In this review we will take a look at a brand-new cryptocurrency exchange service which has just hit the market.
Terrexa strives to be a quick and simple way for traders to get their hands on cryptocurrency. Developed by veterans of the Forex industry, Terrexa is trying to take on other established crypto exchange gateways and wallets.
However, can you trust such a new service?
In this comprehensive Terrexa review we will take a deep dive on the exchange and give you everything that you need to know. Among other things, we will take a look at the safety, technology, team, regulations and fees.
Let’s get to it.
Terrexa was launched in April of 2018 and is controlled by a holding company called Prime Marshall Cy Ltd. The company is based in Cyprus and has an address at Arch Makariou 3, 34 Hadjiyannis Court Limassol..
Terrexa is actually a brand that was launched by Leverate trading systems. For those who do not know, Leverate is a well-known technology provider for a range of FX brokerages around the world.
Leverate develop trading systems that are used by a brokers as a “white label” product. As such, it seems that Terrexa is the springboard for the launch of Leverate’s new cryptocurrency exchange platform.
In a recent interview with Finance Magnates, Amir Haimpour, Senior Product Manager at Terrexa stated the following:
“At Terrexa, we are dreamers, and our new exchange service and digital wallet are the opening shot. We have already started planning our next steps in this fascinating ecosystem”
So it is clear that Terrexa has quite large ambitions with respect to their strategy in the cryptocurrency markets.
Terrexa is not regulated per se and there does not seem to be defined regulation in Cyprus as to how digital currency exchange services should operate. There are no “Money Service” licences akin to the types that they have in the US.
This is perhaps one of the reasons why Terrexa is not open to US clients. They do not want to be in breach of the regulations that govern money service businesses.
Is Terrexa Safe?
One of the most important questions for a trader when it comes to dealing with cryptocurrency exchanges and services is how safe they are. We are constantly being reminded of the risks when we here about hacks and breaches that lead to large losses.
One of the benefits of Terrexa is that they operate purely as crypto exchange gateway. They do not store your funds on their systems and hence you are always in control of your private keys on your local wallets.
Therefore, they are much less likely to be a target for hackers as they do not have a large amount of coins on their servers.
Terrexa SSL Certificate
Given that you still have to give them credit card details as well as upload sensitive information, it is great to see that Terrexa has full SSL encryption on their domain. All of these communications are encrypted through the 256 Bit standard.
When you log into Terrexa.com you will see that the browser will have a padlock next to their domain. This is an indication that you are on the correct Terrexa server and can safely send them the required information.
It seems as though Terrexa does not offer anything in the way of two factor authentication that you are likely to find on other exchanges and wallets. Although, with no funds stored on the exchange this could be less of a concern.
Terrexa is still a relatively new exchange and as such, they do not have such a large range of cryptocurrency assets currently. At the moment, the only coins that you can buy from them are Bitcoin (BTC) and Ethereum (ETH).
Asset Coverage at Terrexa
In the interim, you could always use Terrexa as what is termed a “Fiat Gateway”. In other words, you can use it to exchange your USD or EUR for crypto and vice versa. That crypto can then be sent to other exchanges such as Binance who have more coin coverage but no Fiat payment option.
Something that we really liked about Terrexa was their very simple fee structure. They apply one level of fees to buying / selling cryptocurrencies that only differs according to your payment method.
If you are going to be buying coins with your credit card then you will pay a 5% fee. If you are going to be using a wire payment, it will be 3%. This is reasonably in line with other exchanges such as the Bitstamp Exchange that charge a 5% for credit card transactions.
There are no separate trading fees though as the rate that Terrexa will charge for the purchase includes any spreads as well as the fees that we mention above. We double checked the rate that Terrexa with the quotes on Coin Market Cap and they are relatively consistent.
One thing that cryptocurrency traders have had to deal with to a great degree recently is the lack of customer service on the larger exchanges. During the bull run of 2017, users had to wait days to get answers to their tickets.
Given that Terrexa is still a new exchange, there is not that much information online from users about the customer support. However, one thing that we did quite like about Terrexa is the fact that they have a telephone number that you can call.
Your query is perhaps better handled online through the ticketing form. You can also reach their support team via email on firstname.lastname@example.org.
Alternatively, if your question is more routine in nature, then you can take a look at their FAQ section. This has the most basic information when it comes to administering your account as well as verifications etc.
Payments and Withdrawals
Terrexa operates more like a gateway with an interface. You will send them funds and they will send the cryptocurrency to your desired wallet address. This makes them pretty similar to the likes of Coinmama.
You can also send them Bitcoin and they will then process a wire payment in order to pay for the Bitcoin. At the moment, you can only sell Bitcoin.
If you are using your credit card then the payment should be instantaneous. However, if you are making a payment via wire then it should take at least 2-3 business days. This will depend on a number of factors including where you are wiring the funds from and the bank you are sending from.
Currently, Terrexa only accepts fiat currency wires in the form of USD and Euros. If you have funds in another currency then you can either convert it prior to sending or you can make a credit card payment.
In terms of payment limits, if you are using a credit card then you can buy between €50 to €5,000 worth of crypto. When you are using the wiring option then you are looking at purchasing between €20 to €2,500 per transaction.
