Majestic Bank Review
Majestic Bank allows for fast and easy exchanges of popular cryptocurrencies including Bitcoin, Litecoin, Monero and Bitcoin Cash. What makes it stand out from the hundreds of other exchanges out there is that it's one of only a small handful available on the Tor Network, and requries zero registration or KYC (Know Your Customer), ensuring the entire transaction process is anonymous. Does Majestic Bank deliver on its promises and can it be trusted?
Majestic Bank Link
You will require the Tor Browser in order to access eXch. This is completely free and available for Windows, MacOS, Linux (all distros), iOS and Android.
Key Facts about Majestic Bank
|Bitcoin (BTC), Monero (XMR), Litecoin (LTC), Bitcoin Cash (BCH), Firo (FIRO), Wownero (WOW)
First Trip to the Bank
The first thing you'll notice is that Majestic Bank has a very user friendly interface and immediately puts you at ease with its professional appearance. It's one of the most well designed cryptocurrency exchanges I have encountered in this respect.
Making an Exchange
From the start you can see exactly what trading pairs are available and starting the process of an exchange simply requires entering in the amount you wish to trade, whereupon you'll be told what the rate is and how much you can expect to receive.
To test out Majestic Bank I opted to swap from Monero for Bitcoin. I was quoted a fixed exchange fee of 0.5% which is very low, with most exchanges charging more than this (up to 5% in some cases). The fee can vary between 0% and 2%. 0% may be presented in instances where Majestic Bank's reserves for a particular cryptocurrency are very low, and they offer this to encourage users to help them replenish their crypto stocks, so it's a win for both parties.
After providing the wallet address I wished for my Bitcoin to be sent to and selecting my preferred transaction speed (a nice option to be given), I then proceeded to the next screen. Here it told me where to send the Monero and how much Bitcoin I could expect to receive in return, alongside the transaction fee. This fee will vary according to the transaction speed selected, and how busy the blockchain is. IN this case it was 2 USD.
Once the Monero has been sent, click 'Update' to receive confirmation that funds have been received (it may take a few minutes for this to register so don't panic).
As soon as 2 confirmation were reached, the Bitcoin landed in our wallet. It took only 7 minutes from the time we sent the Monero which was fantastic. Transactions involving other cryptos may be slower due to longer blocktimes; Majestic Bank quotes the average trade time at 23 minutes. The great thing is you're informed when your deposit has been received, so that removes a lot of the anxiety from the process. In the event of an issue, there's also 24/7 support available via Jabber, Telegram or email.
Majestic Bank Showing Support for Privacy Coins
We love that Majestic Bank is one of the few exchanges out there to support Firo and Wownero in addition to Monero. These are both privacy coins, and whilst they have much lower adoption than Monero, they offer an interesting alternative and are supported by a number of crypto wallets, such as Stack Wallet.
Firo was launched in 2017 and uses the Lelantus protocol, which allows holders to burn coins to destroy them so that they stop existing, then later then redeem them for 'new' coins that have no previous transaction history. This stops coins being 'tainted' by their history, as can occur with Bitcoin. The privacy it offers is implemented in a different and unique way when compared to Monero, with transactions being public, but since coins can simply be burned and recreated, this breaks the traceability chain. Find out more about Firo here.
Wownero started life as a memecoin and is a fork of Monero created on April Fools Day in 2018. It's unlikely to become a mainstream coin any time soon, but for those who have been mining it or gathering it from other sources, Majestic Bank provides a platform where you can trade it in. Of course if you've not held any Wownero before, what better place to acquire some? Find out more about Wownero here.
Final thoughts on eXch
In terms of what Majestic Bank offers, it's not so dissimilar from platforms such as FixedFloat and Godex, but the typically low fees and support for some unusual cryptocurrencies, combined with the guarantee of no KYC, mean its a platform that'll appeal to many people. I found the process of using Majestic Bank to be very smooth and I'd certainly not hesitate to use it again, especially if I decide to roll that meme dice and get myself some Wownero!