Is MEXC Crypto Exchange a safe choice for beginners in 2024? In this in-depth MEXC crypto exchange review, we’ll cover everything from fees and rewards to deposit methods, customer service, and security features. Our goal is to give you a clear picture of the platform, saving you time and effort in your search for the perfect exchange. Let’s explore!
Our MEXC Review in a Nutshell
Among a vast array of cryptocurrency exchange choices, MEXC stands out by offering a service with no-cost spot and perpetual transactions across a wide range of digital currencies. Furthermore, it grants its users the opportunity to mimic the trades of its most successful traders, to invest in emerging and potentially lucrative cryptocurrency ventures, and to benefit from exclusive rewards and contests that it hosts.
MEXC’s Standout Features
Founded in 2018 and based in Seychelles, MEXC is a centralized cryptocurrency exchange serving over 10 million global users with multilingual support. The platform boasts significant liquidity for both spot and futures trading, handling billion-dollar trade volumes. Its high-performance matching engine processes up to 1.4 million transactions per second, ensuring a smooth trading experience.
MEXC offers a vast selection of popular and in-demand cryptocurrencies, along with the option to trade various altcoins with significant leverage. Beyond trading, users can stake cryptocurrencies for both flexible and fixed earning opportunities. Additionally, MEXC features Launchpad and Kickstarter programs, enabling early investment in promising crypto projects.
MEXC is best for:
- For altcoin enthusiasts
- For traders seeking high liquidity and low fees
- For investors interested in early-stage projects
- For those who want earning options beyond trading
What You Need to Know About MEXC
| Feature | Our Rating (out of 5) | Editor’s Comment |
|---|---|---|
| Coin Variety | 4.5 | Offers 1,963 different coins. |
| Trading Fees | 4.5 | Enjoy a 0% fee for spot Bitcoin trading. |
| User Interface | 4 | Provides an intuitive and user-friendly platform. |
| Staking Options | 4 | Supports staking for USDT, BTC, ETH, USDC, and more. |
| Features | 4.5 | Features include demo trading, low fees, high liquidity, diverse crypto assets, and more. |
| Trustworthiness | 3 | Regulatory warnings and mixed reviews may affect trust levels. |
| Customer Support | 4 | Access support via Help Center, Email, Chatbot, Enquiry Submission, Fund Reports, and Social Media channels. |
MEXC Supported Cryptos
MEXC boasts over $1.2 billion in trading volume and provides substantial liquidity, thus facilitating traders to discover optimal pricing and expedite trade executions. The platform accommodates an extensive selection of cryptocurrencies, over 2,000 in total, and offers more than 2917 trading pairs. Compared to other well-known exchanges like Binance, Coinbase, OKX, and Kraken, which typically list between 200 and 800 coins, MEXC stands out with its broad range of available cryptocurrencies.
In comparison with other platforms, MEXC provides a significantly larger number of cryptocurrency trading pairs. While most platforms support fewer than 1,000 pairs—with the exception of Binance, which offers over a thousand—MEXC boasts a broad and varied spot market. This market includes various categories such as BRC20, the Bitcoin ecosystem, Solana ecosystem, Bitcoin inscription, meme coins, GameFi, ZK, RWA, SocialFi, POW, Web3, privacy, the metaverse, innovation, Layer 1, Base Chain, stablecoins, NFTs, and others. The exchange has its own proprietary token, MX, which reached a peak value of $3.70 in early December 2021.
MEXC dedicates 40% of its earnings to repurchasing and eliminating MX tokens, which are employed in a range of its services, including Kickstarter, and Launchpad, providing discounts on transaction fees, voting for listing new tokens, and offering improved commission rates.
MEXC Spot Trading Fees
In order to remain competitive in the dynamic and aggressive cryptocurrency market, MEXC has maintained significantly low trading costs. For spot market transactions, MEXC has eliminated both maker and taker fees. This elimination of fees for spot trading is applicable to all currency pairs available for trading on their platform. On the other hand, Binance, the top player in the crypto exchange arena, levies a fee of 0.1% for both makers and takers among its standard clientele.
Although Binance offers a reduced fee for those using its proprietary token BNB, customers are still charged a small fee of 0.075%. Furthermore, the publicly listed entity Coinbase, with its stock symbol COIN, charges even more, setting its fees starting at 0.4% for takers and 0.6% for makers. Therefore, it is clear that MEXC offers its users a beneficial edge with its fee structure.
MEXC Futures
When it comes to futures trading, MEXC offers a pair of perpetual product categories: those that rely on USDT for backing (USDT-M) and those that are supported by the actual cryptocurrency itself (COIN-M). At the time of this statement, the exchange, which operates centrally, is processing almost $9 billion worth of trades and has an open interest tally reaching $3 billion.
