In the realm of cryptocurrency exchange platforms, MEXC stands out for its exceptional focus on cutting-edge derivatives products. Our comprehensive review of MEXC will furnish you with all the crucial details concerning its trading offerings, transaction charges, customer assistance, and other pertinent information to assist you in determining if it is a suitable fit for your requirements.
MEXC Crypto Exchange Summary
|Transaction & Withdrawal||Maker: 0%|
Withdrawal fees depend on the networks
|Trading options||Spot, Margin, OTC, ETFs, Futures, Staking, etc.|
|Customer Support||24/7 email support|
24/7 live chat
MEXC Crypto Exchange Review 2023
MEXC Global, a high-performance trading platform that offers a wide range of currencies, derivatives, and DeFi products, was established in 2018 in Seychelles, East Africa. It has quickly gained global recognition and is now accessible in almost every country, including regions with strict regulations like the United States, Australia, and Canada.
As I mentioned above, to understand the importance of MEXC crypto exchange review, it is important for you to know, MEXC Global prioritizes customer satisfaction, which is evident in its diverse range of products and exceptional customer service. Additionally, the platform boasts minimal trading fees, making it an attractive option for traders worldwide.
So, keeping in mind all your needs here, I come up with a detailed guide about it.
MEXC Exchange Key Features
MEXC offers a wide range of trading products and features to its users. The platform’s user interface is user-friendly, providing high liquidity and the trading volume for buying and selling cryptocurrencies. Users can access derivatives such as margin, futures, P2P, automated trading bots, and copy trading.
MEXC Global, although a centralized exchange with more limitations than decentralized exchanges, offers a diverse range of trading options that are highly popular among its users. Here are some of the top trading options available on MEXC.
Spot Grid Trading
MEXC exchange platform, a quantitative grid trading strategy, where traders can set their desired buying and selling prices for an asset and establish multiple grids along with their initial investment amount. Utilizing trading algorithms, the platform executes transactions to purchase at the lowest possible price and sell at the highest possible price.
One of the standout features of MEXC’s spot grid trading is its ability to eliminate the manual trading process, thus alleviating trader stress. Additionally, automated spot grid trading reduces trading risks by detecting and executing transactions at favorable prices.
MEXC exchange offers to trade of exchange-traded funds (ETFs), which allow traders to invest in an asset without owning it. These funds track the price and performance of specific assets or groups of assets, providing an accessible entry point without complex regulatory procedures.
MEXC’s leveraged ETF trading feature allows users to amplify the yield rate of an underlying asset by a predetermined factor, typically three. For instance, if ETH increases by 5%, a leveraged ETF with a three-times return on ETH would increase by 15%. This type of trading is popular among traders as it offers the potential for higher returns while minimizing liquidation risks. The exchange currently supports 3x long and 3x short ETFs for select currencies.
MEXC Global is a leading exchange for margin trading, which enables traders to increase their trading activity by acquiring additional capital. Margin trading involves borrowing funds for trading purposes.
To access margin trading on MEXC, traders need to activate a margin trading account and make a margin deposit. This deposit serves as collateral for the loan. Traders typically receive a certain multiple of their initial deposit to trade with.
Peer-to-Peer (P2P) Trading
Peer-to-peer (P2P) trading is a valuable feature in the crypto trading ecosystem that enables users to trade directly with each other, eliminating intermediaries and providing a decentralized trading environment. This functionality enhances transaction flexibility and security.
MEXC Global recognizes the importance of P2P trading and has incorporated it into its platform, providing users with an additional trading option. With P2P, traders can directly exchange crypto assets with each other without the need for a central authority. This feature also improves the privacy and security of transactions.
MEXC Global Earn offers various products, including staking, third-party DeFi services, and trade mining. Trade mining provides incentives for trading specific currencies, and users can earn pool rewards proportional to their transaction volume.
Staking is another option to generate passive income from crypto holdings, both on a fixed and flexible term. MEXC offers fixed staking for assets such as ETH, EOS, USDT, DOT, BTC, and KSM, with minimal term days ranging from 1 to 30 days and APYs between 1.50% and 68%. Flexible staking includes thirty assets with no term limit, but their APYs range from a few basis points to approximately 6%.
While some assets, like SOL and ADA, are not available for staking on MEXC, many platforms don’t support staking at all, making it difficult to complain. The flexible staking APYs may not be particularly attractive, but the fixed staking APYs are better, primarily since they are determined by the protocols but remain competitive.
MEXC Global’s blog is an excellent source for platform updates. Each article is well-organized and comprehensive, covering various topics such as Industry News and Altcoins. If you’re interested in learning more about the crypto space, the blog is a valuable resource with a wealth of information on relevant news and early-stage projects.
MEXC Mobile App
MEXC Global offers mobile apps for both iPhone and Android devices, which allow for spot trading and margin trading on the go. The app provides the same functionality as the desktop version and is accessible from anywhere in the world.
If you already have a MEXC Global exchange account, the mobile app is a convenient way to access it, and new users can register for the platform using the app. However, it’s essential to download only the official MEXC app from the App Store or Google Play to avoid unofficial, fraudulent applications that may access your funds and personal information.
MEXC Exchange Fee
MEXC Global offers a deposit fee-free service for its users. However, when purchasing cryptocurrencies using third-party payment providers or credit cards, fees may apply.
