MEXC

MEXC Review – Introduction

MEXC is currently the biggest and most popular no-KYC exchange. It was launched back in 2018, and rapidly grew to serve over 30 million users. Cheap fiat deposits, very low trading fees and over 2900 altcoins make this exchange worth considering for both new investors and regular traders.

In our exchange review, we’ll explain MEXC’s top features, reasons to use it, and we’ll go over its safety and security.

Why use MEXC?

• User-Friendly Interface and Trading Experience: MEXC’s intuitive and user-friendly interface is suitable for both beginner and experienced traders. Even if you’ve never seen a crypto exchange before, you will quickly figure out how to deposit and trade on this platform.
• Extensive Range of Supported Cryptocurrencies: An absolutely massive selection of supported cryptocurrencies will satisfy even the most demanding crypto addicts. DEX+ feature also offers decentralized trading and instant access to countless on-chain assets, purchasable directly with Spot balances.
• Innovative Trading Products and Services: MEXC goes beyond standard spot trading by introducing innovative trading products and services. The platform features futures trading, loans, airdrops, huge trading competitions, and more.

Pros and cons

Is MEXC good for beginners?

MEXC has many features catering to advanced traders, but doesn’t neglect to provide a simple new-investor experience either. The user interface is intuitive and fully supports dark color scheme, with features such as quick convert, quick crypto buying with fiat, and a solid mobile app for trading on the move.

These specific features additionally make it a great newbie friendly exchange:

• Quick convert: You can convert crypto assets with just a couple of clicks without even having to use the regular Spot trading interface.
• Demo trading: Practice trading with zero risk to actual funds. This is an excellent tool for beginners to get familiar with swapping crypto assets.
• Many fiat deposit methods: Cards, bank transfers, very active P2P market plus multiple third party gateways integrated into the exchange means you can use nearly any payment method imaginable to on-ramp your local currency and buy your first crypto.

How to deposit fiat to MEXC?

MEXC has cheap direct to exchange deposits through most popular methods – credit cards, debit cards, and bank transfers (SEPA, PIX). Deposit fees are some of the lowest in the industry, and MEXC will usually only charge you the bare minimum.

Several additional 3rd party gateways are also available, such as MoonPay, Banxa and Mercuryo. Each of these fiat gateways has different available payment methods, but in general they support various bank transfers, cards, Apple Pay, Google Pay, Revolut, PayPal, and many other local payment methods and digital wallets.

In addition, users can use the P2P marketplace to buy crypto with dozens of additional payment methods. On the P2P market, there are plenty of active users accepting payments in numerous local currencies and through a wide variety of payment methods. For example, users in Vietnam can use MoMo or Zalo Pay, or Gcash and Maya in Philippines.

Jump back up to MEXC fees for a detailed breakdown of all deposit methods and associated fees.

How to withdraw money from MEXC?

The main way to withdraw profits is by withdrawing cryptocurrency assets. The fees are acceptably low, and you can find many altcoins with less than $1 in withdrawal fees. Some coins/networks even have free withdrawals. For example, withdrawing USDT through TON or BSC has no fees.

To withdraw fiat, you can currently only use SEPA bank transfers (Euros), or PIX (Brazilian Real). Additional withdraw methods are available in certain countries via 3rd party gateways, or the peer-to-peer market.

As an alternative, you can also request a MEXC card. You can apply for this virtual Mastercard and use it to pay for expenses on any merchant supporting card payments. MEXC card is currently only available in the EU. Top-up fee is 1%, and there are no transaction fees within EEA area. When spending outside EEA, a 2% transaction fee will be applied.

Is MEXC good for crypto trading?

MEXC is one of the best exchanges for crypto trading due to a number of reasons:

• Trading markets include Spot and Futures.
• Over 2900 Spot altcoins (higher than any other exchange), and over 1,000 trading pairs on Futures.
• High volume and liquidity on top trading pairs.
• Some of the lowest trading fees in the industry.

On Futures market, up to 400X leverage is available for Bitcoin and Ethereum! Many other high-cap altcoins have up to 200X leverage. Most exchanges do not offer leverage above 125X, making MEXC a great place for high-risk, high-reward trading.

Other features catering to crypto traders include:

• Subaccounts: you can use subaccounts to isolate your main spot bags from trading funds, ensuring no risk of liquidation.
• Demo trading: you can practice trading with unlimited mock funds to get familiar with the platform.
• Copytrading: Those new to trading can copy positions from other more experienced traders.
• Pre-market trading: This feature allows you to get in early on new token releases before they officially get listed on exchanges.
• Decentralized trading: MEXC is a centralized exchange, but through its DEX+ feature you can seamlessly use spot balances to buy assets on-chain.

Trading fees

By viewing our fee comparisons, you may notice MEXC is one of the cheapest exchanges for trading:

• On Spot, trading fees start at 0.05% (maker), up to a maximum of 0.05% (taker).
• On Futures, trading fees start at 0.01%, up to max 0.04%.

Compared to other CEXs, the fees are already extremely low. For example, most exchanges charge between 0.10% and 0.20% on Spot, making MEXC at least twice cheaper.

MEXC also gives you a 20% trading fee discount simply by paying for fees in their native token MX. You can buy a few bucks worth of MX, and enjoy 20% fee rebate with no additional effort. The fee discount can go up to 50%, depending on how many MX tokens you hold.

