Exceeded

Score

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/10

matrixport

Singapore

|

2-5 years

Company Registration|

Suspicious Overrun|

High potential risk

https://invest.mark1.dev/en

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matrixport
https://invest.mark1.dev/en
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E

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HKCR

HKCRExceeded

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Company Name
matrixport
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Customer Service Email Address
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WikiBit Risk Alerts

2
Previous Detection 2024-06-23

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

Company Registration goes beyond their business with the licenses China Hong Kong HKCR (license number: TC006789), please be aware of the risk!

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Aspect Information
Company Name Matrixport
Registered Country/Area Singapore
Founded Year 2019
Regulatory Authority HKCR (Exceeded)
Number of Cryptocurrencies Available Over 50
Fees 0.000%- 0.050%
Payment Methods Bank transfer, credit/debit card
Customer Support 24/7 live chat, email support

Overview of matrixport

Matrixport is a virtual currency exchange based in Singapore. It was founded in 2019 and operates under the regulatory authority of the HKCR but the license has been exceeded. As a platform, Matrixport provides users with access to over 50 different cryptocurrencies.

Overview of matrixport.png

Pros and Cons

Pros Cons
  • Access to over 50 cryptocurrencies
  • HKCR (Exceeded)
  • A range of security measures provided
  • Limited payment methods
  • 24/7 live chat and email support

Pros:

- Access to over 50 cryptocurrencies: Matrixport offers users a wide range of options when it comes to choosing cryptocurrencies to trade or invest in. This allows for greater diversification and potential for profits.

- A range of security measures provided: Matrixport implements several security measures such as mandatory two-factor authentication, high-level encryption, and fine-grained authentication mechanisms. These measures help protect user accounts and sensitive information from unauthorized access.

- 24/7 live chat and email support: Matrixport provides round-the-clock customer support through live chat and email. This allows users to receive assistance and resolve any issues they can encounter at any time, enhancing the overall user experience.

Cons:

- Limited payment methods: While Matrixport accepts bank transfers and credit/debit cards, it does not offer a wide variety of payment methods. This can inconvenience users who prefer alternative payment options.

- HKCR (Exceeded): It is mentioned as a con, but without context or further clarification, it is unclear what HKCR stands for and how it relates to Matrixport. Please provide additional information for a more accurate evaluation.

Regulatory Authority

The regulatory situation of Matrixport can be described as follows:

Regulatory Agency: Hong Kong Companies Registry

Regulation Number: TC006789

Regulation Status: Exceeded

License Type: Company Registration

License Name: MATRIX TRUST COMPANY LIMITED

the license of HKCR is exceeded.png

Security

Matrixport provides the security of its platform and implements various measures to protect users' assets.

  • Mandatory Two-Factor Authentication: All accounts require two-factor verification during login. This can be done using methods like Ukey, SMS verification codes, or Google Authenticator. Additionally, all key operations also require a second verification step.

  • High-Level Encryption Measures: The website traffic runs entirely over HTTPS, ensuring secure communication between the user and the server. High-level encryption algorithms are employed to store sensitive information, providing an added layer of protection.

  • Fine-Grained Authentication Mechanism: A fine-grained permission design is implemented, with strict access authentication measures for each interface. There is also strict isolation between different roles and users. Moreover, a transfer whitelist mechanism is in place to further enhance security.

  • Multi-Dimensional Security Assurance Governance: Matrixport has a “Security first” approach deeply integrated into the companys culture. This includes incorporating security considerations in personnel surveys, training content for new employees, and customized security requirements based on different positions. All employees are required to abide by the security red-line, and a reward and punishment system has been established.

  • Technology: Matrixport adopts and deploys industry-leading security products and tools. Detailed security design, secure coding practices, security testing, and security operation and maintenance specifications are developed. More than 100 rules are in place to ensure adherence to security best practices.

