MEXC Global is an online centralized exchange platform for trading cryptocurrency and crypto-derivatives, founded in 2018 in Seychelles.
MEXC has become a top-tier exchange, given that the founding team originates from world-class enterprises and esteemed financial companies with deep expertise in blockchain and financial instruments.
Currently, MEXC has compliance licenses to operate in a legal jurisdiction in five main countries: Canada, the U.S., Australia, Estonia, and Switzerland.
The exchange lists 371 coins, creating an average of 752 crypto-pairs, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), along with the in-house token MX, which provides specific discounts and perks to token holders.
The exchange currently carries a daily trading volume exceeding USD 4 Bn, serving more than six million users spread across more than 200 countries and regions.
The exchange engine at MEXC has surpassed many of those of its competitors, thanks to the high-performance trading engine developed by banking industry experts, boasting capabilities of filling more than 1.4 Mn transactions per second.
The exchange embodies industry standards in transaction speed and data safety by leveraging a complex database architecture.
The exchange’s servers are spread and hosted independently across multiple countries to alleviate data risk and ensure data integrity and security.
MEXC, given that it is a centralized exchange, requires new users to submit personal identification documents to fulfill the requirements of the KYC (Know Your Customer) to comply with regulatory requirements.
Users at MEXC enjoy access to deep liquidity and access to unparalleled charting and analysis tools, given the enormous trading volume and MEXC liquidity partners.
The exchange is committed to providing 24/7 support and localized language support to cater to the unique countries served.
Is MEXC Exchange Limited To Expert Traders?
MEXC aims to differentiate its product offering by being straightforward to capture new traders and aspiring crypto enthusiasts.
MEXC presents no complications in accessing accounts funds, account details, or trading tools.
Every option is listed on the exchange’s top menu to facilitate navigating between the different tools provided. Additionally, MEXC does not require a lengthy registration process for new joiners.
Users are only required to verify an email address; once funds are deposited, they must submit the Know-Your-Customer (KYC) documents to enable increased withdrawals and increase trading and fund movement limits.
MEXC facilities the registration and funding process to ensure that traders can capture critical moments in crypto trading without waiting for the KYC process to be finalized; albeit, it is always encouraged to finalize the KYC process before depositing any funds into the exchange.
MEXC provides advanced trading tools and derivatives products that appeal to expert traders, such as options trading and futures trading.
In addition, MEXC has sparked considerable interest amongst U.S. traders recently, given that it is amongst the few exchanges that support U.S. traders.
Pros & Cons Of MEXC
- Huge selection of more than 371 cryptocurrencies to trade
- Relatively low fees when compared to competitors
- High performance transacting matching engine and vast liquidity partners
- Multi-tier, multi-cluster system architecture enhancing system security and transaction speed
- No history of hacking or malicious threats harming user funds
- High credit/debit card fees for deposits and withdrawals
- Crypto withdrawal fees are not communicated clearly
- Inadequate cryptocurrency offering when compared to competitors
- Limitations on KYC completion with slow response from the KYC support team
- Slow and argumentative customer service
Our Take MEXC
MEXC has continuously proven it deserves its place among the top centralized exchanges within the crypto industry.
In fact, just recently, MEXC Global won the 2021 “Best Crypto Exchange Asia” award at the Crypto Expo Dubai, further boosting its accolades and team achievements. MEXC’s steadiness and robustness mainly stem from multi-tier and multi-cluster system architecture, which aims to reduce transaction time, enhance exchange transaction capacity, and ensure trade matching is done at the best rate possible when coupled with MEXC’s global liquidity partners and providers.
All of the aforementioned technicalities ensure that the user is trading within a secure and favorable trading medium, thus elevating the experience and probability of success.;
Additionally, MEXC provides vital historical info for each cryptocurrency within the trading window, whereby real-time information is easily viewable to ensure timely actions and decisions against rapidly fluctuating cryptocurrency prices.
In addition, one of the main advantages of MEXC is that it allows U.S. users to register and trade on its platform.
However, one drawback to the amplitude of products and derivatives provided by MEXC is that it may seem daunting to new users leading to wrong financial and trading decisions; thus, more educational material pushed by the exchange is warranted.
Our take is that the MEXC exchange is a fair first step into entering the world of cryptocurrency.
