Metal X

Overview of Metal X

Metal X, established in 2020, is a cryptocurrency exchange with global operations, headquartered in the United States. The platform offers trading in 20+ cryptocurrencies, including major ones like Bitcoin, Ethereum, and Tether. With a 24-hour trading volume of $5 million, Metal X provides a moderate trading environment. The exchange operates on a maker-taker fee structure, with makers benefiting from a lower fee of 0.05%, while takers are subject to a fee of 0.1%. Notably, Metal X holds regulatory authorization from FinCEN and operates under an MSB license (license number: 31000174577713), extending its credibility but users should consider potential risks associated with trading on the platform.

Pros and cons

Pros:

Regulatory Credibility: Metal X is authorized by FinCEN and holds an MSB license, assuring users of legal compliance.

Enhanced Security: Strong security measures, including 2FA and encryption, protect user assets and data.

Diverse Cryptocurrency Choices: With 20+ cryptocurrencies, including major ones, users have varied trading options.

24/7 Support: Metal X offers continuous customer support via live chat and email.

Cons:

Slow Coin Listings: Delays in listing new coins may hinder access to emerging cryptocurrencies.

Limited Payment Methods: Bank wires, cards, and crypto deposits are supported, but more options are desired.

Unregulated Risks: Despite regulation, potential risks of operating in less-regulated environments should be noted.

Regulatory Complexity: The “Exceeded” status of the MSB license raises awareness of potential complexities and associated risks.

Regulatory Authority

The regulatory situation of Metal X exchange is overseen by the Financial Crimes Enforcement Network (FinCEN). The exchange holds an MSB License (Money Services Business License) with the license name Metallicus, Inc. The regulation number for Metal X is 31000174577713. The regulation status of Metal X is stated as “Exceeded”, indicating that the exchange has fulfilled the necessary regulatory requirements. This regulatory framework ensures that Metal X operates in accordance with legal and compliance standards set by the regulatory agency.

Security

Metal X prioritizes security measures to protect user assets and personal information. The exchange implements industry-standard measures such as two-factor authentication (2FA) to enhance account security. Additionally, Metal X employs encryption protocols to safeguard sensitive data during transmission. The exchange also follows best practices for storing and securing user funds, including offline cold storage and regular security audits. These security measures aim to provide a secure environment for users to engage in virtual currency trading and ensure the protection of their assets and personal information.

Cryptocurrencies Available

Metal X lists over 20 cryptocurrencies, including Bitcoin, Ethereum, and Tether. The coin-listing speed on Metal X is relatively slow. The exchange typically lists new cryptocurrencies within a few months of their release.

How to open an account？

The registration process of Metal X involves the following steps:

1. Visit the Metal X website and click on the “Register” button.

2. Fill out the registration form with your personal information, including your full name, email address, and password.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Complete the KYC (Know Your Customer) process by providing necessary documents such as identification proof, proof of address, and any additional requested information.

5. Set up two-factor authentication (2FA) for added security.

6. Once your registration and KYC verification are complete, you can start using Metal X to trade cryptocurrencies.

Fees

Metal X charges a maker-taker fee model, which means that users who add liquidity to the order book (makers) are charged a lower fee than users who take liquidity from the order book (takers). The taker fee on Metal X is 0.1%, and the maker fee is 0.05%.

Here is a table summarizing the trading fees of Metal X:

Payment Methods

Metal X accepts multiple payment methods including bank wire transfer, debit/credit card, and cryptocurrency deposits. Bank wire transfers typically take 1-3 business days to complete, while debit/credit card payments are usually processed instantly. For cryptocurrency deposits, the processing time may vary depending on the specific cryptocurrency network, but generally, it takes a few minutes to few hours for the transaction to be confirmed. Metal X strives to provide efficient payment processing to ensure seamless transactions for its users.

Is Metal X a Good Exchange for You？

Metal X offers a moderate trading environment for users interested in diverse cryptocurrency choices. Established in 2020, this US-based exchange boasts regulatory authorization from FinCEN, providing regulatory credibility. Security measures are robust, including 2FA and encryption, ensuring user data safety. While over 20 cryptocurrencies are listed, coin listings can be slow. The 24/7 customer support, through live chat and email, enhances user experience. However, users should note limited payment methods and potential unregulated risks. The maker-taker fee model charges makers at 0.05% and takers at 0.1%. With Metal X's regulatory backing and security measures, users can consider this exchange for trading, albeit with awareness of its cons.

Suitable for: Traders seeking diverse cryptocurrencies, those valuing regulatory credibility, users emphasizing security measures.

Risks to Consider: Slow coin listings, limited payment methods, potential unregulated risks.

Conclusion

In conclusion, Metal X presents a platform with regulatory credibility, bolstered by its authorization from FinCEN. Its strong security measures, such as 2FA and encryption, contribute to a safe trading environment. The exchange's range of over 20 cryptocurrencies provides trading options, while 24/7 customer support enhances user experience. However, potential downsides include slow coin listings, limited payment methods, and the need to be cautious of potential unregulated risks. With a maker-taker fee structure favoring makers, Metal X offers a blend of advantages and disadvantages for users looking to engage in cryptocurrency trading.

FAQs

Q: Is Metal X regulated？

A: Yes, Metal X is regulated by FinCEN (Financial Crimes Enforcement Network) and operates under an MSB (Money Services Business) license. The exchange holds an “Exceeded” status, indicating compliance with regulatory requirements.

Q: What cryptocurrencies can I trade on Metal X？

A: Metal X offers trading for over 20 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Tether.

Q: How secure is Metal X？

A: Metal X prioritizes security with measures like two-factor authentication (2FA) and encryption. They also store a majority of user funds in offline cold storage for enhanced protection.

Q: What are the trading fees on Metal X？

A: Metal X follows a maker-taker fee model. Makers are charged a fee of 0.05%, while takers are subject to a fee of 0.1%.

Q: How can I deposit funds on Metal X？

A: Metal X accepts various payment methods, including bank wire transfers, debit/credit cards, and cryptocurrency deposits.

Q: Does Metal X offer customer support？

A: Yes, Metal X provides 24/7 customer support through live chat and email to assist users with any inquiries or issues.

Q: How fast are deposits and withdrawals processed on Metal X？

A: The processing times for deposits and withdrawals vary depending on the payment method used. Bank wire transfers may take 1-3 business days, while debit/credit card payments are usually instant. Cryptocurrency deposits depend on the specific cryptocurrency network and typically take a few minutes to a few hours for confirmation.

User Review

User 1: I've been using Metal X for a few months now and I'm really impressed with the security measures they have in place. They offer two-factor authentication and encryption protocols to protect my assets and personal information. Plus, they store user funds in offline cold storage, which gives me peace of mind. The wide range of cryptocurrencies available for trading is also a big plus. However, I wish they were more transparent about their trading fees and provided more detailed fee information on their website.

User 2: Metal X is definitely my go-to crypto exchange. The fact that they are regulated by FinCEN gives me confidence in their compliance with regulatory standards. The user interface is intuitive and user-friendly, making it easy for me to navigate and trade. The liquidity is great, allowing me to execute trades quickly and efficiently. The customer support is top-notch, with prompt responses to my queries. The only downside is that the withdrawal speed can be a bit slow at times, but overall, I'm really satisfied with Metal X.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.