MEXC Review: Is This Global Exchange Safe and Legit in 2024?

It is imperative for any investor to select the appropriate cryptocurrency exchange. This guide provides a comprehensive examination of MEXC, a prominent platform in the digital currency trading sector.

In this MEXC review, we will evaluate the platform’s primary offerings, which include its range of supported cryptocurrencies, trading features, and security measures. Additionally, we will assess the exchange’s fees, funding methods, regulatory compliance, and overall reliability.

Key Takeaways

• MEXC is a global cryptocurrency exchange platform offering a wide range of digital assets, advanced trading features, 200x leverage trading, and various financial products for traders.
• The MEXC exchange allows trading without KYC with a withdrawal limit of 10 BTC, but completing KYC increases the limit to 80 BTC and enhances security.
• MEXC restricts its services in several countries, including but not limited to North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Indonesia, Singapore, Venezuela, the United States, and Canada. This list, known as “Prohibited Countries,” is subject to change based on legal and compliance considerations.
• MEXC requires KYC for all users. The KYC process involves providing personal details and a government-issued ID. Without completing KYC, users may have limitations on withdrawals and specific trading features.
• MEXC’s drawbacks include limited regulatory oversight, no support for margin and options trading, and lower liquidity in some newly listed projects.

MEXC Overview: Quick Summary

What is MEXC?

MEXC is a popular centralized cryptocurrency trading platform founded in 2018. It has grown to serve over 10 million users across more than 170 countries and regions. According to Coingecko, MEXC ranks among the top 15 crypto exchanges in the world with over US$1.5 billion daily trading volume. The exchange also has a high-performance trading engine for instant order matching.

The platform offers many trading features, including spot trading, P2P trading, futures trading, staking services, and copy trading. MEXC supports a large number of cryptocurrencies, with 2,505 coins available for trading.

One of MEXC’s attractive features is its fee structure. Currently, the exchange offers zero fees for spot trading, with both maker and taker fees set at 0%. For futures trading, the maker fee is 0%, while the taker fee is 0.01%.

MEXC has a robust security system to protect user funds and personal information. It uses advanced technologies such as cold storage and two-factor authentication (2FA). The exchange has a user-friendly interface with a mobile app, making it accessible for both beginners and experienced traders.

Pros of MEXC

• Zero-fess spot trading
• 2,505+ supported cryptocurrencies including many new altcoins
• Advanced trading features including futures and copy trading
• 200x leverage trading on BTC and ETH
• Highly secure with no security breach incident since launch
• User-friendly interface suitable for beginners

Cons of MEXC

• Limited regulatory oversight being highly unregulated
• Does not support margin trading and options trading
• Lower liquidity in some newly listed projects

MEXC Review: Trading Features

Spot Trading

Spot trading is a feature on the MEXC cryptocurrency exchange where you can buy and sell digital assets instantly at current market prices. The spot market also includes a trading view chart, which helps you analyze price movements and make informed decisions. 

Currently, you can trade over 2,505 tokens on the spot market. This large variety gives you many options to diversify your portfolio or find niche assets you’re interested in.

Apart from market orders, it also supports many other advanced order types including: 

• Limit Order: This type of order allows you to set a specific price at which you want to buy or sell a cryptocurrency. If the market reaches your set price, the order will be executed automatically.
• Stop-Limit Order: This is a combination of two orders – a stop order and a limit order. You set two prices: the stop price, which triggers the limit order, and the limit price, which is the specific price for the trade. This order type is often used to limit your potential losses or lock in profits when the market moves in a certain direction.
• OCO (One-Cancels-the-Other) Order: This is a pair of orders where if one part is executed, the other is automatically canceled. It typically consists of a limit order above the current market price and a trigger order below it. 

Perpetual Futures Trading

The MEXC futures trading platform allows traders to speculate on the future prices of cryptocurrencies. This system offers two main types of perpetual futures contracts: USDT-M and Coin-M.

