MEXC Review 2024: Fees, Security & More Features

MEXC’s Key Features

MEXC is a crypto exchange with many features and trading products. The user interface is suited for buying and selling cryptos with high liquidity and trading volume. You can enjoy derivatives such as its margin, Futures and P2P, automated trading bots, and copy trading.

Trading Options

Despite being a centralised exchange, which imposes greater restrictions than decentralised exchanges, MEXC Global features a variety of trading options. Here are several of MEXC’s most popular trading options.

Spot Trading

MEXC’s spot trading is an ideal starting point for many crypto traders. This investment method allows traders to buy and sell crypto at the prevailing market rates. 

With an extensive range of cryptocurrencies, MEXC provides a vast selection of trading pairs in its spot market. Previously, there were no trading fees for both maker and taker orders in spot trading. However, spot trading is now taking each 0.100%, regardless of the quantity, and this still makes the exchange a highly cost-effective option. Furthermore, the platform offers advanced charting tools, real-time data and various order types to support sophisticated trading strategies.

Margin Trading – MEXC Futures Trading

MEXC Global is one of the top exchanges for Margin Trading for traders who desire to trade more but need more capital to facilitate their transactions. Margin trading entails obtaining funds for trading purposes. Users can borrow funds from the exchange to increase their trading potential.

MEXC provides leverage options of up to 200x on futures contracts, with varying margin requirements based on the cryptocurrency and leverage amount.

To borrow funds through MECX’s margin trading option, traders must activate a margin trading account and make a margin deposit. This deposit functions as the loan’s collateral. Traders frequently receive x amount of the initial deposit they make. Of course, you’re provided with risk management tools such as stop-loss and take-profit orders but make sure to note that borrowing for margin trades involves interest rates.

Additionally, users must be mindful of margin calls, which prompt the need for additional funds in the event of a margin account shortfall. Moreover, please note that the fee for makers is 0.010% and 0.050% for takers.

PUSH (P2P Trading)

The PUSH feature or peer-to-peer (P2P) trading enables users to trade directly with one another, eliminating the intermediary and providing a decentralised trading environment. It’s a vital component of the crypto trading ecosystem, facilitating greater transaction flexibility and security.

MEXC recognises the significance of peer-to-peer trading and has incorporated it into its platform to give users an additional trading option. With PUSH, you can trade crypto assets directly with other users without the intervention of a central authority. This function also enhances the privacy and security of transactions.

Staking on MEXC

MEXC also offers a rewarding staking program that allows users to earn attractive yields on their digital assets. With a flexible and user-friendly approach, MEXC’s DeFi staking section provides an accessible way to grow your crypto holdings. Here’s a breakdown of the top five staking opportunities available.

The staking format on the MEXC exchange operates on a first-come, first-served basis, ensuring users have equal opportunities to participate.

Rewards are distributed daily, and MEXC provides flexibility by allowing users to unstake and redeem their crypto assets at any time after reaching the minimum stake period. Here’s the formula calculating user’s daily yield used by MEXC: 

User’s daily yield = User’s staking amount * APY / 365

For example, suppose user A stakes 10,000 USDT, and APY is 5%, then, User A can get a daily yield of: 10,000 * 5% / 365 ≈ 1.37 USDT. 

While some stakeable assets, such as SOL and ADA, are excluded on MEXC, most platforms don’t support staking, so it’s difficult to complain too much. The flexible APYs are not particularly enticing, while the fixed APYs are better, primarily since the protocols determine them, but competitive nonetheless.

MEXC Security

MEXC takes the security of its customers’ funds very seriously. New accounts are required to enable 2FA using a Google Apps authenticator. 

The withdrawal procedure is only permitted once the 2FA requirements have been met. Email verification and mobile phone numbers can also be enabled to increase the platform’s security.

MEXC stores user assets in cold storage, which involves storing all data offline on a tangible device. Unless hackers find a system flaw, they are never able to access hot storage or software wallets.

