Mandala Exchange Review – Fees, Supported Countries & Coins, Deposit & Withdrawals
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Mandala Exchange Overview
As the crypto market is constantly growing, the number of exchanges crypto investors and traders can use to increase their profits grows as well. But, it is not an easy task to find the exchange that suits your goals.
In this article, we will take a look at one of the exchanges that is ambitious, has a high-quality team, and has a decent number of users. The name of the exchange is Mandala.
Mandala is a cryptocurrency exchange that traders can use to buy and trade various crypto. When I started investigating Mandala, one of the first impressions I had is that the platform offers high speed, efficient interface, security, and nice trading experiences. Mandala Exchange is based in Valletta, Malta.
Furthermore, one of the vocal advantages of the exchange is its collaboration with Binance. In fact, the Mandala exchange is powered by Binance Cloud with a liquidity pool that automatically separates the platform from its direct competitors.
Binance is the largest crypto platform in the world. Binance Cloud is just one of the many projects created and supported by the platform. For those of you who do not know, as per Binance’s official website, Binance Cloud is “an all-in-one solution for partners to launch digital asset exchanges quickly. Leveraging Binance’s technology, security, and liquidity, Binance Cloud provides the exchange infrastructure, while enabling partners to focus on business development and operations.”
Besides Binance Cloud, another fact I heavily liked about Mandala is that the exchange is pretty easy to use. Also, the platform is not laggy at all, which is always a good sign.
This is where it becomes interesting. So, let’s go into the details.
Services & Features
Mandala exchange offers a limited number of features and services to its users and this is one of the main disadvantages of the platform. However, even though services are limited, the ones that are available on the exchange work pretty nicely.
“Trade with confidence” is the first sentence you see when you open the exchange.
Before actually using any of the features, you have to create an account on Mandala. The process is pretty straightforward, all you need to do is:
- Enter an email
- Enter a password
- Verify that you are not a robot
- Verify an email with the code they instantly sent you
- That’s it, you are done in less than 2 minutes
Now, let’s investigate the main feature of Mandala that is simply called “Trade now”.
Exchange/Trade now
The section for trading is called “Trade now”. The location of the button is on the top left corner of the homepage. With Mandala, you can start trading with pairs and compare currencies for both fiat and cryptocurrencies.
The design of the section seems fine and the charts look understandable as well. When I looked at Mandala’s competitors (such as the ZT exchange), these charts know to be pretty confusing, especially for beginners. But, with Mandala, that’s definitely not the case.
Moreover, Mandala offers time indicators (15m, 1H, 4H, 1D, 1W, or 1M) that you can use to better understand price movements and make a decision. Traders can look at current orders, order history, trade history, and funds in the “Trade now” section.
Of course, there are buy green and sell red buttons, but this is a standard thing for all exchanges and nothing innovative for Mandala. Finally, Mandala has a token of its own called “Mandala Exchange Token”, which can be used to reduce trading fees. But, more about their token later in the article.
Mandala Exchange supported coins
In the “Trade now” section coins that you can check and see their price movements are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Tron (TRX).
However, when you check the “Markets” section (located next to the trade now) you can see that Mandala actually supports more than 100 cryptocurrencies such as DOGE, AVAX, LTC, WBTC, DOTA, LUNA, VET, ICP, ETC, CAKE, EOS, SOL, ALGO, and many others.
All of these are instantly compared to BTC, and once you click on it, charts similar to the ones on the “trade now” section will appear where you can check the coin movement in the past few hours, days, or months as well as market cap, and 24-hour volume.
Mandala Exchange deposits & withdrawals
Keep in mind that if you want to use Mandala exchange, and deposit some funds to your account, you have to own some cryptocurrency. Once I opened the deposit section, I found out that only crypto can be put into your account. This is a negative side of the exchange since complete beginners (who do not own any kind of crypto) can’t start with Mandala.
On the other hand, the positive thing with Mandala deposits is that you can literally choose from more than 100 cryptocurrencies you can deposit to your account. You have to select a type of crypto, of course, then the network and Mandala will show you the address where you need to send the funds.
