- The exchange has global compliance certificates from multiple countries
- Ground-breaking transaction matching technology
- Efficient and responsive customer support
- Higher transaction costs compared to other exchanges
- Lacks an in-build wallet
MEXC is one of the lesser-known crypto exchanges. This explains why most investors are curious about the platform or question its legitimacy. If you’ve found yourself in this position, this article is for you. This MEXC review delves deep into what MEXC Global does, its pros and cons, and everything in between. Let’s get started.
What is MEXC Global?
MEXC Global is one of the world’s best-centralized crypto trading platforms. The exchange was introduced to the world as MXC in 2018. However, to cater to its global expansion plan, the company rebranded in 2021 and took the name MEXC Global.
Despite being a lesser-known crypto exchange platform, MEXC Global is not a popular investor choice. The platform has over six million active users. Most users prefer the platform for its ground-breaking efficiency and impressive transaction matching technology.
On an estimate, MEXC Global’s trading platform can complete at least 1.4 million transactions per second. These super-sonic transaction speeds make trading on the site a seamless and almost instantaneous process. As a result, the exchange processes transactions worth over $1 billion every 24 hours.
Besides this, the platform is the leading crypto exchange when it comes to the number of global compliance certificates. MEXC Global boasts global compliance certificates from the United States, Canada, and Australia. It is also on its way to obtaining licensing in some of the 200 countries it supports. This includes Brazil, Vietnam, the Philippines, Indonesia, South Korea, Turkey, Japan, India, and some African countries. The platform also has localized language support to make it easier for users across different regions to get services efficiently.
MEXC Trading Options And Order Types
MEXC Global is an active trading platform. Despite being a centralized exchange, which makes it experience more constraints than decentralized exchanges, the platform still gives its users various trading options to explore. Here are some of the most popular trading options available on MEXC.
Spot Grid Trading
Spot trading on the MEXC exchange operates using the grid trading quantitative strategy. Here, a trader provides the maximum and minimum prices for which they are willing to buy or sell an asset. They then set several grids and a base investment amount. From here, the platform uses trading bots to execute transactions to buy at the lowest possible price and sell at the maximum price.
MEXC’s spot grid trading feature is impressive in multiple ways. First, it eliminates the pressure of manual trading. Spot grid trading also reduces trading risks through automation. This is because the service detects and closes trades at prices that generate profits.
For traders who want to trade more but lack the capital to facilitate their transactions, MEXC Global is one of the best exchanges for Margin Trading. Margin trading involves borrowing funds and using them to trade. It can be a profitable venture, but a risky one too.
To borrow funds on MECX’s margin trading option, traders need to activate a margin trading account, where they deposit an initial margin deposit. This deposit serves as collateral for the loan. Traders often receive x amount of the funds they put in as a deposit.
When trading margins, investors envision two scenarios. They assume a bearish case, where the asset in question will experience a price drop. For this, they trade short. This means they sell high and buy low. Traders can also trade long. When doing this, they assume the asset will hit a bull soon, so they sell low and buy high. Margin trading can be highly lucrative if traders place their money in the right scenario.
However, regardless of the outcome, the trader has to repay the loan and the interest agreed upon. This is why margin trading is better for traders with experience in the crypto markets. They are likely to make more accurate predictions and lose less money than novice traders. Besides experience, one should also be cautious not to invest too much money in a margin trade because the losses can be significant.
A market order is a trade that occurs instantly based on market prices. When traders set a market order, they instruct the exchange to trade the asset in question at its current market value.
Market orders are great when a trader wants a quick trade. They prioritize speed over price and always have a guarantee to execute. However, margin trades give unpredictable profit margins because market prices constantly fluctuate.
Limit orders are instant purchases or sales of a given asset. These orders focus more on price than speed.
Unlike a market order, which trades an asset based on an “on-the-spot price” when a trader makes the order, a limit order only executes the trade when a price matching the asked price exists on the order book.
A limit order is beneficial in this sense because a trader can never sell at a lower price than desired. On the flip side, the order may not get a price that matches, so it may never execute. To avoid such a scenario, traders often turn to order types like stop-loss, take profit orders.
Currencies and Payment Methods
MEXC Global supports a wide range of currencies and trading pairs. The platform has at least 1521 coins. Here’s a list of some of the most popular coins on the MEXC Global exchange.
- Bitcoin BTC
- Ethereum ETH
- USD Tether USDT
- USD Coin USDC
- Polkadot DOT
- DogeCoin DOGE
- Stellar XLM
Traders can also explore at least 2109 trading pairs on MEXC. The platform’s most active trading pair is BTC/USDT. The pair has a minimum trade volume of $200 million every 24 hours. Here are other popular trading pairs on MEXC Global besides BTC/USDT.
Aside from supporting an array of currencies, MEXC supports multiple payment options. The exchange’s users can transact on the platform using credit and debit cards from Visa and Mastercard. Traders can also pay through global bank transfers using WIFT, PIX, Wire, and ACH or third-party payment services like Simplex, Mercuryo, and Banxa.
MEXC Global does not charge a deposit fee for any amount of funds that traders put in the account. The only possibility of a fee when depositing into a MEXC account is the transaction cost that another exchange may impose if the trader transfers funds.
MERC charges fees per transaction for withdrawal fees. However, there is no fixed fee. The charges vary depending on the platform’s traffic, liquidity, and network status. Often, the fluctuation margins don’t vary by a significant figure, so there is no cause for alarm.
When trading on this exchange, traders will also encounter a trading fee. Typically, this costs 0.20% maker’s fee and 0.02% takers’ fee. Occasionally, MEXC offers discounts called MX deductions. These deductions can reduce trading fees by about 20%.
MEXC has a very flexible policy on deposit, withdrawal, and transaction limits. The exchange has no limits for deposits. Traders can deposit any amount of funds as long as they have a verified account.
Withdrawal limits on the MEXC are dependent on an account’s verification level. The exchange has three verification levels, namely, primary, advanced, and institutional. Withdrawals for a primary-level account are capped at 80 BTC every 24 hours. Advanced and institutional accounts can transact 200 and 400 BTC, respectively, in a day.
If there is a crypto exchange with unparalleled security features, it is MEXC Global. This exchange is the world’s leading crypto exchange with the highest number of global compliance certificates. This means regulatory bodies from various countries have analyzed the platform and found it safe enough for their citizens’ use.
Besides that, MEXC uses a multi-tier, multi-cluster security system. Simply put, it has different security levels, stored as independent groups in different parts of the exchange’s architecture. This makes hacking the system nearly impossible because hackers cannot find all the information they need on one mainframe.
MEXC scores highly for its customer service. Review sites like TrustPilot have dozens of compliments about the platform’s efficiency and responsiveness. The exchange has a help center on its website with helpful resources for most of its services. There’s also a live support feature where clients can have one-on-one interactions with the MEXC support team if they can’t find solutions to their problems at the help center.
Uniswap is one of the decentralized exchanges giving MEXC a run for its money. The exchange is known for its unimaginably friendly user interface and overall ease of use. One significant benefit that Uniswap has over MEXC is that it does not require users to sign up. All traders have to do on Uniswap is connect their wallets, and they are ready to go.
Despite its simplicity, Uniswap is one of the most costly decentralized exchanges in the market. Because it runs on the Ethereum blockchain, this exchange is subject to high gas fees. This makes MEXC a more dependable option.
Also, due to the lack of a Know Your Customer verification process, Uniswap is more likely to have compromised security. Customer verification helps weed out potential criminals from crypto exchanges, so MEXC is safer in this regard.
OKX is superior to MEXC in several aspects. This centralized exchange charges significantly lower trading fees than MEXC Global. For instance, the highest trading fee for spot trading options is 0.10% compared to MEXC Global’s 0.20%. The platform also has more profit-generating investment options like staking. For staking specific cryptocurrencies, investors can earn up to 100% APY.
On the flip side, OKX is not as widely available as MEXC. U.S-based traders, for instance, cannot access the service. OKX also falls short of compliance certification, whereas MEXC, has multiple certificates globally. MXC exchange also has better customer service reviews. Although OKX tries to keep up, it is still plagued by poor customer service complaints.
How to Open an Account
MEXC Global users enjoy many benefits. Interested traders can also share these benefits by creating an account. Here are simplified step-by-step instructions on how to open an account on MEXC Global.
- Visit the MEXC website and click the Sign-Up button at the top right corner of the homepage.
- On the page that opens, enter the email address you want to be associated with the account. Fill in the password field on the same page.
- Click the Send Now hypertext on the left side of the Verification field and wait for a verification code to be sent to the email address you provided.
- Copy the code you receive, navigate to the registration page, and paste it into the verification field.
- If you have a referral code, enter it in the Referral Code field if you have one.
- Read the terms and conditions and check the box next to them to confirm you have read them.
- Click the Sign-Up button to complete the process.
Is Mxc Exchange Safe and Legit?
Yes. MEXC exchange is safe and legitimate. The organization has compliance certificates from countries like Australia, the U.S., and Canada. It also has a beefed-up multi-layer, a multi-cluster security system that insulates it from malware and other cyber attacks.
Can U.S. Citizens Use MEXC?
Yes. U.S-based traders can use the MEXC exchange to trade their cryptocurrencies. The exchange has a global compliance certificate from the US government, meaning MXC Exchange US customers can enjoy all the platform’s services without restrictions.
Does MEXC Global Require KYC?
Without completing the KYC process, you cannot trade MEXC. The exchange uses KYC to verify legitimate traders from illegitimate ones, so it is a requirement for trading on the platform.
How Is MXC Exchange Different From Others?
MEXC Global varies from other crypto exchanges in multiple ways. Significant differences exist in the cryptocurrencies and trading options the exchange offers, the countries where the exchange is accessible, and the transaction fees and limits. Depending on the platform, other differences like customer service and security features can also exist.