MEXC is a popular crypto exchange, but is it safe enough for new crypto enthusiasts in 2024?
In this MEXC review, we cover MEXC fees, its bonuses, payment methods, customer service, security, staking, and more to save you the time and effort of researching and comparing it with other platforms on your own. So, let’s get started!
Where MEXC Excels
Established in 2018, the Seychelles-based MEXC is a centralized cryptocurrency exchange (CEX) that caters to more than 10 million users around the world with localized language support. With billions of dollars in trading volume, the exchange offers deep liquidity to both spot and futures traders. MEXC’s multi-tiered, multi-cluster system architecture boasts a matching engine technology of up to 1.4 million orders per second.
Meanwhile, its wide range of crypto support ensures that traders will find their favorite and trendy coins to take full advantage of the crypto market. If users prefer, they can trade these vast varieties of altcoins on high leverage. In addition to trading, MEXC Global offers flexible and fixed crypto staking options to earn yield. Moreover, there are Launchpad and Kickstarter options for investors to make the most of their funds and join promising projects at an early stage.
MEXC is best for:
- Traders who want to trade a wide and wild variety of crypto assets at an extremely low fee
- Those who want to invest in crypto projects early on
- Those who want to copy trade other experienced crypto investors
MEXC Supported Cryptos
With more than $1 billion in trading volume, MEXC offers deep liquidity, which makes it easier for
traders to find the best prices and execute trades quickly. As for supported crypto, this exchange
offers a wide range of cryptocurrencies for you to trade. Its total crypto count is close to 2685, with
more than 3029 pairs available for trading. In this area, MEXC compares well with other popular
options such as Binance, Coinbase, OKX, and Kraken, all of which have between 200 and 400
coins listed on their platform.
Similarly, in terms of MEXC crypto trading pairs, it offers far more options than these platforms,
which support less than 1,000 pairs, except for Binance, which has over a thousand markets.
MEXC’s spot market is pretty vast and diverse, comprising categories like BRC20, Bitcoin eco-
system, Solana ecosystem, Bitcoin inscription, meme coins, GameFi, ZK, RWA, SocialFi, POW,
Web3, privacy, metaverse, innovation, Layer 1, Base Chain, stablecoins, NFTs, and more. The
exchange also has a native token, MX, which hit an all-time high of $3.70 in early Dec. 2021.
MEXC uses 40% of its profits to buy back and burn its exchange token, which is used across its
other programs, such as Kickstarter, Launchpad, fee discounts, new token listing voting, and
higher commission ratios.
MEXC Spot Trading Fees Explained
To compete in the fast-moving and highly competitive crypto market, MEXC has kept its trading
fees considerably low. Both the maker and taker fees for the spot market are zero at MEXC.
This zero spot trading fee promotion applies to all spot trading pairs on the exchange.
In comparison, the largest crypto exchange, Binance, charges a 0.1% maker and taker fee to its
regular customers. While the platform offers discounted fees via its exchange token BNB, its
users will still incur a fee of 0.075%. Meanwhile, the publicly-traded Coinbase (COIN) imposes
an even higher fee rate, starting from a 0.4% taker fee and 0.6% maker fee. Hence, MEXC users
are clearly at an advantage here.
MEXC Futures
When it comes to futures trading, MEXC has two types of perpetual products: contracts that use
USDT as collateral (USDT-M) and contracts that use the underlying crypto as collateral (COIN-M).
As of writing, the centralized exchange is handling nearly $7 billion in volume and recording
$1.75 billion in open interest. On MEXC, you can receive up-to-the-minute information on futures
trades and position status, alongside insights on long/short balance and liquidation events.
Leverage & Demo Trading
MEXC offers the most amount of perpetuals at 399 pairs. Additionally, the platform offers leverage
as much as 200x on both short and long positions that you can adjust freely. You can leverage trade
anything from SOL, LPT, ENS, AR, DOGE, FIL, MATIC, INJ, SUI, ARB, RNDR, SHIB, TIA, APT, BNB
,WIF, JTO, AI, PENDLE, and many more. At MEXC, you can take advantage of the demo trading
before putting your hard-earned money into the market. Demo trading simulates real-life futures
trading without risking real assets, allowing you to get the hang of the product, exchange,
and market.