For more information, scroll up to MEXC fees.

Other MEXC features

• Staking: By holding assets on MEXC, you can earn passive income with Flexible or Fixed duration staking. At this time there are only about 20 different assets available, including USDC, USDT, BTC, ETH, DYDX, DOGE, TRX, SHIB, DOT, and few others. In terms of available coins and APY (yearly interest), MEXC is far from being a top staking exchange. Nevertheless, the effort is appreciated, because there are still many exchanges without any staking features.
• Airdrops: MEXC very rarely holds Launchpool events, but runs Kickstarter (airdrop) events for MX holders almost every day. By holding at least 25 MX, you can participate and receive airdrops multiple times every week, making it a potentially lucrative activity.
• Loans: All users with collateral in their spot wallets can use MEXC’s Loans feature to borrow money for trading, staking or even withdrawals.
• Trading competitions and events: Through Airdrop+ feature, the platform also constantly distributes additional Futures bonuses as rewards for depositing and trading certain tokens. Additionally, MEXC constantly runs various trading competitions with prizes sometimes reaching $10 million USDT!
• Signup bonuses: New users can receive $8,000 in signup bonuses. A variety of deposit and trading tasks are available for both new users and frequent day traders.

Security and safety

When it comes to finding a great cryptocurrency exchange, one of the most important factors is safety. To thoroughly answer if MEXC is safe or not, we looked at a various data including regulatory compliance, asset protection methods, user account security, and other factors.

Regulatory compliance and licenses

MEXC does not hold any major government approvals, licenses or authorizations. Due to the platform’s privacy-centric NO-KYC policy, lack of licenses is expected. All exchanges with optional identity verification have very few regulatory approvals, if any.

To prevent fraud or money laundering, MEXC still complies with law enforcement requests, and even has a dedicated page for submitting official requests.

Asset safety

• MEXC stores customer deposits in both cold and hot wallets. The exact ratio isn’t publicly available.
• Proof of Reserves are regularly published, allowing anyone to confidently verify that customer deposits are safe.
• Reserve rate exceeds 100%, meaning MEXC has additional funds available to cover any potential losses.
• An additional Futures insurance fund has over 470 million USD to compensate for losses exceeding margin. This fund is presumably not available for potential losses in hacks, scams, exploits etc.
• MEXC is partnered with Fireblocks, industry-leading secure crypto infrastructure custody provider.

User account security

• 2FA (2-factor authentication) is mandatory, and you can use Google Authenticator app, email, or SMS verification to safely log in.
• Withdrawal address whitelist is available to ensure additional verification is required for newly added addresses.
• Anti-phishing codes can be set up to easily verify official communication, and email notifications are sent on every login.
• Account activity history and device management are available to see recent logins and security setting changes.
• Account Freeze option can be used in case of emergencies to ensure funds can’t be traded or withdrawn.
• Multiple API keys with custom permissions are available for safely using the platform through 3rd parties.

Overall, MEXC has most of the basic account security options and settings that are sufficient to prevent majority of unauthorized logins or withdrawals.

Customer support

In case you have any questions, MEXC has a very comprehensive Help Center with explanations on how to use every feature on the exchange. Whether deposits, withdrawals or trading, your questions are likely answered with a detailed guide.

For additional questions, you can also reach out to MEXC’s community channels on Telegram, which are available in over 25 different languages. As always, do not provide any personal details or account credentials through these channels. But, they can be used to receive immediate assistance from official staff and the community.

Lastly, you can always contact their customer support through emails and receive one-on-one help. There is no live chat support available at the moment, but an AI chatbot feature can assist you in finding an answer to your question quicker. In our previous dealings with MEXC’s support staff we always received replies within a couple of hours.

Is MEXC safe?

MEXC has been operating since 2018. The platform has 30+ million users (according to their “About us” page). So far, there are no known large hacks on record.

Company operations, corporate structure or executive team is not easily available, and there is very little transparency about this platform. It’s currently headquartered in Seychelles, a popular destination for many crypto trading companies.

As the biggest no-KYC exchange, MEXC is not without its share of controversies. There are multiple subreddits dedicated to posting daily FUD about this exchange allegedly scamming customers. However, most of the reports are not credible, and provide very little proof of any actual scams or supposedly stolen funds.

There is currently no reliable evidence to assume MEXC is a scam exchange, or defrauding customers in any way. Multiple members of our review team have held accounts on this exchange for years with zero issues. Regardless of KYC status, withdrawals are always processed quickly.

Nevertheless, you should always use proper security features, adhere to our exchange safety tips, and hold majority of your funds in self-custody. You can trade with leverage on MEXC’s Futures market, so you can easily only keep a small portion of your portfolio on the exchange for added safety.

Conclusion – Is MEXC a good exchange?

MEXC is one of the biggest cryptocurrency exchanges in the market. It’s in top 20 in terms of trading volume and number of users. It’s also by far the largest no-KYC exchange, which explains its lack of regulatory approvals, licenses, and controversy.

Customers worried about safety can always find safer exchanges to hold funds on. No matter the exchange you’re using, activating proper account security settings and regularly withdrawing profits to secure decentralized wallets is always advised.

In conclusion, if you need a reliable exchange without identity verification, MEXC is the number one choice. Cheap fiat deposits, low trading fees, and vast altcoin selection are just some of the many reasons to use this platform.