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MEXC Review 2024: Should You Trust This Exchange?
Swen Keller
- URL: https://www.mexc.com
- Headquarter: Seychelles
- Year Founded: 2018
- Platform App: Desktop, Mobile
- No. of Cryptos: 1800+
- Native Token: Yes (MX Token)
- Fiats Available: EUR (only for direct purchases) VND, RUB, and KRW
- KYC Verification: Yes
- Withdraw Method: Cryptocurrency
- Payment Method: Credit or debit card (MasterCard and Visa), bank transfer (SEPA transfers), P2P trading, Apple Pay, Google Pay, Zalo Pay, MoMo, ShopeePay-SEA, AdvCash, Payeer
MEXC Review: Our Opinion
Our practical experience with the MEXC exchange has revealed to us that the trading platform is best for advanced traders looking to trade the Futures market or engage in margin trading.
It isn’t for beginners looking to instantly buy or sell cryptocurrencies via fiat currencies as the MEXC exchange supports only a limited number of traditional currencies.
Some users in certain regions can also only buy crypto with fiat via third-party payment services or P2P trading.
An Overview of MEXC
The MEXC exchange was launched in 2018 and has served more than 10 million users since its inception.
The Futures and Spot trading platform is headquartered in the Seychelles and is available in over 170 countries in the world. MEXC 24h trading volume is at $1,629,936,489.51.
MEXC is regulated in most of these countries either directly or through its affiliates.
Concerning its services, the MEXC exchange allows its users to engage in Futures trading, spot trading, and margin trading on over 1,800 digital assets and a large selection of trading pairs.
Pros
- Suitable for experienced traders
- Supports Futures, spot, and margin trading on over 1,800 crypto assets
- Large selection of crypto pairs
- Competitive fees
Cons
- Supports a limited number of traditional currencies
- No fixed withdrawal fees
MEXC Review: Unique Features
MEXC Mobile App
The MEXC mobile app allows MEXC users to buy and sell well over 1,000 cryptocurrencies on the go.
The app supports the Futures and spot trading of selected cryptocurrencies including Bitcoin, Dogecoin, MX tokens, Ethereum, etc.
Aside from popular Cryptocurrencies, the MEXC mobile app also allows users to trade up-and-coming altcoins projects including Polydodge, Matic Network, People DAO, Ceek, Kilt Protocol, Decentraland, Gala Games, etc.
The mobile app has an Instant Buy feature that allows you to buy crypto with Visa and MasterCard.
Crypto purchases with Instant Buy are credited to your wallet immediately after payment.
The mobile app also gives you access to the MEXC P2P marketplace where you can trade crypto directly with other MEXC users.
The P2P platform supports over 30 payment options including Wire transfer, Simplex, MoonPay, Banxa, etc.
MEXC MEXC is known for its high-performance and mega transaction matching technology that can handle millions of transactions per second. Its high-performance trading engine is capable of processing a remarkable 1.4 million transactions per second.
With over 1100 trading pairs, the app is suitable for advanced traders interested in spot trading, margin trading, and Futures trading. With margin trading, you can amplify your profit with leverage. With Spot trading, users can maximize profit by taking advantage of real-time crypto price movements, while with Futures trading, users can trade contracts that speculate on the future price movements of cryptocurrencies. MEXC users can go short (bet on price decrease) or go long (bet on price increase) with leverage. While leverage amplifies the profit made by the trader, it can also incur drastic losses especially since Futures is more complex and riskier than spot trading.
Using the MEXC mobile app, users can also trade Perpetual contracts. A major difference between Perpetuals and Futures trading is that, unlike Futures, Perpetual Futures do not expire.
The absence of a settlement date allows traders to hold positions long-term.
MEXC avoids abnormal price fluctuations and offers transparent pricing by using the funding rate mechanism. This ensures that the Futures price aligns with the spot index price.
MEXC offers an adjustable leverage of up to 200x on Perpetual Futures trading. The leverage can be adjusted even after a position has been opened. Investors can trade leveraged Exchange Traded Funds on MEXC with the same process of spot trading.
Aside from the aforementioned features, the MEXC mobile app also has other features like M-Day, Kickstarter, MX DeFi, and Launch Pad.
The Launchpad is exclusively available to MX holders.
With M-Day, users can win free airdrops and trade or hold selected tokens while MX DeFi allows users to connect to PoS pools and mine rewards.
The mobile app features 24/7 in-app customer support. Users can easily contact the support team directly from the mobile app.
MEXC P2P
The MEXC P2P platform allows MEXC users to trade digital assets directly with other MEXC users.
The P2P marketplace supports the trading of top Cryptocurrencies like USD Coin, Tether USD, Ethereum, and Bitcoin.
