Despite stiff competition among crypto trading platforms, the Seychelles-based MEXC makes a name for itself courtesy of low trading fees and a specific focus on educating the crypto community. Besides the key MEXC trading tools, this centralized exchange caters to spot, margin, and derivatives traders with its extensive suite of products. In this detailed MEXC review, we explore everything there is to this global exchange, evaluating and discussing its performance across key parameters.
- MEXC review: Overall assessment
- What is MEXC?
- Where is MEXC available?
- How to sign up for MEXC in 2023?
- Welcome offer/bonus
- MEXC deposit and withdrawal methods and limits
- Payment methods supported
- How does MEXC compare to others?
- MEXC review: Features and tools
- Is MEXC a safe exchange?
- Does MEXC have good customer support?
- How have we tested MEXC?
- Regulatory compliance and safety
- Invest responsibly
- Is MEXC the right exchange for you?
- Frequently asked questions
MEXC review: Overall assessment
Before we delve deep into MEXC, let us first cover some of the critical elements.
- MEXC maintains a CoinMarketCap Trust Score of 6.1, having declared its proof-of-reserves status in 2023
- This exchange is packed with resources for experienced crypto traders — spot, futures trading options, MEXC margin trading support, quantitative trading features, and more.
- As of October 2023, MEXC supports over 1600 coins and 2000+ trading pairs, making it a stand-out performer when it comes to the choice of cryptocurrencies.
- KYC verification isn’t compulsory for all MEXC users.
Here is our BeInCrypto graded assessment table:
|Criteria||Supported cryptocurrencies||Supported fiat currencies||Fees||Features||User experience||Customer support||Security (past breaches)||Our overall score|
What is MEXC?
MEXC is a reputed cryptocurrency exchange founded by John Chen. Currently, the exchange serves 170+ nations and has a user base of over 10 million. While this MEXC review will mention the hits and misses associated with the exchange, what stands out is the highly competitive trading fees and support for almost every popular cryptocurrency there is.
The exchange came to the fore in 2018 and started offering leverage ETFs to its users, along with spot and derivatives products. The exchange itself is capable of handling over 1.4 million transactions each second, making it one of the fastest around.
Did you know? MEXC was recognized and awarded as the “Best Crypto Exchange Asia” in 2021 during the Crypto Expo event in Dubai.
Currently, MEXC only offers Spot and futures trading options to its users, depending on which crypto supports what.
Crypto trading on MEXC
MEXC’s web interface shows that it currently supports over 1800+ coins. Per CoinMarketCap’s data, the most active spot trading pairs include BTC/USDT, ETH/USDT, SOL/USDT, and XRP/USDT. Notably, MEXC also supports perpetual contracts for specific assets, with BTC/USDT and ETH/USDT being the volume leaders.
As for MEXC’s web interface, the diverse range of crypto is further segregated into categories like ZK tokens, Arbitrum-native tokens, memecoins, top futures pairs, hot pairs, and more.
MEXC’s native token
MEXC also has a native token, MX, with the MX/USDT pair being one of the more active assets on the website. Holding MX tokens comes with many benefits, including price appreciation, rebates and discounts on specific trading scenarios, free airdrops, and other perks.
Where is MEXC available?
As mentioned earlier, MEXC is currently operational in 170+ countries. Some more popular nations include Australia, Brazil, South Korea, India, Dubai, the U.K., and more.
Also, MEXC has operational limitations across several countries, including the following:
- North Korea
- United States
How to sign up for MEXC in 2023?
Signing up for MEXC requires you to log in with your email ID or phone, fill in the first password — more like setting it, complete a puzzle, and enter the code sent to your ID or phone.
This is the basic sign-up process that lets you withdraw up to 30 BTC each day. However, you can complete the next level of verification by setting up the primary KYC.
For primary KYC, the basic credentials, date of birth, and ID proof need to be submitted. MEXC might take up to 24 hours to verify this information. You can even opt for advanced KYC verification to further enhance the withdrawal limits.
Do note that advanced KYC verification requires some additional personal information and even facial recognition. You can even choose Business KYC if you plan on opening an institutional account.
