Mercuryo Review [2024] | Crypto Payments & Wallet | Pros & Cons

Introduction

The London-based company was founded in 2018, and its mission is to reinvent the ease of making global payments. The firm aims to introduce several new features, including a crypto card, Crypto SAAS, Gig solution, and Money transfer in the near term.

In order to bring together the worlds of digital assets and fiat money, the firm has developed a product range that caters to both. Indeed, the worldwide payment network provides a seamless fiat-to-crypto gateway service to businesses and private consumers.

Additionally, the wallet allows you to exchange your cryptocurrencies in a matter of seconds; customers may convert crypto into fiat currencies (EUR, USD, and RUB) and vice versa.

Why users choose to use Mercuryo.io 

Customers opt to go with Mercuryo as their preferred payment method since the company provides attractive exchange rates for buying and selling cryptocurrencies. Likewise, the platform provides seamless usage and a fast exchange speed that illustrates the quality of its quick and intuitive crypto/fiat on/off ramp for its suite of products.

In addition to offering some of the most competitive exchange rates available, the platform is easy to onboard, especially for newcomers into the crypto space.

Whatsmore, the firm has diverse payment methods that allow consumers to pick from dozens of local payment methods and currencies. By way of example, there are options to purchase cryptocurrencies such as through VISA and Mastercard or other methods like Apple Pay, Google Pay, Samsung Pay, and local payment providers.

Mercuryo holds both an Estonian operating license registered under MoneySwap OÜ in Tallinn, Estonia, and a money service business status (MSB) in the United States.

For good measure, Mercuryo is registered in FCA as a PSD agent in the United Kingdom and is planning to acquire an Electronic Money Institution (EMI) license in the near future, demonstrating the firm’s conformity to regulatory requirements.

Not to mention that the firm’s gateway solutions are used and supported by over 200 companies, including prominent crypto firms like Binance, KuCoin, Bybit, Trust Wallet, Bitfinez, and Trezor.

Also, it offers a generous referral program that rewards users for introducing new clients and an app that has been downloaded over 100,000 times, with over 2,000 reviews on Trustpilot with a 4.8/5 star rating.

Related video: Introduction to Mercuryo

Mercuryo features and products

Mercuryo offers a wide range of services. Some of them are already in use, while others are currently under development. The following are some of the services it currently provides:

Integrated Multicurrency Wallet

This feature is an inbuilt crypto on-ramp capability in a custodial multicurrency wallet that is engineered to let you purchase, trade, hold, and spend a wide variety of digital assets, easily exactly like you would with fiat currency. 

It is worth noting that customers may only purchase cryptocurrency using Visa or MasterCard, as other card providers are not accepted yet. Furthermore, the wallet facilitates transactions, but the firm demands identification before a transaction may be completed. Although, Mercuryo claims that the KYC will take no more than 15 minutes to complete.

Below is a dashboard of the wallet screen where customers can purchase crypto by card top-up by selecting the fiat currency on the left and the crypto on the right.

The wallet is connected with a simple and easy mobile app that Android and iOS users can download. On top of that, the wallet is straightforward to set up and integrate into your application through API or SDK since only the bare minimum of coding skills are necessary for setting it up.

Furthermore, Mercuryo wallet users may top up their cryptocurrency wallets by buying crypto through their website and widget or transferring crypto from another wallet. By the same token, customers can also transfer cryptocurrency from their Mercuryo account to another account or blockchain address. On top of that, users have the option of converting crypto to fiat via bank transfer. 

Custodial Service 

One helpful integration is that users can recover access to their wallets at any moment by presenting their ID, dispelling worries about misplacing a seed phrase, losing passwords, email addresses, and phone numbers.

Widget for businesses to accept crypto payments

For business owners, Mercuryo offers a widget solution for cryptocurrency payment processing on their websites. The widget lets users trade in and out of fiat currency for cryptos and vice versa.

Also, the device can match any business style since it is a simple, risk-free, integrated, customizable business solution that allows merchants to accept fiat payments for crypto purchases, essentially a fiat-to-crypto interface.

Whatsmore, the widget allows clients to focus on developing their business rather than being preoccupied with minor technical procedures; thus, Mercuryo´s team takes care of the back-end operations, including liquidity, chargebacks, customer service, anti-fraud, and KYC checks.

Additionally, the integration procedure only takes a few days and needs very little coding knowledge; simply complete a brief verification and integrate your coding.

To save organizations time and money, Mercuryo manages the storage of customers’ data as well as the KYC/AML, customer assistance, and the requirements for selling cryptocurrency. Generally, it is up to the business owner to decide how much money they want to make, but at least 0.5% is earned from each transaction.

Featuring unique styles, a customizable dashboard, statistics, administration of accumulated withdrawals, a simple API, and user transaction status monitoring (webhook), the widget is an innovative business solution.

Crypto In & Out

This function is a system that allows companies to accept cryptocurrency payments, increasing client acquisition.

Crypto in 

This feature allows your clients to pay for items with coins, and then you can store the funds in crypto or fiat on Mercuryo balance. At the point of purchase, the fiat value is fixed, and as the merchant, you may manage settlements in either fiat or cryptocurrency at any point.

Crypto out

Enable your clients to withdraw fiat money in exchange for crypto. Maintain your payout balance in fiat and replenish it with SEPA and SWIFT transfers in any currency, or utilize money from incoming payments.

Mercuryo can assist you with everything from integration to settlements, providing assistance, blockchain monitoring, and volatility concerns.

Mobile App

Using the Mercuryo mobile app, users on the move will be able to purchase, sell, store and pay using crypto. Creating an account is quick and easy, thanks to the app’s intuitive interface and automatic verification process.

The Mercuryo mobile app is available to download on both the App Store and Google Play.

Referral program

By taking advantage of the referral program, users may invite friends via a referral link and earn 0.5% of any cryptocurrency acquired or sold by them regardless of the amount of currency.

As a result of these referrals, users can get additional payments in crypto sent to their wallets at the end of the month, and the total amount customers can make is unlimited through the program. In this way, users can earn a passive income.

Supported cryptocurrencies

Cryptocurrencies supported by Mercuryo include the following:

• Bitcoin (BTC);
• Bitcoin Cash (BCH);
• Ethereum (ETH);
• Basic Attention Token (BAT);
• Tether ERC-20 (USDT);
• Algorand (ALGO);
• TRON (TRX);
• OKB (OKB);
• Dai (DAI);
• Elrond (eGLD ERC-20).

In order to sell crypto and withdraw fiat to your credit card, Mercuryo accepts the following currencies:

• EUR – Euro
• RUB – Russian ruble (only for Russian bank cards)
• USD – US dollar

Mercuryo fees and limits

In general, excessive buying and selling rates on crypto platforms may restrict your earnings; however, Mercuryo clients can rest assured that their fee rates are kept competitive.

Note: Non-verified users cannot purchase or sell cryptocurrency as Mercuryo requires customers to complete KYC before buying or selling crypto. Also, there is no fee for receiving crypto from another blockchain address using Mercuryo.

Buy and Sell crypto

Mercuryo charges 3.95% when you purchase crypto and 2.95% when you sell it. It is important to note that Mercuryo does not have any hidden or additional costs. 

Customers will be able to see the total quantity of crypto that will be placed on their blockchain address, as well as the amount of fiat that Mercuryo will charge from your bank card after purchase or sale. The final price includes the handling fee.

The minimum limit per transaction if a user wants to buy Bitcoin, for example, would be 0.0003 BTC, whereas the maximum limit per transaction for buying Bitcoin would be 4,000 EUR, 4,700 USD, and 3,400 GBP.

It’s worth bearing in mind that depending on different variables, such as the price of network fees, the minimum limitations are subject to vary. 

To see the complete list of cryptocurrencies and their corresponding minimum and maximum transaction amounts, visit the Mercuryo widget FAQ page.

Deposits and Withdrawals 

The following commissions do apply for card purchases and withdrawals:

• You will be charged 3.95% by Mercuryo when you use your card to buy crypto; 

• When you transfer crypto to your card, Mercuryo charges 2.95%;

• A 4 EUR / 4 USD / 50 RUB minimum commission is charged when you withdraw crypto to a card.

The limits for verified users are included in the table below:

In addition to this, the Mercuryo wallet allows you to view the current monthly and daily limitations. However, in the event that you have surpassed your daily/monthly limit and you are looking to increase, you can contact customer support by leaving a message in the live chat in the bottom right corner of the website or by sending an email to [email protected]. 

For further pricing information, visit Mercuryo’s fees and limits page.

Features in progress 

A new generation of products is set to be released in the near future, including Fintech Crypto SAAS for the banking industry, mass payments for the GIG economy, Chatbot, and Analytics are among the developments. However, one of the most anticipated products for the crypto infrastructure that makes blockchain useful for business will be the prepaid VISA card.

Card

Among the Mercuryo services that haven’t debuted yet, Mercuryo’s prepaid VISA card will enable customers to purchase with cryptocurrencies anywhere in the world. The card will be accepted by more than 40 million retailers worldwide. With the VISA card, you may make payments in crypto instantly, with no issue, processing, or conversion fees.

The user’s crypto account is linked to the card, and customers can choose between physical and virtual cards. Moreover, when using the Mercuryo app, you can keep tabs on transactions and track your money in real-time.

Is Mercuryo safe ?

Safety is an enormous priority for any customer using a platform to buy, sell, and store crypto and fiat currencies. Building and administering a worldwide payment network necessitates a high level of security. In order to do so, Mercuryo keeps up to date with new technological advancements and ever-evolving fraud methods.