The address is the most important thing in this process. Even Mandala is warning you “Sending coin or token other than BTC to this address may result in the loss of your deposit.” So, make sure to double-check the address when you copy it and to send the correct crypto as well.
Once you complete these steps, the funds will appear in your Mandala wallet.
When it comes to withdrawals, the process is pretty much the same. You just need to select a cryptocurrency you wish to withdraw, copy the address where you want to send it, and type the amount. My advice here is to tick the “save address” box if you want to send coins frequently to that address (so that you do not have to copy it each time).
So, as far as I saw, Mandala does not support fiat deposits and withdrawals.
Fees
Mandala does not have any deposit fee, or in other words, the deposit is cost-free. When it comes to withdrawal fees vary from token to token. Mandala did a good job here and provided a complete list of fees for each token.
For example, the withdrawal fee per Bitcoin is 0.00088 BTC. When you compare it to the world’s average (around 0.0006 BTC) it is actually higher. If you want to check a complete list of fees for each token on Mandala, please click here.
A complete list of fees for each token is another positive thing about Mangala (their competitors rarely provide this kind of info with so many details).
Mandala Exchange Trading Fees
If for Mandala’s withdrawal fee we can conclude that it is higher than the world’s average, the situation with the trading fee is quite the opposite. To be precise, the trading fee on the Mandala exchange is 0.10% which is lower than the world’s average.
What is also worth noting is that you can decrease your trading fees by locking the required amount of MDXT in their Mandala Exchange wallet for a period of 30 days. Once the 30-day locking period finishes, you will receive your rebates via a credit to your Mandala Exchange wallet in USDT.
Here’s the system how the process of reducing your trading fee works:
- Lock 20,000 MDX – Rebate 0.01%
- Lock 40,000 MDX – Rebate 0.02%
- Lock 80,000 MDX – Rebate 0.03%
- Lock 160,000 MDX – Rebate 0.04%
- Lock 320,000 MDX – Rebate 0.05%
An offer seems reasonable and Mandala urges you to own their native token this way which is not anything innovative.
Does Mandala Exchange have mandatory KYC?
Mandala exchange does not have a mandatory KTC (Know Your Customer) verification system. However, if you want to increase your withdrawal limit and make yourself a legit Mandala user, my suggestion is to verify your account.
Mandala Exchange supported countries
Mandala has provided a list of countries that the platform currently does not support. Here is a complete list:
- USA
- Albania
- Belarus
- Bosnia
- Burma
- Central African Republic
- Democratic Republic of Congo
- Democratic People’s Republic of Korea
- Cote D’Ivoire
- the Crimea region of Ukraine
- Croatia
- Cuba
- Herzegovina
- Iran
- Iraq
- Kosovo
- Lebanon
- Liberia
- Libya
- Macedonia
- Moldova
- Serbia
- Somalia
- Sudan
- South Sudan
- Syria
- Venezuela
- Yemen
- Zimbabwe
- Province of Ontario
Are US investors allowed on Mandala Exchange?
A big part of the crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). Mandala is one of those exchanges that are not available in the US since US citizens can not use Mandala exchange.
Does Mandala Exchange have Fiat Deposit?
No, Mandala exchange does not have a fiat deposit. When you open the “deposit” tab in your Mandala account, the only way to deposit funds is if you own some kind of crypto.
In other words, if you wish to use Mandala, but you do not own any form of crypto, you have to first buy it on some of the exchanges that do support fiat deposits. Since Mandala does not have fiat deposits it is not suitable for complete crypto beginners.
Does Mandala Exchange have a Native Token?
What I noticed while investigating various exchanges around the world is that there are no rules when it comes to their native token in terms of “Do they have it or not?”. However, more often than not, an ambitious and strong exchange does have a native token.
Mandala has a native token and its name is Mandala Exchange Token (MDX). At the time of writing (16th of November 2021), MDX’s price is $0.11 with a 24-hour trading volume of $15,086.14 USD.
Mandala urges its users to own MDX since you can have significant advantages like trading fee discounts, referral rewards, and specialized trading capabilities. This is a standard procedure for all exchanges that have a native token.