On MEXC, traders have access to real-time updates regarding futures transactions and the current state of positions, as well as analytical data regarding the proportion of long versus short positions and occurrences of forced closures or liquidations.
Leverage & Demo Trading
MEXC provides a wide selection of over 400 perpetual trading pairs. The platform also allows you to use up to 200x leverage for both shorting and going long, with the flexibility to adjust this leverage to your preference. You have the opportunity to leverage and trade a variety of assets, including but not limited to SOL, LPT, ENS, AR, DOGE, FIL, MATIC, INJ, SUI, ARB, RNDR, SHIB, TIA, APT, BNB, WIF, JTO, AI, and PENDLE.
Before diving into the market with your investments, MEXC gives the option to practice with a demo account. This demo account provides a risk-free environment that emulates actual futures trading, helping you to familiarize yourself with the trading platform, the financial product, and market dynamics.
Futures Fees
MEXC does not impose any fees for futures trades on its exchanges. Nonetheless, individuals who execute market or limit orders will incur a taker fee of 0.020%. Beyond their already low fees, MEXC provides even better rates for its VIP clients. VIP status provides members with additional benefits, including over-the-counter deposit and withdrawal options, special rights, and other advantages.
At MEXC, there’s an opportunity for you to mirror the transactions of proven successful investors. You just need to select a top-performing trader to emulate, judging by their track record. The platform offers an extensive roster of expert traders, complete with their performance over 7 days including ROI, PNL, and Win Rate, as well as overall statistics like Total ROI, PNL, Win Rate, and the number of Followers to help you with your decision-making process.
Not only can users gain from leveraging the skills and profitable strategies of others through the Copy Trading service, but the original traders can also reap rewards by allowing the replication of their trades, pocketing up to 15% of the profits made by their followers.
MEXC Bonuses & Competitions
Registering with MEXC grants you the opportunity to receive a welcome bonus totaling 1,000 USDT to kickstart your cryptocurrency trading adventure. To redeem this incentive, all you need to do is set up a new account and finish a collection of specified activities. Yet, it’s essential to be aware that the 1,000 USDT reward is split across 15 different activities, and completing each one can earn you anywhere from 5 to 500 USDT.
The main responsibilities consist of transferring a minimum amount and engaging in a certain level of trading activity. In addition, you must execute your initial Flash Close, set up a Take Profit and Stop Loss (TP/SL) command, utilize leverage, and encourage new members to undergo the Know Your Customer (KYC) process. Aside from the USDT registration reward, MEXC frequently organizes contests.
Is the MEXC app safe?
MEXC is a versatile exchange that enables you to swap tokens conveniently via its mobile application. This app can be downloaded for both iOS and Android devices, and a desktop version is also available for Windows users.
Users of Apple devices can obtain the app from the App Store, where it holds a 3.9-star rating and requires iOS 12.0 or newer. Android customers, on the other hand, can find the app on Google Play, where it has garnered over a million downloads and earned a 3.8-star rating. Upon reviewing the MEXC app, it became clear that the app is user-friendly and straightforward, offering the choice between a dark and light theme for personal preference. The app facilitates easy trading of spot and futures markets, with a straightforward interface to adjust leverage and initiate long or short trades by pressing buttons and inputting necessary information.
Additionally, at the foot of the webpage, you’ll find convenient shortcuts to Home, Markets, Trade, Futures, and Wallets, offering a user-friendly navigation experience. This comprehensive digital platform allows for straightforward portfolio management alongside the benefits of fast transaction processing and competitive charges. The platform enables you to swiftly acquire USDT using Visa and MasterCard, as well as buy various cryptocurrencies through peer-to-peer transactions and external providers. Moreover, you can explore a range of offerings like the Launchpad, Kickstarter, Proof of Stake pool, MX zone, and more, all through the use of the MEXC application.
MEXC Staking Options
If you’re in search of ways to earn interest on your assets, MEXC presents several alternatives. You can access these through MEXC Savings, which provides two kinds of products: Locked Savings and Flexible Savings. With Locked Savings, you commit your cryptocurrency for a set term. During this period, you are unable to trade, move, take out, or utilize your crypto in any manner. Therefore, if you intend to secure and retain your crypto for an extended period, this may be the suitable choice for you.
An alternative is the Flexible Savings plan, which allows staked assets to start accruing returns as soon as they are committed. The assets that are staked through this option maintain their liquidity and can be exchanged, moved, or taken out whenever desired. The currencies that can be used with this flexible savings approach include USDT, ETH, BTC, DOGE, SHIB, GALA, DYDX, TRX, ETHW, and USDC.
