Margex Review 2024 – Pros & Cons Revealed

The Margex crypto trading platform is quickly becoming one of the leading destinations for crypto traders across the globe. The platform offers perpetual futures trading for top cryptocurrencies like BTC and ETH as well as support for 48 other crypto assets. Available leverage of up to 100x and an easy-to-use trading interface help make Margex a top pick.

In this Margex review, we take the trading platform for a spin, sharing the pros and cons we find along the way. We’ll also review the mobile app, highlighting features and testing usability. Let’s get started.

Pros & Cons of Margex

No trading platform is perfect, and that’s also true of Margex. However, we found more pros than cons in our testing. For example, signup took mere seconds. By comparison, similar platforms often take 10 minutes to days in some cases. A simple futures-only interface also makes Margex much easier to navigate than full-featured platforms like Binance.

While the platform is impressive, there are some drawbacks, however. For instance, Margex doesn’t support traders in the US and several other countries. It’s also better suited to larger trades due to the minimum withdrawal limits. More on that in a bit.

What is Margex?

Margex is a perpetual futures exchange founded in 2019 that supports trading for 50 crypto trading pairs with leverage of up to 100x as well as forex trading. The platform was built for speed and boasts a 100,000 transaction per second capacity. Margex’s worldwide popularity provides a deep $50 million order book to ensure liquidity, enabling efficient trades.

The company is headquartered in Seychelles, a common crypto-friendly location for growth-minded exchanges.

Perpetual futures let you bet on the price direction of a cryptocurrency and keep the position open indefinitely. Leverage means using a collateral asset to make larger trades. For example, a $100 trade with 100X leverage lets you control a $10,000 position. Margex focuses exclusively on this market and does not support spot trading. Additionally, the platform supports most of the leading cryptocurrencies for perpetual futures, including BTC, ETH, and even some meme coins, such as PEPE and FLOKI.

Our Methodology for Reviewing Margex

For our Margex review, we used the platform to make trades and evaluate the user experience. We also looked for answers to new users’ questions, such as bonuses and how they can be used. While this Margex review focuses on the web app, we also tested the mobile app evaluating many of the same criteria. Our reviews draw from a wealth of experience and we present our unbiased opinion. We share the good, as well as areas in which Margex can improve from a user perspective.

Features of the platform we evaluated include the following:

• Trading pairs
• Available leverage by pair
• Trading and carrying fees
• Overall user experience
• Supported payment methods
• Withdrawal time
• Customer support
• Wallet and security

We also evaluated Margex as compared to similar trading platforms, meaning platforms focused on perpetual futures trading.

Which Cryptos Does Margex Offer?

As expected, Margex supports perpetual swaps for top-tier cryptos like BTC and ETH. However, you’ll also find a wide range of other assets, including some top meme coins like PEPE, BONK, and FLOKI. Margex’s selection of perpetual contracts far exceeds those found on Coinbase, for example, which only offers six cryptocurrencies in its perpetual futures.

Margex offers fewer futures trading options than larger platforms like Binance, which offers more than 600 futures markets, including delivery futures. On the other hand, Margex provides a much cleaner interface if the coins you want to trade are supported.

Margex Supported Trading Pairs / Max Leverage

Max leverage varies by asset, with blue-chip cryptocurrencies like BTC and ETH supporting up to 100x leverage. Assets with more price volatility and lower liquidity have lower leverage limits, such as FLOKI, which only supports up to 15% leverage.

Margex’s Top Features

The Margex platform centers on a handful of key features, clearing the clutter often found on busier, full-featured platforms like Binance.

Copy Trading

If you’re a newer trader or just don’t have time to watch the tick-by-tick chart movements, copy trading might be the solution for you. Copy trading lets you follow the moves of successful traders on the platform, some of which boast a truly impressive return on equity.

Margex uses a system they call Smart Follow, which allows followers’ trades to occur simultaneously with the trader (called a manager) you choose to follow. This no-lag measure levels the playing field for followers, making them more like coincident traders.

