Terrexa is a new face on the scene, only operating since the first half of 2018, but it’s starting to create some interest. Based in Cyprus and backed by Prime Marshall CY, the exchange platform tech is powered by Leverate, a fintech software company. The new service isn’t well-known at all, but that may be about to change as the platform matures.
What’s Terrexa all about?
Unlike most of the large-scale exchanges out there, Terrexa doesn’t operate like a traditional exchange platform. You don’t transfer your funds, onto the platform, whether they are fiat or cryptocurrency, so Terrexa never really has your money. The exchange of funds happens “on the spot”. There is no trading of currencies; it is a straight exchange with funds going directly from bank to a wallet or from a wallet to a bank.
Terrexa has also released a Bitcoin wallet app that’s available for iOS and Android. As far as wallets go, it’s a pretty good hot wallet. If you’re using the Terrexa platform to purchase Bitcoin, there’s an integrated feature that connects you straight from your mobile wallet app to the platform. It’s not an essential tool; you can use whichever wallet suits you. However, you don’t have to use the Terrexa exchange to use the wallet.
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At present, there are only two cryptocurrency coins to trade with using EUR or USD, which are Bitcoin and Ethereum.
There are fees on this exchange, much like any other. When you see the price to buy, it is not the market price at that time there is a 5-6% markup*. The fees marked by the payment options for credit card and bank transfer are 4% and 2% respectively and are subject to banks and card provider’s fees.
When selling Bitcoin, the same fees apply. You can’t have the fiat transfer sent directly to a credit card, so a bank transfer is the only option available and the 3% transfer fee applies. There is also the 5-6% markup on the selling price.
This markup is the same as charges at foreign exchange desks in Forex trading. Those places aren’t there for charity; they need to generate profits, so they can do this by charging a commission or covering a spread between the buy and sell price.
It’s best to purchase BTC or ETH with local currency (EUR or USD) as a starting point for new traders . They also get the opportunity to sell it back.
Terrexa is not available for customers in the US. However, it is open to users in most of the rest of the world, excluding risky countries such as North Korea, Syria, Cuba, Iran, and any other country that’s designated as an increased risk by International law.