Mr. Exchange Review
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 Mr. Exchange consists of four parts: general information, fees, deposit methods and security.
UPDATE: Mr. Exchange has ceased to operate, following what they perceived to be too rigorous government requirements rom the Japanese Financial Services Agency.
Mr. Exchange (previously Mr. Ripple) is a Japanese cryptocurrency exchange. There are many Japanese cryptocurrency exchanges out there, but one other very popular Japanese cryptocurrency exchange is Bitbank. But there are many others as well for you to choose from.
The platform does not list US-investors as prohibited from trading. But, in any event, US-investors should always do their own independent assessment of any problems arising from their residency or citizenship.
Mr. Exchange Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. Unfortunately, we have not been able to create an account with this exchange. Accordingly, we have not been able to obtain a proper view of how the trading interface looks. We apologize for any inconvenience this might cause.
Mr. Exchange Fees
Mr. Exchange Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the fees. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something that we call a “flat fee model”. This means that takers and makers pay the same fee. This exchange charges flat fees amounting to 0.30% per trade for the following cryptocurrencies:
0.30% flat fee is slightly above industry average and 0.15% is somewhat below. Industry average in trading fees is arguably around 0.25%.
Mr. Exchange Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.0025 when you withdraw BTC. This is in line with (or possibly somewhat on the higher end of) the industry average.
With respect to deposits, here you can use wire transfer as a deposit method, but you can’t deposit via credit card.
Mr. Exchange Security
This platform’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.
Finally, 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):