1. USDT-M perpetual futures are contracts where Tether (USDT) is used as the settlement currency. For example, if you’re trading BTC/USDT perpetual futures, your profits or losses will be calculated and paid out in USDT.
2. Coin-M perpetual futures, on the other hand, use the underlying cryptocurrency itself for settlement. For instance, in a BTC/USD Coin-M contract, your profits or losses would be paid out in Bitcoin.

MEXC offers an impressive range of over 300 futures contracts, giving traders a wide variety of assets to choose from. One of the most notable features is the high leverage available – up to 200x.

The platform supports two margin modes for perpetual futures trading: Cross-margin and Isolated margin.

• Cross-margin mode uses your entire futures account balance as collateral for all open positions. This means that if one position is losing money, the platform can use funds from your other positions to prevent liquidation. This mode can be more efficient in terms of capital use but also puts your entire account funds at risk.
• Isolated margin, conversely, allocates a specific amount of margin to each individual position. This limits your potential loss to only the margin assigned to that particular trade.

Beyond the standard market and limit orders, two advanced order types are available for high-leveraged traders: Trailing stop orders and Post-only orders.

• Trailing stop orders are designed to lock in profits or limit losses as the market moves in your favor. You set a trailing distance, and the stop price adjusts automatically as the market price changes. Let’s say, you set a trailing stop 10% below the market price, it will move up as the price rises but stay at 10% below the highest price reached.
• Post-only orders are limit orders that are guaranteed to be the maker in a trade, not the taker. This means the order will only be executed if it’s not immediately filled. This order type is useful for traders who want to avoid paying taker fees and instead earn maker rebates, which can be significant for high-volume traders.

MEXC Futures M-Day

MEXC Futures M-Day is an event that the MEXC exchange runs to give rewards to traders who trade futures. Here’s how it works:

When you trade futures during this event, you can earn tickets for a lucky draw. The more you trade, the more tickets you get. For every 45,000 USDT worth of trades you make, you get one ticket. The more tickets you have, the better your chances of winning.

The benefits of participating in M-Day include receiving futures bonuses that can be used as a margin for trading. Any profits generated from these bonuses can be withdrawn. Even if you do not win the lucky draw, you can still receive a portion of the participant reward pool, distributed proportionally based on the number of losing tickets you hold.

Demo Trading

MEXC demo trading is your chance to practice trading perpetual futures without risking real money. It’s like a simulator where you can test your trading skills and strategies.

When you start demo trading on MEXC, you’re given up to 50,000 USDT in virtual funds. You can use these virtual USDT to place trades, experiment with different order types, and see how your decisions play out in real market conditions.

The demo trading interface is identical to the real MEXC perpetual futures trading platform. This means you can get comfortable with all the buttons, charts, and tools without the pressure of potentially losing actual funds. You can practice setting up various orders, like market orders, limit orders, and stop-losses.

A great feature of MEXC’s demo trading is that it uses real-time market data. So, the prices and market movements you see are exactly what’s happening in the real market. This gives you an authentic trading experience, just without the financial risk.

Copy Trading

Crypto copy trading is a feature that allows you to automatically mimic the trades of experienced and successful traders on the platform. When you use copy trading on MEXC, you become a “follower”. You can choose to follow one or more “lead traders” based on their performance metrics, trading strategies, and risk levels that suit your preferences.

You also have control over your risk management. You can set your own take profit and stop loss levels, which will override the lead trader’s settings if triggered.

MEXC provides detailed statistics for each lead trader, including their 7-day win rate, total ROI, average holding time, and risk level. You can use these metrics to make informed decisions about who to follow.

P2P Trading

P2P (Peer-to-Peer) trading allows you to buy and sell cryptocurrencies directly with other users using your preferred local payment methods. On MEXC’s P2P platform, you can trade 4 popular cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).

When it comes to fiat currencies, you have 3 options: Russian Rubles (RUB), Vietnamese Dong (VND), and South Korean Won (KRW). This list of supported fiats is very limited compared to other exchanges like Binance and OKX, which support 50+ local currencies. You can also check out our guide on the best P2P crypto exchanges.

