Metal X Exchange Review
Metal X Exchange is a cryptocurrency exchange registered in Estonia. It launched in April 2020.
In addition to advantages with a more subjective element (such as "we have beautiful design") or elements that they don't provide any objective verification for (such as "your assets are safe" and "our rates are competitive"), Metal X Exchange also highlights three other advantages. These are that the exchange has two different trading modes (Basic & Advanced), that they offer a referral program through which you can passively earn money when you invite friends who trade at the exchange, and they will soon offer specific API-keys to facilitate the trading of its users.
Through another of the company's services - Metal Pay - they offer a fiat on-ramp for US investors. This means that you can easily buy crypto with your bank or debit card even if you are from USA. You can also get your own FDIC insured checking bank account in the Metal Pay app that works flawlessly with Metal X.
Metal X Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Metal X Exchange (advanced version):
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Metal X Exchange Fees
Metal X Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
This platform charges takers 0.25% per trade. These taker fees are higher than the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
Does the platform have a better deal for makers? Yes, but only a slightly better deal. Makers pay 0.20% instead of 0.25%.
Metal X Exchange also offers trading fee discounts to its customers who have received a higher tier (1-10). You reach a higher tier by achieving a certain trading volume during the preceding 30 days. Here are the available tiers and trading fee discounts:
Metal X Exchange Withdrawal fees
Metal X Exchange charges a withdrawal fee of 0.0004 BTC per BTC-withdrawal. This fee is slightly below the industry average. The current global industry average is slightly above 0.0006 BTC per BTC-withdrawal so a competitive offering by Metal X Exchange in this respect.
Deposit Methods and US-investors
In order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Metal X Exchange is cryptocurrency. However, if you really like Metal X Exchange but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
According to information that we have received from the exchange itself, US-investors are permitted to trade here. In any event, we urge any US investors to form their own opinion on the permissibility of their trading at Metal X Exchange. Specific state laws can be an issue here, even if the exchange itself welcomes your trading.
We hope you found this review to be helpful. We also recommend you to check out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: