trading mobile app for IOS or Android. The app is user-friendly, with vibrant colors and a visually appealing design that has gathered all you need for copy trading in one place. Create a new account or use your existing login to dive into the exciting world of Margex copy trading.

Margex Staking

Margex staking

Make your money work for you with the Margex staking opportunity! The selection of coins for staking is rather limited, but the best part is, that there is no lock-up period – you can stake and trade the coins at once, and stake/unstake anytime you like. Margex handles all the technical intricacies, providing a user-friendly and streamlined interface that allows you to stake coins effortlessly with just a few clicks.

Margex Binance Bybit OKX WhiteBIT
BTC 4% 0,29% 5% 5% 17,39%
ETH 5% 3,61% 3% 5% 17,39%
USDT 4% 14,05% 11,29% 10% 18,64%
USDC 5% 9,36% 10,87% 10% 17,39%

Margex earn rates are in line with the market average for BTC and ETH staking, however the rates for stablecoins aren’t so generous. You can easily find out your potential income in the Margex interest calculator. It displays various periods from a day to a year, and the gains depend on your wallet balance.

Margex earn rates

Is Margex Safe?

Margex puts security as a paramount priority ensuring a secure trading experience for its users. The exchange implements the best practices from both cryptocurrency and bank-grade security measures. Security features include two-factor authentication, email verification, and SSL data encryption. Moreover, all funds are stored in cold wallets significantly reducing the risk of unauthorized access or cyber threats.

Based on the exchange’s statement, Margex carries out periodic stress tests and numerous security audits to ensure compliance with the strictest security and cyber-security standards. However, there is no sign of conducting security audits by third parties in the open access. Additionally, Margex doesn’t provide public Proof of Reserves data, which the majority of popular crypto exchanges do. For example, Binance has presented its Proof of Reserves, as has the Kraken exchange.

The exchange doesn’t implement a full-scale bug bounty program or white hat hackers collaboration, yet Margex encourages its users to report any security issues by conducting customer support or by email. Anyway, to date, Margex hasn’t had any malicious hacks or security breaches.

Additionally, Margex has introduced MP Shield ​​to safeguard its users from the risks associated with price manipulation in the volatile crypto market. This protective system uses combined liquidity from multiple providers, AI algorithms for price monitoring, and avoids illiquid assets with inflated prices. It actively surveils all trading activities to ensure fairness and protect users from manipulation risks.

How To Start Trading On The Margex Exchange?

Registration Process

Creating an account on Margex is a fast process, and it takes no more than just a minute.

  • Simply visit the exchange’s main page,
  • Click on the “Start Trading” button,
  • Enter your email, and come up with the password,
  • Verify that there are no country restrictions for trading and click the “Register” button,
  • After confirming the email address, you’re good to go!

After you’re done with the signup procedure, the Margex login will take just a second. One of the perks of Margex is that it doesn’t require KYC. Unlike most exchanges that require attaching an official ID, your beautiful photo (or a regular one would work too), and even a proven home address, it usually takes a lot of time. Margex allows you to keep your cards close to the chest and enjoy trading right away.

Margex registration

Margex Wallet

Margex Wallet

The Margex wallet allows users to make deposits or withdraw funds hassle-free. Users can see a thorough summary of their balance and the history section keeps all the details about previous transactions. The navigation is very intuitive, so depositing or withdrawing funds will take just a couple of clicks.

Margex Deposit Options

Margex offers several ways to fund the account:

  1. Direct cryptocurrency deposits
  2. Buying crypto by a bank card

The platform doesn’t charge any deposit fees and supports deposits of multiple coins including BTC, ETH, Tron, and Solana on various networks: Native, ERC20, BEP20, TRC20, Polygon, Avalanche, Solana, Arbitrum and others.

For the first option, click on the “+Deposit” button on the wallet page, and then choose the desired coin and the corresponding network from the dropdown menu. Copy your Margex deposit address and use it as a destination point when transferring funds.

Margex Deposit

If you want to buy with a credit card, Margex has got you covered! The platform uses third parties to accomplish this operation. Choose one of the Margex partners – ChangeNow, Changelly, or Uniramp, and you will be redirected to the payment page and fill in transaction details. This way you can easily buy crypto with fiat without bothering with the cryptocurrency wallets! Note that, as these are third-party platforms, they may require verification during the initial purchase.

how to deposit funds on Margex using credit card Keep in mind that the Margex minimum deposit is equivalent to $10 in the selected cryptocurrency.