One of the biggest advantages of MEXC P2P trading is the variety of payment methods available to you. You can choose from over 20 local payment methods, including:

• Bank transfers
• MoMo (popular in Vietnam)
• Zalo Pay
• Advcash

And many more…

MEXC Review: Staking and Earn Services

MEXC Savings and Loans

MEXC Savings is essentially a way for you to earn passive income on your cryptocurrency holdings. When you deposit your crypto into MEXC Savings, you’re lending it to the platform, and in return, you earn interest.

The annual percentage yield (APY) you can earn varies depending on the cryptocurrency and current market conditions. Currently (at the time of writing):

• Bitcoin (BTC) offers an APY of 1.8% 
• Ethereum (ETH) has an APY of 2.8%
• Stablecoins like USDT or USDC offer higher rates, up to 6% APY

These rates are flexible and can change daily based on supply and demand. You can choose between flexible savings, where you can withdraw your funds at any time, or fixed-term savings, which typically offer higher rates but require you to lock your funds for a set period.

On the other hand, the MEXC Loan feature allows you to borrow funds using your cryptocurrency as collateral. Based on your collateral, you can borrow a certain percentage of its value. This is called the Loan-to-Value (LTV) ratio. For example, if the LTV is 50%, you can borrow up to half the value of your collateral.

You also need to maintain a healthy collateral ratio to avoid liquidation. If the value of your collateral drops too low relative to your loan, you may need to add more collateral or repay part of the loan. You’ll also pay interest on the borrowed amount. Interest rates can vary, but it is generally around 0.01% per day.

Kickstarter and Launchpad

MEXC Kickstarter and MEXC Launchpad are two key features on the platform designed to support and launch new blockchain projects.

The MEXC Kickstarter is designed for very early-stage projects. When you participate in a Kickstarter event, you’re essentially helping to fund a new crypto project in its infancy. You might be among the first to own tokens of a potentially groundbreaking blockchain project. The risk is higher with Kickstarter projects, but so is the potential reward if the project succeeds.

On the other hand, MEXC Launchpad typically features more established projects that are ready for a wider release. These projects have usually completed their initial development phases and are preparing for a public token sale. When you participate in a Launchpad event, you’re getting in just before the token becomes available on the open market.

Note: If you participate in Kickstarter and Launchpad, you need to hold certain MX tokens (MEXC exchange native token) to get airdrop, generally more than 1000 MX tokens for a good chunk of rewards.

MEXC Mastercard

The MEXC MasterCard is a debit card that allows you to use your cryptocurrency for daily transactions. It supports global consumption, meaning you can use it for online shopping worldwide through the MasterCard network. 

To apply for the MEXC MasterCard, you need to complete advanced KYC, which must have been done at least 14 days prior. Additionally, you need to have purchased tokens before via bank transfer. This service is available only to supported countries.

The top-up process is straightforward. You can add funds to your card from your crypto balance on MEXC, with a top-up fee of 1%. The card has a single transaction limit of 3,000 USDT, a monthly limit of 30,000 USDT, and an overall card capacity of 100,000 USDT. Transactions within the EEA have no fee, while transactions outside the EEA incur a 2% fee, with a minimum of 0.60 EUR per transaction.

For added security, the MEXC MasterCard uses 3D Secure (3DS) technology, which ensures the safety of your transactions. You also receive real-time alerts on your smartphone for each transaction, allowing you to monitor your funds closely.

MEXC Referral & Affiliate Program

The MEXC Referral and Affiliate Program offers opportunities to earn commissions by referring new users to the MEXC trading platform. 

The Referral Program allows you to invite friends to MEXC and earn between 30-70% commission on their trading fees. The commission rate depends on the number of MX tokens you hold. For instance, holding over 20,000 MX tokens grants you a 70% commission rate on your referrals’ trading fees.