  • Progress: The S-SDLC (Secure Software Development Life Cycle) security development process is fully implemented, integrating security into the product development process. The IPDRR (Identify, Protect, Detect, Respond, Recover) architecture is referenced to monitor the real-time security status of products and services and address any issues promptly. Regular penetration testing activities are conducted to assess the security of Matrixports systems.

    security measures provided.png

Cryptocurrencies Available

Matrixport offers access to over 50 different cryptocurrencies, providing users with a wide range of options for trading and investment. Some of the popular cryptocurrencies available on Matrixport include Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.

In addition to cryptocurrency trading, Matrixport also offers other products and services. This includes lending and borrowing services, allowing users to earn interest on their cryptocurrency holdings or take out loans using their digital assets as collateral. Matrixport also provides a wealth management platform, offering users the opportunity to invest in pre-selected portfolios of cryptocurrencies. These additional products and services aim to cater to the diverse needs and preferences of users in the virtual currency space.

How to Open an Account?

The registration process of Matrixport can be broken down into the following steps:

  • Open Matrixport App, under [Me] tab, choose [Log In]. Click [Sign Up] on the top of right corner.

Click [Sign Up] on the top of right corner..png
  • Sign up with email such as gmail or phone number. As for login password, please meet at least 3 standards as below:

① One lowercase letter ② One uppercase letter

③ One number ④ One special letter

  • After setting password, sign up completed. The process is done.

Fees

  • 30-day trading volume (USD)

    Transactions are recorded in BTC equivalents according to price when trading. Every 24 hours, we convert your total trading volume to USD at 4 PM UTC according to the average price (= [closing price + opening price]/2). For example, you have traded OMG, XUC, BTC, LTC and BCH in the last 30 days. We recorded each transaction in BTC equivalents at the moment each trade happened. At each 4 PM UTC, we calculate your total trading volume in the last 30 days and convert it to USD according to the daily average price.

  • Total asset balance

    We take a snapshot of users all crypto assets at 4 PM UTC daily and convert the value to USDT, then to BTC based on the daily average price of BTC/USDT (BTC/USDT middle price = [opening price + closing price]/2).

    Snapshot assets include your OKX sub-account total assets in Matrixport.

  • Makers and takers

    Maker order is the limit order which enters into the order book before it can be traded in the market. For example, if the current BTC lowest ask price is 1,000 USDT and you create a maker order with a bid price 999 USDT, this order cannot be filled immediately. Then it will enter into the order book until someone fills it. After filling, you're required to pay the maker fee and the taker will pay the taker fee (or vice versa). You need to pay the taker fee when your limit ask order is traded successfully.

  • Trading fee rules

Calculation formula of trading fee: Trading fee of USDT-margined Perpetual = Fee rate × (Number of contracts × Multiplier × Face value per contract × Fill price).

Charge rule: Trading fee of USDT-margined Perpetual is settled in USDT and is charged when the order is filled;

Take Perpetual BTCUSDT (Face value is 0.01 BTC, Multiplier is 1) as an example, assuming the current price of BTC is 20,000 USDT;

Trader A (Trading fee tier is Lvl 1) bought/sold 100 contracts (1 BTC) at market price with 10x leverage, and used 2,000 USDT (0.1 BTC) as margin. Trader A became a taker of this trade, so the Trading fee = 0.05% × (100 × 1 × 0.01 × 20,000) = 10 USDT;

Trader A bought/sold 100 contracts (1 BTC) at limit price with 10x leverage, and used 2,000 USDT (0.1 BTC) as margin. Trader A became a maker of this trade, so the Trading fee = 0.02% × (100 × 1 × 0.01 × 20,000) = 4 USDT.

Forced liquidation Futures fee: Calculated according to the taker fee of the user's current tier level.

