MEXC Exchange Review: Is It Safe & Legit in 2024?

MEXC exchange is a high-performance trading engine that is capable of processing 1.4 million transactions per second. The cryptocurrency exchange allows users to buy, sell, hold, and trade cryptocurrency without sharing personal information except the email or phone number they used for registration.

MEXC Global has gradually become one of the best crypto trading platforms due to its wide range of cryptocurrency offerings and trading pairs for spot and futures markets. In addition to having the largest crypto pool in the industry, MEXC has high daily trading volume, which translates to high liquidity.

The exchange allows trading, staking, lending, and borrowing services while offering users incredibly low fees on trades. It also has a Launchpad, Kickstarter, and Airdrop feature, which gives early access to new tokens before they are listed on the platform.

Now, if you are wondering whether it is safe and secure to buy and sell crypto on MEXC in 2024, the short answer is YES. However, it is important to learn more about how the platform works before jumping in.

Therefore, in this MEXC review, we will provide you with the answers for what is MEXC? What are its pros and cons? What are the trading fees on MEXC? What are the best features on MEXC?, and how to open a new account on MEXC crypto exchange. Let’s dive in!

MEXC Review: What is It?

MEXC is a top centralized cryptocurrency exchange where users can easily buy, sell, and trade digital assets. While MEXC prides itself for mega transaction matching technology, many users prefer it because of its incredibly low fees and no mandatory Know Your Customer (KYC) verification requirements, unlike other exchanges.

With MEXC, you can access many services, including spot and futures trading, leveraged ETFs (exchange-traded funds), NFT Index, crypto loans, and demo trading tools for beginners. Here is a closer look at MEXC global exchange and how it stands out among other platforms.

User Score

10

Exclusive Benefits

$1,000 bonus

10% reduced trading fee

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What is the Pros of MEXC?

As a famous crypto exchange, MEXC is standing out by providing many perks to their users, the pros of MEXC exchange are:

• Largest Collections of Altcoins: MEXC is popular for listing new altcoins and meme coins for investing and spot and futures trading. The cryptocurrency exchange has more digital assets than any other exchange in the crypto industry (with over 2700 supported crypto and 3000+ trading pairs)
• Quick Registration: You can complete MEXC registration in under a minute. This is because you only need an email or a phone number to register and access MEXC trading services.
• Optional KYC: Once you add the verification code sent to your email, you are in, and you can start trading immediately. You do not need to complete the KYC verification to be able to withdraw your digital assets.

Without KYC, you can withdraw between 10-30 BTC daily, which is more than enough for many individual traders. However, you can always complete the KYC verification process to boost your withdrawal limit to 80 or 200 BTC as your needs grow.

• Copy trading Tools: This platform helps new users make the most of their investments by copying the trading strategies of experienced traders. You get access to important details about the trader, including their track record, return on investments, and wins. If you like any traders’ track records, you can simply click “Copy Trade,” and orders will be automatically placed on your behalf.
• Futures Demo Trading: If you are worried about risking your money on crypto trades, you can use the Demo Trading interface to practice before you start. When you sign up for demo trading, you will receive a $50,000 test account that gives you a simple, risk-free way to try futures trading and other trading options on MEXC Exchange.
• Earning Options: Users can stake their assets through Savings, Simple Earn, and New Token Mining with fixed and flexible terms in exchange for rewards. This is especially important for users looking to grow assets with minimal daily trading on the spots or futures markets.

With Savings, you will get daily interest payouts between 0.08% – 20% annual percentage yield (APY). On the flip side, you can also use MEXC Loans to borrow crypto by putting up another crypto asset as collateral.

What is the Cons of MEXC?

The cons of MEXC Exchange are;

• The Exchange is Largely Unregulated: MEXC cryptocurrency exchange is not regulated in many countries as it lacks authorization from financial authorities in several jurisdictions, including the US, Canada, and Germany. In Germany, BaFin has warned that MEXC global exchange is offering financial services without the necessary licenses.
• Complaints About Locking User Funds: MEXC has been facing backlash for claims of locking user funds even though the experience is not consistent across multiple users. A MEXC review on Trustpilot said, “Used the platform for one month, made security deposits and deposited crypto funds. Out of nowhere got banned with no reasons and explanation. Another user said, “They have sent me an Email to withdraw your assets within a short period of time, but my assets are frozen (cannot sell and exchange them for other cryptos) and can not withdraw because XCH (chia network) has been in maintenance mode for months so i can not withdraw my XCH….”
• Not the Most Beginner Friendly Platforms: Due to its large coin offerings and many other features, trading on MEXC might be a little challenging for beginners. However, the platform provides educational resources and a simple in-app guide to help new users.