MEXC’s Simple Earn feature offers the opportunity to earn interest on USDC, USDT, ETH, and BTC at rates of 1.25%, 0.95%, 0.55%, and 0.38% annual percentage rate (APR), respectively, with a very low entry requirement. This option requires a minimum lock-up period of one day. In addition, MEXC has launched a new service, MEXC Loan, which permits you to use one type of cryptocurrency as collateral to obtain a loan in another, suitable for trading or investment purposes. At present, you can secure a loan in USDT using TON as collateral at an interest rate of 0.01% per day. When using this service, you’re allowed to pick from three loan durations—30, 60, or 90 days—and you cannot make partial repayments before the end of the chosen term.
Additional Earning Opportunities
At MEXC, you have additional options to increase your profits. The platform hosts special MX events that allow users to utilize their trading platform tokens to join in unique airdrop events, giving them the chance to claim additional prizes. These opportunities are accessible through programs such as Kickstarter and Launchpad.
Kickstarter provides an annual percentage yield (APY) of 102.89%, while Launchpad offers an APY of 2.44%. Over the last month, more than 200 projects have been initiated through MEXC Kickstarter. Nevertheless, our examination of MEXC Global revealed that in order to take part in any of these programs, users are required to maintain a holding of at least 1,000 MX tokens for a continuous period of no less than 30 days.
Which Payment Options are Available at MEXC?
MEXC enables the acquisition of cryptocurrencies through Express, Peer-to-Peer (P2P), and various third-party payment options. If you select the Express route, the process is managed by MEXC Estonia OÜ. Within this setup, you simply need to hit the purchase tab, decide which fiat currency to use for payment, select the cryptocurrency you wish to purchase, and pick a convenient payment method. Meanwhile, the P2P channel allows for the exchange of cryptocurrencies such as USDT, USDC, BTC, and ETH for fiat currencies like VND, RUB, and KRW.
This can be done using payment platforms that include bank accounts, MoMo, ZaloPay, and ShopeePay-SEA. MEXC promotes P2P transactions without charging any fees. You can conduct these trades by selecting your preferred price and payment method, completing the payment to the seller, and then obtaining your selected cryptocurrency.
Mercuryo, Banxa, MoonPay, and Simplex facilitate payments made by third parties, accepting various forms of payment such as Visa, Mastercard, Apple Pay, Google Pay, Bankcard, and SEPA transfers. These services accommodate transactions in multiple fiat currencies, including but not limited to EUR, GBP, USD, VND, BRL, KRW, JPY, KZT, TRY, HKD, AUD, PHP, NGN, INR, TWD, EGP, THB, BDT, CHF, UAH, and IDR.
There is no charge for adding funds to your account at MEXC cryptocurrency exchange. However, if you’re depositing via an external service, you must adhere to minimum deposit thresholds, which are €29.46, £22, $50, A$60, and CHF 50 to acquire USDT.
For individuals selecting the Express method, the required starting sum to purchase USDT is set at 10 EUR, 8.5 GBP, 10 USD, 40,000 KRW, 6,000 JPY, 60 AUD, or 50 CHF.
Withdrawal Times
At MEXC, you have the option to take out either traditional currency or cryptocurrency. When it comes to cryptocurrency, you can transfer your funds to a separate wallet, while for fiat currency, person-to-person (P2P) transactions are the method of withdrawal. On the other hand, if you wish to withdraw via bank transfer, this service is exclusive to users who have completed the Know Your Customer (KYC) verification and are located in the United Kingdom or Germany, and it is conducted through the Single Euro Payments Area (SEPA). Additionally, for users who have passed the KYC process and reside in Vietnam, South Korea, or Russia, the platform offers the possibility to sell via P2P.
To withdraw cryptocurrency, navigate to the website and proceed to the MEXC Wallet section. Here, you can initiate a withdrawal by selecting the cryptocurrency you wish to take out, entering the recipient’s address, picking the appropriate network, and specifying the amount you want to withdraw. Complete the process by providing the codes from your email verification and Google Authenticator. Keep in mind that each type of coin has its own minimum withdrawal limit and associated transaction fees.
MEXC Customer Service
MEXC offers customer support through several methods. You have access to a comprehensive Help Center that contains solutions to many common questions about the platform’s operation, security measures, over-the-counter (OTC) services, recent updates, and other relevant topics. Should you prefer to speak directly with a customer service representative, you can send a request or email them at service@mexc.com. For immediate assistance, there’s a chatbot service available online. Moreover, for individuals who suspect their lost or illegally obtained funds may have been transferred to the exchange, MEXC has a specific form to report such irregular funds.
