Terrexa Cryptocurrency Exchange Review
The fast-moving cryptocurrency industry is often compared to the similarly volatile foreign exchange market. Like Forex, the technical nature of the crypto market makes it attractive to traders that focus on technical analysis. The parallels between the two markets have not gone unnoticed by Forex brokerage tech platform Leverate, who have launched a new crypto-to-fiat bridge platform.
Terraxa, Leverate’s crypto trading platform, is squarely aimed at traders, brokers, and businesses that are relatively new to the cryptocurrency ecosystem. Rather than focus on establishing a highly nuanced, complex cryptocurrency exchange complete with advanced order options, portfolio management tools, and analysis tools, Leverate has opted for an approach that focuses on simplicity and ease of use.
What is Terrexa?
Terrexa is designed to make either buying or selling cryptocurrency extremely easy. Instead of offering hundreds of different trading pairs and cryptocurrencies, multiple international fiat currencies, and providing advanced trading features, Terrexa is tightly focused on streamlining the cryptocurrency purchasing and selling process.
The Terrexa platform does one simple thing, and it does it very well — the exchange of fiat currencies for cryptocurrencies, and visa versa. Terrexa supports just two cryptocurrencies — Bitcoin and Ethereum. The Terrexa UI is clean and streamlined, offering users a simple price ticker that shows the current price and 24-hour change of both supported cryptocurrencies.
In addition to providing fast ticker information, Terrexa also provides users with a drop-down chart for both Ethereum and Bitcoin that illustrates market cap, 24-hour volume, circulating supply, and maximum supply.
Terrexa users are able to rapidly purchase cryptocurrencies via either bank transfer or instant credit card purchase. Terrexa is extremely secure — the payment gateway used by the platform follows Payment Card Industry Data Security Standard (PCI DSS) compliance to ensure user card information remains safe. Importantly, Terrexa doesn’t cryptocurrency purchases made by users. Instead, Terrexa purchases cryptocurrency ordered by users on their behalf and transfers it directly to their wallet address.
Terrexa Key Features:
- Fast cryptocurrency purchases via bank transfer or credit card
- Simple, easy to use UI
- No complex order functionality or analysis features
- Supports Bitcoin and Ethereum
Terrexa Account Verification & Limits
While the cryptocurrency market was once a relatively laissez-faire ecosystem, regulatory scrutiny and evolving legislation mean that any platform offering direct purchases of cryptocurrency now needs to ensure that it follows both Anti-Money Laundering and Know Your Customer practices, which means identifying users — Terrexa included.
It’s possible to make an account with Terrexa with just a name and email address, but purchases can’t be made until the account is verified. Terrexa requires that all platform users identify themselves by submitting acceptable identity documents, and limits the amount of cryptocurrency that can be purchased over the lifetime of the account based on the amount of identity data captured.
Level 1 accounts are able to purchase up to $5,000 USD worth of cryptocurrency, and must provide Terrexa with a valid government-issued ID document. These documents are listed by Terrexa as non-US passports, drivers licenses, or national ID cards. To provide proof of address information, users must also provide a scan of a utility bill in their name.
Level 2 accounts are able to purchase up to $10,000 USD worth of cryptocurrency via Terrexa. To gain level 2 verification, users must complete and sign a questionnaire issued by the platform. Level 3 accounts are able to purchase an unlimited amount of cryptocurrency via Terrexa, but must complete a Statement of Work agreement with Terrexa that functions as a legally binding contract.
Cryptocurrency exchanges executed on the Terrexa platform are also subject to limitations. Bank transfer transactions are limited to between $200 and $10,000 in either USD or EUR. Credit card transactions are limited to between $50 and $2,500 USD or EUR.
Terrexa offers a fairly straightforward fee structure that doesn’t suffer from the complexity of the maker/taker models used by the more complex exchanges in the cryptocurrency market.
Credit card cryptocurrency purchases made via Terrexa are subject to a 4% fee, while bank transfer cryptocurrency purchases are subject to a 2% fee. It’s important to note, however, that the process of conversion from fiat currency to cryptocurrency executed by Terrexa — the spread — includes a commission, which is paid to Terrexa.
While this commission isn’t expressly mentioned on the Terrexa website, it is mentioned in the terms and conditions. The Terrexa platform does provide users with a clear explanation of exactly how much Bitcoin or Ethereum they are purchasing for their fiat currency before order execution, however, ensuring that there are no hidden fees.
The Terrexa Wallet App
In addition to providing users with a simple and streamlined method of purchasing cryptocurrency, Terrexa also offers users a dedicated wallet app. The Terrexa Wallet is available for both Android and iOS devices, and provides basic wallet support.
While the Terrexa wallet app offers an attractive UI, it currently only supports Bitcoin and doesn’t take advantage of any of the 2FA security features that are native to new smartphones, such as fingerprint recognition. It is possible to buy Bitcoin directly through the Terrexa wallet app, however.
Is Terrexa Available in Australia?
Terrexa is available to users in almost every country, Australia included. While it’s not possible to fund a Terrexa purchase with AUD, it is possible to sign up and verify a Terrexa account with Australian identification. Funding bank transfer purchases with Terrexa can be somewhat complex, as exchange rates may vary over the duration of an international wire transfer, so credit card purchases are likely to be more cost-effective for Australian Terrexa users.
Terrexa doesn’t offer any of the powerful trading, order, and analysis tools provided by large-scale professional cryptocurrency exchanges such as Coinbase Pro or Binance. Instead, Terrexa is focused on helping users that are new to cryptocurrency to purchase BTC or ETH in a simple, easy to understand manner.
The fees offered by Terrexa aren’t the most competitive in the market, but are not exorbitant and, given the ease of use the platform offers, justifiable. The Terrexa platform is a strong example of a simple, easy to use cryptocurrency trading platform that accelerates cryptocurrency adoption in an effective, understandable manner.