| Cryptocurrency exchange | |
|---|---|
| Official website | |
| Social network | |
| Date of foundation | 2019 |
| Head Office | Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415, Tallinn, Estonia |
| Types of support | |
| Phone Support | |
| Languages | English, Russian |
| Founder | Mendeleev Sergey |
| Company owner | GARANTEX EUROPE OÜ |
| Minimum deposit amount | Verified Cryptocurrency
Fiat Currency No limits Unverified Cryptocurrency
Fiat Currency No limits |
| Maximum input amount | Verified No limits Unverified No limits |
| Minimum withdrawal amount | Verified Cryptocurrency
Fiat Currency No limits Unverified Cryptocurrency
Fiat Currency No limits |
| Maximum withdrawal amount | Verified No limits Unverified No limits |
| Exchange Commission | Exchange fee: 0.15 % for maker / 0.2 % for taker Withdrawal fee: 0.0001 BTC / Equivalents of other cryptocurrencies / Until 3 % / For withdrawal in RUB |
| Terminals | Author's platform |
| Age restrictions | From 18 years |
| Number of users | 100000+ |
| Number of cryptocurrencies | 5 |
| Number of trading instruments | 8 |
| Margin trading | No |
| Tokenized assets | No |
| Free demo account | No |
| Types of accounts | Standard |
| Order execution | Market Execution (at market price), Limit Orders, MOEH, Binance |
| Methods of replenishment | Wire transfer, Cash, Cryptocurrencies, 99bill, Bank card (Visa/MC) |
| Withdrawal methods | Wire transfer, Cash, Cryptocurrencies, Bank card (Visa/MC) |
| Account Currencies | USD, UAH, AED, AFF, RUB |
| Types of cryptocurrencies | BTC, USDT, ETH, DAI, USDC |
| Licenses | Licensed |
| Mobile apps | There are mobile apps (Android) |
| Trader training | Help center FAQ, articles and news, personal managers, exchange academy |
| A way to store cryptocurrencies | Cold: yes Hot: no |
| Fiat accounts | USD, UAH, AED, AFF, RUB |
| Scalping | No |
| Stop loss and take profit function | No |
| Possibility to exchange for fiat currencies | 5 fiat currencies (UAH, AED, AFF, USD, RUB) |
| P2P trading | Direct trade in cryptocurrencies between users without the participation of a cryptocurrency exchange |
| Basic verification | At the request of the exchange |
| Advanced AML verification | The service on the site is temporarily unavailable. Verification is possible only by personal visit to the offices. |
| API | Read moreTo activate it, you need to contact support |
| Bonuses | |
| Affiliate Program | Registration0.33% of the commission amount |
| Advantages | Service without transaction limits Fast registration and low commissions Several options for executing transactions In the absence of liquidity, the provider guarantees execution from its own funds Working around the clock, no deposit and withdrawal fees Withdrawing money to cards/accounts + any cards through payment systems |
| Disadvantages | Few assets No verification of users at registration |
| Company requisites | Legal name: GARANTEX EUROPE OÜ Legal address: Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415, Tallinn, Estonia |
| Overall assessment | 9.3/10 |
| Date of update | April 23, 2024 |
Garantex is this a scam? Review and Customers Reviews
Contents
Garantex is a cryptocurrency exchange based in Estonia. The service supports five cryptocurrencies (BTC, USDT, ETH, DAI, USDC) and four fiat currencies (US dollar, UAE dirham, Russian ruble, 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), Russian ruble (RUB), Ukrainian hryvnia (UAH).
- 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).
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.
Reviews
- In ascending order of rating
- In descending order of rating
- New ones first
- First the old ones
- Popular ones first
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Credible feedback Rate your review 2+20Garantex
The security service deals with complete bullshit, blocks accounts at will and freezes funds without justification. Cashiers behave disrespectfully towards customers and allow them to behave as they wish
Positive- Cash deposit without Commission.
Minuses- Service is nothing
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Feedback approved for publication Rate your review 1+10Don't trade with them, your card will be blocked
Good afternoon!
I have carried out several transactions, after which one of the users was something unhappy, called the bank and said that he had found my card, as proof of that he told my full name and card number (you enter these data when making a transaction), I went to the bank and exchange support… Read more -
Feedback approved for publication Rate your review 1-34Don't even try
Before you sign up, think about it, because you can’t delete your account if you want to. Technical support is like a robot. Either a person who is not very talkative and won’t explain anything
Minuses- Can't delete account
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Feedback approved for publication Rate your review 0-32In the application for decentralized crypto exchange...
In the application for decentralized crypto exchange there are no fixed prices, so they can change during the processing of the order. For me it was a surprise, and after the exchange nothing can be done.
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Feedback approved for publication Rate your review 1+10I registered on this exchange a long...
I registered on this exchange a long time ago. I have heard many different reviews, but all my close friends, who trade normally, advised me, so I started working there. The understandable interface allowed me to learn how exchangers work in general, before I was afraid of the word. Now I know a lot… Read more
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Feedback approved for publication Rate your review 3-14Despite the sufficient number of positive reviews...
Despite the sufficient number of positive reviews of Garantex, there are also user complaints on the Internet. Having analyzed the negative reviews, we came to the conclusion that most traders face withdrawal problems precisely because of their inattention and unwillingness to read the rules of the exchange… Read more
Garantex reviews
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