Beginners Guide to Terrexa: Complete Review

Despite making significant progress over the last few years, the world of cryptocurrencies can still prove difficult to access for beginners. Terrexa is a new cryptocurrency exchange that aims to simplify the process of buying and selling cryptocurrencies, and lower the barriers for new entrants to the sector.

The company caters to both individuals and institutions and allows interested parties to purchase Bitcoin and Ethereum via a variety of popular methods such as debit cards, credit cards, and bank transfers.

The team behind the project aim to onboard a significant amount of new users by providing a service that is simple and easy to use and allows individuals in a wide range of countries to purchase cryptocurrencies using everyday payment methods.

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Terrexa Overview

Terrexa is owned by Leverate Trading Systems, a large financial services software firm, and work began in 2017 to develop a new cryptocurrency purchasing service. As a result, Terrexa went live in April 2018, soon after it had been publically announced for the first time.

The exact make up of the Terrexa team is still unknown; however, it is thought to contain a number of Leverate’s core team members such as CEO Jacob Yasha Polyakov, COO Guy Paz, and Director of Crypto Orent Mizrachi. Terrexa is also operated by Prime Marshall Cy LTD, which retains an official business address of Arch.Makariou 3, 34 Hadjiyannis Court Limassol, Cyprus.

The fact that Terrexa is the brainchild of seasoned industry veterans should fill users with confidence; however, due to continued regulatory uncertainty caused by the lack of a unified consensus among the world’s leading governments, the cryptocurrency purchasing platform is currently unregulated.

Despite this, the team behind the project appear committed to complying with EU financial service standards, and lay out their intentions to remain compliant with prevailing regulations in their Anti Money Laundering policy.

Terrexa incorporates a selection of features aimed at new entrants to the market as well as more experienced operators looking for simple ways to move in and out of cryptos and fiat.

Terrexa Key Features

• Functionality – Terrexa utilises a web-based platform, and incorporates an intuitive and simple UI. The platform also includes easy to understand price charts that allow users to quickly monitor the price movements of Bitcoin and Ethereum. Users also have access to all the key information relating to the two digital currencies once logged in and can view the market cap, 24 hour volume, and circulating supply from within the dashboard.
• Technology – In addition to its web platform, the exchange also provides an easy to use mobile app that is available to both iOS and Android users, and this opens up the possibility to purchase and sell cryptocurrencies while on the go. The app also acts as a mobile wallet which provides users with an alternative method of storing their digital assets.
• Trading Options – Terrexa acts as a fiat gateway and allows users to trade cryptocurrencies for fiat and vice versa. Users can currently buy Bitcoin (BTC) and Ethereum (ETH) by using US Dollars (USD) and Euros (EUR) with additional cryptocurrencies possibly being added in the future. Users can also pay via credit card, debit card, or bank transfer with fees ranging from 2% to 4%.
• Customer Support – The team provide a variety of ways for customers to get in contact with them and these include a live chat via Intercom which can be started by clicking the chat icon at the bottom right corner of the screen. They can also be reached by email or by phone (+35725057121), and maintain a Twitter account, Facebook page, and Telegram They also provide an FAQ page that aims to address a number of key issues.

How to Get Started on Terrexa

The main website displays a login/sign up panel at the top right of the page and also allows users to start the process by submitting their email address on the main page.

1) Create an Account

You can sign up by entering your email address and password, and by verifying your account type. Passwords should contain between 6 to 15 characters and include a number and a special character.

After confirming your email address by clicking the link in the confirmation email, you will automatically sign into your account.

2) Verify your Account Details

From here you will be required to verify your personal information in order to complete the verification process for Level 1 and gain access to orders of up to $5000. You’ll need to fill out basic information such as your full name, date of birth, gender, address, and phone number.

To move onto the next stage, you’ll also need to enter the issuing country, ID number, and expiration date of your proof of identification. Valid forms of ID include driver’s licenses, national and state IDs, and passports.

3) Submit your Documentation

From here you can complete the verification process by submitting scans of your identification. In addition to your government/state issued photo ID, you will need to upload proof of residence documents, and accepted forms of proof include bank account statements, tax bills, municipality bills and various utility bills.

In order to quicken the process, users should ensure that the proof of address document provided cannot be older than 3 months, and details such as name, address, issue date and issuer must be clearly visible.

Terrexa also urge users to ensure that their submitted documents are:

•  High quality images (300dpi resolution or higher)
•  Valid ID documents, with the expiry date clearly visible
•  Coloured copy
•  Smaller than 4 MB each

Once you have completed the process, and submitted all the required documents, your account will be looked over by the team and you should receive a response within 24 hours.

How to Buy Bitcoin and Ethereum on Terrexa

By clicking on the “Buy & Sell Cryptocurrency” link on at the top of the page you will access their simple to use order form. You can select which currency to use to purchase either Bitcoin or Ethereum, and check the fiat and crypto amounts you are exchanging. You can also choose your method of payment before hitting “Exchange”.

You then need to input the address where you want to receive the Bitcoin or Ethereum.

When paying by credit card you’ll be prompted to enter your card details and then hit the “PAY NOW” button. When paying by bank transfer you’ll be required to transfer funds, as per the total amount, to the bank account provided and to attach the confirmation document from your bank.

You can also exchange Bitcoin for fiat and send in your BTC by selecting this option in the order form. Terrexa will only send you funds via wire transfer. After you click “Exchange” you are required to fill out the destination bank details.

The “More Info” tab on the top right corner of the dashboard view allows you to view graphs that track the price of Bitcoin and Ethereum.