MEXC also develops sophisticated security risk management and anti-DDOS systems to prevent cyberattacks.

Does MEXC require KYC? 

MEXC acknowledges the significance of Know Your Customer (KYC) procedures while also valuing user privacy. The exchange operates on a tiered KYC system, exempting certain users from mandatory completion of the primary KYC verification. However, users intending to withdraw over 5 BTC daily or engage in trading specific financial products, such as futures and margin trades, must undergo the KYC process.

Fortunately, the KYC verification procedure on MEXC is uncomplicated, aiming to ensure a seamless user experience. Users are only required to provide their name, date of birth, country of residence, mobile number, and a government-issued ID for verification purposes. This streamlined process facilitates user compliance with KYC requirements on the platform.

Supported Cryptocurrencies

The diversity of available assets is one of the most critical factors for investors and merchants to consider when selecting a crypto exchange. With MEXC, this is not an issue, as they provide investors and traders with over 1700 cryptocurrencies and over 2600 trading pairs.

MEXC also has more than 150 new listings every month, and users may find those at MEXC’s launchpad. MEXC’s launchpad presents a distinctive opportunity for users to engage in Initial Exchange Offerings (IEOs) for emerging cryptocurrency projects. These IEOs serve as a means for new projects to secure public funding, and MEXC’s Launchpad grants users’ early entry into these initiatives. 

To participate, users are required to possess a specific amount of MEXC’s native token, MX, with the precise MX amount contingent on the project. Users can allocate their MX to the selected IEO, and the quantity of tokens they receive corresponds to their committed MX amount.

With a meticulous project selection process, MEXC’s launchpad offers advantages such as early access to promising ventures, participation in high-demand IEOs, and a reduction in investment risks. This platform provides users with an avenue to be part of the initial stages of noteworthy cryptocurrency projects.

You are spoiled for choice, so you can trade, purchase, or sell as you see fit. MEXC supports a variety of cryptocurrencies, ranging from the most prominent and hyped to lesser-known new projects. Before investing a substantial sum of money, evaluating all your options and decisions is prudent.

MEXC Fee Structure 

Effectively managing your cryptocurrency assets on MEXC requires a thorough understanding of the associated fees and limits for deposits, withdrawals, and trading.

MEXC Deposit Fees

Typically, MEXC Global does not impose deposit fees for most cryptocurrencies. However, users should be aware that there could be fees linked to third-party payment methods, such as credit card fees, depending on the chosen method.

MEXC Withdrawal Fees

Withdrawal fees on the MEXC exchange vary based on the specific cryptocurrency being withdrawn. For instance, the withdrawal fee for Bitcoin (BTC) is established at 0.0005 BTC. These fees are designed to offset the network costs related to efficiently processing withdrawals.

MEXC Trading Fees

MEXC Global distinguishes itself in the cryptocurrency market through its competitive and appealing trading fee structure. Here is a breakdown of the transaction costs on MEXC:

• Spot Trading Fees: MEXC provides a fee structure that benefits both makers and takers. Makers, contributing liquidity to the market through limit orders, enjoy a 0.100% fee. Takers, executing market orders and consuming liquidity, also experience a 0.100% fee. This cost-effective trading fee structure is highly advantageous for traders, minimising the expenses of executing trades on the platform.
• Futures Fees: MEXC’s futures also feature low trading fees. Makers in the futures market, enhancing order book depth, incur no maker fees. Takers, executing trades that match existing orders, face a competitive taker fee of 0.01%. This fee arrangement ensures that traders can engage in futures trading with cost efficiency.

Deposit & Withdrawal Methods 

MEXC has partnered with various third-party merchants to offer its customers diverse deposit options. Besides the most common payment methods, such as Visa, Mastercard, and Bank Transfer, you can use Apple Pay or Google Pay to purchase cryptocurrencies directly. 

• Cryptocurrency Transactions: MEXC facilitates deposits and withdrawals involving more than 1,000 cryptocurrencies, providing users with a wide array of choices for efficient management of digital assets.
• Fiat Transactions: In addition to cryptocurrency operations, MEXC accommodates fiat withdrawals and deposits through third-party payment processors. Users have the flexibility to fund their accounts using various payment methods, including debit cards, credit cards, or bank transfers.

Customer Support

MEXC provides outstanding customer service to address diverse user inquiries, offering several notable benefits:

• 24/7 Live Chat: Available worldwide for inquiries at any time.
• Multi-lingual Support: Accessible through both email and live chat, catering to users in various languages.
• FAQs & Help Center: A comprehensive section on their website dedicated to addressing common queries.
• Community Support: Numerous forums and social media channels where users can seek assistance and share information.

Marketplace Fairness recognized MEXC for its premium help centre and multilingual support. BeInCrypto commended the platform for its robust user support setup, emphasising the prompt and helpful responses within the 24-hour timeframe. A specific example cited in the review highlighted a timely resolution to an issue related to delayed deposits. Trading Browser gave MEXC a perfect 5/5 rating.

MX Platform Token

Similar to Binance’s BNB token, the MEXC exchange has its own MX token. MX token holders can experience a variety of rights and benefits, such as asset appreciation, revenue reimbursements, voting, supervision, etc. 

MEXC rewards system liquidity contributors with 51% of MX via trading mining and token-based rebates. Similarly, the mining incentive mechanism rewards the MEXC community users with the privilege of holding MX.

Its total circulation is 3 billion and will never increase. There are two methods to acquire MX: mining and purchasing. The graph below displays the current MX Token (MEXC Global’s native token) price in US dollars.

MEXC Account Registration

MEXC does offer mobile applications, thus users may create their own accounts through the website or MEXC application. To download MEXC app, user can search “MEXC” directly on their AppStore or Google Play or click on this part of the website. 

Now, directly from the MEXC’s website, you can click on the “Sign Up” button next to the apps symbols or “Log In/Sign Up” button on the upper right of the interface.  

You may then be navigated to the register page. Here, user is required to enter their email address or mobile number, complete a simple matching test to prove human being, and set up their passwords.

After that, you only need to enter a verification code sent to your email or the mobile number registered, and you’re good to go! However, please note that MEXC will ask you to complete a KYC first before participating in the futures event for security reasons. If you are not interested in the event, then you may proceed to freely explore MEXC.

FAQs About MEXC

Is MEXC exchange secure?

MEXC uses a cutting-edge cold storage wallet to bolster the security of the platform’s accumulated funds. Regarding cryptocurrency deposits, MEXC Exchange handles $500 million in 24 hours. To date, no reports of security breaches have surfaced. This MEXC review finds the platform to be secure.

Is MEXC legal in the U.S.?

The United States is one of the five countries where the exchange is accessible. MEXC Exchange was granted the MSB licence of the U.S. Therefore, it stands to reason that MEXC is legally permitted to conduct business in the United States.

Is MEXC a decentralised exchange?

No. MEXC is a centralised exchange for cryptocurrencies, meaning that MEXC administers its users’ deposits and transactions. Centralised crypto exchanges are suitable for both novice and experienced merchants. You can learn more about centralised exchanges and decentralised exchanges.

Is the MEXC exchange legit? 

MEXC exchange is legitimate and secure. The platform possesses compliance certificates from nations such as Australia, the United States, and Canada. It also has a multi-cluster, multi-layer security system that protects it from malware and other cyber intrusions.

Does MEXC global require KYC?

You must complete the KYC procedure to trade on MEXC. The exchange employs KYC to distinguish between legitimate and illegitimate merchants, thus making it a requirement for trading on the platform.

How does MEXC differ from others?

MEXC Global differs from other crypto exchanges in several ways. Significant distinctions exist in its digital assets, trading options, supported countries, transaction fees, security features, and customer service.