Garantex

Garantex is a cryptocurrency exchange based in Estonia. The service supports five cryptocurrencies (BTC, USDT, ETH, DAI, USDC) and several fiat currencies (US dollar, UAE dirham, Ukrainian hryvnia). The company was established in 2019.

Is Garantex a profitable and stable exchange? Or is it a scam? This is what we will discover in this review.

Why Garantex

Garantex.org exchange has several advantages:

• There are no transaction limits. You see all kinds of offers and are free to make your own if the standard options do not fit.
• Opportunity cryptocurrency purchases online and in cash (in cities where there are no exchange offices, the transaction is made by couriers).
• Low transaction fees (0.15% maker/0.2% taker) and zero withdrawal and deposit fees.
• Various execution options (market, fixed-price, Moscow Stock Exchange MOEX quotations, as well as Binance).
• Ease of communication with the support service (multiple channels for contact, plus the presence of physical offices, where you can come if you have problems).
• Affiliate program (monetary rewards for attracting users to the site).
• Around-the-clock operation of all functions (exchange, support).

How to Exchange Cryptocurrency on Garantex.org

To be able to exchange cryptocurrency at Garantex, you need to register, as is customary at most cryptocurrency exchanges (How to Make Money on Cryptocurrency?). Press the appropriate button in the upper right corner of the site and fill out the registration form: enter your e-mail address (you will need to confirm it by following the link in the letter), make up a password, agree to the rules, and confirm that you are not a U.S. citizen or resident.

The next step is an authorization (as a login serves as an e-mail).

In the end, confirm the phone number (a text message with a code will be sent to the specified number).

Now, with access to your account, navigating to the “Exchange” section in the top menu will lead us to the exchange platform itself. Here, users can select the asset they wish to buy or sell, choose the execution method (market, fixed-rate, based on quotations from the Moscow Stock Exchange – MOEX, or Binance), and input the desired amount. The commission will be displayed below the rate. Users will also see an estimated amount in their chosen currency to be received, which may fluctuate until the payment is confirmed, particularly if it’s not a fixed price. Upon confirming the details, users need to wait for processing and crediting.

To view other users’ offers, go to the “OTC” section. All bids/exchanges are reflected in the history just below the exchange form. The following assets are available on Garantex:

• Fiat – American dollar (USD).
• Cryptocurrency – BTC, USDT, ETH, DAI, USDC. Replenishment from custom cryptocurrencies.
• Futures (AFF).

Physical Garantex cash registers are not available in every city, but users can arrange for a courier (company representative) to execute transactions if needed. Processing services are available 24 hours a day. Credit limits are provided, with their size determined individually based on the client’s turnover and activity. Loaned funds must be returned within one day, as failure to do so will result in a penalty of 0.2% accruing from the next day onwards.

Verification on the Garantex Platform

There is no user verification (except for confirmation of email and phone number) at the stage of registration in Garantex. However, the service’s rules allow for the possibility of requesting identity confirmation and verifying the information provided in the user’s profile at any time.

Deposit and Withdrawal

Garantex imposes no restrictions on deposits or withdrawals. Users are free to choose any amount within the limits of the internal market offer. Alternatively, if no suitable offer is found, users can set their own, though they may need to wait until another user responds to it.

Uses:

• Bank cards of VISA and MasterCard systems.
• Bank transfers.
• Client cryptocurrency wallets (BTC, Tether) – “hot”, and “cold” storage.
• Cash.

Crypto Exchange Commission

Trade commissions on garantex.org are very low:

• Maker (seller – the one who puts out the order) pays 0.15% of the transaction amount.
• Taker (buyer – acquirer) – 0.2%.

Paid functionality also includes an API, but the terms and conditions are individual and are announced on the application (when requesting a connection). In the event of delayed repayment of a loan, funds will be charged a penalty of 0.2% per day. We have already mentioned this above.

Withdrawal Fees

Garantex charges a fee for deposits and withdrawals. However, fees may be charged by third parties responsible for processing transactions (banks, electronic systems). The total amount of deposit/withdrawal will be reflected in the payment form before its confirmation.

Garantex Bonuses

Bonuses (discounts, gifts, additional free services) are not offered by garantex.org. The only way to benefit, in addition to exchange transactions, is to participate in the company’s referral (affiliate) program.

Free Training

This crypto exchange offers free training at Garantex Academy for all registered users.

Referral Program

The Garantex affiliate program involves monetary rewards for attracting new users to the site. To participate in it, you need to be registered in the system. The principle is as follows:

• You copy a unique (referral) link in your personal cabinet (in the section with the same name) and place it as an advertisement for the crypto exchange on any resource where it is not prohibited and does not violate anyone’s rights (website, blog, page/community in a social network, forum, chat, etc.).
• Everyone who follows this link to garantex.org and registers an account on the site is considered your referral. From each of their transactions, you receive a cashback of 0.33% from the commission amount (the referral himself also receives money for exchange operations, which helps you to encourage users to register).
• Statistics on conversions and royalties are displayed in your cabinet.

Complaints about Garantex

Since Garantex is quite a young exchange, there are very few reviews of service providers in the network. And all of them are positive. The authors praise the service for a pleasant rate, convenient site, and fast transactions.

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Regulation of GARANTEX Crypto Exchange

In addition to reviews, another important factor to consider when evaluating a cryptocurrency exchange is its registration and legal documents. Let’s take a look at what Guarantee has to offer in this area.

Garantex Regulator

According to the information on the website, the owner of the platform is the company of the same name – GARANTEX EUROPE OÜ, registered in Estonia (registration number – 14850239). This information is confirmed by the entry in the official register of Estonian operators – iInforegister.ee (link to it we have attached below).

• Check Garantex registration through Inforegister

Garantex.org User Agreement

As of now, Garantex.org does not have an official user agreement (offer). Instead, there is a concise set of rules, which we’ve already covered in this review. These rules include details such as the platform’s operational hours (round-the-clock processing of transactions, deposits, and withdrawals), terms of the affiliate program (33% of referral commissions), and information regarding credit limits and associated penalties. Additionally, there is no separate privacy policy. Instead, a cookie notice appears when a user spends a significant amount of time on the site.

Customer Service

To contact a crypto exchange’s support team, you can use the following:

• The phone number: +7-495-292-00-00.
• E-mail: [email protected].
• Chatbot Telegram: @Grntx_bot.
• Online consultant on the website.
• Physical offices.

Is Garantex a scam?

Garantex is registered in Estonia. The administration does not have formal guarantees for clients (except for the requirements of the jurisdiction in which the site operates). Their guarantees of transaction execution in the absence of liquidity voiced on the official page of the forum, are not supported by documentation. This is also suggested by the lack of reviews. Although we consider the exchange to be young, 1 year is still not a short period to not receive feedback from customers. Overall, we cannot say that Guarantex is a scam, but the service provider does not inspire complete confidence either.

Conclusion

Garantex has its advantages:

• No limit on the amount of the transaction.
• Low trading commissions and zero deposit and withdrawal fees.
• Quick registration.
• Several execution options.
• Ease of communication with support.

However, the exchange seems to be just beginning to develop, and so far it offers a limited number of assets and legally unsupported conditions. Users have not yet fully expressed their opinion about the platform, so at this point, we recommend approaching this market participant with caution and starting with small amounts if possible to evaluate it thoroughly.