The MEXC P2P platform currently supports only 3 fiat currencies. Supported fiat currencies are the Vietnamese Dong (VND), Russian Ruble ( RUB), and South Korean Won ( KRW). MEXC suspended support for other currencies in February 2023.
That said, the MEXC P2P marketplace supports over 30 payment methods in the supported 3 fiat currencies.
To start trading on the MEXC P2P platform, you need to complete the primary KYC. Institutional KYC is not allowed, only individual KYC is accepted.
MEXC users can trade on the P2P as advertisers or takers. MEXC does not act as an Advertiser, Taker, or intermediate between both parties.
MEXC has measures in place to prevent P2P fraud.
One of such measures is the locking of funds. Once a P2P order has been placed, MEXC locks the amount of digital assets being traded until both parties confirm the successful transfer of the fiat currency.
The digital assets locked cannot be used or withdrawn unless the P2P order is canceled or they are released to the buyer upon confirmation of the fiat currency transfer.
If a dispute arises over a P2P transaction, either party can contact customer support for a peaceful resolution. Assets locked are not released until the dispute is resolved.
MEXC does not charge transaction fees for both buyer and seller.
Cryptocurrencies Available on MEXC Exchange
MEXC exchange supports over 2,000 cryptocurrencies.
Supported cryptocurrencies include MX token, Bitcoin, Ethereum, Pepe, Solana, Avalanche, Cardano, EOS, Tron, XRP, TerraLuma, Bitcoin Cash, Ocean Protocol, Litecoin, Ontology, Reserve Rights, Floki, Solar, Threshold, Turbo, Bitcoin SV, Kusama, Dash, Neo, Chainlink, Polkadot, VeChain, Stellar Lumens, Tezos, Dogecoin, Zcash, IOS Token, Baby Dogecoin, Ethereum Classic, Cosmos, Keep Finance, Bitcoin HD, Ravencoin, Binance Coin, Huobi Token, etc.
MEXC Exchange Fees
Trading Fees
MEXC global exchange charges different trading fees based on the type of trade you’re executing. For example, it offers different fees for spot trading and Futures trading.
Spot Trading Fees
For spot trading, MEXC uses the maker-and-taker spot trading fee model to charge traders. Users pay 0.100% in maker fees and 0.100% in taker spot fees this is irrespective of the trading volume.
That said, traders who pay their spot trading fees in the MEXC native token (MX Token), are eligible for a 20% fee discount and pay 0.08% in maker fees and 0.08% in taker spot trading fees.
In addition, the following spot trading pairs do not attract spot trading fees: BTC/USDT, ETH/USDT, XRP/USDT, DOGE/USDT, BTC/USDC, ETH/USDC, XRP/USDC, DOGE/USDC, ETH/BTC, XRP/BTC, and XRP/ETH.
Futures Trading Fees
For Futures trading, MEXC also uses the maker and taker trading fee model and charges users 0.010% in maker trading fees and 0.050% in taker trading fees.
However, users can get up to 50% Futures trading fee discount if they hold 1,000 MX tokens and 10% discount if they pay Futures trading fees with the native token.
With the Futures fees discount, traders will have to pay 0.005% in maker fees and 0.025% in taker fees if they hold 1000 MX tokens.
The Futures trading fee discount applies to all Futures pairs in the crypto exchange. For eligibility for the 50% trading fee discount, the MEXC system takes daily snapshots of users’ MX Token holdings in their spot accounts.
Traders that have a minimum of 1,000 MX tokens in the last 15 days (consecutively) are eligible for the 50% discount in Futures trading fees.
Also, sub-accounts that hold a minimum of 1000 MX tokens in the last 15 days (consecutively) are eligible for the Futures trading fees discount.
It is important to state though that the 10% discount and 50% discount cannot be applied simultaneously.
Deposit and Withdrawal Fees
The deposit and withdrawal fees depend primarily on the particular cryptocurrency you’re depositing or withdrawing. Here are a couple of deposit and withdrawal fees examples:
MX Token
- Deposit Fee: Free
- Minimum Withdrawal Amount: 1
- Withdrawal Fee: 0.5
ETH (ERC20)
- Deposit Fee: Free
- Minimum Withdrawal Amount: 10
- Withdrawal Fee: 1.5
USDT (OMNI)
- Deposit Fee: 5
- Minimum Withdrawal Amount: 30
- Withdrawal Fee: 20
ALGO (ALGO)
- Deposit Fee: Free
- Minimum Withdrawal Amount: 3
- Withdrawal Fee: 2
EOS (EOS)
- Deposit Fee: Free
- Minimum Withdrawal Amount: 30
- Withdrawal Fee: 1
TRX (TRC20)
- Deposit Fee: Free
- Minimum Withdrawal Amount: 3
- Withdrawal Fee: 1
Payment Methods
MEXC crypto exchange offers a wide range of payment methods that differ depending on the location of the user.
