US investors permitted
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 Morrex consists of four parts: general information, fees, deposit methods and security.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at Morrex, you’ll have to reconsider your choice of trading venue and choose one of the other top crypto exchanges. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Morrex has a website with a very old-school interface. It doesn’t seem to have had web designers involved whatsoever. But, in all fairness, it’s easy to find the information you seek so that’s always something.
Morrex Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
The flat fee model at this exchange is set at 1.00%. This is a ridiculously high trading fee. It is extra ridiculous considering that the exchange claims on its website to have “low transaction fees”. News flash: 1.00% flat transaction fees is NOT low.
It is four times higher than what we consider to be the industry average (0.25%). One should carefully consider whether this trading platform has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
Morrex Withdrawal fees
Contrary to the level of its trading fees, this exchange does not charge any withdrawal fees at all for withdrawing BTC. This is a very strong competitive edge in the market and really distinguishes Morrex from most other top crypto exchanges. We will let you decide whether this fact in some way counters the excessive trading fees.
Morrex offers wire transfer as a deposit method, but you can’t deposit via credit card.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Morrex’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):