However, users must take the utmost precaution when dealing with new products or derivatives for the first time.
Eventually, we recommend that users shift towards decentralized exchanges that do not have a centralized authority or custody over users’ funds and are often less susceptible to being hacked, albeit they tend to have less developed products for trading cryptocurrencies.
Compared to global exchange leaders, it is immediately evident that MEXC ranks lower in terms of fees.
MEXC has a maker and a taker fee of 0.20%, which refer to transaction fees that users incur when orders are placed and filled. In comparison, Binance charges respective fees of 0.10% for each, whereas BingX charges 0.02% and 0.03%, respectively.
In addition, as alluded to earlier, the credit/debit card deposit/withdrawal fees are on the higher end, ranging from 8-13% compared to the industry average of 4%.
However, given that MEXC is one of the few exchanges open to U.S. users, U.S. traders can cater to the trading strategies to ensure profitability after the deduction of the fees mentioned.
Below is a deep dive into the critical highlights of MEXC exchange fees:
- Spot trading fees are fixed at 0.20% for opening and closing trades, respectively
- Futures trading fees start at 0.02% for maker fees and 0.06% for taker fees
- High-volume traders and traders that carry a large futures account balance will benefit from upgraded VIP tiers which provide discounted maker and taker fees and can go as low as 0.014% and 0.046%
- Fiat withdrawal fees are constantly changing but range between 2.00% and 5.00%
- Referring friends and family to join MEXC through utilizing a personal referral code offers trading fee discounts and rebates
|Deposit Fee Structure
|Withdrawal Fee Structure
Is MEXC Safe?
Given that MEXC is a centralized exchange, it is always recommended to move to decentralized exchanges and decentralized wallets that have no custody over a centralized body.
Alternatively, users can opt to store cryptocurrencies in a hardware wallet or an offline wallet, which offers increased protection from online hacks by storing the wallet’s private keys offline.
However, this is not to say that MEXC is not a safe exchange, but the main goal within the crypto market is the safety of funds; thus, MEXC should only be utilized to benefit from deep liquidity, trading derivative products, and as a bridge between fiat money and cryptocurrencies.
It is also worth noting that MEXC has never encountered a hacking incident, and no user funds have been under threat since its inception.
Thus, the MEXC exchange, similar to competitor centralized exchanges, should not host the entirety of a user’s portfolio.
MEXC exchange offers a wide selection of trading options divided mainly into over-the-counter (OTC) crypto-conversions (spot market) and derivatives products.
Transacting within the futures market, a sub-product of derivatives, features multiple order types, including market orders, limit orders, stop-limit orders, trailing stop orders, and margin trading.
In addition, MEXC provides two kinds of leverage trading that users can access from margin and futures trading.
The exchange opens the door for traders to transact under the MXToken (MX), a decentralized digital asset developed by MEXC that plays an essential role in bridging the community and the exchange.
Holders of the token receive special discounts and benefits and participate in important decisions in the growth of the exchange through on-chain pro-rata voting.
Moreover, holders of MX tokens can stake the token in exchange for increased rewards.
MEXC also boasts a breadth of unique products that users can utilize for increased returns.
These products include participation in launchpads and unique airdrops for MX token holders.
However, it should be noted that MEXC lacks a detailed educational program or frequently asked questions (FAQ) section, which beginner traders heavily warrant.
As such, beginners may be overwhelmed by the diversity of the products.
Therefore, it is highly recommended for users familiarize themselves with the various products offered before engaging with the provided products.
Banking At MEXC
MEXC Deposit and withdrawal options vary by currency.
The options for each currency range from direct bank deposit and withdrawal, SWIFT transfers, ACH transfers, card transfers, and other currency-specific methods.
However, users often report a lack of detailed information when it comes to fiat deposits and withdrawal methods and fees.
On a positive note, users report that MEXC is reliable when honoring deposit and withdrawal clearances.
MEXC lacks a plethora of crypto banking options. It does not offer such services, including Crypto Visa Card, crypto loans, and crypto savings accounts.
However, MEXC offers P2P trading, a service designed to exchange funds between two users whereby one user sends fiat money to the other user in exchange for a specific cryptocurrency at the user-defined exchange rate and through the user-defined fiat payment method.
