What is Mandala Exchange?

Mandala exchange is operated by Mandala Acquisition LLC. The exchange is based out of the Seychelles, and is said to be the first privately owned exchange to launch on the Binance Cloud platform.

Mandala is essentially an online crypto-to-crypto digital asset trading platform. Mandala offers fiat trading capabilities on its platform via third parties. It has a fiat gateway provided by Indacoin – a London-based fiat onramp provider. Due to this partnership, users of Mandala are able to purchase MDX using Visa & Mastercard. Mandala exchange operates as a trading platform provider only and not a market maker. 

How to Use Mandala Exchange 

Getting started on Mandala is fairly easy. A user must register and open an account by providing their name, email address and password. The platform doesn’t seem to enforce strict KYC when it comes to users depositing crypto assets to begin trading. The platform is available on desktop, iOS and Android devices. 

Mandala claims to have one of the largest liquidity pools in the world. The platform offers custodial wallets. Users are able to trade different types of digital assets including: Bitcoin, Ethereum, Fantom, Solana, Polkadot, Cardano, Chainlink and much more. High-frequency trading can connect their trading bots and trade on Mandala.

Mandala Exchange Referral Program 

Mandala offers a referral program where users can earn referral rewards generated from the trading fees of accounts that sign up to the exchange using the users’ referral codes. Users can share up to 50% of their referral rewards with the accounts they invite. Users can also generate referral links which give up to 10% back off of the trading fees of the invitee and users can also choose to share 0% or 5% with invitees. Users can also earn up to 10% commission every time friends make a trade on Mandala.

Mandala Exchange MDX Token

Mandala Token (MDX) is the exchange token that is used for specialised trading capabilities, referral rewards, and trading rebates on the exchange. By locking MDX on the platform, users can get access to trading fee rebates. If a user locks up the required amount of MDX token in their Mandala exchange wallet for a period of 30 days or longer, their account is credited trading fee rebates in MDX or USDT.

Mandala credits trading fee rebates on a rolling 30-day basis based on the user’s locking period date. Users are able to claim their rebates by unlocking their MDX tokens. According to Mandala, the main utility of their token is to help high-frequency traders save on fees when trading on the platform. Holders of MDX tokens are also provided with access to advanced order types that are not made available to the general user.

The token is also used for rebates on futures or margin trading. Users that wish to access the social trading features on the exchange also need to have MDX tokens. Crypto projects that would like to list their token on Mandala exchange are also required to pay a portion of listing fees in MDX tokens. According to the company, users receive discounted fiat on-ramp processing fees based on their holdings of MDX tokens. For a full trading fee structure please see their detailed list.

Mandala exchange is not available to users in the USA, the Crimea region of Ukraine, Iran, Iraq, Syria, and many other jurisdictions. As far as their online reviews, the exchange doesn’t have a lot of reviews to paint a clear picture on the nature of their customer service. They have average reviews on platforms such as TrustPilot. 

Conclusion

Mandala exchange opened for trading in December 2020 making it a relatively new exchange on the market. Its daily trading volumes are fairly high for an  exchange without a demonstrable track record. According to the team, Mandala is aiming to become one of the most trusted crypto exchanges on the market with access to the largest liquidity pool in the world and fees as low as 0.05 percent. Trading crypto always carries risks and Mandala is a custodial platform so users should always exercise caution when using centralised trading platforms. It is always advisable to do your own research before using any platform. 

Originally posted on Decentralised News

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