Copy trading comes with no additional upfront fees. However, the manager and copy trading platform earn a percentage of the revenue from the trade. You just choose a fund manager to follow and allocate a trading balance to that trader. Each trade uses a specific base currency.

Leverage Trades

All trades on Margex use leverage. While the maximum leverage varies by asset (15x up to 100x), the minimum you can choose is 5%. Newer traders may wish to favor the lower end of this scale to preserve trading capital. Higher leverage trades run the risk of liquidation during daily volatility. Be sure to check the slider. We found the default leverage for cross-margin trades at 60% for BTC and ETH.

Staking

Margex also offers staking for key cryptocurrencies like BTC, ETH, and stablecoins. The platform’s extensive help pages explain that staking puts your crypto to work in a mix of centralized finance (CeFi) and decentralized finance (DeFi) applications, including proof-of-stake protocols and yield farming. Yields range from 4% to 5% APY.

Margex doesn’t elaborate on how BTC (which doesn’t support proof of stake) is used but offers a nebulous “Other” category for staking, which may or may not refer to lending. We reached out through chat but didn’t get a clear answer regarding BTC specifically, although our chat agent was very responsive.

While yields from Margex staking are solid, you may find better opportunities on your own, particularly for Ethereum staking and stablecoins.

Demo Account

The Margex demo didn’t work during our review testing. While you can find a link to the live demo on the Margex homepage, we were prompted for a login, which took us back to live trades requiring real crypto as collateral. This feature may or may not work if you choose to test it yourself at a later date.

However, we did find a promo code for $100 in Airdrop USDT (AUSDT), which allowed us to make risk-free trades. This airdropped balance was much easier to access on mobile.

Margex Fees & Commissions

The fees for trading on Margex compare well with those on other platforms. The platform charges two types of fees: trading fees that follow a fixed schedule and variable funding fees.

• Trading fees: Trading fees on Margex are either 0.06% for market orders or 0.019% for limit orders. In both cases, trading fees are based on the size of the leveraged trade. As these trades can be considerably larger than the margin you offer up for the trade, competitive fees are important
• Funding fees: Funding fees vary based on the ratio of short sellers to long trades on the platform. Every eight hours, Margex charges a funding fee to traders on one side of the trade to help keep contract prices close to market prices. Trades held beyond the cutoff times of 00:00, 08:00, and 16:00 UTC are subject to funding fees.

Trading fees for maker orders are competitive with Binance and a bit cheaper, assuming you don’t pay Binance fees with BNB to earn an additional discount.

• Margex Maker (Limit) Orders: 0.019%
• Binance Maker (Limit) Orders: 0.020%

A $50,000 limit-order trade using $1,000 worth of crypto as collateral with 50x leverage would cost $9.50 in trading fees. By comparison, the same trade on Binance would cost $10.00. The seemingly small difference in fees can add up quickly for frequent traders and high-value trades.

Taker orders, also called market orders, execute at market prices and cost more on most platforms.

• Margex Taker (Market) Orders: 0.060%
• Binance Taker (Market) Orders: 0.050%

Market orders are costlier on Margex compared to Binance. The same $50,000 trade would cost $30, whereas the trade costs $25 on Binance. The Binance platform also offers additional discounts based on the 30-day trading volume and the amount of BNB you hold on the platform.

However, fee comparisons should also consider Margex bonuses. New users receive generous bonuses, a percentage of which are automatically applied to trading fees on the platform. This subsidizes trading costs until the bonuses are depleted. We’ll cover bonuses in more detail in a later section. Margex also stands at the top of our list of best crypto affiliate programs, enabling you to monetize your audience with high commissions.

User Experience on Margex

Overall, we found the user experience on Margex to be pleasant, with a clean trading UI lending itself to fast, error-free trades.

Account settings and additional features like copy trading are all within easy reach on both the web app and mobile, making navigation a breeze. In the few instances in which we had a question, Margex’s Help Center and Live Chat proved to be valuable research and got us back to trading in seconds.