With the wiring option, once you have made the payment, Terrexa will require the wiring reference to make sure that they will capture the incoming funds. Terrexa will initiate the crypto transaction the moment they can confirm the funds. Crypto transactions usually confirm in under an hour.
Signing Up to Terrexa
Once you have decided that you would like to try Terrexa out then you will need to create an account. You can do this by heading to the sign up page over here.
Signing Up at Terrexa Exchange
For this step, all they require is your email address and a password. Given that Terrexa does not have 2 factor authentication, you may want to choose an extra strong password. We suggest that you use a service such as strong password generator.
Once you have completed this step Terrexa will send you a confirmation email. You will need to follow the link in the email before you will be allowed to log into your account.
Confirm the Email from Terrexa
When you have completed that step, your account is now active, however you will probably have to verify your identity.
Terrexa KYC and Verification
It is advised that you confirm your identity before you start using their services.
Why is this?
Terrexa is operated by a large and reputable company and as such, they have to be on top of their KYC and Anti-Money Laundering. Therefore, they require all of their users to complete their identity verification procedure.
For up to $5,000, you need to confirm your personal details as well as upload your identity documents. Below is the information that Terrexa requires for the first step of verification.
Required KYC Information on Terrexa
Once you have completed this step, Terrexa will ask you to upload your ID as well as your Proof of Residence. The ID has to be a government issued form of ID. This can include either a passport or a driving licence.
Documents Required by Terrexa for Account Verification
In terms of the proof of residency, they will require a Utility bill. In order for this to be valid it has to be dated within the last 6 months.
Once you have uploaded these documents, Terrexa will complete the verifications. They will get back to you should they require anymore information. It seems that at this stage that the verifications at Terrexa are done manually but you should expect a response on your verification within 24 hours.
If you would like to buy more than $5,000 of crypto then you would have to be verified up to level 2. This requires you to complete some sort of a “Questionnaire”. However, if you would like to buy an unlimited amount of cryptocurrency then you have to complete what they call a “state of work”.
So unfortunately for those users who prefer anonymous purchases, you will have to send them your documents.
Indeed, most exchanges these days require verification before trading. We have covered a number of other options for buying Bitcoin anonymously should that be your goal.
How to Buy on Terrexa
Once your account has been verified you can move onto buying your first cryptocurrency. Something that we really like about Terrexa is how easy it is to quickly buy crypto on their platform.
You will click on the Buy/Sell button on the header and it will take you to their standard order form which is below. You can input either the amount of a coin that you would like to buy or how much you are willing to spend.
Order form to Buy Cryptocurrency on Terexa
Once you have decided how much you would like to buy, you can confirm the purchase. Terrexa will then ask where you would like to have the coins sent (your personal Bitcoin address). The final step after this is to confirm your payment details.
Give Terrexa your Payment Details for Purchase
In this case we chose to pay via card so it requires our credit card details. If you had selected the wiring option then it would have concluded with Terrexa’s bank account details.
If, on the other hand, you have some Bitcoin that you would like to exchange for fiat on Terrexa then you will choose to send them Bitcoin instead of Fiat currency. You will select this in the order form.
In this case, they can only send you the funds as a wire transfer. When you click “exchange” it will take you to the page where you are required to fill out the destination bank details. Below is this order form.
Your Banking information required by Terrexa
If you were confused as to the inputs, the “Branch number” is the BIC/SWIFT code of the bank and the account number is the IBAN number that you bank will produce for you. If there is any trouble with the form specifically then you can reach out to Terrexa support.
Terrexa Mobile Apps
If you do not have your own cryptocurrency wallet to store your coins then you can always make use of the Terrexa mobile wallet. This is available on both Android and Apple devices.
These are complete wallets which means that your keys are stored locally on your phone. However, you can also connect to your Terrexa account from your phone and buy coins while you are on the go.
Terrexa Mobile app on the Apple App Store.
Given that this is still quite a new app and exchange service, there are still no reviews for the iOS app. However, there appear to be a few more reviews on the Google Play Store. The wallet only supports Bitcoin so, if you want to purchase Ether than you will need to find another wallet.
If you are a business that relies on income in Bitcoin or cryptocurrency then you can apply for a Terrexa institutional account. This could give you more options for exchange of coins without having to leave any coins on an exchange.
If you wanted to apply for an account at Terrexa then you can do so here. They will reach out to you and discuss your business needs.
In terms of business KYC they are likely to request documents such as the Incorporation certificate as well as director personal identification. These are standard documents required at a other exchanges.
While Terrexa is a brand-new cryptocurrency exchange service, they seem to know what their core competencies are. They have developed a quick and effective way for users to get their hands on cryptocurrency.
While they may not have a reputation currently, we like the fact that they are backed by an established and reputable Forex technology provider. We also think that it is relatively safe as you are in full control of your private keys throughout.
That does not mean that there is no room for improvement.
If they want to legitimately compete against some of the more established exchanges they need to include more coins in their services. They also should think about introducing more security procedures such as 2 factor authentication.
Terrexa should also offer more cryptocurrency sale options. They currently only allow users to convert their Bitcoin into Fiat currency. This excludes those users who have their funds from ETH
With that being said, Terrexa is still brand new and they have to make sure that the they have a fully tested base product before they start expanding it.
In summary, an easy and effective way for you to quickly enter the cryptocurrency markets through a fiat gateway.
Featured Image via Terrexa