Withdrawal fees and minimums vary depending on the asset type. For example, the minimum withdrawal limit for BTC is 0.002 BTC with a fee of 0.0003 BTC. Detailed information regarding all fees can be found on the MEXC Global website.
It’s important to note that purchasing crypto with fiat may come with additional costs. Credit card companies, payment processors, and fiat gateways usually charge fees ranging from 1% to 5%.
MEXC Global employs a tier-based fee structure for maker/taker fees. Both producers and buyers are charged a standard spot trading commission of 0.2%. However, as of February 2023, the platform has eliminated fees for producers and maintains a 0.2% charge for consumers.
For consumers, futures fees start at 0.060%, while producers are not charged. Depending on your 30-day trading volume, you may qualify for fee reductions.
MEXC Exchange Supported Cryptocurrencies
When choosing a crypto exchange, the range of available assets is a crucial factor for investors and traders to consider. With MEXC, this is not a problem as they offer access to over 370 cryptocurrencies and over 750 trading pairs.
The wide selection of assets means you have plenty of options to trade, buy, or sell based on your preferences. MEXC supports a diverse range of cryptocurrencies, including both well-known and lesser-known projects. It’s always wise to consider all options and make informed decisions before investing significant amounts of money.
MEXC Exchange Deposit and Withdrawal Methods
MEXC has established partnerships with several third-party merchants, providing customers with a wide range of deposit options. In addition to conventional payment methods like Visa, Mastercard, and Bank Transfer, customers can use Apple Pay or Google Pay to purchase cryptocurrencies directly.
It’s important to keep in mind that fiat payment options may differ based on your country of residence. However, all users can make cryptocurrency deposits regardless of their location.
MEXC platform allows for direct crypto withdrawals. Fiat withdrawals, on the other hand, are not supported. However, users can convert their cryptocurrency into fiat currency using peer-to-peer trading options.
Pros and Cons
How to Register a MEXC Crypto Exchange Account?
To register on MEXC Global exchange platform, follow these steps:
- Go to the MEXC homepage and click on the [Menu] icon located in the upper left-hand corner. Then click on the [Login] link in the upper-left corner.
- On the login page, click on the [Register] button in the upper right-hand corner.
- On the registration page, select [Register with Email] and enter your email address. Then click on the [Next] button.
- A verification window will appear with a diagram containing a sequence of shapes. Select the corresponding shape based on the diagram’s subsequence and click on [Confirm] to receive the verification code.
- Enter the verification code before the timer expires. If you cannot complete the registration within the given timeframe, select [Request again] for a new verification code.
- Set your password. Make sure it contains at least eight characters, including uppercase letters and numbers.
- Click on [Next] to complete the registration process.
MEXC Crypto Exchange Security
Security is a top priority for MEXC when it comes to safeguarding its customers’ funds. To ensure the highest level of security, all new accounts are required to undergo KYC verification and enable 2FA using Google Authenticator. Only when these requirements are met can users begin the withdrawal process. For added security, email verification and mobile phone numbers can also be linked to the account.
MEXC takes further measures to protect user assets by storing them in cold storage. This means that all data is stored offline on a tangible device, making it inaccessible to hackers unless there is a system flaw. Hot storage and software wallets are not accessible unless necessary.
Additionally, MEXC has developed sophisticated security risk management and anti-DDoS systems to prevent cyberattacks. As of October 2022, the exchange has not experienced any security issues. These efforts give users confidence in the platform and their assets.
MEXC Crypto Exchange MX Token
The MEXC exchange has its own native token, called MX, which is similar to Binance’s BNB token. MX token holders can enjoy various benefits and rights, including asset appreciation, revenue reimbursements, voting, and supervision.
MEXC rewards liquidity contributors to the system with 51% of MX through trading mining and token-based rebates. Similarly, the mining incentive mechanism rewards the MEXC community users for holding MX tokens.
The total supply of MX tokens is 3 billion, and it will remain fixed. Users can acquire MX tokens through two methods: mining and purchasing. The following graph shows the current price of MX tokens in US dollars on MEXC Global’s platform.
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I hope now that you’re well aware, of MEXC crypto exchange. In conclusion, MEXC is a top-tier exchange for DeFi and derivatives, widely recognized for its intuitive trading platform, high liquidity, and round-the-clock customer support. The exchange offers commission-free limit orders, making it a cost-effective option for traders. Despite these benefits, MEXC does not support fiat currency withdrawals, which could pose a challenge for users who are not well-versed in cryptocurrency withdrawals.
Is MEXC legal in the U.S.?
MEXC Exchange is licensed as a Money Services Business (MSB) in the United States, allowing it to operate legally in the country. The platform is accessible in five countries, including the US.
Is MEXC exchange secure?
MEXC Exchange employs a state-of-the-art cold storage wallet to enhance the security of its funds. The platform manages $500 million in cryptocurrency deposits within 24 hours, and there have been no reported security breaches. This review concludes that MEXC Exchange is a secure platform.
Is the MEXC exchange legit?
MEXC Exchange is a secure and legitimate platform with compliance certificates from countries including Australia, Canada, and the US. It utilizes a multi-cluster, multi-layer security system to prevent cyber threats and malware attacks.