Bonuses make the platform fun to use (everyone likes free crypto) and help cut trading fees down to size when making larger leverage trades. Additionally, newbie-friendly features like training videos make it a breeze for new users to get started. As a caveat, take advantage of the tutorials if you’re new to leverage trading. Leverage can wreak havoc on your portfolio if not used carefully in volatile markets.

Margex Wallet

Assets you hold on the platform are stored in Margex Wallet. This dashboard provides an overview of your holdings as well as tools to stake specific assets to earn a yield.

While the wallet supports staking, staking is subject to minimums and availability. For example, while you can stake Bitcoin to earn 4%, the staking pool was full when we tried to use it. Check back frequently for availability. ETH staking requires a minimum of 0.1 ETH.

Staking on Margex does not require lock-up periods or evident withdrawal restrictions. Additionally, staked balances can be used for the initial margin in a trade.

Margex staking is currently available for two cryptocurrencies:

• BTC: 4% APY
• ETH: 5% APY

In addition, Margex offers a 5% yield on USDC and USDT. However, we only saw this offer on the mobile app, which we’ll discuss next.

Does Margex Have a Mobile App?

The Margex app lets you access most of the features available on the desktop browser app. A handful of features aren’t directly supported in the app; instead, tapping these buttons opens a mobile browser.

Much like the desktop experience, Margex delivers a clean user interface well-suited for new and experienced traders. Upon opening the app, you’re greeted with a welcome screen linking to a beginner’s tutorial.

A single click takes users to the app’s main features, including prominent buttons for deposits, buying crypto, copy trading, and staking. Trading pairs appear below in a scrollable list. One more tap takes you to the trading screen.

Arguably, Margex’s mobile app is even easier to use than the desktop web app. Tradeoffs include smaller charts (although mobile charts can use full-screen) with fewer technical indicators. Certain features, such as stablecoin staking, open in a separate browser.

We experienced some lag on the mobile app at times, during which the trade button became a spinning circle. Closing the app remedied the issue.

Margex’s Accepted Payment Methods

Margex doesn’t support direct purchases of spot crypto. Instead, it offers third-party providers who can automatically deposit the crypto you purchase into your Margex trading account.

When purchasing crypto through a third-party provider, you’ll need to make a $10 minimum deposit; fees vary depending on the provider you choose. All providers support Visa and MasterCard purchases. However, Change Now offers a wider range of payment options, including SEPA, Revolut, Swift, and FasterPay.

Payment Providers

Be aware that not all cryptocurrencies supported by Margex are available from all providers. For example, we could not purchase Kaspa from any of the three providers. This means that Kaspa trades on the platform must use cross margin unless you can send Kaspa acquired elsewhere.

• Change Now: Visa, Mastercard, SEPA, Apple Pay, Google Pay, Revolut, Swift, FasterPay
• Changelly: Visa, Mastercard, Google Pay
• Uniramp: Visa, Mastercard, Apple Pay, Google Pay, Cash App

Crypto Deposits

Likely the preferred funding method for most traders, Margex offers broad support for crypto deposits. For example, you can send BTC or ETH to your account from a self-custody crypto wallet by withdrawing from another exchange. The process is straightforward and relatively fast, although deposited funds become available after a specific number of blockchain confirmations, which varies by asset.

We found Ethereum deposits a bit confusing because the option was labeled as ERC-20 rather than Ethereum. However, Ethereum chain deposits do support ERC-20 coins like USDC.

Withdrawals

Margex doesn’t directly support cash withdrawals to a bank account. However, third-party payment providers allow you to convert your crypto to cash and send it to your bank account in supported regions.

Crypto withdrawals to a self-custody wallet provide the best withdrawal method. Margex does not charge a withdrawal fee. Network fees apply, however.

Crypto withdrawals are sent from a cold wallet once per day at approximately 13:00 UTC. To make a withdrawal, Margex requires a PIN code, which they send by email.

Margex Account Types

Margex only offers one type of account: standard.

