Terrexa cryptocurrency exchange review
Buy bitcoin or Ethereum using your credit card or a bank wire transfer.
Terrexa is a cryptocurrency exchange where users can buy bitcoin (BTC) or Ethereum (ETH). Launched in 2018, the platform supports bank transfers and credit card deposits and is designed to make it quick and easy to trade cryptocurrency.
But is it the right crypto trading platform for you? To help you decide, we’ve put together this guide to Terrexa’s features, fees, and pros and cons.
|Product Name||Terrexa Crypto Marketplace|
|Fiat Currencies||USD, EUR|
|Trading Fee||Commission is included in the spread|
Wire transfer: 2%
Credit card: 4%
Wire transfer: 2%
Credit card: 4%
- Simple and intuitive user interface designed with beginners in mind
- Quick and easy to buy cryptocurrency
- Supports fiat deposits
- Purchases sent directly to your wallet
- Only supports two cryptocurrencies (BTC, ETH)
- Only supports two fiat currencies (USD, EUR)
- 3% bank transfer fee and 5% credit card fee
- Currently doesn’t allow you to sell cryptocurrency, only buy
What is Terrexa?
Terrexa is an online exchange platform for fiat-to-crypto trading. It allows users to buy bitcoin and Ethereum using two fiat currencies: US dollars (USD) and euros (EUR). Terrexa allows users to buy digital currencies by either using their credit card or sending a bank wire transfer, and the platform has been developed with convenience and ease of use in mind.
Terrexa is operated by Cyprus-based Prime Marshall Cy LTD, and its platform is powered by software-as-a-service provider Leverate. It launched in the first half of 2018 as a buy-only platform, but there are plans to allow users to sell crypto through Terrexa at some stage in the future.
Terrexa also offers a mobile wallet which, at the time of this writing (July 2018), was only available for Android devices.
Which cryptocurrencies can I buy?
Terrexa currently allows users to buy two cryptocurrencies:
Terrexa is a global exchange platform that offers its services to users in countries all around the world, including the US.
Which payment methods are accepted?
Terrexa supports USD and EUR deposits made via:
- Credit card
- Bank transfer
How much will it cost me to use Terrexa?
When you deposit funds with Terrexa, you’ll need to pay:
- A 5% fee for credit card transactions
- A 3% fee for bank transfers
While there are no other fees you’ll need to pay, be aware that Terrexa’s commission is included in the spread.
How fast will my funds be available?
When you’re transferring funds to Terrexa, it usually takes between 1 and 24 hours for your transaction to be approved. However, if you initiate the transfer outside business hours, it may take up to 2 business days for your transaction to be processed.
When you buy bitcoin or Ethereum on Terrexa, the coins or tokens you purchase are sent straight to your desired wallet. In its online FAQ section, Terrexa says that completing your transaction may take from a few hours up to 48 hours on average but warns that longer processing times may occur when there’s a high level of congestion on the blockchain network.
Are there any transfer limits?
Terrexa imposes minimum and maximum limits for a single transaction:
- Bank transfer: You can enter any amount between 200 and 10,000 (either US dollars or euros).
- Credit card: You can enter any amount between 50 and 5,000 (either US dollars or euros).
If you want to place a larger transaction you’ll need to contact the Terrexa support team.
Transaction limits also vary depending on the verification status of your account. By providing your name, address, date of birth, phone number and the details of a valid ID document, you can access a $250 transaction limit. To achieve a higher status and access higher transaction limits, you’ll need to upload a copy of your passport and a utility bill.
Is it safe to use Terrexa?
Before you can buy cryptocurrency on Terrexa, you’ll need to verify your account by providing:
- Your full name
- Your gender
- Your date of birth
- Your phone number
- Your country of residence
- Your address
- Details of a government-issued ID, such as your driver’s license or passport
To access higher transaction limits, you’ll then be asked to provide a copy of your passport and a recent utility bill.
In terms of the security of your funds, Terrexa claims that it complies with the Payment Card Industry Data Security Standard (PCI DSS). It also doesn’t hold any of your cryptocurrency purchases, which are instead sent directly to your nominated wallet.
If you have a question about how to buy cryptocurrency on Terrexa, there’s a decent selection of FAQs available through the exchange website. If this doesn’t provide the answer you’re looking for, you can contact the customer support team by emailing firstname.lastname@example.org.
If you’ve compared Terrexa with a range of other fiat-to-crypto exchanges and decided that it’s the right platform for you, click on one of the green “Go to site” links on this page. You can then create an account by entering your email address and creating a password.
To start trading, you’ll also need to provide your full name, address, contact details, date of birth and the details of a government-issued ID. Once these steps have been completed, you’re eligible to place an order of up to $250.