Once you have followed the sign-up flow and are successfully verified, you are eligible for 1000 USDT worth of futures trading bonuses. However, the rewards aren’t credited at once and are segregated as deposit, trading, and community rewards.
Here are the details to grab each reward option and add more funds to your trading corpus.
MEXC deposit and withdrawal methods and limits
Imagine you have signed up and are waiting to make your first trade. For that, you need to understand the nitty gritty of the MEXC deposit and withdrawal methods, including the modes, limits, and underlying fees.
For starters, MEXC facilitates free and instant crypto deposits. Regarding the limits, you can deposit any amount you wish, barring a few cryptocurrencies. For withdrawals, the minimum amount varies depending on the cryptos you wish to trade. The withdrawal fee depends on the network you use to move your crypto around.
MEXC allows you to deposit funds to its spot, futures, or fiat wallet, depending on the trades you want to execute.
And finally, the maximum withdrawal limits at MEXC depend on the type of verification you choose to go with. For instance, an unverified user can withdraw up to 30 BTC daily, whereas Primary and Advanced KYC allow you to move 80 BTC and 200 BTC, respectively.
Payment methods supported
MEXC isn’t only about crypto deposit and withdrawal methods. You can also purchase cryptocurrencies directly using specific payment methods. Depending on the type of fiat you wish to use to make purchases, MEXC supports debit/credit cards and third-party payments to purchase cryptos directly.
If you wish to buy and sell cryptocurrencies via P2P avenues, even bank transfers are allowed, including SEPA transfers.
How does MEXC compare to others?
A critical aspect of the MEXC review has to be how it compares against other crypto trading platforms.
MEXC vs. Kraken
While Kraken is a market leader in offering trading options and handling security implementations like Pro, MEXC offers more cryptocurrencies to choose from. Plus, MEXC seems to have a wider reach, courtesy of the 170+ country spread.
MEXC vs. Binance
In terms of crypto trading options, Binance is a force to reckon with. With over 1500 trading pairs, Binance offers a huge choice to traders. Yet, MEXC, with its 2000+ trading pair catalog, makes for an even more aggressive platform.
Besides the key differences, MEXC also offers perks like zero trading fees for spot markets, low trading fees for the futures markets, native token-specific fee discounts, and more. But then, MEXC doesn’t offer forex trading, commodities, leverage ETFs, or crypto CFDs as of now. For that kind of diversified trading suite, you might want to consider platforms like eToro, Forex.com, and more.
MEXC review: Features and tools
The quality of any trading platform depends on how widespread its trading and other features are. Let us now take a closer look at MEXC’s set of offerings.
Quick crypto buying interface
As mentioned previously, MEXC allows you to quickly buy and sell crypto via Express orders, P2P avenues, or third-party service providers. You can rely on cards, global SEPA bank transfers, and other payment options. MEXC even supports a wide range of fiat currencies for buying and selling crypto. These include EUR, GBP, USD, KRW, JPY, and many more.
Like other exchanges that offer debit card-like facilities, MEXC also has a MasterCard functionality, allowing users to top up their crypto balance and use their decentralized assets to shop across the globe. Note that the availability of this feature is location-dependent, as specific regions may have restrictions imposed.
A widespread trading suite
MEXC allows you to indulge in spot trading courtesy of a packed trading-specific MEXC user interface. For spot trades, you can place limit, market, and stop-limit orders, depending on the levels you want to use.
However, MEXC has a more extensive futures trading suite, allowing traders to explore low fees and leverage up to 200x for specific crypto pairs. MEXC allows futures and perpetual contracts settlement in either USDT or the crypto you wish to trade.
MEXC also offers diverse futures trading events, including monthly competitions, a futures leaderboard, and other traits to make the futures trading landscape more rewarding for users.
By now, we know that MEXC’s native token MX is a tradable asset. However, the MEXC trading platform has a dedicated section called the MX Zone to showcase the additional utilities of the MX token.
With MX tokens, you can access a number of privileges, including MEXC’s Kickstarter campaigns with decent APY access, plus the MEXC launchpad, where early projects are listed.
The MEXC trading platform is one of the better ecosystems that further crypto’s educational vigil. The platform features a dedicated “Learn” section, boasting market insights, beginner guides, and more.