  • Daily update time of trading fee

    OKX updates the latest level of users trading fee at 9-11 PM UTC

USDT-M perpetual

Tier Assets (USD) or 30-day trading volume (USD) Maker fee Taker fee 24h withdrawal limit (USD)
VIP1 < 100,000< 50,000,000 0.020% 0.050% 10,000,000
VIP2 ≥ 100,000≥ 50,000,000 0.010% 0.030% 12,000,000
VIP3 ≥500,000≥100,000,000 0.008% 0.030% 16,000,000
VIP4 ≥2,000,000≥200,000,000 0.005% 0.025% 20,000,000
VIP5 ≥5,000,000≥600,000,000 0.002% 0.020% 24,000,000
VIP6 ≥10,000,000≥1,000,000,000 0.000% 0.020% 30,000,000

Payment Methods

Matrixport accepts payment methods such as bank transfers and credit/debit cards. The processing time for these payment methods varies depending on the specific bank or card issuer used. It is recommended to refer to the Matrixport website or contact customer support for more detailed information regarding payment processing times.

payment method.png

Once the withdrawal is completed, you could check its status. Normally, if you withdraw the assets to another address affiliated with Matrixport, the withdrawal will be confirmed instantly. If you withdraw the assets to any other addresses, you could check the number of confirmations and the status on btc.com using the TxID.

BTC Minimum Withdraw Amount: 0.001 BTC

USDC Minimum Withdraw Amount: 5 USDC

ETH Minimum Withdraw Amount: 0.05 ETH

BCH Minimum Withdraw Amount: 0.1 BCH

LTC Minimum Withdraw Amount: 0.1 LTC

ETC Minimum Withdraw Amount: 0.1 ETC

ZEC Minimum Withdraw Amount: 0.001 ZEC

DCR Minimum Withdraw Amount: 0.01 DCR

USDT Minimum Withdraw Amount: 5 U

Is matrixport a Good Exchange for You?

1. Experienced Traders: Matrixport provides access to over 50 cryptocurrencies, making it suitable for experienced traders who are looking for a diverse range of trading opportunities. The availability of advanced trading tools and charts also caters to the needs of experienced traders who require in-depth analysis and customization options.

2. Crypto Investors: The platform offers a wealth management platform, which allows investors to invest in pre-selected portfolios of cryptocurrencies. This is ideal for individuals who want to access the potential returns of the cryptocurrency market but may not have the time or expertise to actively trade.

3. Crypto Enthusiasts: Matrixport's educational resources, including articles, tutorials, and market analysis, cater to individuals who are interested in expanding their knowledge and staying informed about the virtual currency market. This makes it suitable for crypto enthusiasts who want to deepen their understanding and make informed investment decisions.

5. Global Traders: Matrixport operates globally and accepts payment methods such as bank transfers and credit/debit cards. This makes it suitable for traders from various countries who want to access the platform and engage in virtual currency trading.

FAQs

Q: What cryptocurrencies are available for trading on Matrixport?

A: Matrixport offers access to a diverse range of over 50 cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.

Q: Is Matrixport regulated by any authority?

A: No. The license of HKCR has been exceeded.

Q: What are the fees associated with trading on Matrixport?

A: The fees charged by Matrixport is 0.000%-0.050%.

User Review

User 1: I've been using Matrixport for a while now, and I'm really impressed with the level of security they provide. They use encryption techniques to protect my data and assets, and their cold storage solutions give me peace of mind knowing that my funds are safe. The platform is also regulated by a reputable authority, which adds to the overall trustworthiness. The interface is user-friendly and easy to navigate, which is great for beginners like me. The only downside is that they have limited cryptocurrencies available for trading, but overall, I would highly recommend Matrixport.

User 2: I've had a mixed experience with Matrixport. On one hand, their customer support is top-notch. Whenever I had an issue or a question, they were quick to respond through their live chat and email support. However, I found the trading fees to be quite high compared to other exchanges. The liquidity is decent, but I wish they had more cryptocurrencies available for trading. The deposit and withdrawal speeds were average, nothing exceptional. I appreciate the privacy and data protection measures they have in place, but I did experience some order execution delays at times. Overall, Matrixport is a decent exchange, but there are areas for improvement.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

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