MEXC App Experience
MEXC offers its users a large selection of trading tools with high accessibility and deep liquidity to ensure timely order filling and optimal price quotes.
Users can benefit from real-time market data, market insights, and order books to ensure informed trading decisions can be taken.
In addition, traders can benefit from platform convenience whereby users can access their accounts through the browser, mobile browser, Windows desktop app, iOS app, and Android app.
The MEXC iOS app, which can be downloaded from the Apple Store, rates at 3.3 out of 5.0 stars, as opposed to 3.5 stars for the Android app, which can be downloaded from the Android Store, whereby both app versions share the same functionality and user interface.
The links for downloading the mobile apps can be found on the official MEXC website.
In addition, mobile apps pose an advantage over the traditional browser platform since the apps are faster, more responsive, and developed specifically for the platforms to ensure utmost compatibility.
The MEXC app, on both iOS and Android platforms, features an intuitive and simple-to-use interface with high availability built on the proprietary MEXC trading engine.
MEXC app provides a range of login options, including email and password combination, phone number and password combination, touch ID and face ID login options, Apple login option, and two-factor authentication (2FA) for enhanced security.
In addition, users are asked to complete a slide CAPTCHA to fight against bots clogging the network to ensure a seamless experience for real users.
All the derivatives products, in addition to the bells and whistles, can be utilized on the apps, including exchange-traded funds (ETFs), leveraged tokens, and margin trading.
MEXC Site Experience
MEXC users can access their accounts from the supported browsers after entering their login details and the two-factor authentication (2FA) if enabled by the user.
The MEXC dashboard is extensive, and all the user account details can be viewed, including net portfolio balance in fiat currency, cryptocurrencies owned, trading history, and market data.
In addition, trading tools and various markets can be accessed by navigating the top menu, divided into Markets, Buy Crypto, Trade, Derivatives, Earn, Reward Center, Futures, and Institutional Services.
To add, users can deposit and withdraw fiat and crypto to their wallets by selecting the intended currency and following the on-screen instructions.
Respective fees will also be shown at the time of deposit and withdrawal before final confirmation by users.
The exchange trading interface is rich and, at first glance, very comparable to that of the leading cryptocurrency exchange, Binance.
The users feel at ease as all the necessary tools and market data are present on the screen, which the user can customize by adjusting the style, colors, widgets, and data shown.
MEXC is a centralized exchange and thus requires traders, especially those with higher trading volume and withdrawals, to complete a country-specific KYC application.
In addition to a specific set of the required information, MEXC may require users to complete a real-time identity verification which involves uploading a selfie and completing a facial recognition task.
Completing the KYC application will unlock higher volume and withdrawal limits in addition to access to advanced trading tools and derivative products.
However, users can still opt to skip the KYC if they are content with the limits provided by unverified accounts.
The required information for KYC registration are:
- Full name as reflected in identity documents
- Permanent address
- Date of birth
- Contact information
- Email address
ID Verification Documents:
- Government Issued ID-Card
- Social Security Number
- Driver’s License
- Pan Card
- ID Card
Proof of Residence Documents:
- Municipal rates & taxes statement
- Municipality bill for utility services;
- Internet service bill
- Landline telephone bill
- Bank statement
- Mortgage statement
- Government-issued documents
MEXC Global Restrictions
MEXC Global exchange truly commits to its name by being a global cryptocurrency exchange with access to traders from across the globe without any country restrictions.
However, future regulatory changes may force MEXC to change their country restrictions and pose limitations on users trading from certain jurisdictions, so users are encouraged not to store their entire portfolio within a centralized exchange and opt for utilizing decentralized exchanges.
MEXC Customer Service
The exchange has received mixed reviews as to the customer support provided in the past months.
The support representatives tend to be slow to respond and act and lack professionalism in replying to customer inquiries.
Below are the key highlights of the customer service provided by MEXC:
- Detailed help section at the bottom of the website contains a series of articles and the latest announcements to ensure users are updated with the latest developments
- Presence across multiple social media, including Twitter, Facebook, Instagram, Telegram, Facebook, Discord, Medium, Reddit, LinkedIn, Instagram, and Btok
- Support for eleven languages.
- Ticketing system for inquiries with email follow-up
- English-support live chat available 24/7