A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Magnr consists of four parts: general information, fees, deposit methods and security.
UPDATE 26 February 2019: This exchange is currently closed. It has the following message on their website:
Magnr is a British cryptocurrency exchange, based in London. It started its operations in 2013. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Magnr does not list US-investors as prohibited from trading, but US-investors should always do their own independent assessment of any problems arising from their residency or citizenship.
This exchange only offers trading in Bitcoin.
Magnr promises its users that they always have full and access to their Bitcoin funds at any time, without ever worrying about withdrawal limitations. Furthermore, the users’ funds are allegedly secured and protected using BitGo’s industry-leading technology. Accounts utilize multiple private keys and a hierarchical address structure for your security. Finally, all web traffic data is communicated over SSL 256-bit AES encryption channels to ensure the protection of all information.
Magnr Trading fees
This exchange offers a flat trading fee of 0.45%. The exchange does accordingly not distinguish between takers and makers. 0.45% is far above the industry average. The industry average is arguably around 0.25%. One should consider whether this exchange has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
Magnr Withdrawal fees
To our knowledge, Magnr does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market and really distinguishes this exchange from most other top crypto exchanges.
Magnr does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them at this exchange.
Magnr’s security score is C-, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: