MEXC Review 2024: Is This Crypto Exchange Safe & Legit?

According to Coingecko, MEXC is among the top 10 crypto exchanges. It has a daily trading volume of over $800 million, making it the best choice for new traders. In this MEXC review, we’ll cover everything from its extensive coin selection and low fees to its security measures and user interface. By the end of this review, you’ll have a clear view of what MEXC brings to the table and whether it is a good exchange for you.

Key Takeaways:

• MEXC is a crypto exchange with features like spot trading, futures trading with up to 200x leverage, and earning interest on crypto holdings.
• It is also a popular no-KYC crypto exchange with a 10BTC daily withdrawal limit for non-verified users and allows buying and selling crypto without ID verification.
• MEXC has very low fees with 0% maker and 0.1% taker fees in the spot market and 0% maker and 0.01% taker fees in the futures market.

MEXC Overview: Quick Summary

User Score

9.5

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What Is MEXC?

MEXC, formerly known as MXC Exchange, is a global crypto trading exchange that allows you to buy, sell, and trade digital assets. Founded in 2018, it has grown rapidly to serve over 10 million users in more than 170 countries and regions worldwide. Within a year, the exchange captured 5% of the global crypto exchange trading market. Their success continued in 2021 when they won “Best Crypto Exchange Asia” at the Dubai Crypto Expo. The company has not publicly disclosed its founders yet, but it has established itself as a major player in the cryptocurrency market.

MEXC is super fast! Their high performance trading engine, built by banking professionals, can handle 1.4 million transactions every second. This means smooth trading with no delays, even during busy times.

The exchange offers a wide range of services to its users. These include spot trading, futures trading, P2P trading, and copy trading. For those interested in a more diversified portfolio, MEXC features staking and earning services, a launchpad for new projects, and demo trading beginners. Developers can also leverage MEXC’s API to integrate data into their own applications.

MEXC is known for its zero trading fees events. These are time-based special events. Currently, it is offering 0% spot maker and 0% futures maker fees. The exchange is easy to use, even for beginners, thanks to its clear and simple interface. Security is also a top priority. They keep most user funds in offline storage (cold storage) and follow strict international security rules to keep your crypto safe.

Pros of MEXC

• Futures makers can enjoy zero fees and takers as low as 0.01%, well below the industry average
• Over 2300+ coins and tokens including many new altcoins available for trading
• Earn passive income on crypto with yields up to 100% APY
• Enjoy up to 200x leverage on certain perpetual contracts
• IEOs on MEXC Launchpad have seen returns exceeding 500%.
• MEXC offers exceptional liquidity for futures trading, meaning faster order execution and tighter spreads.

Cons of MEXC

• It is best for crypto-to-crypto trading only and you can’t easily buy crypto with many local fiat currencies.
• MEXC has restricted services or features in certain geographical regions including the United States
• No Web3 features like DeFi services and NFT marketplace

Trading Features of MEXC Exchange

Spot Trading

MEXC offers a spot trading platform where you can buy and sell a wide variety of cryptocurrencies instantly. They have a ton of choices, with over 2300 different digital currencies and even more ways to trade them (over 2800 trading pairs).

The exchange supports different types of trading pairs. This includes stablecoin-to-crypto pairs and crypto-to-crypto pairs. For example, you can trade BTC/USDT, BTC/USDC, BTC/ETH, and BTC/TUSD.

When it comes to buying and selling these cryptocurrencies, MEXC provides you with a variety of order types to suit your trading strategies. Here are a few of the most common ones:

• Limit Order: This lets you specify the target price you want to buy or sell a cryptocurrency at. Your order will only be executed if the market price reaches your chosen price point.
• Market Order: This is the simplest way to buy or sell. You simply tell MEXC how much of a cryptocurrency you want to buy or sell, and the platform executes your order at the best available market price at that moment.
• Stop-Limit Order: This combines elements of both limit and stop-loss orders. You set a “stop price” that triggers the order to become a limit order if the market price reaches that point. This is useful for managing risk. For instance, you might have some Ethereum (ETH) and want to sell it automatically if the price drops below a certain level. With a stop-limit order, you set your stop price and a limit price to ensure you don’t sell for too high.
• One Cancels the Other (OCO): This is a more advanced option for experienced traders. You set two orders at the same time, a “stop-loss” order to sell if the price goes down too much, and a “take-profit” order to sell if the price goes up to a certain point. Whichever order gets filled first, the other one gets canceled automatically.

MEXC also has a bunch of technical indicators to help you decide what to buy and sell. These include popular tools like K-lines, moving averages, and MACD. These tools help you see trends in prices.

The exchange even integrates with TradingView, an advanced charting platform used by many experts. This lets you use even more advanced tools to analyze the market in more detail.

Perpetual Futures Trading

MEXC has a platform for trading futures contracts. It’s different from buying and selling crypto right now. In futures trading, you agree to buy or sell a certain amount of cryptocurrency at a fixed price on a specific date in the future.

The MEXC exchange offers more than 300 futures contracts. These contracts come with leverage of up to 200x, which means you can control a much larger position than your initial investment.

There are two main types of futures contracts on MEXC: USDT-Margined Perpetual Futures and Coin-Margined Perpetual Futures.

• USDT-Margined Perpetual Futures are settled in Tether (USDT), which is tied to the US dollar. When the contract ends, you get or pay USDT based on the price.
• Coin-Margined Perpetual Futures are settled in the actual cryptocurrency. So, if you have a long position on a Bitcoin contract, you get BTC when you close the position.

Remember, instead of traditional futures, MEXC offers perpetual contracts, which do not have expiration dates.

MEXC goes beyond the basic order types available in the spot market and offers advanced order types to give you more control over your trades.

• Trailing stop orders: These automatically follow the price of a crypto. If the price goes up, your order increases too, locking in those gains. But if it goes down, the order triggers a sell to limit your losses.
• Trigger orders: With these orders, you tell MEXC exactly what price to watch for, and your buy or sell order only activates when that price is reached.
• Post-only orders: You put in an order to buy or sell at a certain price, but it only goes through if there’s someone else willing to trade at that price. It’s a way to add liquidity to the market without getting stuck with a trade you didn’t quite want. This means it reduces the risk of price slippage while buying.

MEXC lets you choose between two margin modes for your futures trades. Isolated margin mode uses only a certain amount of your wallet balance for each position. This means gains or losses from one position don’t affect your others. Cross-margin mode uses your whole portfolio wallet balance for all your positions. This can be more efficient, but it also has a bigger risk of losing everything if the market goes against you.

MEXC Futures M-Day

Futures-M Day is a MEXC event that encourages users to participate in futures trading with reduced fees and a chance to win bonus rewards. Here’s what makes Futures-M Day exciting:

• Lower trading fees: MEXC reduces the taker fee, which is a fee charged for taking liquidity from the order book, to a mere 0.01%.
• Lucky draw chance: By trading more USDT-M futures contracts, you get more entries into a lucky draw. This draw offers prizes like futures bonuses, which can be used as an additional margin for your trades. Basically, you get more money to trade with and any profits you make are yours to keep.
• Extra prize pool: As a thank you to users, MEXC throws in an extra pool of prizes on top of the regular lucky draw. Currently, it is offering a 74,200 USDT prize pool.

Demo Trading

MEXC offers a “Demo Trading” feature specifically designed for new or inexperienced futures traders. It allows you to try out different trading strategies and get familiar with the MEXC platform without risking any of your own money.

Here’s how it works: MEXC provides you with a virtual starting balance of up to 50,000 USDT (Tether) in their simulated trading environment. This lets you experiment with buying and selling crypto futures contracts just like you would in the real market.

The key difference is that these are simulated funds, so any wins or losses you experience won’t affect your actual wallet.

The Demo Trading platform mimics the look and feel of the real MEXC futures market. You’ll see live market data, charts, and order types, allowing you to practice placing buy and sell orders.

User Score

9.5

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Copy Trading

MEXC is also a popular crypto copy trading platform. This sounds complicated, but it’s a way for you to make money by following the trades of experienced traders.

There are two sides to MEXC copy trading. You can be a “follower” who copies other traders, or you can be a “lead trader” whose trades are copied by others.

To be a follower, you simply pick a lead trader you like based on their performance and history. MEXC lets you see things like their 7-day ROI (Return on Investment), 7-day PNL (Profit and Loss), 7-day Win Rate, Total ROI, Total PNL, and Total Win Rate. This information helps you decide who to follow.

Once you pick a trader to follow, you allocate some of your digital assets like USDT to them. Whenever the trader makes a trade, MEXC automatically copies that trade for you using your allocated funds. However, there is a commission. You need to pay up to 15% of your profits to your lead traders, plus regular trading fees.

Quick Buy/Sell (MEXC Express)

MEXC Express offers a fast and convenient way for users to buy cryptocurrency using familiar payment methods like SEPA, credit and debit cards, and third-party payment providers like MoonPay, Mercuryo, Simplex, and more.

Remember, MEXC acts as a marketplace connecting you with these third-party providers. They handle the actual buying process. So, they have different fees and minimum and maximum buying limits depending on your country.

P2P Trading

MEXC offers a P2P trading service where you can directly buy and sell cryptocurrency with other users, using your local currency. This means you’re trading directly with another person, instead of the exchange itself. So, there are zero fees.

The exchange currently allows trading with 3 fiat currencies: Vietnamese Dong (VND), Russian Ruble (RUB), and South Korean Won (KRW). There are more than 30 different payment methods supported. This gives you flexibility to choose a payment method that’s convenient for you, like bank transfers or e-wallets.

Currently, MEXC supports only 4 cryptocurrencies on its P2P marketplace: USDT, USDC, BTC, and ETH. For added security, IT uses a system called “Escrow”. This means that when you place a P2P order, your crypto is held by MEXC until you confirm that you’ve received the payment from the other user. Once you confirm, the crypto is released to the buyer. This escrow system helps to protect both buyers and sellers from fraud.

MEXC Staking & Earn Services

MEXC Savings and Loans

MEXC provides you with options for fixed and flexible staking, as well as crypto loans. You can lend out your cryptocurrency holdings and earn interest on them. This is similar to putting money in a savings account.

• Flexible staking allows you to earn rewards while maintaining the flexibility to withdraw your funds at any time.
• With fixed staking, you commit your funds for a specific period in exchange for higher rewards, but you can’t access them until the staking period ends. It offers 30-day, 60-day, and 120-day fixed staking options.

You can earn up to 50% APR on some tokens. Currently, it is offering 1.8% on BTC, 4.8% on ETH, and 8.8% APR on USDT.

There’s also a crypto loan option. Here, you can borrow cryptocurrency from MEXC using your existing crypto holdings as collateral. If you can’t repay the loan, MEXC might take your collateral.

MEXC calculates the interest every day based on the actual length of your loan. Even borrowing for less than a day counts as a full 1-day for interest.

One important thing to note is that you can’t repay your loan partially. You can only make a full repayment, and you have to wait at least 30 days after borrowing before you can do that. This might be a drawback compared to other exchanges like OKX and Bitget.

Kickstarter and Launchpad

Launchpad is a launching pad for promising crypto startups. MEXC carefully selects these projects after a thorough review process. This means you can be reasonably confident that the projects on Launchpad are not scams and have strong potential for growth. Launchpad helps these new projects gain recognition and funding, while you get the opportunity to be among the first investors.

Kickstarter is a bit different. Here, you need to hold MX tokens to receive new project airdrops. The platform also offers up to a 100% APR on MX holdings. You need to hold at least 1,000 MX tokens for a 30-day duration.

MEXC Mastercard

MEXC Mastercard is a prepaid card issued by MEXC. This card allows you to spend your cryptocurrency holdings for everyday purchases just like a regular debit card.

There are some things to keep in mind when using the MEXC Mastercard:

• There is a small fee of 1% every time you add money (top-up) to your card from your MEXC account.
• A single purchase cannot be more than 3,000 USDT, and you cannot spend more than 30,000 USDT in a month. The total amount you can keep loaded on the card at any given time is also capped at 100,000 USDT.
• Transaction fees depend on where you use the card. There are no fees if you use it within the European Economic Area (EEA), which includes most European countries. However, if you use it outside the EEA, there is a 2% fee, with a minimum charge of 0.60 EUR per transaction.

User Score

9.5

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MEXC Referral & Affiliate Program

MEXC offers a referral program and an affiliate program to earn rewards by inviting others to the platform. The Referral Program is a great way to get started. There’s no application process involved, so anyone with a MEXC account can participate. All you need to do is share your unique referral link with your friends.

The exact amount of commission you receive depends on how many MX Tokens you hold in your account. If you don’t hold any MX Tokens, you’ll still earn a respectable 30% commission. Holding between 5,000 and 20,000 MX Tokens increases your commission from 30% to 70%. The best part is that you’ll continue to earn commissions on your referrals’ trading activity for a whopping 1080 days (3 years) from the date they signed up.

The MEXC Affiliate Program is designed for individuals who have a larger audience, such as bloggers, social media influencers, or website owners. To become an affiliate, you’ll need to submit a formal application through the MEXC Affiliate Portal.

Once MEXC reviews your application and approves it, you’ll gain access to a unique referral link and a range of exclusive benefits. Compared to the Referral Program, affiliates can earn significantly higher commission rates, potentially starting to 50%.

MEXC API

MEXC offers a powerful API (Application Programming Interface) for users who want to automate their crypto trading strategies. This essentially allows external applications to interact with your MEXC account, enabling functions like placing orders, managing holdings, and accessing market data. If you are looking to use trading bots like 3Commas and Cryptohopper, API is required.

MEXC API is well-documented, with a comprehensive guide available on their website. The guide details each API endpoint (specific function) along with parameters and response formats. This makes it easier for developers to understand and integrate the API into their apps.

MEXC Fees & Trading Costs

MEXC offers competitive trading fees for both spot and futures trading, making it an attractive option for many traders. Let’s break down the different types of fees you’ll encounter on MEXC.

Trading Fees

MEXC has a two-tier fee structure for both spot and futures trading, depending on whether your order adds liquidity (maker) or removes liquidity (taker) from the market.

• Spot Trading Fees: MEXC offers some of the lowest spot trading fees in the industry. In fact, there are currently 0% fees for makers and 0.1% for takers on all spot trading pairs. This is a promotional offer that may change in the future. Generally, it has a 0.1% maker/taker fee structure.
• Futures Trading Fees: Makers enjoy a 0% maker fee, whereas takers incur a 0.01% taker fee.

For more discounts on trading fees depending on your trading volume, you can check their VIP rates.

Deposit and Withdrawal Fees

MEXC typically does not charge any fees for depositing cryptocurrencies. But, there might be additional network fees depending on the specific cryptocurrency you’re depositing. These fees are not charged by MEXC but by the technology behind the cryptocurrency itself (blockchain). The cost of these fees can vary depending on how busy the blockchain network is.

Withdrawal fees also depend on the chosen cryptocurrency. MEXC offers a clear fee structure, and you can easily find the exact withdrawal fee for each cryptocurrency directly on the withdrawal page.

Here is the general overview of MEXC withdrawal fees:

What are the minimum deposit and withdrawal limits?

MEXC has limits in place for both fiat transactions and crypto withdrawals.

• Fiat SEPA Sell Limit: You can sell up to 1,000 EUR worth of cryptocurrency per transaction per day using SEPA, a European payment system.
• Credit/Debit Card Deposit Limits: You can deposit a maximum of 1,250 USD, 2,000 EUR, or 1,750 GBP in a single transaction using your credit or debit card.
• Crypto Limits: MEXC lets you withdraw varying amounts depending on your account verification level. With a basic verification (Primary KYC), you can withdraw up to 80 Bitcoin (BTC). If your account is fully verified (Advanced KYC), the limit goes up to 200 BTC. And for institutional accounts, the maximum withdrawal limit is even higher, at 400 BTC.

How Many Cryptocurrencies Does MEXC Support?

MEXC Global supports a staggering number of cryptocurrencies, boasting over 2300 coins and 2800 trading pairs. This includes all the popular high market-cap coins you’d expect, like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

The platform also caters to those interested in exploring new coins by providing access to a wide range of low-cap coins. But that’s not all. They go beyond established categories, offering tokens in various niche sectors including Artificial Intelligence (AI), Real World Assets (RWAs), Decentralized Finance (DeFi), and the Metaverse.

Here are just a few examples of the niche tokens you can find on MEXC:

• OCEAN
• Chainlink (LINK)
• Aave (AAVE)
• Decentraland (MANA)
• The Sandbox (SAND)
• Filecoin (FIL)
• Cosmos (ATOM)
• Algorand (ALGO)
• XRP
• Polkadot (DOT)

MEXC Security & Regulations

MEXC has implemented a variety of security measures:

• Two-Factor Authentication (2FA): To add an extra layer of security, MEXC offers 2FA. This requires a second verification code when logging in, in addition to your password. You can choose between email verification and the Google Authenticator app.
• Cold Storage: It keeps most of its users’ cryptocurrency in offline storage. These wallets are not connected to the internet, making them highly resistant to hacking attempts. Only a small portion of funds is kept online for day-to-day operations.
• Encryption: MEXC uses two types of encryption: SSL (Secure Sockets Layer) and AES-256 (Advanced Encryption Standard). These industry-standard protocols ensure secure communication between your device and MEXC’s servers.
• Phishing Protection: The exchange offers an anti-phishing code feature. You can set a unique code that will be included in legitimate emails from MEXC. This allows you to verify if an email claiming to be from MEXC is real or a phishing attempt.
• Withdrawal Whitelisting: It allows you to restrict withdrawals to only pre-approved addresses. With this enabled, any address you try to withdraw to for the first time will be blocked until you manually add it to the whitelist, giving you extra protection against unauthorized withdrawals.
• Penetration testing: MEXC regularly goes through tests that try to find weaknesses in their system, like how hackers might try to attack.
• Bug bounty program: They offer rewards to anyone who can find and report bugs in their system, which helps them fix vulnerabilities before they can be exploited.

Note: MEXC does not hold a license in any jurisdiction. MEXC’s Estonian financial license is no longer valid. While it previously operated with this license, it has since been revoked by Estonian authorities over money laundering charges.

Customer Support

MEXC’s Help Center serves as your first line of defense. Accessible 24/7, the help center offers a wealth of information and step-by-step guides on a wide range of topics. From downloading and setting up the exchange to understanding different trading options and managing your account security, the Help Center equips you with all the knowledge.

For quick and straightforward inquiries, MEXC offers a convenient chatbot. This AI-powered assistant can answer your basic questions and provide instant solutions to common issues.

If the chatbot doesn’t have the answer you’re looking for, or you prefer speaking to a real person, MEXC also offers live chat support. While wait times may vary, it allows you to connect directly with a representative who can address your concerns and provide personalized assistance. Plus, you can also submit a support request and contact them through Telegram.

However, MEXC has mixed customer reviews with only a 1.3/5 rating on Trustpilot. It also has an average rating of 3.7/5 on both the Google Play Store and the App Store.

MEXC Mobile App

The MEXC app allows you to buy, sell, and trade cryptocurrencies conveniently from your smartphone. It is available for both Android and iOS devices.

Designed with user-friendliness in mind, the app has a clear and intuitive interface that caters to both beginners and experienced traders. It has all the features of the desktop version like trading, depositing and withdrawing funds, staking, and more. You can also set up price alerts and receive push notifications.

Alternatives to MEXC

OKX and Binance are the two best alternatives to the MEXC exchange. MEXC is known for trading altcoins without needing to do KYC, OKX is good for DeFi and Web3 stuff, and Binance has high volume and liquidity.

Supported coins differ among the platforms, with MEXC supporting over 2300 coins, while OKX and Binance have very low numbers, 327 and 381 respectively. When it comes to leverage, MEXC offers up to 200x, OKX offers up to 100x, and Binance offers up to 125x. Also, only OKX and Binance offer margin and options trading, with MEXC not providing these services.

Here is the full comparison:

User Score

9.5

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How Do I Get Started With MEXC?

Step 1: Create an MEXC Account

First things first, you’ll need a MEXC account. Head over to the MEXC website and click on “Sign Up” in the top right corner. The signup process is quick and straightforward. Choose your preferred method of registration – email or mobile number.  Create a strong password and remember to keep it safe. Now agree to the terms and conditions and click “Create an Account”.

Step 2: Verify Your Identity (KYC)

MEXC, like many cryptocurrency exchanges, requires Know Your Customer (KYC) verification. This helps prevent fraud and ensures a safe trading environment for everyone. The KYC process typically involves submitting government-issued identification documents and a selfie.

Go to your profile section and choose “Verification”. Now, you have two options: Primary KYC or Advanced KYC. Click whichever suits your needs. Verification may take up to 24 hours.

Step 3: Deposit Fiat Currency or Crypto

With your account set up and verified, it’s time to fund it. MEXC offers various deposit methods depending on your region. You can find a detailed list of supported deposit methods under the “Buy Crypto” section on the MEXC website. Some common options include bank transfers, credit/debit card purchases (where available), and peer-to-peer (P2P) trading.

If you already own cryptocurrency on another exchange or wallet, you can transfer it to your MEXC account. Here’s how:

• Go to the “Wallet” section on your MEXC exchange.
• Click “Deposit” and select the specific crypto asset you want to transfer.
• The MEXC crypto exchange will generate a unique deposit address for that particular cryptocurrency. This address acts like your bank account number but for crypto.
• Now, Copy the deposit address carefully.
• Go to your other exchange or wallet where your cryptocurrency currently resides and find the withdrawal section for that specific cryptocurrency.
• Paste the deposit address you copied from MEXC into the withdrawal address field on your other platform.
• Double-check the address for accuracy before initiating the transfer. The network must be the same on both platforms.
• Once confirmed, the cryptocurrency will be transferred from your other platform to your MEXC account. The transaction might take a few minutes to complete, depending on the blockchain network.

Step 4: Start Trading Crypto

Now that your MEXC account is primed and ready, it is time to buy crypto. On the MEXC website, navigate to the “Markets” section. Within the trading interface, you’ll see a list of tradable cryptocurrencies. These are typically displayed in pairs, like BTC/USDT (Bitcoin/Tether). The first currency listed (e.g., BTC) represents what you’re buying, and the second currency (e.g., USDT) represents what you’re paying with.

Once you’ve chosen your crypto pair, Click on “Trade”. Once you’ve selected your order type (Market or Limit), enter the amount of cryptocurrency you want to buy. Double-check all the details of your order (price, amount) before confirming the transaction.

Conclusion: Is MEXC Right for You?

Our MEXC review highlights that the exchange is a compelling option for cryptocurrency traders, particularly those looking to invest in new altcoins and low-fee trading. Its massive library of tradable assets, including over 2,300 altcoins and 300 futures contracts, caters to a diverse range of trading interests.

However, MEXC isn’t without limitations. While KYC verification is optional, it restricts withdrawal limits for unverified accounts. Additionally, the lack of fiat on-ramping options can be a barrier for beginners. It also does not offer features like a dedicated margin trading portal and crypto options trading.

User Score

9.5

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-10% Trading Fees

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MEXC Exchange Review: FAQs

Is MEXC safe to use?

Yes, MEXC seems to be a fairly secure platform overall. The exchange has received an AA rating on security from an independent assessor, with a score of over 86%. This indicates a good level of protection for your funds. They also employ various security measures like cold storage, 2FA, transparent PoR data, and more.

Does MEXC offer fiat-to-crypto trading?

No, MEXC does not directly support fiat-to-crypto trading. It only supports crypto-to-crypto trading. You will only find stablecoins pairs and BTC and ETH pairs, like BTC/USDT, ETH/USDT, and more.

Does MEXC require KYC verification?

MEXC uses a tiered system for KYC verification. While KYC isn’t mandatory to start using the exchange, it unlocks more features and increases your withdrawal limits. For unverified users, you can still buy, sell, and trade crypto, but you’ll have a 10 BTC daily withdrawal limit. You can also complete Primary and Advanced KYC verifications with increased withdrawal limits of 80 BTC and 200 BTC respectively.

Are there any restrictions on using MEXC in the US?

MEXC is not currently available to users in the United States. This is likely because the exchange is not registered with any US financial regulators.

Can I withdraw from MEXC to my bank account?

No, MEXC does not currently support direct withdrawals to your bank account. This means you cannot transfer your crypto holdings directly into your fiat bank account. You can either transfer your cryptocurrency from MEXC to another exchange that supports fiat withdrawals like Coinbase. Or, You can use the MEXC P2P platform to sell your cryptocurrency to other users who are willing to pay with fiat currency.