MEXC Review

 

Pros

1. Wide range of cryptocurrencies: MEXC Global offers a wide range of cryptocurrencies for trading, including popular ones like Bitcoin, Ethereum, and Litecoin, as well as less well-known ones.

2. User-friendly interface: MEXC Global’s interface is user-friendly, making it easy for beginners to use the platform.

3. High liquidity: MEXC Global has high liquidity, which means that users can easily buy and sell cryptocurrencies at a fair price.

4. Advanced security features: MEXC Global has advanced security features, such as two-factor authentication and SSL encryption, which help protect users’ funds and personal information.

5. Low fees: MEXC Global has relatively low fees compared to other cryptocurrency exchanges, making it an attractive option for traders.

Cons

1. Limited payment options: MEXC Global has limited payment options, which means that users can only deposit and withdraw funds using cryptocurrencies.

2. Limited fiat currencies: MEXC Global only supports a few fiat currencies, which may be inconvenient for some users.

3. Limited customer support: MEXC Global’s customer support is limited, which means that users may not be able to get timely help with their issues.

4. Limited trading pairs: MEXC Global has a limited number of trading pairs, which may not be suitable for advanced traders who require more options.

5. Limited availability: MEXC Global is not available in all countries, which means that some users may not be able to use the platform.

MEXC is one of the lesser-known crypto exchanges. This explains why most investors are curious about the platform or question its legitimacy. If you’ve found yourself in this position, this article is for you. This MEXC review delves deep into what MEXC Global does, its pros and cons, and everything in between. Let’s get started.

 

What is MEXC Global?

MEXC Global is one of the world’s best-centralized crypto trading platforms. The exchange was introduced to the world as MXC in 2018. However, to cater to its global expansion plan, the company rebranded in 2021 and took the name MEXC Global.

Despite being a lesser-known crypto exchange platform, MEXC Global is not a popular investor choice. The platform has over six million active users. Most users prefer the platform for its ground-breaking efficiency and impressive transaction matching technology.  

On an estimate, MEXC Global’s trading platform can complete at least 1.4 million transactions per second. These super-sonic transaction speeds make trading on the site a seamless and almost instantaneous process. As a result, the exchange processes transactions worth over $1 billion every 24 hours.

Besides this, the platform is the leading crypto exchange when it comes to the number of global compliance certificates. MEXC Global boasts global compliance certificates from the United States, Canada, and Australia. It is also on its way to obtaining licensing in some of the 200 countries it supports. This includes Brazil, Vietnam, the Philippines, Indonesia, South Korea, Turkey, Japan, India, and some African countries. The platform also has localized language support to make it easier for users across different regions to get services efficiently.

 

MEXC Trading Options And Order Types

MEXC Global is an active trading platform. Despite being a centralized exchange, which makes it experience more constraints than decentralized exchanges, the platform still gives its users various trading options to explore. Here are some of the most popular trading options available on MEXC.

 

Trading Options

 

Spot Grid Trading

Spot grid trading is a trading strategy used in the cryptocurrency market where a trader buys and sells a specific asset at predetermined price levels. This trading technique involves creating a grid of buy and sell orders at set price intervals, with the aim of making profits as the price fluctuates.

The process of spot grid trading involves dividing the total investment amount into smaller parts, and then placing buy and sell orders at predetermined price levels. For example, a trader may place buy orders for a particular cryptocurrency at $50, $45, $40, $35, and $30, and then place sell orders at $60, $65, $70, $75, and $80. These orders form a grid, hence the name “grid trading”.

The idea behind spot grid trading is to take advantage of price movements within a range. If the price of the cryptocurrency increases, the trader will sell their holdings at a profit. Conversely, if the price falls, the trader can buy more at a lower price and reduce their average cost.

The benefit of this trading strategy is that it allows traders to profit from the market’s volatility while limiting their downside risk. However, it requires careful planning and monitoring of the market to ensure that the trades are executed at the right price levels.

It’s important to note that spot grid trading is not foolproof, and traders may still incur losses if the market moves in an unexpected direction. As with any trading strategy, it’s crucial to do your research, set clear goals, and have a well-defined risk management plan in place.

 

Margin Trading

For traders who want to trade more but lack the capital to facilitate their transactions, MEXC Global is one of the best exchanges for Margin Trading. Margin trading involves borrowing funds and using them to trade. It can be a profitable venture, but a risky one too. 

To borrow funds on MECX’s margin trading option, traders need to activate a margin trading account, where they deposit an initial margin deposit. This deposit serves as collateral for the loan. Traders often receive x amount of the funds they put in as a deposit.

When trading margins, investors envision two scenarios. They assume a bearish case, where the asset in question will experience a price drop. For this, they trade short. This means they sell high and buy low. Traders can also trade long. When doing this, they assume the asset will hit a bull soon, so they sell low and buy high. Margin trading can be highly lucrative if traders place their money in the right scenario.

However, regardless of the outcome, the trader has to repay the loan and the interest agreed upon. This is why margin trading is better for traders with experience in the crypto markets. They are likely to make more accurate predictions and lose less money than novice traders. Besides experience, one should also be cautious not to invest too much money in a margin trade because the losses can be significant.

 

Order Types

 

Market Order

A market order is a type of order used in trading financial instruments, such as stocks, bonds, commodities, and cryptocurrencies. A market order is an instruction given to a broker to buy or sell a specific asset at the prevailing market price. This means that the order will be executed immediately, regardless of the price at which the asset is trading.

When a trader places a market order, they are essentially willing to buy or sell the asset at whatever price it is currently trading. For example, if the current market price for a particular stock is $50 and a trader wants to buy 100 shares, they can place a market order, and their broker will execute the trade at the current market price.

Market orders are typically used when traders want to enter or exit a position quickly and are willing to accept the current market price. They are also useful when trading highly liquid assets, as the execution of the order is almost guaranteed.

However, there are some risks associated with market orders. If the market is volatile, the price at which the order is executed may differ significantly from the current market price, resulting in slippage. In addition, if there is a large order size, it may cause the price to move, resulting in an unfavorable execution price.

Overall, market orders are a simple and effective way to buy or sell assets quickly at the prevailing market price. However, traders should be aware of the risks associated with market orders and use them with caution, especially in highly volatile markets.

 

Limit Order

Limit orders are instant purchases or sales of a given asset. These orders focus more on price than speed. 

Unlike a market order, which trades an asset based on an “on-the-spot price” when a trader makes the order, a limit order only executes the trade when a price matching the asked price exists on the order book.

A limit order is beneficial in this sense because a trader can never sell at a lower price than desired. On the flip side, the order may not get a price that matches, so it may never execute. To avoid such a scenario, traders often turn to order types like stop-loss, take profit orders.

 

Currencies and Payment Methods

MEXC Global supports a wide range of currencies and trading pairs. The platform has at least 1521 coins. Here’s a list of some of the most popular coins on the MEXC Global exchange.

• Bitcoin BTC
• Ethereum ETH
• USD Tether USDT
• USD Coin USDC
• Polkadot DOT
• DogeCoin DOGE 
• Stellar XLM

Traders can also explore at least 2109 trading pairs on MEXC. The platform’s most active trading pair is BTC/USDT. The pair has a minimum trade volume of $200 million every 24 hours. Here are other popular trading pairs on MEXC Global besides BTC/USDT. 

• ETH/USDT
• BTC/USDC
• EOS/USDT
• LTC/USDT
• XRP/USDT
• DASH/BTC
• ADA/USDT
• SOL/USDT
• BNB/USDT

Aside from supporting an array of currencies, MEXC supports multiple payment options. The exchange’s users can transact on the platform using credit and debit cards from Visa and Mastercard. Traders can also pay through global bank transfers using WIFT, PIX, Wire, and ACH or third-party payment services like Simplex, Mercuryo, and Banxa.

 

Fees

MEXC Global does not charge a deposit fee for any amount of funds that traders put in the account. The only possibility of a fee when depositing into a MEXC account is the transaction cost that another exchange may impose if the trader transfers funds. 

MERC charges fees per transaction for withdrawal fees. However, there is no fixed fee. The charges vary depending on the platform’s traffic, liquidity, and network status. Often, the fluctuation margins don’t vary by a significant figure, so there is no cause for alarm.

When trading on this exchange, traders will also encounter a trading fee. Typically, this costs 0.20% maker’s fee and 0.02% takers’ fee. Occasionally, MEXC offers discounts called MX deductions. These deductions can reduce trading fees by about 20%.

 

Limits

MEXC has a very flexible policy on deposit, withdrawal, and transaction limits. The exchange has no limits for deposits. Traders can deposit any amount of funds as long as they have a verified account.

Withdrawal limits on the MEXC are dependent on an account’s verification level. The exchange has three verification levels, namely, primary, advanced, and institutional. Withdrawals for a primary-level account are capped at 80 BTC every 24 hours. Advanced and institutional accounts can transact 200 and 400 BTC, respectively, in a day.

 

Security

If there is a crypto exchange with unparalleled security features, it is MEXC Global. This exchange is the world’s leading crypto exchange with the highest number of global compliance certificates. This means regulatory bodies from various countries have analyzed the platform and found it safe enough for their citizens’ use. 

Besides that, MEXC uses a multi-tier, multi-cluster security system. Simply put, it has different security levels, stored as independent groups in different parts of the exchange’s architecture. This makes hacking the system nearly impossible because hackers cannot find all the information they need on one mainframe. 

 

Customer Service

MEXC scores highly for its customer service. Review sites like TrustPilot have dozens of compliments about the platform’s efficiency and responsiveness. The exchange has a help center on its website with helpful resources for most of its services. There’s also a live support feature where clients can have one-on-one interactions with the MEXC support team if they can’t find solutions to their problems at the help center.

MEXC Alternatives

Uniswap

Uniswap is one of the decentralized exchanges giving MEXC a run for its money. The exchange is known for its unimaginably friendly user interface and overall ease of use. One significant benefit that Uniswap has over MEXC is that it does not require users to sign up. All traders have to do on Uniswap is connect their wallets, and they are ready to go. 

Despite its simplicity, Uniswap is one of the most costly decentralized exchanges in the market. Because it runs on the Ethereum blockchain, this exchange is subject to high gas fees. This makes MEXC a more dependable option.

Also, due to the lack of a Know Your Customer verification process, Uniswap is more likely to have compromised security. Customer verification helps weed out potential criminals from crypto exchanges, so MEXC is safer in this regard.

OKX

OKX is superior to MEXC in several aspects. This centralized exchange charges significantly lower trading fees than MEXC Global. For instance, the highest trading fee for spot trading options is 0.10% compared to MEXC Global’s 0.20%. The platform also has more profit-generating investment options like staking. For staking specific cryptocurrencies, investors can earn up to 100% APY.

On the flip side, OKX is not as widely available as MEXC. U.S-based traders, for instance, cannot access the service. OKX also falls short of compliance certification, whereas MEXC, has multiple certificates globally. MXC exchange also has better customer service reviews. Although OKX tries to keep up, it is still plagued by poor customer service complaints.

How to Open an Account

MEXC Global users enjoy many benefits. Interested traders can also share these benefits by creating an account. Here are simplified step-by-step instructions on how to open an account on MEXC Global.

1. Visit the MEXC website and click the Sign-Up button at the top right corner of the homepage.
2. On the page that opens, enter the email address you want to be associated with the account. Fill in the password field on the same page.
3. Click the Send Now hypertext on the left side of the Verification field and wait for a verification code to be sent to the email address you provided.
4. Copy the code you receive, navigate to the registration page, and paste it into the verification field. 
5. If you have a referral code, enter it in the Referral Code field if you have one.
6. Read the terms and conditions and check the box next to them to confirm you have read them.
7. Click the Sign-Up button to complete the process.

F.A.Q.s

Is Mexc Exchange Safe and Legit? 

Mexc Exchange is a cryptocurrency exchange platform that allows users to buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and others. Based on the information available, Mexc Exchange appears to be a legitimate and safe exchange to use.

Mexc Exchange is registered in the Seychelles and has been operating since 2018. The exchange has implemented various security measures, including 2-factor authentication, SSL encryption, and cold storage of user funds to protect users’ assets. Additionally, Mexc Exchange has a user protection fund that can compensate users in case of losses resulting from security breaches or other unforeseen events.

Furthermore, Mexc Exchange has been audited by security firms such as Slowmist and has received positive reviews from users online. However, as with any cryptocurrency exchange, there is always a risk of hacking, scams, and other unforeseen events that could lead to financial losses. Therefore, it is important to exercise caution and do your research before using any cryptocurrency exchange.

In conclusion, Mexc Exchange appears to be a legitimate and safe cryptocurrency exchange to use, but users should always exercise caution and do their own research before using any cryptocurrency exchange or investing in cryptocurrencies.

Can U.S. Citizens Use MEXC? 

Yes, U.S. citizens can use Mexc Exchange, but there are some restrictions. Mexc Exchange does not currently operate in the United States, and as such, U.S. citizens are not allowed to use the platform if they are physically located in the U.S. or accessing the platform from a U.S. IP address.

Furthermore, Mexc Exchange does not allow U.S. citizens to trade certain cryptocurrencies that may be considered securities under U.S. law. This includes tokens such as Security Tokens, Initial Coin Offerings (ICOs), and other similar assets.

Therefore, U.S. citizens who wish to use Mexc Exchange should ensure that they are not physically located in the U.S. and should be aware of the restrictions on trading certain types of cryptocurrencies on the platform. It is important to note that failure to comply with these regulations could result in legal consequences for the user.

Does MEXC Global Require KYC?

Yes, MEXC Global requires KYC (Know Your Customer) verification for users who want to trade on their platform. KYC verification is a standard procedure used by many cryptocurrency exchanges and financial institutions to verify the identity of their users and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

To complete the KYC verification process on MEXC Global, users need to provide a government-issued photo ID (such as a passport or driver’s license), a selfie with the same ID, and proof of address (such as a utility bill or bank statement). Once the verification is complete, users will be able to trade on the platform with higher withdrawal limits.

It’s important to note that KYC verification is a standard practice in the cryptocurrency industry to ensure the safety and security of users and their assets.

How Is MEXC Exchange Different From Others?

MEXC Exchange is different from other cryptocurrency exchanges in several ways:

1. Wide Range of Trading Pairs: MEXC Exchange offers a wide range of trading pairs, including spot, margin, futures, and options, with over 500 trading pairs in total. This allows users to diversify their portfolios and trade a variety of cryptocurrencies.

2. High Liquidity: MEXC Exchange has high liquidity for many of its trading pairs, which means that users can buy and sell cryptocurrencies at market prices without significant slippage.

3. Innovative Trading Features: MEXC Exchange offers innovative trading features such as leverage trading, cross margin trading, and a “Stop Limit” order type, which allows users to set both stop loss and take profit orders at the same time.

4. User-Friendly Interface: MEXC Exchange has a user-friendly interface that is easy to navigate, making it accessible for both beginners and experienced traders.

5. Strong Security Measures: MEXC Exchange has implemented strong security measures, such as two-factor authentication, SSL encryption, and cold storage for user funds, to ensure the safety and security of users’ assets.

6. Global Presence: MEXC Exchange has a global presence and supports multiple languages, making it accessible to users from different parts of the world.

Overall, MEXC Exchange distinguishes itself from other exchanges by offering a wide range of trading pairs, innovative trading features, high liquidity, a user-friendly interface, strong security measures, and a global presence.