MEXC is active across various social media platforms including Telegram, Twitter, Facebook, Instagram, YouTube, Reddit, Discord, TikTok, Line, LinkedIn, Medium, and TeleType. It has achieved a customer satisfaction score of 1.9 on Trustpilot, which is comparable to other leading cryptocurrency exchanges like Coinbase that holds a score of 1.5. Additionally, MEXC has earned a trust score of 8 out of 10 on CoinGecko.
Is MEXC a Trusted Platform?
To assess the reliability of any given platform, it’s important to first consider its geographic base. The platform is officially established and operates out of Seychelles, a region noted for its relatively lax financial oversight. In 2020, MEXC secured a financial service license from AUSTRAC, granting it permission to manage digital currency exchanges, wallet services, and fund transfers. Additionally, MEXC holds an MSB license in the United States and has obtained an Estonian MTR license for servicing European customers.
Despite the evolving landscape of cryptocurrency regulations, MEXC has encountered several cautionary notifications from regulatory bodies. In the year 2023, the Canadian British Columbia Securities Commission, the Austrian Financial Market Authority, and the Federal Financial Supervisory Authority of Germany have all released alerts pertaining to the exchange.
Furthermore, in November 2023, MEXC’s Estonian branch had its license revoked by the Estonian Financial Intelligence Unit. These incidents underscore the regulatory hurdles facing companies in the cryptocurrency sector. To maintain the safety of users’ funds, MEXC employs two-factor authentication along with a strategic mix of cold storage and hot wallet solutions. Additionally, the exchange has made its reserve evidence publicly available.
Areas Where MEXC Could Improve
As highlighted in the evaluation of MEXC, although the platform has a number of advantages, there are certain aspects that require enhancement:
- Increasing the number of options for customers to withdraw in their local currency would significantly improve their experience.
- Gaining official authorization would bolster the trust of consumers.
- Enhanced customer contentment through faster replies and more effective handling of customer withdrawal requests.
Our Review Methodology
Our team is dedicated to guiding our users by offering valuable and dependable insights to help them make knowledgeable choices regarding cryptocurrency assets. In our reviews of cryptocurrency exchanges, our expert team conducts a thorough and impartial assessment of each platform, including its offerings and services. We also make certain that our evaluations are based on thorough research and kept current, delivering the most pertinent details to cryptocurrency aficionados for an optimal experience.
Conclusion
There’s an abundance of cryptocurrency exchanges available, but it’s challenging to discover one that not only facilitates trading in popular alternative coins and the latest market trends but also provides the benefit of leverage to amplify gains while maintaining minimal fees. MEXC stands out by granting newcomers the chance to leverage the price fluctuations in altcoins and mimic the strategies of expert traders. At the same time, it offers seasoned traders the option to use high leverage and earn incentives for sharing their knowledge with others.
In addition, MEXC provides its clients with the chance to stake stablecoins, BTC, ETH, and various alternative cryptocurrencies to generate returns. Therefore, for those interested in exploring the top-tier options available in the cryptocurrency industry, registering with MEXC is a smart move, especially with the incentive of a 1000 USDT bonus!
MEXC FAQs
How do I trade with MEXC?
Engage in trading on MEXC by simply registering for an account, logging in, navigating to the trading section, selecting either spot or futures options, depositing funds, purchasing cryptocurrency, and ultimately selling it.
Can you withdraw GBP from MEXC?
Certainly, it is possible to take out British pounds from MEXC, but the option to do so through bank transfer is limited to SEPA transactions and is exclusively for users in the UK and Germany who have completed the Know Your Customer verification process.
Can I trade on MEXC without KYC?
You are able to conduct trades on MEXC without undergoing mandatory identity checks since KYC is not a requirement. Nonetheless, if you wish to enhance the amount you’re able to withdraw, you must go through the KYC verification process. There are two levels of verification: basic and advanced.
Is MEXC a good exchange?
MEXC is a trusted trading platform that provides practice trading, competitive fees, substantial liquidity, a wide variety of cryptocurrency assets, fast transaction processing, and a range of staking opportunities.
Is it safe to keep crypto on MEXC?
It’s inadvisable to store your cryptocurrency holdings on any centralized trading platform, MEXC included. Ensure that only the amount of money you intend to use for trading transactions is held in such exchanges.
Is MEXC better than Binance?
MEXC provides an extensive range of cryptocurrency assets for trading, surpassing what Binance has to offer, and does so with very attractive rates — no cost for spot trading and a mere 0.010% fee for those who take part in futures trading.
Is MEXC exchange safe?
MEXC, which has been active in the marketplace for over half a decade, is recognized as a secure trading platform that employs multiple strategies to safeguard client assets. Nonetheless, a few of its customers have reported experiencing problems withdrawing their money. Consequently, it’s prudent to be careful when keeping money on a Centralized Exchange (CEX).