What Are the Best Features of MEXC

The best features of MEXC are the Launchpad and Kickstarter, MEXC Futures M-Day, Spot Trading, and Copy Trading. Let’s break down these features to get a better understanding of how they impact your experience on the exchange:

1. MEXC Launchpad & Kickstarter

It can be challenging to discover and invest in promising Blockchain projects before they hit the mainstream. The MEXC global exchange offers two key features to improve the process: the MEXC Launchpad and the Kickstarter event.

They are designed to help users discover and invest in promising blockchain projects while providing incentives such as airdrops and rewards to encourage participants.

For the MEXC Launchpad, the exchange uses a rigorous selection process to ensure that only projects that meet strict criteria are featured. This includes evaluating the project’s team, market demand, and potential.

Users can earn free token airdrops by holding MX tokens. For instance, if you hold at least 2,000 MX tokens, you can participate in airdrop events and make huge returns when projects launch. 

To participate in Launchpad events:

• Buy and hold at least 1,000 MX tokens in your spot wallet for 30 consecutive days.
• Commit your MX tokens during Non-lockup Events using the Quick Commit feature.
• Airdrops will then be distributed based on the proportion of tokens committed.

On the other hand, the Kickstarter event is another initiative by MEXC platform that aims to support new projects during their pre-launch phase. You and other users can participate by voting for your favorite Blockchain projects. Successful votes lead to free rewards and token airdrops for participants.

Like the Launchpad, there are requirements that qualify users to participate in Kickstarter events. Users must hold at least 500 MX tokens for 24 hours before the event starts. The amount of MX tokens held determines how many tokens can be committed during the event.

2. MEXC Futures M-Day

MEXC Futures M-Day is a promotional event designed to encourage users to participate in special token listing events. Users can receive airdrops as rewards by trading in the particular stock designated by MEXC.

This event is held all year round, but the tokens change depending on the time of year, so if you want to participate, you must watch the event often. For instance, MEXC held an event last year to encourage users to trade in USDT-M futures on the cryptocurrency exchange.

Participants earned rewards through a lucky draw based on their trading volumes during specified periods. This threshold varies by event; for instance, it could be set at 40,000 USDT or more.

The higher the transaction volume, the more tickets a user can claim for the draw. Here’s how you can qualify to participate;

• You must register for each event to participate on the MEXC website or mobile app.
• Engage in trading the particular token in the futures market to accumulate volume and earn tickets.
• During the ticket claim period, claim your tickets based on your trading activity.
• After the event concludes, MEXC will announce the results and distribute rewards.

Participating in MEXC M-Day can get you rewards whether you win or not. Participation alone gets you free raffle tickets with futures bonuses. One lottery ticket will be awarded for every 45,000 USDT trading volume, which you can use as a margin and withdraw your earnings.

3. Spot Trading

The MEXC platform has a spot market similar to other exchanges. You can buy and sell crypto easily and take advantage of MEXC’s high liquidity. Due to a high trading volume, your orders will be fulfilled quickly, and you can get good rates when making trades. 

Additionally, the platform has an advanced trading dashboard with pairs mostly pegged with USDT. The dashboard displays trading information, including the 24-hour, 7-day, and 30-day trading volume of the particular pair you choose.

User Score

10

Exclusive Benefits

$1,000 bonus

10% reduced trading fee

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4. Copy Trading

MEXC’s Copy Trading feature allows new users to automatically replicate the trading strategies of experienced traders in futures markets. You can select active traders based on their track record and performance metrics, such as return on investment (ROI), 7-day win rate, and profit and loss (PNL).

To participate, you only need to deposit funds to your copy trade account, fill in your details, and follow experienced traders to start copying their trading strategies. All orders are placed automatically when you decide to follow a trader, and no additional fees are charged for copy trading transactions.

Other MEXC Crypto Exchange Features

• P2P Trading: Besides buying, selling, and trading crypto in the futures and spot markets, MEXC users can also trade crypto assets with other users on the MEXC platform without middlemen. In exchange for a local currency or vice versa, you can trade digital assets on the P2P marketplace, including USDT, USDC, BTC, and ETH.
• MEXC Token Airdrops: MEXC frequently hosts token airdrops, letting you earn rewards by completing simple tasks like depositing funds or making trades. If you want to participate in airdrop campaigns, you should check the “Token Airdrop” page often to catch such events before they end.
• MEXC Referral Program: Like other exchanges, MEXC affiliate portal enables users to make additional rewards by promoting the platform. As a referrer, you can earn up to 70% commission on every trade your referrals make on MEXC’s spot and futures markets.

These rewards are not one-way benefits; referrals also qualify for rewards, such as a $20 sign up bonus, and access to top industry events. So, if you’d rather open an account and trade daily without being an affiliate, use the referral code: mexc-cnjreview for exclusive rewards and airdrops.

What is Trading fees on MEXC?

The trading fees on MEXC is low, placing it above Binance and other exchanges in terms of low fees. Below is a breakdown of the fees MEXC charges for spot, futures, and margin trading.

Spot Trading Fees

MEXC’s spot transaction fees are 0.05% for both makers and takers. However, there are a few ways to reduce these fees: 

• MX Deduction: Use MEXC’s native platform token, MX, to receive a 20% discount on trading fees. 
• Hold MX: Hold at least 500 MX within 24 hours to receive a 50% discount on spot and futures fees. 
• Popular trading pairs: Some popular trading pairs, such as XRP/USDT and XRP/USDC, have a 0% spot transaction fee. 

Additionally, MEXC Exchange offers special trading pairs with zero fees for makers and takers. Examples of such spots market special trading pairs are PEN/USDT, XRP/USDC, and APT/USDT.

Futures Trading Fees

MEXC currently has the lowest futures trading costs in the market at the moment. Its maker fees are set at 0%, and taker fees are at 0.01%. To further reduce the trading fees, you can hold MX position above 500 over the last 24 hours, allowing you to instantly enjoy a ‎50% discount on futures trading costs.

Additionally, you can enjoy ‎20% off trading fees when you transfer MX into your futures account and offset USDT-margined futures trading costs. Or, you can trade special trading pairs with 0% trading fees like APT/USDT, TONCOIN/USDT, DOGS/USDT, NOT/USDT, and KAS/USDT on the Futures market.

Other MEXC Fees: Deposit and Withdrawal Fees

MEXC Exchange does not charge fees on deposits for any cryptocurrency. But, for withdrawals, fees vary depending on the cryptocurrency you are withdrawing with some going for free. For instance, withdrawing Tether USDT on MEXC is free, but there’s a minimum withdrawal amount of 10 USDT.

Then if you are withdrawing Bitcoin (BTC), the minimum withdrawal amount is 0.00015BTC and withdrawal fee capped at 0.00003 BTC. It is important to note that MEXC withdrawal fees change overtime and are charged according to the current network conditions. Please always check the most updated MEXC fee listed on each withdrawal page.

How to Open New Account to Buy and Sell Crypto on MEXC?

Create an account with MEXC and start trading.

User Score

10

Exclusive Benefits

$1,000 bonus

10% reduced trading fee

OPEN ACCOUNT NOW

To open an account on MEXC to buy and sell crypto, you can: 

1. Go to the MEXC homepage, or download the app, and click “Sign Up”
2. Fill out your email or phone number in the registration form and click Sign Up.
3. Verify your email or phone number with a 6-digit code or the link sent to your email and you are in.
4. You can also log in to MEXC Exchange using a third-party account, like Google, Apple, MetaMask Wallet, or Telegram.

You only need an email to open a MEXC account. Once your account is set up, you can buy your first crypto, sell it, and trade cryptocurrencies as you please.

Never forget to apply our MEXC referral code to assist you on your crypto  journey.

Follow these steps to buy your first crypto on MEXC Exchange:

1. Choose the [Deposit] tab, select the fiat currency to pay with (EUR, USD, JPY, etc), and select the crypto you wish to receive.
2. Then, enter the amount you want to pay or the amount you wish to receive.
3. Click [Buy USDT or the crypto you selected] and select a suitable payment method.
4. Upon payment confirmation, the crypto you bought will be deposited into your MEXC account automatically.

Follow these steps to sell your crypto: 

1. On the same page, choose the [Sell] tab, and select the crypto you want to sell and the fiat currency you wish to receive. 
2. Then, enter the amount of crypto you want to sell or the amount of fiat you wish to receive.
3. Click [Sell USDT] and select a payment method for the buyer to make the payment in the chosen receiving cryptocurrency.
4. Once your order has been processed, the buyer will make the payment in the selected receiving cryptocurrency via the payment method you selected.

Unlike other exchanges, you can effectively transact on MEXC Exchange without KYC. However, to move from Unverified (10-30 BTC daily withdrawal limit) to Primary or Advanced level (200 BTC daily withdrawal limit), you need to complete KYC using these steps:

1. Go to your account and click on your profile icon. You will see “Identity verification” at the top right corner of the page.
2. Click on it and select the type of verification you want to complete (primary or advanced).
3. Choose your country or region and the type of government-issued ID you will use. Then follow MEXC instructions to complete the facial recognition verification.
4. MEXC Exchange will review your documents and send you an email once the process is complete. 

“What Are the MEXC Supported Countries?”

MEXC is available in the United Kingdom, Australia, Africa, most of Europe, and Asia, serving 10+ million traders in over 170 countries. This makes it one of the most accessible crypto exchanges in the world.

What Are the MEXC Restricted Countries?

