Terrexa in Brief
Though Terrexa is a brand new cryptocurrency purchasing service, it already has several attractive features. Terrexa users can quickly and easily buy cryptocurrency using credit cards, debit cards and bank transfers. In addition, the service’s iOS and Android apps both have good user ratings.
Unlike most cryptocurrency purchasing services, Terrexa is owned and run by an established financial services company. This gives Terrexa more resources to use to expand its feature set, promote itself and protect its assets.
The main downside of Terrexa is that it only supports two cryptocurrencies: Bitcoin and Ether. In addition, Terrexa is not yet available in the US. The company’s leaders are likely still figuring out how to best navigate its complex regulatory environment.
- Multiple payment options. Terrexa customers can pay for their purchases with bank transfers, debit cards and credit cards.
- Reasonable fees. The service charges 4% for credit card usage and 2% fee for bank transfer purchases. These fees are in line with what other similar crypto services are charging.
- Established company. The company that owns Terrexa is a software-as-a-service firm that specializes in finance.
- Apps for iOS and Android. Both flavors of Terrexa’s apps have good ratings.
- Limited altcoin support. The only cryptos you can buy through Terrexa are Bitcoin and Ether.
- Not available in the US. Lack of US availability prevents American residents from using Terrexa’s services.
- Manual ID verification. Because Terrexa uses a manual ID verification system instead of an automated one, you have to wait a while before you can start trading. Wait times vary depending on how busy the customer service team is.
What is Terrexa?
Terrexa is a cryptocurrency purchasing service. It’s owned by a financial services software firm called Leverate.
Leverate’s history dates back to 2008. The company’s original goal was to create an automated trading algorithm. That algorithm took two years to create, but Leverate’s commitment to innovation helped it gain the attention of angel investors. Jacques Beer of Tempo Beverages Ltd. and others funded Leverate in its early years.
A change in focus
After a few months, Leverate decided to stop development work on its algorithm and create a new product: a fast price feed designed to help brokers reduce losses caused by latency. The company began marketing the new product as LXFeed. More software products followed, including a suite of risk management tools and several different mobile trading platforms.
In 2011, Leverate sold a 25% stake to Saxo Bank and use the funds it received from the deal to add 20 new employees to its staff and open offices in Hong Kong and Ukraine. In 2014, Leverate was profitable enough to afford to buy back the stake from Saxo.
In 2017, Leverate assigned Senior Product Manager Oren Mizrachi the task of overseeing the construction of a new cryptocurrency purchasing service called Terrexa. The core Terrexa platform was announced in March of 2018 and went live a few months later.
- Jacob Yasha Polyakov – Chief Executive Officer. Poloyakov has been the CEO of Leverate since 2017. Before that, he served as the CEO of Rynat Trading Ltd. His areas of expertise include business development, HR management, regulatory compliance and international taxation.
- Guy Paz – Chief Operating Officer. Paz’s background is in information technology. He was awarded a Bachelor’s degree in Computer Science from The Open University in 2016 and he’s been working at Leverate since 2011.
- Vadim Baltman – Chief Financial Officer. Baltman has seven years of financial management experience. Four of those years were spent at Ernst & Young. He holds a Bachelor of Arts in Economics and Accounting.
- Igal Schnirmacher – Executive Vice President. Before joining Leverate, Schnirmacher co-founded a software development firm called SmartUpMedia. His skills include operational organization and restructuring, technological development, interdepartmental project management, and product management.
- Orent Mizrachi – Director of Crypto. Mizrachi was the Head of Revaluation Operations Services at SuperDerivatives. His specialties include end-to-end product management, business development, R&D and operational management.
Protecting customers’ coins
Legal and regulatory compliance
Governments around the world have yet to reach a consensus for how to regulate cryptocurrency. This situation has created an uncertain regulatory environment for blockchain companies. Some companies involved with crypto do the bare minimum to comply with financial service standards, but others work closely with governments in the expectation that future laws will make compliance mandatory.
Judging from the wording of the documents on the Terrexa website, the crypto purchasing service seems to be doing everything it can to follow typical financial service rules and regulations. According to Terrexa’s AML (Anti Money Laundering) policy, Terrexa is “committed to implementing the measures established” to prevent terrorists and money launderers from using its services. The company’s risk disclosure document states that it’s registered in Cyprus, Greece and complies with all of its laws and regulations.
Coin listing policies
There is no specific coin listing policy on the Terrexa website. However, Senior Product Manager Amir Haimpour seems to be open to the idea of adding support for additional coins and tokens. In an interview with Bitcoin Isle, he described his company’s goals in the following way:
“At Terrexa, we are dreamers, and our new exchange service and digital wallet are the opening shot. We have already started planning our next steps in this fascinating ecosystem.”