Futures Fees
MEXC charges no futures trading fees from markets. However, for those placing market or limit
orders, MEXC will charge them a taker fee of 0.010%.On top of extremely competitive fees,
MEXC offers its VIP members even more exclusive fee rates. Becoming a VIP customer grants
users access to OTC deposits and withdrawals, exclusive privileges, and more.
Copy Trade
want to copy based on their performance. The platform provides a big list of professional traders with their
respective 7-Day ROI, 7-Day PNL, 7-Day Win Rate, Total ROI, Total PNL, Total Win Rate, and Followers
to make it easy for you to make your choice. While users can benefit from the experience and success of other
traders via the Copy Trading feature, by allowing others to copy their trades, traders can earn up to 15% of
their followers’ profits.
MEXC Bonuses & Competitions
When signing up with MEXC, the exchange offers a 1,000 USDT bonus to start your crypto journey.
To claim the bonus, you just have to create an account and complete a series of tasks. However, it
is important to note that the 1,000 USDT bonus is actually divided among 15 tasks, with each task
offering between 5 to 500 USDT.
Moreover, you also have to complete your first Flash Close, place a Take Profit & Stop Loss (TP/SL) order,
use leverage, and invite new users to complete KYC. Besides the USDT sign-up bonus, MEXC also runs
competitions regularly. Currently, the February futures competition is offering a 6 million USDT prize pool.
Those with total futures account equity of more than 200 USDT are eligible for this competition.
Is the MEXC app safe?
MEXC is a multi-platform exchange that allows you to trade tokens on the go through its app. The app is
available on iOS and Android for mobile devices, while its desktop app is supported for Windows.
Apple device users can download the app from the App Store, where the MEXC app has a rating
of 4.0. The app supports iOS 12.0 or later. As for Android users, the app is available on Google
Play, where it has achieved more than a million downloads and a rating of 3.8. During our MEXC
app review, we found that the MEXC application is pretty clear and intuitive, with both dark and
light modes available for users to choose from. On the app, you can easily choose to trade spots
and futures, slide your leverage, and open long or short positions by simply clicking on buttons
and then filling in the required details.
Moreover, Home, Markets, Trade, Futures, and Wallets options are available at the bottom of the
page for easy access. Through this all-in-one digital services platform, you can manage your
portfolio easily while enjoying high execution speeds and low fees. Here, you can instantly buy
USDT with Visa and MasterCard or purchase crypto via P2P and third parties. You can further
try its Launchpad, Kickstarter, PoS pool, MX zone, and other services on the MEXC app.
MEXC Staking Options
For those looking for yield-earning opportunities, MEXC has a few options for you. These staking
options are available via MEXC Savings, under which two types of products are offered: Locked
savings and Flexible savings. Under Locked Savings, you stake your crypto for a certain period,
and for that specified duration, you can’t trade, transfer, withdraw, or use it in any way. So, those
who wish to lock and hold their crypto for the long term can go with this option.
The other option is Flexible Savings, where staked assets automatically generate yield once
activated. These locked-up assets can be traded, transferred, or withdrawn at any time. USDT,
ETH, BTC, DOGE, SHIB, GALA, DYDX, SHIB, TRX, ETHW, and USDC are supported under
flexible savings.
MEXC’s Simple Earn option meanwhile allows you to earn yields on USDC, USDT, ETH, and BTC
at 1.25%, 0.95%, 0.55%, and 0.38% APR, respectively, for an extremely low minimum requirement.
It has a mandatory minimum 1-day lock-up period. Furthermore, the exchange’s new product,
MEXC Loan, allows you to collateralize one cryptocurrency to borrow another for trading or
investing. Currently, you can borrow about USDT against TON for a 0.01% daily interest. You have
the option to choose among three time periods (30, 60, or 90 days), with no partial repayments
allowed.
Additional Earning Opportunities
At MEXC, there are other ways to enhance your earnings. For instance, the platform offers
exclusive MX events, where customers can use their exchange tokens to participate in exclusive
airdrop events and win more rewards. This opportunity is available via Kickstarter and Launchpad.