MEXC Exchange is not available everywhere. It is not accessible to traders in North Korea, Cuba, Sudan, Syria, Hong Kong, Iran, Mainland China, Singapore, the United States, the United Kingdom, Canada, Sevastopol and Russian-controlled regions of Ukraine (Crimea, Donetsk, and Luhansk).

Due to legal and regulatory restrictions, you cannot open an account or trade on MEXC Exchange if you are located in one of these regions. However, some traders use VPN to bypass detection and access MEXC services. They remain “Unverified” traders with a daily withdrawal limit starting at 10 BTC.

Always remember that MEXC reserves the right to take immediate action, including account liquidation and termination (even funded accounts) if users provide inconsistent information about their location. So, if you decide to use a VPN, ensure it is always on while logging in to the platform.

What Are the Best Alternatives for MEXC?

The best alternatives to MEXC are Bybit, KuCoin, Binance, and BingX. These best crypto exchanges offer a large selection of crypto like MEXC, they have competitive fees, and offer multiple features to give users a smooth trading experience.

While some of these alternatives, including Binance and Bybit, require KYC verification, it is optional on BingX. But before you decide on an exchange to explore, the top MEXC alternatives are summarized in the comparison table below to help you make informed decisions;

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In terms of cryptocurrency selection, user security, and features, the best MEXC alternatives are Binance and Bybit. The two platforms offer various trading pairs, thousands of crypto, and competitive trading fees, but they require KYC. They also provide various features, including Trading bots, staking, saving, NFT marketplace, and more. If you want to understand more about these alternatives, check out our detailed Binance review for more information.

However, when talking about ‘no mandatory’ KYC verification alternatives for MEXC Exchange, consider using BingX and Kucoin. Though they are restricted in certain regions, you can use a VPN service to access these exchanges. But besides the optional KYC, these exchanges also support multiple Altcoins.

Since this guide is on MEXC review, we only provided a brief overview of each of these exchanges features. So, do your own research to determine which platform is the best crypto trading alternative for MEXC global exchange.

How Many Cryptocurrencies Available on MEXC?

MEXC offers trading for over 2,700 cryptocurrencies, which is more crypto support than the majority of exchanges, including Binance and Bybit. Trading new altcoins and meme coins is one of the major reasons MEXC is popular in the crypto space.

Is MEXC Safe and Legit to Buy and Sell Crypto in 2024?

Yes, MEXC is safe and legit to buy/sell crypto in 2024. The platform has been operating since 2018 and has never been hacked or lost user funds. They secure user funds using robust security features like cold wallet storage, multi-sig authorizations, and advanced encryption.

Still, there have been complaints about MEXC locking user funds and delisting tokens without warning. A user claimed that “They banned the account and my team members’ account also. We have more than 50 Dollars on our account. When we contacted them individually they asked me to submit the holding NID and a paper where we write “MEXC Account” and E-mail or UID…”

“…And they list coins randomly and most of them are Honeypot coins. As like GEGS, NGH, Wifceo, LAG etc(Delisted). They are listing honeypot coins and wiping the customers’ funds…”

While some of these complaints are unverified and not settled, MEXC has advanced security protocols in place. They also released a statement when another user allegedly lost over $92k due to account freeze. MEXC acknowledged that there was an abnormal cryptocurrency trading activity in the users account saying;

“Regarding the account restrictions and issues related to futures trading/assets that you have raised, our risk control system and relevant personnel have conducted a thorough examination. It has been identified that there have been abnormal trading activities in your account and associated accounts. In accordance with the terms of use, we have taken measures to recover the losses incurred.”

Another potential concern could be that MEXC is unregulated in most jurisdictions, including the United States, North Korea, Mainland China, and Canada. Nevertheless, this case is no different than other top exchanges in the space facing regulatory challenges in similar regions like Binance and Bybit.

But if you are still concerned about the safety of your digital assets, you can easily take security a step further. Secure your account with two-factor authentication (2FA), address whitelisting for crypto withdrawals, or even complete Advanced KYC if you are a resident of a MEXC supported country.

Does MEXC Require KYC to Withdraw?

No, MEXC allows users to withdraw without KYC. However, your daily withdrawal limit as an Unverified user is the equivalent of 10 BTC.

“What is the MEXC Withdrawal Limit Without KYC?”

Without KYC verification, MEXC imposes a withdrawal limit of 10 BTC every 24 hours. You can increase your withdrawal limit by completing either Primary or Advanced KYC. Primary KYC allows withdrawals of up to 80 BTC within 24 hours, while Advanced KYC increases this limit to 200 BTC and includes additional features like OTC trading.

User Score

10

Exclusive Benefits

$1,000 bonus

10% reduced trading fee

OPEN ACCOUNT NOW

The post MEXC Exchange Review: Is It Safe & Legit in 2024? appeared first on CryptoNinjas.

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