In the MEXC affiliate Program, content creators, bloggers, and crypto community leaders can earn commissions. Affiliates can earn a straightforward 50% on the trading fees of their referrals and an additional 10% on the commissions earned by their sub-affiliates.

MEXC Fees & Trading Costs

Trading Fees

MEXC charges fees based on its maker-taker model. Maker orders add liquidity to the market by creating new buy or sell offers, while taker orders remove liquidity by matching existing offers.

MEXC offers competitive trading fees for both spot and futures trading. For spot trading, MEXC currently provides a 0% fee rate for both makers and takers. This means you can trade on the spot market without paying any trading fees, regardless of whether your order adds or removes liquidity.

In futures trading, makers enjoy a 0% fee rate, while takers pay a small 0.010% fee. To further reduce costs, you can enable MX Deduction, which gives you a 10% discount on trading fees by using MEXC’s native token, MX.

MEXC also has a VIP program that offers additional benefits and fee discounts. There are three VIP levels: Gold, Diamond, and Premium. 

To qualify, you need to maintain a certain amount of total assets on the platform. Gold VIP requires at least 300,000 USDT in assets and offers a 20-day retention period. Diamond VIP needs 1,000,000 USDT with a 40-day retention, while Premium VIP requires 2,000,000 USDT and has a 60-day retention period.

Read more details about the MEXC VIP program here.

Deposit and Withdrawal Fees

For most cryptocurrencies, MEXC doesn’t charge any deposit fees. You only pay the network transaction fee, which goes to the blockchain miners. This means you can add funds to your MEXC account without extra costs from the exchange itself.

MEXC Withdrawal fees are typically fixed amounts that vary by cryptocurrency. These fees cover the network transaction costs and a small processing fee. For example (at the time of writing):

• Bitcoin (BTC) has a withdrawal fee of 0.000028 BTC on the Bitcoin network
• Ethereum (ETH) has a fee of 0.00025 ETH on the ERC-20 network
• USDT on the Tron network has a lower fee of 1 USDT

The exact fees can change based on network conditions. You can check the latest MEXC fee rates here.

Supported Payment Methods on MEXC Global Exchange

The MEXC platform supports various payment methods for purchasing cryptocurrencies. You can use credit cards for quick and straightforward transactions. 

Global bank transfers via SWIFT are available for international payments. Additionally, MEXC offers P2P trading, which allows you to use 20+ local deposit methods depending on your location. 

Third-party payment services like Simplex and Banxa are also supported, providing more flexibility in how you fund your account.

What are the minimum deposit and withdrawal limits?

MEXC does not have any fixed minimum crypto deposit limits. The withdrawal limits depend on your account verification level (KYC tier). For unverified accounts, you can withdraw up to 10 BTC with a basic account using an e-mail and password.

MEXC offers two KYC verification levels: Primary KYC and Advanced KYC.

• Primary KYC: This level requires basic personal information like name, email address, address proof, and government ID verification. You will be able to withdraw up to 80 BTC per day.
• Advanced KYC: This level adds facial recognition verification to the basic information required for Primary KYC. It allows you to withdraw up to 200 BTC per day.

Note: For fiat deposits and withdrawals, the limits depend on your supported payment methods and country of residence.

Withdrawal Times on MEXC Crypto Exchange

MEXC withdrawal processing times generally fall within a range of a few minutes to an hour. Different cryptocurrencies have varying network confirmation times. Bitcoin (BTC) transactions, for instance, might take longer to confirm compared to transactions on faster blockchains like Solana (SOL).

Also, periods of high trading activity can lead to network congestion, causing delays in processing transactions. This can affect how long it takes for your withdrawal to reach your destination crypto wallet.

Supported Cryptocurrencies on the MEXC Global Exchange

MEXC Global Exchange supports a wide range of cryptocurrencies, offering approximately 2,505 tokens and over 2,900 trading pairs. This extensive selection includes many new and emerging projects that you might not find on other popular exchanges like Binance or OKX.

