Morrex Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Morrex Review – is it scam or safe?
Morrex is one of Canada’s oldest cryptocurrency exchanges. It offers spot trading in Bitcoin, Litecoin and Feathercoin. It acts as a spot exchange and does not offer leveraged trading.
The selection of altcoins is quite limited and has not been changed since Morrex’s launch in early 2014. Furthermore, they can only be exchanged for Canadian dollars, but this is fairly logical, considering that the company offers its services only in Canada.
We’d say Morrex’s selection is not very impressive and does not include major cryptocurrencies like Ether. In all fairness, it came into being after the launch of Morrex, but perhaps the exchange should update its offering. On the other hand, some of the other Canadian exchanges like Coinsquare and QuadrigaCX do not have an extensive cryptocurrency portfolio either, but at least include the ether.
On the other pole are exchanges like Bisq and LiteBit, who offer a large number of cryptocurrencies for trading, including some really obscure and exotic coins.
Registering for an account with Morrex is easy and fast, but after a certain trading volume is reached, a client must verify their account in order to continue to trade. The verification process is required also for deposits over CAD 1000 and the process is done through a phone verification. Withdrawals and deposits in CAD require fully verified accounts as well, but not for payments and withdrawals in cryptocurrencies.
As we already said, Morrex offers only spot exchange services, but there are other companies operating in Canada, like Kraken, who offer leveraged trading on altcoins. There are also a large number of “traditional” forex brokers who have included cryptocurrency CFDs in their portfolios and provide trading on margin. Such brokers are IG, HYCM, IC Markets, Plus500, easyMarkets and many more, but none of them have a license to operate in Canada.
Morrex has two licenses – FINTRAC on a federal level as a money service business and a regional license from the Quebec Authorite des Marches Financiers. This makes it one of the few, if not only, regulated Canadian cryptocurrency exchange, despite the fact that licensing is not necessarily required on a national level.
The Canadian Securities Administration (CSA) – the umbrella organization of all provincial financial regulators – has stated that the Initial Coin Offerings (ICOs) may be subject to the local securities laws. The CSA Notice also confirms that the same laws are potentially applicable to cryptocurrencies and related trading and marketplace operations, but no enforcement measures have been taken yet.
On a provincial level, however, Quebec requires that such exchanges and virtual currency ATMs are licensed as money services businesses, hence Morrex’s AMF license.
We could not find specific information on how and where clients’ funds are stored, but Morrex says it implements the standard two-factor authentication and an additional PIN on-screen keypad. Upon registration, a user-generated PIN must be entered, along with username, e-mail and password. Despite the lack of specific information, we suppose Morrex is fairly safe and have not come across information about hacks or client funds being stolen.
It looks like Morrex offers an e-wallet where clients can store their cryptocurrencies, or at least a certain amount for trading, but there is no specific information on this.
Trading platform
Like all cryptocurrency exchanges that offer only spot trading in altcoins, the platform of Morrex is web-based and is very simple to use. It does not have many features and tools, but only the necessary for simple exchanging of currencies. There is a chart with the price movements of the respective cryptocurrency against the CAD, with data going back one year.
There are simple fields for buy and sell, the balance and an option to calculate the additional fees. The order book beneath the trading interface goes back for the last 10 completed trades. There is also an order history for one’s account, which is a more or less standard feature.
Overall, it seems that the interface, along with the cryptocurrency list has not been updated since the launch of the exchange in 2013 and there are no any bells and whistles. This is not necessarily a bad thing, as it seems that the current setup works perfectly for both the company and its users.
Methods of payment
Morrex accepts both fiat currencies and cryptocurrencies as funding options, but they are limited only to CAD and the three altcoins that can be traded on the platform. Additionally, funding with fiat currencies can only be done to a verified account – full name, address, birth date and a copy of a government ID.
Morrex provides several funding options for fiat currencies: cash, Canada Post Money order and the Canadian Interac Online payment system.
Morrex Review – is it scam or safe? Conclusion
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