In this Matrixport review for 2022, we assess one of the fastest-growing crypto platforms in the world. Our review critiques its latest suite of products and services, with the company on the fast track to industry-leader status. We also break down Matrixport’s pros & cons and compare their offering to other crypto alternatives on the market.
So, let’s dive into this Matrixport Review to help you work out whether Matrixport is the right crypto platform for you?
Matrixport Review: How to use Matrixport?
What is Matrixport?
Since its creation in 2019, Matrixport is emerging as one of the true heavyweights in the crypto finance industry. Aided by the expertise of serial blockchain entrepreneur Jihan Wu, who also founded Bitmain and Bit.com, the business has amassed some pretty staggering numbers during its first three years. With recent records showing over $700 million in outstanding loans, $10 billion in assets under custody, and $5 billion in trading volume, Matrixport’s success dovetails nicely with growing retail consumer interest in crypto.
In terms of its offering, the company are difficult to pigeonhole. Part bank, part crypto-exchange, part-fund manager, Matrixport seeks to enlarge and exploit the exciting possibilities of cryptocurrencies to help savers, traders, and investors hit their money goals. Its clients range from retail traders, crypto miners, hedge funds, token funds, and proprietary trading firms to asset managers, family offices, and HNWIs. So what is the reason for the company’s runaway success? Let’s find out.
Pros & Cons
Offering a comprehensive suite of products and services, Matrixport will appeal to those looking to leverage the possibilities of crypto to its full extent. While inexperienced traders might feel overwhelmed with its complexity, there is an option of a Lite mode and the company is well established, well safeguarded, and well equipped to deliver cutting-edge financial solutions.
Matrixport Investment Products
Matrixport users can take advantage of the crypto industry’s many investment opportunities. These range from fixed interest-earning accounts to live crypto dealing accounts and everything (and we mean everything) in between.
Its current range of products and services can be found below;
- Flexi Saving: Flexi Savings allows savers to earn yields from their crypto, with no limit amount, and no lock-up. Additional features include flexible deposits and withdrawals, hourly compounding, and auto top-up.
- Fixed Income: Matrixport Fixed Income enables savers to lock up their crypto for a determined time period, and earn stable crypto returns. At the time of writing, these accounts offer up to 30% annualized interest. Additional features include multi-currency and multiple tenors.
- DeFi: Investors can enjoy opportunities on Matrixport’s handpicked Defi protocols, including Curve and Compound, to enable higher returns without dealing directly with DeFi.
- Funds: Investors can gain market exposure through a selection of ‘crypto mutual funds’, provided by Matrixport Funds. These curated funds are diversified to help investors reduce their market risk.
- Dual Currency: With Matrixport Dual Currency product, investor yield is secured at the time of purchasing the product. This product is then settled in a currency whose value changes based on the compared value of the settlement price, as well as the linked price of the currency.
Matrixport delivers an impressive array of features to help clients get the most out of their trading and investment experience, accessible to institutions and retail consumers alike. These include:
Matrixport Lite/Pro Modes
Matrixport comes in 2 different modes which are Lite and Pro. The Lite option caters for beginners and takes away any of the noise, so novices (or those brand new to crypto) just have access to simple services. These include being able to invest, deposit, view your wallet and create simple swaps.
Pro mode has a lot more options. With full access to all of Matrixport’s features including their Dual Currency, Smart Trend, Fixed Income, Fund, Loas, Staking, Leverage etc.
Matrixport Loans enables investors to pledge collateral in exchange for borrowing crypto, with the first loan being interest-free. This allows investors to increase their investing power but also carries extra risk.
With Matrixport Leverage trading, users can gain up to 5 x leverage on their crypto trades. Its leverage products are broken down into Leveraged Bull and Leveraged Bear, depending on which way you think the market is headed.
Matrixport offers OTC services providing users access to low-cost and superior liquidity for major cryptocurrencies using a single dealer platform. Because these transactions are not conducted on regular exchanges, there is no public order book. This provides increased privacy for both buyers and sellers.
With derivatives trading, users can trade high-performance and low-latency, with futures and options available for Bitcoin, Ethereum, and Bitcoin Cash.
Matrixport Mobile App
Trade on the go with Matrixport mobile app, available on Android or iOS devices. With its full suite of products and services present within the app, you can manage your money anywhere, and at any time. The app has stringent security features, including 2-factor authentication, for added peace of mind. It also provides seamless money management, with deposits and withdrawals both available in-app.
Matrixport doesn’t charge any fees for spot or leverage trading and they state they have 0% spreads.
In terms of Matrixport deposit fees, these are also free, however, you will be charged for withdrawals.