The platform appeals to enthusiasts of new and low-cap cryptocurrencies, granting access to a diverse selection. Moreover, it extends its offerings into specialized areas such as Artificial Intelligence (AI), Real World Assets (RWAs), Decentralized Finance (DeFi), and the Metaverse.

Here are some examples of the tokens you can find on MEXC:

• Chainlink (LINK)
• Aave (AAVE)
• Decentraland (MANA)
• Polkadot (DOT)
• Algorand (ALGO)
• Polygon (MATIC)
• Notcoin (NOT)
• Octopus Network (OCT)
• Radix (XRD)
• Chronicle (XNL)
• Klima DAO (KLIMA)
• Anchor Protocol (ANC)
• Theta Fuel (TFUEL)
• Aptos (APT)

MEXC Restricted & Supported Countries

MEXC is available in over 170 countries worldwide, offering its services to a broad international user base. However, there are some notable restrictions in place. Two major countries where MEXC does not operate are the United States and Canada. Residents or citizens of these countries are not able to use MEXC’s services due to regulatory reasons.

Some other MEXC restricted countries are North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Hong Kong (China), Indonesia, Singapore, and Venezuela (Source: MEXC terms).

MEXC Customer Service

The exchange offers support through several methods. You can read support center articles for common issues, submit tickets through their website, or use the live chat feature.

Language support is another area where MEXC has made efforts. They offer support in multiple languages, which is appreciated by non-English speaking users.

According to the MEXC reviews on Trustpilot, some users have reported longer wait times for more complex issues. The platform has received only a 1.3/5 Trust Score based on 300+ reviews. However, the lower ratings are common for many exchanges, with Binance getting a 1.4/5 rating and Bybit getting a 1.5/5 rating. It seems most of these ratings are fake.

MEXC Mobile App

The MEXC Mobile App brings the full power of the MEXC Exchange to your smartphone or tablet. Available for both iOS and Android devices, this app allows you to trade cryptocurrencies, manage your portfolio, and stay updated on market trends while on the go. 

When you download the MEXC app, you’ll find a user-friendly interface designed for easy navigation. The app offers access to all the major features of the MEXC desktop version, including spot trading, futures trading, and the ability to participate in new token sales through Launchpad and Kickstarter events.

One of the key benefits of the mobile app is real-time market data and price alerts. You can set up notifications for price movements, ensuring you never miss an important market shift. The app also provides detailed charts and technical analysis tools. However, the MEXC app has received 3.4/5 on the Play Store and 3.9/5 on the App Store, which is quite average.

MEXC Security: Is it Safe?

MEXC takes security seriously and uses several methods to keep your account and funds safe. Let’s look at some measures:

• Two-Factor Authentication (2FA): MEXC utilizes Google Authenticator for an additional layer of account security. This method requires users to input a time-sensitive code generated by the authenticator app when logging in or performing significant account actions.
• Anti-Phishing Code: The platform incorporates a user-defined anti-phishing code in all official communications. This unique identifier helps users verify the authenticity of emails purportedly from MEXC.
• Withdrawal Whitelist: It offers a withdrawal address whitelist feature, allowing users to predefine approved withdrawal addresses.
• Account Freeze Functionality: In the event of suspected unauthorized access, users can promptly freeze their accounts. This feature immediately suspends all account activities, including trades and withdrawals.
• Cold Storage: A significant portion of user assets is stored in cold wallets or hardware wallets, which are offline storage solutions.
• Proof of Reserves (PoR): MEXC provides transparency by publishing its Proof of Reserves data on-chain. You can check the details on DeFiLlama.

MEXC’s competitors

Binance and Bybit are the two best MEXC alternative crypto exchanges. Here is a quick MEXC vs Binance and MEXC vs Bybit comparison:

How to Register on MEXC Crypto Exchange?

