[Exchanges](https://revain.org/exchanges/) › Metal X

# 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

## Key facts

- **Type**: Decentralized exchange
- **Operator**: Metallicus, Inc.
- **Official site**: [metalx.com](https://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. [↗](https://metalx.com/terms)
- Metal X says all users must verify their identity to use the platform. [↗](https://docs.metalx.com/dex/what-is-metal-x/metal-x-faq)
- The XBTC/XMD pair has no trading fees, and XPR Network charges no gas fees to end users. [↗](https://docs.metalx.com/dex/what-is-metal-x/metal-x-faq)
- Markets are quoted in Metal Dollar (XMD), a stablecoin that can be minted and redeemed on the Metal X app. [↗](https://metalx.com/get-started/metal-dollar)
- Metallicus can halt trading, cancel orders or restrict access to preserve market integrity, per the terms. [↗](https://metalx.com/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)](https://metalx.com/terms) |

## 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](https://metalx.com/news/loan-protocol-update) |

## 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](https://metalx.com/)
- App: [app.metalx.com](https://app.metalx.com/)
- Docs: [docs.metalx.com](https://docs.metalx.com/)
- Fees: [docs.metalx.com/dex/what-is-metal-x/dex-fees-and-discounts](https://docs.metalx.com/dex/what-is-metal-x/dex-fees-and-discounts)
- Terms of use: [metalx.com/terms](https://metalx.com/terms)
- Security: [docs.metalx.com/developers-dex/audit](https://docs.metalx.com/developers-dex/audit)
- Blog: [metalx.com/news](https://metalx.com/news)
- API: [api.dex.docs.metalx.com/reference/what-is-metal-x](https://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](https://metalx.com/)
- [Metal X Docs - What is Metal X?](https://docs.metalx.com/)
- [Metal X Docs - DEX fees and discounts](https://docs.metalx.com/dex/what-is-metal-x/dex-fees-and-discounts)
- [Metal X Docs - FAQ](https://docs.metalx.com/dex/what-is-metal-x/metal-x-faq)
- [Metal X Docs - Audit](https://docs.metalx.com/developers-dex/audit)
- [Metal X Docs - Staking](https://docs.metalx.com/staking/staking-on-metal-x)
- [Metal X Docs - Swap](https://docs.metalx.com/swap-pools-and-farms/what-is-metal-x-swap)
- [Metal X - Features guide](https://metalx.com/news/metal-x-complete-features-guide)
- [Metal X - Terms of service](https://metalx.com/terms)
- [Metal X - Loan Protocol Update](https://metalx.com/news/loan-protocol-update)
- [Metal X - Phased Reopening](https://metalx.com/news/loan-phased-reopening-announcement)
- [Metal X - CoinGecko listing](https://metalx.com/news/metal-x-joins-coingecko-a-milestone-in-decentralized-exchange-recognition)
- [Metal X - Zero fees on Bitcoin](https://metalx.com/news/trade-bitcoin-with-zero-fees-on-metal-x)
- [Metal X - Metal Dollar](https://metalx.com/get-started/metal-dollar)
- [Metal X - Verify identity](https://metalx.com/get-started/verify-identity)
- [Metal X - home (Wayback, September 2023)](https://web.archive.org/web/20230901230400/https://metalx.com/)

## More in this section

- [Bitnomial](https://revain.org/exchanges/bitnomial/)
- [Yellow Card](https://revain.org/exchanges/yellowcard/)
- [BuyUcoin](https://revain.org/exchanges/buyucoin/)
- [Orbitos](https://revain.org/exchanges/orbitos/)
- [OSL](https://revain.org/exchanges/osl/)
- [Komodo Wallet (now Gleec Dex)](https://revain.org/exchanges/komodo-wallet/)
- [All Exchanges →](https://revain.org/exchanges/)

## How voting works

Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice.

Page updated: 2026-11-01

---
Source: https://revain.org/exchanges/metal-x/