Like many cryptocurrency exchanges and purchasing services, the Terrexa website doesn’t reveal much about the security system it uses to protect its customers’ concerns. The FAQ section of the site merely says that Terrexa takes “great measures” to secure its platform and protect it from hackers.
Terrexa provides live chat support via Intercom. All you have to do to get in touch is click the chat icon on the bottom right corner of the screen. Alternatively, you can send in an email message with a description of your problem.
Terrexa is so new that the cryptocurrency community doesn’t seem to be very aware of it yet. The Terrexa Twitter account only has 13 followers and there are currently no Reddit threads that mention Terrexa. Terrexa recently introduced itself to the BitcoinTalk forums, but it only received a handful of replies.
How to Join Terrexa
Who can join?
Terrexa uses a multi-tiered verification system.
- Level 1. The first tier has a $5,0000 limit and can be unlocked by providing a government-issued ID card and a proof of address document. You must also provide your gender, date of birth, phone number, city, zip code and street address.
- Level 2. The next tier has a $10,000 limit. The only thing you have to do to unlock tier 2 verification is to fill out a questionnaire.
- Level 3. The final level of verification unlocks unlimited trading and requires you to sign a legally binding statement of work contract.
What Can You Trade on CoinCorner?
The only cryptocurrencies you can currently trade on Terrexa are Bitcoin and Ether.
Terrexa supports euros and United States dollars.
Terrexa’s interface lets you trade Bitcoin for EUR or USD, EUR for Bitcoin and Ether or USD for Bitcoin and Ether.
The Terrexa website
The first thing you’ll see once you land on the Terrexa website is a signup form. Provide your email address and click the orange Go button to proceed to the next step.
Here’s where you enter in the password that you’ll use to access your Terrexa account. The password must be between six and 15 characters. In addition, your password must include at least one number and a minimum of one special character.
Next, you’ll be prompted to complete level 1 verification. To accomplish this, you’ll need to fill in the form and upload two photos: one of your passport and one of a utility bill to prove your address.
The Buy & Sell Cryptocurrency link at the top of the page brings you to this form. Pick which currency you want to send and receive, then click the Exchange button at the bottom of the form.
Now, enter in the wallet you want to use to collect your cryptocurrency funds. To learn about how to set up a cryptocurrency wallet, read our cryptocurrency wallet tutorial linked below.
The last step of purchasing cryptocurrency through Terrexa involves filling in a credit card form. After you provide the information and click Pay Now, Terrexa will take it from there. After the purchase is complete, your funds will be transferred to your crypto wallet.
The More Info tab on the top right corner of the dashboard view brings up a graph that lets you track the price of Bitcoin.
Clicking the Ethereum icon lets you view what’s going on in Ethereum markets.
Mobile app support
Terrexa has apps for iOS and Android. Neither version has many reviews yet, but they both have five-star ratings. Fans of the apps seem to like their slick, intuitive interfaces.
Deposits and withdrawals
Some cryptocurrency purchasing services only support either bank transfers or credit/debit card buys, but Terrexa supports both options.
Terrexa doesn’t charge for crypto deposits and withdrawals because it’s not a custodial purchasing service. In other words, the responsibility of storing your crypto assets is yours.
Limits and transaction fees
Terrexa charges 2% for bank transfers and 4% for bank card purchases. There’s also a small spread fee, which Terrexa builds into its price quotes. The FAQ section of the Terrexa website contains additional details:
“The size of the spread and the price of a cryptocurrency (sell price and buy price) are determined by supply – the volume of a particular currency for sale in the marketplace, and demand – buyers’ willingness to pay a particular price for it. The spread can affect the price at which a purchase or sale is made, and Terrexa is continuously monitoring the market to offer you the best price possible.”
Your buy and sell limits will vary depending on your verification level. Level 1 users can buy and sell up to $5,000 worth of cryptocurrency. The limit for level 2 users is $10,000. Level 3 users get unlimited cryptocurrency trading.
Perhaps the most unique thing about Terrexa is that it’s owned and operated by a company that’s been in business since 2008. Most competing cryptocurrency purchasing services are startups that were founded just a few years ago. The fact that the company behind Terrexa has resources that newer blockchain companies lack is likely a big advantage that will help Terrexa survive and thrive going forward.
For beginner users
If you don’t want to deal with the hassle of signing up with a professional cryptocurrency exchange but you still want to invest in the space, Terrexa makes sense. It’s easy to use and the multiple purchasing options provide additional flexibility.
For advanced users
Though Terrexa doesn’t support customizable orders, technical charts, margin trading or any other advanced feature, experienced traders may consider taking advantage of the fact that Terrexa supports EUR and USD exchanges. Many advanced cryptocurrency exchanges don’t support any government-issued currency. If you’re looking for a way to fund an advanced crypto exchange account with fiat money, you can make your initial exchange on Terrexa. Once you make the initial fiat-to-crypto conversion, you can transfer your crypto funds wherever you like.