Mercuryo has built-in compliance and anti-fraud solutions and employs risk management strategies such as continuously improving anti-fraud systems and transaction monitoring capabilities. 

In addition, Mercury adheres to full compliance with all regulators’ guidelines, card schemes, and organizations like the FATF (Financial Action Task Force). Also, the company conducts frequent evaluations of its merchants and partners to prevent financial and reputational damages according to card program regulations.

On top of this, the firm analyzes undiscovered fraudulent transactions. It keeps track of unlawful and contested transactions by carrying out address checks to see whether they have links to the dark web or other illicit activities. Similarly, Mercuryo works with law enforcement authorities, banks, and partners on consumer requests and questions.

The firm also manages KYC/AML, storing clients’ data appropriately, carries out fraud surveillance, blockchain analytics, card data storage according to PCI DSS standards, and 100% security against chargebacks.

Lastly, Mercuryo uses several crypto-exchanges to hold some of its currency, while the remainder is kept in secure cold wallets.

Mercuryo Team also provides tips to keep users’ funds safe on its blog.

KYC on Mercuryo – things to know 

Mercuryo collects your first name, last name, DOB, country information, email address, and telephone number when you register to use its services – this is the first step in its KYC (Know-Your-Customer) procedures. As you continue to use its services, you should verify your account.

To do so, it will need the following information: 

• A copy of your government-issued identification (Passport, ID card, or Driver’s license); 
• Proof of address (e.g., a utility bill).

Completing KYC is necessary for confirming your identity and performing AML/KYC due diligence.

Mercuryo may require users to make an identification video when they reach the 15,000 Euro threshold, which entails capturing your appearance and voice for biometric checks for compliance with FATF guidelines, as well as the implementation of strengthened KYC/AML procedures.

According to their website, just a small percentage of customers fail to pass KYC, while the vast majority complete it in no time. 

Similar to how fraudsters steal and use a card, 72 hours is usually enough time for a legitimate user to phone the bank and reject the transaction. Mercuryo puts a 72-hour time limit on crypto withdrawals for non-verified customers.  

If you lose access to your Mercuryo account, you can regain it if you completed the entire verification process before. Moreover, a verified user has access to enhanced withdrawal limits of up to 2,000 EUR per day and 15,000 EUR per month, with no time restrictions.

Related video: How to pass KYC on Mercuryo.io

Mercuryo Customer Support

Before contacting customer support, traders should first visit the Mercuryo website’s Help section. If you are still unable to resolve your issue, you can contact the Mercuryo support team.

Mercuryo offers 24/7 customer support to its customers, and you can contact them either by:

• Email: [email protected];
• ​​Phone: +44 20 3966 8476;
• Live chat: In English or Russian.

How to set up a Mercuryo account (step-by-step guide)

Step 1: Download the Mercuryo app from the App Store or Google Play;

Step 2: Select your region, input your phone number, and agree to the Terms of Service after carefully reading through them;

Step 3: You will then be sent a four-digit code to your mobile phone; after inputting the code, the app will take you to a screen where you can verify your identity, or you can select skip and go directly through to the wallet.

Step 4: At this stage, you now have access to the wallet and can use its features once fully verified. From downloading and installing the app to inputting your number and entering the wallet, the whole process takes less than 2 minutes.

Mercuryo’s pros and cons

Pros

• The platform supports currency exchange from cryptocurrency to fiat currency and vice versa;
• A modern up to date mobile wallet that is easy to use;
• Major fiat currencies and popular cryptos are supported;
• Mercuryo is continuously innovating, for example, the anticipated prepaid Visa card that customers can use to spend cryptocurrency online and in-store;
• A generous referral program;
• Holds operating licenses registered under MoneySwap OÜ, MSB status in the United States, registered in FCA as a PSD agent in the United Kingdom, and planning to acquire an EMI license.

Cons

• Limited deposit options;
• Not protected by the FSCS.

Final thoughts

Overall, Mercuryo offers a solid platform that combines regular fiat and crypto payments so that users may manage cryptocurrency just as simply as non-cash payments, among its other features.

Moreover, it’s straightforward to use, so even beginners to the crypto space may take advantage of its offerings as an all-in-one payment solution for people and businesses.

Safety, fees, and privacy are important factors to bear in mind when choosing a crypto wallet; for that reason, Mercuryo’s team takes care of liquidity, chargebacks, support, anti-fraud, and KYC checks so as a customer or business, you can focus on developing.

Mercuryo makes cross-border money transfers quicker, cheaper, and more accessible by requiring only two operations: fiat-to-crypto and crypto-to-fiat exchanges. The firm is continuously innovating, and the Visa card will significantly enhance its payment system by permitting crypto payments in the real world.

Follow Mercuryo on its social platforms:

• Instagram;
• Facebook;
• LinkedIn;
• Reddit;
• Twitter;
• Telegram.

FAQs about Mercuryo