Metal X: licences, security, fees and reviews
Decentralized exchange
In short
- Legal entity
- Metallicus, Inc.
- Fees
- Spot maker: 0.10% at the base tier (30-day volume < $250,000), down to 0.01% at VIP; market makers 0%.
- Risks and caveats
- Smart-contract risk: the Metal X lending market was exploited in September 2024.
- Checked
- 1 November 2026
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Key facts
- Type
- Decentralized exchange
- Operator
- Metallicus, Inc.
- Official site
- metalx.com
Key facts checked on 1 November 2026 against official sources.
What is Metal X
Metal X is a decentralized exchange on XPR Network built by Metallicus, Inc. It runs an on-chain central limit order book with market, limit, stop-loss and take-profit orders, plus an AMM swap, liquidity pools, yield farms and a lending market. User funds stay in the user's own wallet until a trade executes.
Good to know
- Metal X is offered under Metallicus, Inc. terms; residents of OFAC-prohibited territories, Russia, Ukraine and New York may not use it. ↗
- Metal X says all users must verify their identity to use the platform. ↗
- The XBTC/XMD pair has no trading fees, and XPR Network charges no gas fees to end users. ↗
- Markets are quoted in Metal Dollar (XMD), a stablecoin that can be minted and redeemed on the Metal X app. ↗
- Metallicus can halt trading, cancel orders or restrict access to preserve market integrity, per the terms. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | On-chain order book; market, limit, stop-loss and take-profit orders. Perpetuals are listed as in development. |
| Swap (AMM) | Instant swaps of XPR Network tokens and wrapped assets (e.g. XBTC, XETH) through liquidity pools. |
| Liquidity pools | Each swap pays 0.3%; 0.2% goes to liquidity providers, no lock-up. |
| Lending / borrowing | Non-custodial, over-collateralized lending markets with variable interest set by utilization. |
| Staking / Earn | LOAN (fixed-term) and XPR (flexible) staking via smart contracts; variable rewards. |
| Fiat deposits | Debit/credit card on-ramp in the US, New Zealand and Australia. |
Licences and registrations
| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| United States | Metallicus, Inc. | Licensed provider of money transfer services, NMLS ID 2057807 (self-stated); the Louisiana licence does not cover virtual currency. | State regulators (NMLS ID 2057807) |
Security and audits
- The DEX contracts were audited by SlowMist; the report is published in the Metal X docs.
- Funds stay in the user's own wallet; order data is held on-chain during trades.
- In September 2024 a re-entrancy exploit hit the LOAN protocol lending market on Metal X; Metallicus froze affected functions and said affected funds would be reimbursed.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 8 September 2024 | Exploit: A re-entrancy exploit hit the Metal X lending market contract (lending.loan) of the LOAN protocol. Metallicus halted lending functions and froze funds; 2,868,071.41 DOGE, 17.006 LTC, 189,935.04 XRP, 0.0018 BTC and 0.0305 ETH were unwrapped before detection. Lending reopened in phases from 17 October 2024. Funds returned: Metallicus said the affected funds would be reimbursed by Metallicus. | metalx.com |
Fees
| Parameter | Details |
|---|---|
| Spot maker | 0.10% at the base tier (30-day volume < $250,000), down to 0.01% at VIP; market makers 0%. |
| Spot taker | 0.10% at the base tier; discounts by volume, staked XPR or DEX Key. |
| XBTC/XMD pair | 0% maker and taker on XBTC/XMD. |
| Deposits | No gas or transaction fees on XPR Network for end users. |
Who can use it
- Verification: Identity verification with a government ID and a live selfie through a Metallicus identity partner; the status is recorded on-chain.
- Not for residents of OFAC-prohibited territories, Russia, Ukraine, New York or other US states where digital asset trading is restricted.
History
| Date | Event |
|---|---|
| 11 October 2023 | Metal X announces its listing on the CoinGecko tracker. |
| 8 September 2024 | A re-entrancy exploit hits the Metal X lending market of the LOAN protocol; lending functions are halted. |
| 17 October 2024 | Metal X Lending starts a phased reopening; trading stayed operational. |
| 4 March 2026 | Metal X describes permanently zero maker and taker fees on the XBTC/XMD pair. |
Risks and caveats
- Smart-contract risk: the Metal X lending market was exploited in September 2024.
- Metallicus can halt trading, cancel orders or restrict access under its terms.
- Licences are self-stated money-transfer licences; the Louisiana licence does not cover virtual currency.
- Liquidity providers take impermanent-loss risk, as the features guide states.
About the company
- Legal entity
- Metallicus, Inc.
- Developer
- Metallicus Inc builds Metal X; it runs on XPR Network.
- Parent company
- Metallicus also develops the LOAN lending protocol and the WebAuth wallet used with Metal X.
Official links
- Website: metalx.com
- App: app.metalx.com
- Docs: docs.metalx.com
- Fees: docs.metalx.com/dex/what-is-metal-x/dex-fees-and-discounts
- Terms of use: metalx.com/terms
- Security: docs.metalx.com/developers-dex/audit
- Blog: metalx.com/news
- API: api.dex.docs.metalx.com/reference/what-is-metal-x
Questions and answers
Is Metal X a decentralized exchange?
Yes. Metal X is an on-chain order-book DEX on XPR Network; orders are held on-chain and user funds stay in the user's wallet until execution.
Who runs Metal X?
Metal X is a service of Metallicus, Inc., which states it is a licensed money transfer provider (NMLS ID 2057807).
What are Metal X's fees?
The base tier is 0.10% maker and taker, falling with 30-day volume or staked XPR; XBTC/XMD trades at 0%, and XPR Network charges no gas to end users.
Was Metal X hacked?
On 8 September 2024 a re-entrancy exploit hit the Metal X lending market of the LOAN protocol. Metallicus froze lending, said affected funds would be reimbursed, and reopened lending in phases from 17 October 2024.
Do I need KYC to use Metal X?
Metal X's FAQ says all users need to verify their identity; verification uses a government ID and a live selfie.
Sources
- Metal X - Home
- Metal X Docs - What is Metal X?
- Metal X Docs - DEX fees and discounts
- Metal X Docs - FAQ
- Metal X Docs - Audit
- Metal X Docs - Staking
- Metal X Docs - Swap
- Metal X - Features guide
- Metal X - Terms of service
- Metal X - Loan Protocol Update
- Metal X - Phased Reopening
- Metal X - CoinGecko listing
- Metal X - Zero fees on Bitcoin
- Metal X - Metal Dollar
- Metal X - Verify identity
- Metal X - home (Wayback, September 2023)
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