If you are an owner of Mandala’s native token (MDX), you can receive discounts and unlock advanced features.
Is Mandala Exchange legit and safe?
Mandala exchange does not have a mandatory KYC (Know Your Customer) verification system. But, as always, I highly recommend verifying your account since you are not only increasing your withdrawal limit but also making yourself a completely legit user of the platform.
The verification process is pretty straightforward, first, you have to enter some personal information (first and last name, your address, etc.) and then start the ID verification by providing a valid photo of the accepted document. Furthermore, you can secure your account with 2FA (two-factor authentication) system.
When it comes to security in general, I would consider Mandala a completely secure platform. First of all, I have not found negative reviews about the exchange. Secondly (and probably most importantly) Mandala is protected by Binance‘s cutting-edge security. Collaboration with a platform like Binance means only one thing – you can trust Mandala and it is legit.
Finally, users’ funds are also secured by SAFU (secure asset fund for users) which is an emergency insurance fund and is considered a safe method.
Conclusion
Mandala exchange is a cryptocurrency platform that has a collaboration with Binance. To be completely honest, I have mixed feelings about Mandala. Collaboration with the Binance cloud is probably the biggest plus of the platform. The second thing I liked is the fact that the platform is extremely easy to use and therefore, it is suitable for beginners in the crypto world.
However, there are quite a few negative sides of the platform that have to be mentioned. When the exchange is not available in the US, that’s always a red flag for me. The reason is pretty simple, the US market is still the largest crypto market in the world. When some particular platform is not available in the US, they are highly limiting their potential.
Furthermore, you have to own some crypto before actually using the exchange. So, even though Mandala is easy to use, complete crypto beginners have to first buy assets on some other exchange and then come to Mandala.
Keep in mind that these are only my opinions based on my thorough investigation of the exchange. Please do your own research before deciding whether you want to use the Mandala exchange or not.
At this point, it is good to note that all opinions and suggestions written in this article are not considered financial advice.
If you are not fond of the Mandala exchange, make sure to check out our guides on other cryptocurrency exchanges:
- BW Exchange Review
- The National Digital Asset (NDAX) Review
- BigONE Review
- Tokocrypto Review
- BitValex Review
- HotBit Exchange Review
- WhiteBIT Review
- Azbit Review
- Crypto.com Review
- Hotcoin Global Review
- LBank Review
- FTX.US Review
- Phemex review
- MXC Exchange Review
- Paybis Review
- Bitget Review
FAQs
Let’s look at some of the frequently asked questions when it comes to the Mandala exchange.
What is Mandala exchange?
Mandala exchange is a cryptocurrency exchange powered by the Binance clouded and based in Malta. Easy to use platform, but with limited features and services.
Is Mandala owned by Binance?
No, Mandala is definitely not owned by Binance. However, Mandala is supported by the Binance cloud which highly increases both the security and liquidity of the exchange.
Where is Mandala exchange based?
Mandala Exchange is based in Valletta, Malta.
Does Mandala exchange have an app?
Yes, Mandala does have a standalone mobile app available on both iOS and Android operating systems.
How do you buy on the Mandala exchange?
The complete process of buying crypto on the Mandala exchange has a few simple steps:
- Click on the “Buy Crypto” button
- Choose the cryptocurrency you’d like to buy
- Copy & Paste your crypto wallet address for the appropriate token
- Input any additional needed information to complete your transaction
Can I trade with leverage on Mandala Exchange?
No, I have not found the leverage trading option on Mandala. This is just one of the features missing on the platform.
Does Mandala Exchange have a wallet?
Yes, Mandala does have a native wallet. The wallet is pretty well organized. It consists of balances, deposit, withdrawal, deposit and withdrawal history, and distribution history tabs.
Does Mandala Exchange report to IRS?
I was not able to find 100% correct info when it comes to Mandala and IRS, but my assumption is that the answer is no here. If Mandala is not available in the US, then they do not have to report to the IRS.
The post Mandala Exchange Review – Fees, Supported Countries & Coins, Deposit & Withdrawals appeared first on CaptainAltcoin.
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