Supported Currencies, Fees and Limits

The exchange currently supports the purchase of Bitcoin (BTC) and Ethereum (ETH) in Euros (EUR), and US Dollars (USD), and users can also sell BTC for EUR or USD and receive the payment via bank transfer.

Fee Structure

2% for bank transfers and 4% for credit cards purchases.

Transaction Limits

The minimum and maximum amounts for a single transaction are:

• Bank transfer You can enter any amount between 200 and 10,000 (either US Dollar or Euro)
• Credit Card You can enter any amount between 50 and 2,500 (either US Dollar or Euro)

Anyone interested in conducting larger transactions is advised to contact the Terrexa support team.

Account Tiers

The platform also operates three account levels with differing transaction limits and verification requirements, the three levels are as follows:

• Level 1 – Up to $5,000 transaction limit. Proof of Identity (POI) and Proof of Residence (POR) verification
• Level 2 – Up to $10.000 transaction limit. POI, POR, and additional questionnaire verification
• Level 3 – Unlimited transactions. POI, POR, questionnaire, and state of work agreement verification

Any new customers who wish to exchange cryptocurrencies to fiat must also provide proof of ownership for their bank account. This may include a bank statement where the name and the address match the company’s records.

Corporate Accounts

In order to open a corporate account, Terrexa requires the following information:

• Company’s Incorporation Documents
• Certificate of incorporation or equivalent
• Certificate of registered office or equivalent
• Certificate of directors and secretary or equivalent
• Certificate of shareholders or equivalent
• Memorandum and articles of association of the legal person
• Recent copy (up to three months) of a bank statement or utility bill in order to verify the head office address
• Identity of Directors and Shareholders with their relevant KYC documents required of Natural Persons
• Authorized person resolution signed by the Board of directors (‘BoD’)

Is Terrexa Safe?

Terrexa operates solely as crypto exchange gateway, and does not actually keep funds on the website. This helps to keep users’ money safe in their bank accounts while customers are also responsible for storing their digital asset portfolio. This should help to act as a natural deterrent to hackers as there is little to be gained from trying to access the platform’s servers as they do not store any cash or coins.

The platform adheres to the Payment Card Industry Data Security Standard (PCI DSS) and also uses full SSL encryption on their website, with all communication being encrypted through the 256 Bit standard. This ensures the confidentiality of sensitive personal identification data as well as credit card details and bank account information. However, the Terrexa team don’t elaborate on their security protocols, and little is known about how they plan to go about ensuring the integrity of their platform in the future. The team state in the FAQ section on the website that “We take great measures to secure our platform, and we are constantly monitoring for any vulnerabilities or suspicious activities”.

On top of this, Terrexa does not offer two factor authentication (2FA) or incorporate an SMS or email alert feature. As a result, users are advised to create strong passwords and to possibly make use of a password generator.

The mobile app incorporates a fully-functional Bitcoin wallet, and your keys are stored securely on your phone. However, as the mobile wallet currently only supports Bitcoin a separate wallet is required to store your Ethereum. On the whole, Terrexa is a new cryptocurrency exchange platform that does not store coins on their website; however users still need to follow best practices in order to guarantee the safety of their funds and personal data when using the site.

Is Terrexa Suitable for Beginners?

The site has been designed with the new user in mind, and the team have successfully created an easy to use platform. After successfully completing the account verification process, you can easily start making purchases by using the standard order form, and fees are charged at a fixed rate of 2% for bank transfers and 4% for credit card purchases.

Terrexa also operates a quite slim lined service compared to other cryptocurrency exchanges with the only digital currencies on offer being Bitcoin and Ethereum. While this limits choices, it also helps to simplify the process immensely for anyone new to the sector compared to an exchange like Binance which has hundreds of coins on offer.  The dashboard is also kept relatively simple and does not include the more comprehensive charting options that can be found on exchanges such as Kraken, Gemini, and Poloniex for example. All in all, Terrexa is a good option for beginners and provides users with an alternative to Coinbase when it comes to buying cryptocurrencies with fiat and using everyday payment methods.

Terrexa Pros & Cons

Pros:

• Supports EUR and GBP
• Backed by an Established Company
• Supports Multiple Payment Options
• Simple Trading Interface
• Simple Fee Structure

Cons:

• Not Regulated
• New Platform
• Only Bitcoin and Ethereum Available
• Not Accessible to US Residents

Conclusion

As a new company Terrexa is still in the process of building its reputation, however, it is owned by an established company that has been in operation since 2008, and its core team members are well known figures in the world of financial trading software. Terrexa utilises an easy to use web-based platform, and the team’s iOS and Android apps have good user ratings. The ability to sign up and quickly begin purchasing cryptocurrencies is a big selling point and the simplicity of the service could see Terrexa rivalling Coinbase in terms of onboarding new users.

Beginners can get started quickly by using Terrexa while more advanced users or corporate entities can still use the service to make cryptocurrency purchases in EUR or USD. A large number of cryptocurrency exchanges still don’t support fiat currencies which makes Terrexa attractive to a variety of users, and the platform acts as a handy fiat gateway with users purchasing Bitcoin or Ethereum on Terrexa before transferring their funds to more comprehensive exchanges such as Binance or Kucoin.

Unfortunately for US citizens, the service is not currently available and the company does not accept clients from high-risk countries as per the guidelines of FATF, however, the service is still available to a wide range of customers around the world. In order to satisfy their global community, the team at Terrexa should look to improve their security options, and also look into developing more user friendly resources on the site. At some point, it may also be necessary to allow access to a slightly wider range of digital currencies.  To conclude, Terrexa is a new platform with a lot of potential, and there are currently few user reviews regarding Terrexa, as a result new customers should test out the site by making smaller purchases to start out and make a note of the overall customer experience.

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