Mandala Exchange (2022) Review
Mandala is a cryptocurrency exchange that traders can use to buy and trade various crypto and the Mandala exchange is powered by Binance Cloud with a liquidity pool that automatically separates the platform from its direct competitors.
Mandala has a limited number of features and services to its users and this is one of the main disadvantages of the platform, but you get with Mandala works pretty well I`d say.
The story on their website says: “Founded in 2020, the Mandala team brings industry experience dating back to the early days of the cryptocurrency and blockchain space in order to deliver a world-class trading platform.”
Traders can simply start trading in pairs and check out the markets for both fiat and cryptocurrencies. Mandala also offers technical indicators with time intervals of minutes and hours for better understanding.
The platform has a token of its own called “Mandala Exchange Token”, which can be used to reduce trading fees. The Mandala Token provides specialized trading capabilities, referral rewards, and trading rebates.
Users can unlock platform enhancements and receive trading fee rebates by locking MDXT on the platform. They also offer a referral program, where you can earn referral rewards generated from the trading fees of accounts that sign up to the Mandala Exchange with your referral code.
As said on their website: “Mandala is committed to compliance. Our regulated global exchange operates with the highest standards of legal and regulatory requirements. Mandala is protected by Binance’s cutting-edge security. All funds are secured by Binance and SAFU.” So, Mandala is in high compliance with legal rules and regulations by all means. They protect your account with a two-step verification system too.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. Unfortunately, I haven`t come across any information about a demo account with Mandala Exchange.
Mandala Exchange fees
First of all, the “Mandala Token” can be used to reduce trading fees. There is no deposit fee, Withdrawal fees vary. A complete list of fees can be simply found on their website, which is another good side of Mandala Exchange.
In the top pane of the website, you have the main menu, but also the “Sign in” button and now, more importantly, the “Register” button.
And I have an account in a blink of an eye.
Mandala Exchange platform
It’s an easy to use platform, but with limited features and services. one of the features missing on the platform though is leverage trading, I didn’t manage to find that, but there is a wallet available in the top right corner. The wallet is well organized. It consists of balances, deposits, withdrawals, deposits and withdrawal history too.
Visually it’s clean, simple and intuitive. It has an uncluttered and layout that is very easy on the eye.
The first impression is great. Black and green is very “mint”, refreshing and professional to me. Some animations are nice, magical and calming. They go straight to the point, no marketing blabber. And the first page of their website shows you all you need to know before you decide to trade. At the top, there is the main menu pane. Choose from:
- MDX Token
- Trading Bots
Clicking on the “Trading Bots” I get a form to fill in because I am a beginner, I`d probably like to know more about this before I register for anything. The “Team” tab, is simply the “About” tab. And looking at their blog, they have plenty of articles and they are up to date. You get all sorts of articles here. How-to articles or just Mandala news, Crypto news etc.
If you need to contact them, the only way is to fill in a request form, now that`s a disappointment as well as no other educational support or chatbot.
Mandala has several social media accounts. One of them is YouTube.
Here you`ll find several videos, also some for beginners for example in the “Instructional Videos section”. Facebook has over 18 thousand followers and their last post is a month old. Their posts are usually Mandala news and marketing. The other social media accounts are Telegram, Twitter and Instagram.
Advantages and disadvantages of Mandala Exchange
As it is associated with Binance, it’s classified as safe, for those who trust Binance anyway. The platform has a special focus on its native coin Mandala Exchange Token, it can benefit the traders in earning rewards. Talking about fees, they are as low as 0.05% and are transparent on their website. The website is clear, nice and functional. On the other hand, there is no demo account, no live chatbot and the educational support is either hidden somewhere or nonexistent.
- Low fees
- MDXT Token
- The platform has a mobile application
- Beginner-friendly platform
- No live chatbot
- Only a few products offered
- No demo
- Insufficient educational support
Pros / Cons