Is This Cryptocurrency Exchange Secure and Trustworthy?

MEXC Review: An Insightful Look at the Exchange

According to Coingecko, MEXC is among the top 10 crypto exchanges. It boasts a daily trading volume exceeding $800 million, making it an attractive choice for both new and experienced traders. In this MEXC review, we’ll delve into its extensive coin selection, low fees, security measures, and user interface to help you understand what the exchange can offer.

MEXC Review: Quick Summary

What Is MEXC?

MEXC, formerly known as MXC Exchange, is a global cryptocurrency trading exchange that enables users to buy, sell, and trade digital assets. Established in 2018, MEXC has swiftly expanded its reach, serving over 10 million users across more than 170 countries. Within a year of its launch, the exchange captured approximately 5% of the global crypto trading market and earned accolades like “Best Crypto Exchange Asia” at the Dubai Crypto Expo in 2021.

MEXC is renowned for its speed, equipped with a high-performance trading engine capable of processing 1.4 million transactions per second, ensuring seamless trading experiences even during peak periods. The platform offers an extensive range of services, from spot trading and futures trading to unique features like P2P (peer-to-peer) trading and copy trading.

Pros of MEXC

• Zero trading fees for makers and notably low taker fees (0.01%) for futures.
• A diverse selection of over 2300 coins and tokens, including new altcoins.
• Opportunities to earn passive income on crypto with rates reaching up to 100% APY.
• Options for up to 200x leverage on certain perpetual contracts.
• High liquidity for futures trading, facilitating faster order execution and tighter spreads.

Cons of MEXC

• Best suited for crypto-to-crypto trading, with limited fiat purchase options.
• Some features are restricted in certain geographic regions, including the U.S.
• Fewer Web3 features, such as decentralized finance (DeFi) services and non-fungible token (NFT) marketplaces.

Trading Features of MEXC Exchange

MEXC provides a comprehensive trading ecosystem designed for both novice and experienced traders.

Spot Trading

The spot trading platform on MEXC allows users to buy and sell a wide array of cryptocurrencies instantly. With more than 2300 digital assets and over 2800 trading pairs, the selections range from popular cryptocurrencies to niche tokens.

MEXC supports various order types to accommodate different trading strategies:

• Limit Order: Specify the target price for purchasing or selling.
• Market Order: Execute trades instantly at the best available market price.
• Stop-Limit Order: Trigger a limit order when a specified "stop price" is reached.
• One Cancels the Other (OCO): Set two simultaneous orders, managing both stop-losses and take-profit levels.

The platform also integrates with TradingView, featuring advanced charting tools and technical indicators to help users analyze market trends effectively.

Perpetual Futures Trading

Futures trading allows users to buy or sell cryptocurrencies at a predetermined price for a future date, but MEXC specializes in perpetual futures contracts that don’t have expiry dates.

Offering over 300 futures contracts with leverage up to 200x, MEXC features two types of perpetual contracts:

• USDT-Margined Perpetual Futures: Settled in Tether (USDT).
• Coin-Margined Perpetual Futures: Settled in the actual cryptocurrency.

MEXC complements its futures trading options with advanced order types like trailing stop orders and trigger orders, enabling nuanced control over trading strategies.

Futures-M Day is a special event that promotes futures trading by reducing taker fees and providing opportunities for bonus rewards.

Demo Trading

MEXC also offers a “Demo Trading” feature for newcomers. Users can practice various trading strategies with a virtual balance of up to 50,000 USDT in a simulated environment, allowing beginners to familiarize themselves with the platform without risking real money.

Copy Trading

MEXC’s copy trading feature enables users to follow experienced traders. As a follower, you can select a lead trader based on their past performance metrics, and allocate funds for trades that replicate their investments. However, a commission of up to 15% of profits is payable to lead traders.

Quick Buy/Sell (MEXC Express)

For rapid transactions, the MEXC Express feature streamlines buying cryptocurrencies using various payment methods, including credit/debit cards and third-party services like MoonPay and Simplex.

P2P Trading

MEXC’s P2P trading marketplace allows users to buy and sell cryptocurrencies directly with one another, utilizing local currencies without transaction fees. Currently, it supports trading in a few fiat currencies (VND, RUB, and KRW) and a limited selection of cryptocurrencies (USDT, USDC, BTC, and ETH).

MEXC Staking & Earn Services

MEXC provides opportunities for earning rewards through staking and loans.

MEXC Savings and Loans

Users can choose between fixed and flexible staking options, earning rewards that can reach up to 50% APR on certain tokens. The platform also offers a crypto loan service wherein users can borrow funds by providing crypto assets as collateral.

Kickstarter and Launchpad

MEXC’s Launchpad showcases promising crypto projects after thorough evaluations, giving early access to potential investors. Meanwhile, the Kickstarter program rewards users carrying MX tokens with airdrops of newly listed projects. Holding at least 1,000 MX tokens qualifies you for enhanced APR rewards.

MEXC Mastercard

The MEXC Mastercard facilitates everyday purchases using cryptocurrencies. While this prepaid card enhances payment options, there are fees involved (1% fee on top-ups), and spending limits apply.

MEXC Referral & Affiliate Program

MEXC operates a referral program allowing users to earn commissions by inviting others to the platform. The commission structure is tiered based on MX token holdings. For those with larger audiences, an affiliate program offers even higher commission potential.

MEXC API

For users interested in automating trading strategies, MEXC provides a robust API that grants external applications access to accounts, enabling functions such as order placements and market data retrieval.

MEXC Fees & Trading Costs

MEXC’s fee structure is designed to be competitive and user-friendly.

Trading Fees

• Spot Trading Fees: Currently offers a promotional rate of 0% for makers and 0.1% for takers.
• Futures Trading Fees: 0% maker fees and 0.01% taker fees.

Deposit and Withdrawal Fees

MEXC typically does not impose deposit fees for cryptocurrencies, though withdrawal fees vary by cryptocurrency. Users can find specific withdrawal costs listed on the platform.

How Many Cryptocurrencies Does MEXC Support?

MEXC supports an impressive range of over 2300 cryptocurrencies, accommodating both popular high-market cap assets and emerging altcoins. From well-known tokens like Bitcoin and Ethereum to innovative niche sectors, MEXC caters to various trading interests.

MEXC Security & Regulations

MEXC implements multiple security protocols to protect user funds:

• Two-Factor Authentication (2FA) for secure accessing.
• Cold Storage, keeping most assets offline to mitigate hacking risks.
• Encryption methods like SSL and AES-256 for secure communications.

Despite these efforts, it’s crucial to note that MEXC does not hold regulatory licenses in any jurisdiction as its licensing in Estonia was revoked due to money laundering issues.

Customer Support

MEXC provides a comprehensive Help Center, live chat options, and a ticketing system for user inquiries, although customer reviews indicate mixed experiences regarding support responsiveness.

MEXC Mobile App

Available for both Android and iOS, the MEXC mobile app affords users the flexibility to trade cryptocurrencies on the go, equipped with features akin to the desktop version.

Alternatives to MEXC

For those contemplating their options, exchanges like OKX and Binance serve as solid alternatives. MEXC stands out for its diverse altcoin offerings, while OKX is prominent in the DeFi space, and Binance is known for high liquidity.

Getting Started with MEXC

Getting started on MEXC involves a simplified process of account creation, verification, and funding through various methods like bank transfers or cryptocurrency deposits. Once set up, users can begin trading and exploring the extensive array of features that MEXC has to offer.

This detailed overview of MEXC highlights a dynamic exchange suited for traders who prioritize a vast selection of cryptocurrencies and low trading fees. Whether you’re a beginner or an experienced trader, MEXC provides tools and features that cater to a broad spectrum of trading styles and needs.