All trades on the platform require leverage, with the lowest leverage allowed being 5x using isolated margin. Cross-margin trades are limited to maximum leverage for the trading pair. Cross-margin trades use eligible assets as trade collateral, whereas isolated margin uses just balance for the asset you’re trading.

While Margex only offers one type of account, if you choose to use copy trading, your balances are split between your main account and copy trading account.

Margex Bonuses & Promos

Sign-up bonuses act as a discount on trading fees. When you sign up for Margex, you’ll receive BTC and ETH bonuses automatically. Several other types of crypto bonuses are available to claim, adding about $1,800 to our account balance in total.

However, these bonuses are automatically applied to trading fees and funding fee for trades and can’t be withdrawn. Think of it as a low-cost way to get started. Bonuses balances automatically pay up to 50% of trading fees.

Margex also provides a $100 one-time deposit bonus. First, make a qualifying deposit, and then Margex automatically provides a $100 equivalent in the deposited token. Unlike

In addition to new account bonuses, Margex also offers referral bonuses for sending new users to the platform. This is a link that you can share on social media or elsewhere. When someone uses your referral link to sign up for Margex, you’ll earn a percentage of the fees generated by the new user. Currently, Margex pays 40% as a referral bonus.

Is Margex Safe?

Generally speaking, Margex provides good security options. However, the exchange isn’t licensed by any notable licensing authorities. Crypto is largely unregulated, so this isn’t uncommon.

Licensing

Margex is headquartered in Seychelles. However, we were unable to find a registration with the Financial Services Authority of Seychelles. We also didn’t find any regulatory listing on Margex’s website. While regulatory oversight doesn’t guarantee safety on crypto trading platforms, users should consider the potential risk before investing. Crypto exchanges have been known to close their doors suddenly.

Security

Account security offers many of the protections traders expect. At a basic level, you account is secured by a email adress and password. However, Margex also offers two-factor authentication (2FA) using an authenticator app like Google Authenticator. The mobile app for Android or iOS also supports face ID or fingerprint login.

Withdrawals require a PIN code sent by email.

Fund Protection

Margex uses cold storage for balances held on the platform, meaning the wallet keys are stored offline. This measure helps protect user funds but also delays withdrawals, which occur once daily.

Margex Customer Support & Service

Nearly every question you might have is covered in Margex’s extensive Help Center. In addition, a chat icon found on both the web app and mobile app puts answers to top questions at your fingertips. If your specific question isn’t among the FAQ topics, a live agent answers quickly. We used this feature a few time, finding the live agent to be responsive and friendly. Chat history is saved across devices, making it easy to resume the conversation on other devices.

Margex scores comparatively well based on user reviews on Trustpilot, where the exchange earns a 3.7 out of 5-star score. By comparison, some well-known exchanges, such as Coinbase and Kraken, earn considerably lower Trustpilot scores.

How to Open a Margex Account

Opening an account with Margex is a simple process. Initial signup took mere seconds.

• Step 1: Visit the Margex website and tap the Sign Up button.
• Step 2: Provide your email address and choose a secure password.
• Step 3: Check your email for a confirmation.
  Enable 2FA. Go to any trading screen and tap on the account icon to view settings and enable 2FA.
• Step 4: Make a deposit. You can either purchase crypto through one of Margex’s partners or deposit crypto you already own directly into your Margex Wallet.
• Step 5: Claim your bonuses. Deposit bonuses are automatically applied. However, most sign-up bonuses require a button tap to claim.

Conclusion

Margex has quickly become a top destination for crypto traders worldwide. The platform’s popularity benefits from fast signups without identity verification, an award-winning interface, and generous bonuses. With 50 trading pairs, all major market categories are well represented, with leverage trading limits of up to 100x. Both mobile and desktop users are well-supported, and the Help Center and Live Chat provide fast answers to most of the questions users might have.

Overall, we enjoyed using Margex, and the low trading fees for limit orders will keep us coming back for more when there’s a good trade to be had.

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