However, it supports the following fiat deposit methods in general either directly or via third-party payment processors (Banxa, MoonPay, Mercuryo, and Simplex): credit or debit card (MasterCard and Visa), bank transfer (SEPA transfers), P2P trading, Apple Pay, Google Pay, Zalo Pay, MoMo, ShopeePay-SEA, AdvCash, Payeer, etc.
MEXC Security
After our detailed analysis and use of the MEXC platform, we discovered that it is a safe crypto exchange and has not suffered any security breach since its inception.
MEXC is compliant with several regulatory requirements including Anti-Money Laundering (AML) regulations and related anti-terrorism funding rules.
The MEXC platform does not engage in any financial management, DeFi mining, staking loans, or Futures leverage businesses on other platforms or with any third-party agencies.
A percentage of users’ funds are held in HD cold wallets offline where they are protected from malicious attacks.
Users’ accounts are protected with several security measures including two-factor authentication and Account Freezing.
MEXC Staking Rewards
MEXC offers a stakings rewards program called MEXC Savings and users can stake more than 5 cryptocurrencies in exchange for percentage returns.
For example, you can stake USDT for a flexible period and receive up to 8.80% in returns.
The MEXC Savings Program offers up to 50% returns in staking rewards.
Supported tokens available for staking under the Savings Program include XRP, Bitcoin, USDT, Core, Polkadot, HYDRA, TRX, USDC, Ethereum, DOGE, Shiba Inu, Xen Crypto, GALA, Raca, StarLink, DyDx, etc.
Supported Countries
Our meticulous research on this crypto exchange indicates that the MEXC exchange is available in over 170 countries around the world. Supported countries include France, Australia, Nigeria, South Korea, Vietnam, Ghana, Italy, etc.
Currently, the MEXC exchange does not accept registration or trade applications from the United States of America, Venezuela, Crimea, Iran, Syria, Sudan, North Korea, Cuba, Mainland China, Singapore, Canada, and Indonesia.
Opening a MEXC Account
To open a MEXC account, go to https://www.mexc.com.
Next, tap on the “Sign up” button at the upper right corner of your screen.
Choose your preferred sign-up method, which can be signing up through your email address or mobile number.
Enter your mobile number or email address then create a password based on the instructions of the system.
Tick the box beside the User Agreement and Privacy after you’ve read it then click the “Sign Up” button.
Once you click the Sign Up button, a pop-up window will show up requiring you to complete a captcha puzzle.
Next, you’ll need to input the verification code you received via your email or phone number depending on the signup method you choose.
After successfully verifying your email address or mobile number, you will have successfully signed up for the MEXC Futures and spot trading platform.
MEXC Trading Experience
After our detailed analysis and use of the MEXC exchange, we found that the crypto platform offers a trading experience best suited for advanced Futures traders.
It offers up to 200× leverage and supports a large selection of coins as well as trading pairs.
Traders also have access to up to 5 order types to support sophisticated trading strategies for Futures and margin trading: limit orders, market orders, trigger orders, trailing stop orders, and post-only orders.
MEXC Customer Support
MEXC users can contact MEXC customer support via Live Chat and email at service@mexc.com.
Users can also contact customer support by submitting a request via General Enquiries.
Information on the MEXC website shows that the customer support team is available 24/7 and P2P-related support problems are responded to within minutes.
Customer Satisfaction
Based on our firsthand observations of this crypto exchange, we can state that the MEXC exchange is not a beginner-friendly crypto exchange.
While the exchange is secure, customer reviews on third-party review platforms show that the majority of customers do not have a satisfactory experience with the platform.
Does MEXC Exchange Offer Education?
Yes, MEXC offers crypto education via the MEXC Learn platform.
The education centre features primarily Beginner Guides and market insights for more advanced users.
MEXC Exchange is Right for You If:
- You want to trade Futures
- You want discounts on trading fees and low withdrawal fees
- You need access to a large selection of cryptocurrencies and pairs
Final Thoughts
MEXC Global exchange is a good crypto trading platform for trading Futures and attaining low trading fees through discounts.
However, it falls short with regards to the support of fiat currencies and instant purchases as users are unable to directly buy digital assets from the exchange.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our SinpleSwap review as an alternative of MEXC.
FAQ
Most frequent questions and answers
Yes, MEXC Global exchange is legit and it is regulated directly by various local bodies or affiliates. It was founded in 2018 and has had no major controversies since its launch.
No, MEXC Global exchange is not in the United States.
Binance is the world’s largest crypto exchange and offers a lot more features than MEXC.
MEXC Global Exchange is located in the Seychelles.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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