Step 1: Create a MEXC account

First, you need to create a MEXC account. Go to the MEXC official website and click on the “Sign Up” button. You will be asked to provide your email address and create a password. After filling in these details, you will receive a verification email. Click on the link in the email to verify your account.

For an added benefit, you can use the MEXC referral code “1GTG8” during the sign-up process to receive a 1,000 USDT futures bonus.

Step 2: KYC verification

While KYC (Know Your Customer) verification is not mandatory on MEXC, we strongly advise completing this process for better security. 

Go to the profile section. From there, navigate to “Identification”. You will be asked to provide personal information such as your full name, date of birth, and address. Then, you need to upload a photo of a government-issued ID, such as a passport or driver’s license, along with a selfie holding the ID.

Step 3: Deposit fiat or crypto

If you want to deposit fiat, select the “Buy Crypto” option. You can choose between a Credit/Debit card or a Global bank transfer. Follow the instructions on the screen to complete the deposit.

If you prefer to deposit cryptocurrency, go to the “Wallet” section and choose “Deposit”. Select the cryptocurrency you want to deposit (for example, Bitcoin or Ethereum). MEXC will provide you with a unique wallet address for that specific cryptocurrency. Copy this address carefully – any mistake could result in lost funds. Now, send funds from the external wallet to this address.

Step 4: Start trading crypto

Navigate to the “Markets” section to view the available trading pairs. Select the trading pair you wish to trade and click on it to go to the trading interface. 

The trading interface provides various tools and features to help you analyze the market and place trades. You can choose between different types of orders, such as market orders, limit orders, and stop-limit orders. Enter the amount you wish to buy or sell and confirm your order. Once your order is executed, the traded cryptocurrency will appear in your account balance.

Conclusions: Is MEXC Legit?

To sum up our MEXC review, it stands out as a versatile and comprehensive cryptocurrency exchange platform, offering a range of features from zero-fee spot trading to high-leverage futures contracts. It supports over 2,505 cryptocurrencies, catering to both novice and experienced traders. 

The platform’s user-friendly interface, robust security measures, and various trading options make it an attractive choice for crypto enthusiasts. However, the lack of regulatory oversight and limited availability in certain regions, such as the United States and Canada, are notable drawbacks.

MEXC Exchange Review: FAQs

Does MEXC require KYC verification?

MEXC allows users to deposit cryptocurrency and withdraw up to 10 BTC without completing Know Your Customer (KYC) verification. This flexibility enables users to start trading quickly. However, for fiat currency deposits or participation in P2P trading, KYC is mandatory.

Is MEXC legal in the US?

MEXC is not legal in the US. The exchange does not provide services to US residents or citizens due to regulatory constraints. Users from the US are prohibited from creating accounts or accessing MEXC’s trading services. This restriction is in place to comply with US financial regulations governing cryptocurrency exchanges.

Does MEXC require KYC to withdraw?

MEXC permits withdrawals of up to 10 BTC without requiring KYC verification. This policy allows users to maintain a degree of privacy for smaller transactions. For withdrawals exceeding 10 BTC, basic KYC is necessary. Completing basic KYC increases the withdrawal limit to 80 BTC.

Where is MEXC located?

MEXC Global is headquartered in Mahé, Seychelles, and currently operates internationally. It has established regional operations in various countries to better serve its international user base.

Is MEXC safe to use?

Yes, MEXC is a safe crypto exchange. It implements multiple security measures to protect user assets and data. These include two-factor authentication, anti-phishing codes, and cold storage for cryptocurrencies. The platform also provides transparency through Proof of Reserves data. While MEXC has a strong security framework, it is a highly unregulated platform. This might be a simple point of concern for some users.

Can I withdraw from MEXC to my bank account?

No, MEXC does not offer direct withdrawals to bank accounts. However, users in supported countries can utilize the P2P trading feature to convert their cryptocurrency to fiat currency. This process involves selling your crypto to another user who will transfer the equivalent fiat amount to your bank account. But, as discussed above, MEXC supports only 3 fiat currencies RUB, VND, and  KRW.