Kickstarter offers an APY of 102.89% and Launchpad 2.44% APY. In the past 30 days, over 200 projects
have launched via MEXC Kickstarter. However, during our MEXC Global review, we found that to participate
in either of these events, users need to hold a minimum of 1,000 MX for at least 30 consecutive days.
Withdrawal Times
You can withdraw both fiat and crypto from MEXC. Crypto withdrawals can be made to an external
wallet, and fiat withdrawals can be made via P2P. However, bank transfer withdrawals are available
only via SEPA for KYC-verified users in the UK and Germany. Meanwhile, P2P selling is available
for KYC-verified users in Vietnam, South Korea, and Russia.
To make crypto withdrawals, visit the website, go to MEXC Wallet, select withdrawal, choose your
crypto, fill in the withdrawal address, select the network, and input the withdrawal amount. After
successfully entering the email verification and Google Authenticator codes, the withdrawal will be
processed. The minimal withdrawal amount and fees differ for each coin.
MEXC Customer Service
Customer support at MEXC is available through various channels. You can explore its extensive
Help Center, where you’ll find answers to most of your queries, ranging from platform usage,
security, OTC, updates, and related information. If you wish to connect to a human for your
questions, you can submit an inquiry or email them at service@mexc.com. Online support is also
available via chatbot. Additionally, MEXC provides a form for reporting abnormal funds, which is
for those who believe their stolen or defrauded funds have ended up at the exchange.
MEXC also maintains a presence on social media via Telegram, Twitter, Facebook, Instagram,
YouTube, Reddit, Discord, TikTok, Line, LinkedIn, Medium, and TeleType. In terms of customer
satisfaction, it has a rating of 1.9 on Trustpilot. This is in line with other top crypto exchange ratings,
such as Coinbase, which has a 1.5 rating. However, MEXC does have a trust score of 8 out of 10
on CoinGecko.
Is MEXC a Trusted Platform?
When looking at the trustworthiness of any platform, it’s crucial to start with its location. So, where is
MEXC exchange located? It is registered and headquartered in Seychelles, which is known for its
less stringent financial regulations. In 2020, the platform obtained a financial service license issued
by the AUSTRAC, which allows it to conduct digital currency exchange, wallet, and remittance
services. MEXC also has an MSB license in the US as well as an Estonian MTR license to serve
European clients.
However, amidst the changing crypto regulatory landscape, MEXC has received several warnings
from authorities. In 2023, the British Columbia Securities Commission (BCSC) in Canada, the
Austrian Financial Market Authority (FMA), and Germany’s Federal Financial Supervisory Authority
(BaFin) issued warnings against the platform. Also, in Nov. 2023, the Estonian FIU revoked the
license of MEXC Estonia OÜ. These events highlight the challenges crypto entities face. For
security, the exchange uses 2FA and a combination of cold wallets and hot wallets for user fund
safety. It has also published its proof of reserves.
Areas Where MEXC Could Improve
As noted in this MEXC review, while the exchange has several positives, there are a few areas
where it needs to improve:
- Support for more fiat withdrawals would greatly benefit customers.
- Regulatory approval would help instill confidence in users.
- More customer satisfaction with quick responses and tackling customer withdrawals more
efficiently.
Our Methodology
We are committed to assisting our users by providing them with deep insights that they can trust
and rely on to make informed decisions when dealing with crypto assets. For our crypto exchange
reviews, our team of professionals rigorously evaluates the platform and its various products and
services with an unbiased approach. We further ensure that our reviews are research-oriented
and up-to-date, providing crypto enthusiasts with the most relevant information for the best
experience.
Conclusion
With so many cryptocurrency exchanges out there, it’s pretty difficult to find a platform that allows
you to trade trending altcoins and new narratives while offering leverage to maximize but at a low
fee. This is exactly where MEXC excels, offering new traders the opportunity to take advantage
of altcoins’ volatility and copy-trade other professionals while providing experienced traders high
leverage and the ability to earn rewards by offering their expertise.