MEXC mobile app
MEXC comes with a diverse collection of apps meant for mobile and desktop access. The mobile and desktop apps ensure a seamless trading experience, access to advanced trading charts, and other benefits. Also, the MEXC mobile app(s) employs a number of stringent security measures.
Besides the mentioned features, MEXC also offers a bird’s eye view of the crypto market, with coins, futures trading instruments, new listings, and more categorized seamlessly. Plus, the social following and multi-channel community support also stand out.
Copy trading on MEXC
One of MEXC’s more exclusive features is its extensive copy trading functionality. This way, you can pick and copy the trades of professional MEXC trades, increasing your chances of making profits. You can pick traders and trades to copy based on a seven-day ROI, total PNL, followers, and other metrics.
Demo trading on MEXC
Not many global exchanges offer demo trading functionality. MEXC, however, allows you to simulate futures trading using made-up funds. This way, you can quickly learn everything there is about futures, perpetual contracts, MEXC leverage trading, and other related components.
Staking on MEXC
MEXC also brings forth a passive earning option as MEXC Earn. The first component of MEXC Earn is “Simple Earn,” where you can stake popular cryptocurrencies like USDT, BTC, and more to earn APR up to 1.25%. Then there is the Savings plan that stands for more aggressive staking with an APR potential of up to 8.80%.
Is MEXC a safe exchange?
MEXC takes customer safety and data security very seriously. Some of the crucial elements of MEXC’s security posture include the following:
- Two-factor authentication involving web, desktop, and mobile interfaces
- Email verification and Google authentication
- Anti-phishing coverage
- Third-party account authorization
- Advanced encryption protocols
Does MEXC have good customer support?
MEXC has a pretty solid user support setup, with the customer service section directly taking you to the email correspondence with [email protected]. The responses are prompt and well within the 24-hour timeline.
Then, there is the 24×7 help center, with self-service sections, detailed FAQs, and more. Besides that, there is live chat assistance with real individuals answering your questions.
Also, MEXC has an innovative “Submit a request” section where you can enquire about account-related info, report funds, give suggestions, and even post requests concerning enforcement.
As for the tickets we raised, we highlighted an issue related to delayed deposits. We reached the team via email and even via live chat. The ticket was acknowledged within an hour, with the representative asking us to wait for 12 hours, as network congestion might have caused the delay.
The response was prompt, and the issue was resolved in under two hours.
How have we tested MEXC?
We tested MEXC for several months across numerous parameters, including response time, asset liquidity, ease of trading, quality of copy trading services, quality of MEXC margin trading, and MEXC leverage trading and deposit and withdrawal methods. The comprehensive analysis allowed us to evaluate every segment in detail, resulting in the following list of pros and cons:
- A massive selection of cryptocurrencies to choose from.
- Competitive fees
- Staking opportunities in sight
- Offers a wide selection of derivative products
- Stacked with educational resources
- Offers multilingual support
- KYC policies aren’t stringent
- Not available to the U.S. users
Regulatory compliance and safety
Even though MEXC doesn’t serve U.S. customers due to unclear regulatory compliance, the platform adheres to the international KYC and AML standards.
Notably, MEXC has ties with third-party processors like Banxa, Simplex, and more — bodies that have their own regulatory requirements. This shows that MEXC aligns with third-party requirements across multiple regions.
Despite MEXC or any other crypto exchange offering a wide range of trading tools and services, you should not get carried away by the breadth of these offerings. Always invest responsibly and with a solid plan in place. Always do your own research, and never invest more than what you can comfortably afford to lose.
Is MEXC the right exchange for you?
Over time, MEXC has established itself as a credible player in the crypto space. It is loaded with features for users who want to learn the ropes of futures and derivatives trading, all while offering classic trading tools, including access to spot markets and passive earning options. With a simple user interface and easy-to-navigate Earn ecosystem, MEXC is the perfect platform for both beginners and advanced traders.
Frequently asked questions
What is MEXC used for?
Does MEXC have any fees?
Which countries cannot use MEXC?
Can I store money in MEXC?
Is MEXC a safe app?
What is MEXC?
Who is the owner of MEXC?
Top crypto platforms in the US | December 2023
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