Margex Withdrawals Methods

The withdrawal process is simple and straightforward on the Margex. Here is a step-by-step guide on how to withdraw the funds:

  1. Go to the “Wallet” page
  2. Click the “Withdrawal” button
  3. Fill out the required information: coin, withdrawal address, network, and amount
  4. After clicking on the Continue button, a confirmation email will be sent with the code
  5. Enter the code and click the “Withdraw” button to validate the procedure.

Margex Withdrawals

Users have the option to cancel the withdrawal in the “Transaction history” section before the withdrawal processing period. The exchange processes them once a day, between 12:00 – 14:00 UTC. Additionally, to align with Margex withdrawal time, users have to request it before 12:00 UTC if they want the procedure to be fulfilled the same day, otherwise it will be pending until the next day. Margex states that these limitations are made in light of security considerations, as most funds are kept in cold wallets, meanwhile, hot wallets don’t carry a significant amount of funds. However, these measures provoke doubts, as the majority of the exchanges process withdrawals promptly 24/7.

Furthermore, Margex withdrawal fees aren’t anticipated and all the currencies available for deposit can be withdrawn from the exchange. However, the withdrawal of fiat currencies isn’t provided.

Margex Fees

Fees are one of the concerns when choosing a crypto exchange to operate in. Margex transaction fees depend on the order type:

  • Market orders (taker fee) – 0,060%
  • Limit orders (maker fee) – 0,019%

Unfortunately, it’s impossible to say that Margex proposes the best deal on the market. Let’s take a look at the comparison table below, with the derivatives trading fees of the most popular crypto exchanges:

Margex  OKX Binance WhiteBIT Bybit KuCoin
Maker fee 0,019% 0,015% – 0,020% 0,00% – 0,020% 0,01% 0,00% – 0,020% 0,00% – 0,20%
Taker fee 0,060% 0,030% – 0,050% 0,017% – 0,050% 0,035% 0.0250% – 0,0550% 0,030% – 0,060%

 

Also, the platform employs funding fees, which are incurred when a position is carried into a new funding period, occurring every 8 hours. They are influenced by the ratio of Longs to Shorts and market volatility, and funding fees are not charged if a position is closed before the funding cut-off time. More detailed information about the trading and funding fees can be found here.

Referral Program From Margex

Margex referral program

But on this profitable opportunities with Margex don’t end! The platform offers a generous opportunity for users to earn up to 40% of the trading fees generated by their referrals. Traders can invite friends and family members via their Margex referral code, create their trading network, and monitor all the stats and data on the Referral page of their account. Whether you are an active trader or not, this could be the ticket to your extra income!

Summing up: Margex Pros and Cons

Margex stands as a credible and innovative crypto exchange, however, every silver lining has a cloud. That being said, let’s take a look at Margex’s advantages and disadvantages.

✅ Pros ❌ Cons 
 Trading with up to 100x leverage Spot trading isn’t yet available
 Staking with no lock-up period Small amount of trading pairs
 Extremely intuitive and friendly interface Only basic order types
 Trading any combination of assets using collateral Not competitive fees
 Protection from price manipulation Funds withdrawal isn’t around the clock
 No personal data disclosure Security concerns

It’s worth noting the outstanding customer support. Any concern can be addressed 24/7 via live chat or email, the team will quickly respond to any question and help resolve any issues. This is quite a luxury, as at most popular exchanges the communication is often limited to FAQ sections and it takes ages to even get in touch with the support.

Margex provides plenty of tutorials and trading guides. The exchange has a YouTube channel with comprehensive videos with detailed explanations on how to start trading or diving into the essentials of copy trading.

Nevertheless, trading fees don’t align with the exchange’s basic functionality and poor choice of supported coins and trading pairs. Furthermore, there are restrictions on withdrawals. The funds can be transferred only once a day within the designated time frame. Thus, if you’re used to withdrawing assets at any time of the day, this may be inconvenient.

In terms of security, on the surface everything looks fine, however, the absence of independent security test results in the public domain and proof of reserves should alarm the potential user.

In the end, the choice of a derivatives exchange is a kaleidoscope of preferences. For some, it is the eminent exchange, while for others, it’s the set of trading tools and competitive trading fees. Bearing the above in mind, Margex isn’t spraying on the numerous features, but concentrating on the cutting-edge derivatives trading infrastructure. This may appeal to those prioritizing innovation over a myriad of features. With that being said, only time will unveil whether Margex evolves into a one-stop solution for successful crypto trading.

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January 26, 2024

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