MEXC Review | Has MEXC Become A Top 5 Trading Platform?
Jack Moreau
Feb 2024
8 min read
Fact checked
In this MEXC Review, we'll showcase all the relevant data points that you need to evaluate whether MEXC is the right exchange for you. We looked at produced features, supported cryptocurrencies, trading fees, overall user experience and much more!
MEXC Global was founded in 2018 and has quickly become a big player in the cryptocurrency exchange market.
With over 6 million users in more than 170 countries, MEXC offers a wide range of trading pairs and supports over 1000 cryptocurrencies. The exchange provides spot, margin, and futures trading with leverage of up to 100x.
MEXC exchange review
MEXC has obtained key licenses in Canada, Australia, Estonia, and the United States, where it operates. However, the exchange is restricted in OFAC countries. With over 500 employees, MEXC has a strong presence in over 200 countries.
The company's mobile app has been downloaded over 1 million times and has an average rating of 4.1 stars based on 25,000 reviews.
MEXC android app
MEXC's extensive selection of trading pairs and cryptocurrencies has contributed to its popularity and growth in the market.
Does MEXC require KYC?
MEXC let's uesrs deposit and trade cryptocurrencies without going through the hassle of KYC verification. Users can begin depositing cryptocurrencies immediately after signing up with just an email and password.
KYC on MEXC
If you want to buy crypto with fiat currencies or access higher withdrawal limits of up to 80 BTC, you will need to complete primary KYC which means providing some personal information.
If you further want to increase your withdrawal limit to 200 BTC per day, you'll need to complete advanced KYC which requires facial recognition.
If you're happy trading with cryptocurrencies and don't need access to higher withdrawal limits, then you can skip KYC altogether.
MEXC Crypto Products
When it comes to products and services, MEXC offers a smaller range of products than exchanges like Binance and Bybit. The exchange does however in many cases offer more depth to the products that they offer.
To begin, MEXC offers spot trading for a massive selection of over 1700 cryptocurrencies which includes all large cap coins like BTC, ETH and SOL, as well as many altcoins that aren’t available on most exchanges.
MEXC Spot Trading
MEXC is adding new altcoins weekly so for those that are looking to buy and sell more obscure shitcoins, this is definitely the place to find those.
MEXC Crypto Markets
MEXC also offers futures products like perpetual trading for over 300 markets using either USDT as the underlying collateral (USDT-M) or cryptocurrencies (COIN-M).
MEXC Perpetual Trading
Users on MEXC have the option to take up to an insane 200X leverage when trading futures, which is higher than almost every other exchange on the market.
MEXC Futures
For users that are new to trading futures and just want to experiment without using real money, demo trading is available.
The 24-Hour trading volumes on MEXC are solid with over $1 billion in spot trading volumes and over $3 billion in futures trading.
MEXC Futures Volumes
For users that wish to earn interest on their digital assets, MEXC offers a savings section that offers locked and flexible savings products.
MEXC Savings
There are different rates available depending on how much users wish to save, but overall, there are many better earning opportunities on the market.
MEXC also recently introduced its very own launchpad where MX token holders will get benefits to early access of new token launches. At the time of writing, there are however no launches in the pipeline.
MEXC Launchpad
While MEXC has begun introducing more products and services as of late, where the exchange really shines is in its massive altcoin offering and futures with 200X leverage. And the great thing is that users can access these services without having to go through KYC.
MEXC offers users several ways to buy cryptocurrencies including spot trading and credit/debit card purchases.
To buy using a card, users will have to complete KYC and use third-party providers like MoonPay, Simplex, Banxa, or Mercuryo.
MEXC charges a 2% purchase fee for buying USDT using a card, while other cryptocurrencies can only be purchased through the express method.
Buy crypto with card on MEXC
The express method also uses third-party providers and incurs KYC requirements. MEXC also accepts bank transfers for EUR and GBP through SEPA transfers.
For those looking to trade peer-to-peer, MEXC allows trading for VND, RUB, and KRW fiat currencies but this is not an option we would recommend due to low liquidity.
MEXC is an exchange with low fees on spot and futures trading. The maker fee for spot trading is 0.2% and the taker fee is 0.2%, which can be reduced temporarily to 0.1%.
MEXC Spot Trading Fees
MexC also offers futures trading with 0% fee for makers and 0.02% for takers. Additionally, they provide discounts for uses who trade using the MX token.
MEXC futures fees
To put these fees in perspective, MEXC spot trading fees are twice as expensive as exchanges such as Okcoin and OKX, while their futures fees are inline with Bybit and Binance.
MEXC Deposit Methods
When it comes to fiat deposits on the MEXC platform, unfortunately, it's not an available option. However, don't let that deter you from trading on their exchange as there are still plenty of other deposit options.
You can deposit cryptocurrencies directly or even buy crypto using your fiat currency through third-party providers like Banxa or MoonPay.
While it may not be the most convenient option for some, MexC makes up for it in other ways such as their advanced trading features and robust security measures.
How to withdraw from MEXC?
Unfortunately, fiat currency withdrawals are not currently available on the MEXC platform.
This means means that users will need to convert their cryptocurrencies to fiat currency on another platform in order to withdraw them.
MEXC's withdrawal fees for cryptocurrencies vary depending on which cryptocurrency you choose to withdraw.
For instance, withdrawing Bitcoin comes with a 0.0003 BTC fee, withdrawing ETH comes with a 0.0001 ETH fee, withdrawing SOL comes with a 0.01 SOL fee, and withdrawing ERC-20 USDT comes with a $4 USDT fee.
It's important to keep in mind the different fees as they can significantly impact your wallet since they add up over time.
While the fees on MexC are generally reasonable, the lack of fiat currency withdrawals might be a deal-breaker for some users who need to cash out their earnings quickly.
However, if you're only interested in exchanging cryptocurrencies then you don't need to worry about this.
Is MEXC Safe?
The MEXC exchange has never been hacked during its many years of operation which is a great testament to their security measures.
The exchange recently introduced support for proof of reserves for the assets that they hold in custody for their users.
This support includes cryptocurrencies such as USDT, USDC, BTC, ETH and chain detail inquiries. When it comes to licenses and regulations, MexC has a MSB license issued by FinCEN in the United States.
MEXC proof of reserves
In regards to account-level security features, MexC offers several options including email or mobile verification, 2FA and anti-phishing codes, device management, security activity, and withdrawal whitelists.
However, as always, we recommend that users keep as few assets as possible on exchanges and instead use non-custodial wallets to secure their assets.
In conclusion, MexC Global is a cryptocurrency exchange that has quickly established itself as a major player in the market.
With over 6 million users in more than 200 countries, MexC has obtained key licenses in Canada, Australia, Estonia, and the United States.
The exchange allows users to start depositing cryptocurrencies immediately after signing up with just an email and password, making it an ideal platform for those who prioritize anonymity.
However, users looking to access higher withdrawal limits will need to complete KYC verification.
MexC is an exchange with a wide range of trading products, including spot trading, leveraged ETFs, margin trading, and quantitative trading.
They also have futures products like perpetual futures with USDT and cryptocurrencies as collateral. The exchange offers a wide range of trading pairs and supports over 1000 cryptocurrencies to trade.
The exchange charges low fees on spot and futures trading, and they also provide discounts for trading with the MX token.
While fiat deposits and withdrawals are not currently available, MexC allows users to buy crypto using their fiat currency via third-party providers.
Overall, MexC Global is a great exchange option for those who have cryptocurrencies to deposit and want access to a large range of cryptocurrencies and trading features.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