Matrixport Fiat withdrawal fees are charged at $30. They currently offer their customers 1 free crypto withdrawal per month. After this, there are withdrawal fees on crypto by crypto basis which are shown below for some of the most commonly traded currencies.
|Token||Min Deposit||Confirmation||Min Withdraw||Withdraw Fee||Withdrawal Confirmations|
Matrixport offers a good range of support material, including its regularly updated FAQs section and a blog section that will cover some of the most common questions and issues.
If you want to get in touch with the Matrixport support team directly, you’ll need to submit a request via the messaging service on its website. Here, you’ll be able to describe your issue and upload relevant screenshots to describe your situation.
While social media users report a generally positive experience in regard to response times and helpfulness, we can’t help feeling a lack of communication options might be to the company’s detriment, particularly with such grand plans to scale the business further. For instance, a dedicated phone number advertised clearly on the website would be an excellent first step in addressing the matter of accessibility and transparency.
Is Matrixport Safe?
First and foremost, it’s important to consider the scale of Matrixport. With its vast customer base and well-developed security infrastructure, we feel the company are a safe pair of hands when it comes to keeping your assets and identity safeguarded.
Matrixport currently holds a Hong Kong Trust Company License and is a member of the Swiss FINMA SRO-VQF organization, which authorizes financial institutions.
In addition, all assets are secured through Cactus Custody – a well regarded third-party institutional custody service. As a qualified custodian, it helps the company meets its capital reserve requirement and acts within regulatory and AML guidelines.
Crypto loans and investments always carry risk, but the company is refreshingly clear and transparent in its communication about its users and its own responsibilities. This is evidenced in a broadly positive response on social media, with many online commentators lauding the firm’s security measures.
Matrixport Signing up
Becoming a Matrixport customer is pretty straightforward, with the company accepting new registrations using your phone number, or email address. You’ll be asked to set up two-factor authentication, after which you’ll need to complete one of three verification steps to prove your identity.
This includes Basic Identification (involving name and nationality), Advanced Verification (requiring proof of address), and Video Verification, in which you’ll need to participate in a short video call with one of the company’s representatives.
In general, we found the onboarding process a lot speedier than that offered by rival crypto providers, with no glaring compromise in security protocols.
Matrixport Referral Bonus
Matrixport is currently running a special welcome promo for new customers, who can receive up to $55 for completing simple newcomer tasks. Plus there’s an exclusive 30% APY on its USDC Fixed Income product and 1288 USDC Free Trial Coupon.
|Matrixport Referral Code||Sign-up to Matrixport here or use Code V8XVG3|
|Matrixport Sign-up Bonus||Get a $55 Matrixport Sign-up Bonus|
|Referral Terms||Matrixport Referral Terms|
|Bonus Last Validated||June 2022|
As one of the most recent entrants into the cryptocurrency industry, Matrixport has nevertheless earned a strong reputation among financial market participants. The company ranks lower than its primary investment platform competition on Trustpilot in our market comparison below. Still, its rapid rise to prominence speaks of a company providing a more unique and comprehensive suite of crypto products than its rivals.
|Matrixport||2019||Singapore||HK Trust Company License & Swiss FINMA SRO-VQF||3.4|
|YouHodler||2017||Switzerland||Blockchain Association Financial Commission||4.2|
|Nexo||2018||Switzerland||Various US state licenses||4.5|
|BlockFi||2017||US||Various US state licenses||3.6|
Our Verdict: Should You Use Matrixport?
Offering seismic interest rates on its cryptocurrency products, customers hoping to benefit from the crypto market will be understandably tempted by Matrixport’s proposition. Its fully featured array of products and services are well suited to those looking for a competitive crypto solution.
While newcomers might feel slightly overawed by the company’s complexity, and though its platforms might be lacking the user-friendliness of other providers, there’s an abiding sense that the company know what they’re doing and have the skills and expertise to help you hit your financial objectives.
In summary, Matrixport represents a dependable jack-of-all-trades for those looking to expand their investment horizons into the crypto space.
Jihan Wu is the founder and owner of Matrixport. His previous ventures include Bitmain – a company that creates integrated circuit chips for bitcoin mining.
Matrixport is a one-stop financial services platform, offering competitive rates on crypto products to retail traders worldwide.
Matrixport is based in Singapore and has over 220 employees serving both institutions and retail customers across Asia and Europe.
Yes. The company holds commercial licenses in Hong Kong and Switzerland.
Matrixport offers a wide choice of financial opportunities, from fixed-income investment vehicles to crypto trading options. Check out Marixport’s complete list of services.