MEXC Review
Read a MEXC review to discover one of the largest cryptocurrency exchanges by trading volume. Learn about spot and contract markets, supported coins, deposit methods and low trading fees.
MEXC is a leading global cryptocurrency exchange that offers a wide range of crypto trading services. In our comprehensive MEXC review, we will analyze its fees, supported coins, security, customer support, regulatory compliance, and more to help you decide if it’s a suitable option for your crypto trading and investing needs.
MEXC Quick Facts
- Founded in 2018
- Offers spot, margin, P2P and futures trading
- Over 180+ cryptocurrencies supported
- Available in over 200 countries
- Over $1.5 billion average 24h trading volume
MEXC Review: Pros and Cons
MEXC has many strengths as a crypto trading platform:
Key Metrics
According to data from CoinMarketCap, key metrics for MEXC include:
- $2.1 billion+ average 24h trading volume (top 10 globally)
- 5 million+ monthly web visitors
- 200 countries/regions supported
- Over 8 million app downloads
- 1,400,000 transactions per second
- 5% share of the global digital asset trading market
- Year-over-year spot trading volume growth over 500% (2021 to 2022)
- Altcoin market share over 60% of total volume
MEXC Fees
MEXC offers some of the lowest trading fees in the industry:
- 0% maker & taker fees for spot trading
- 0% maker fee and 0.02% taker fee for futures
This compares very favorably to fees at exchanges like Coinbase (0.5% spot fee) and Binance US (0.1% spot fee).
However, withdrawal fees on MEXC can be high for some coins. For example, withdrawing Bitcoin costs 0.001 BTC.
MEXC Security
MEXC implements strong security measures including:
- Mandatory 2-factor authentication (2FA)
- Data encryption using SSL/TLS protocols
- Majority of assets held in cold storage
- Anti-phishing authentication codes
- Frequent security audits and compliance checks
The exchange is also compliant with major regulations like AML and KYC procedures. This ensures good security of client funds and personal data.
MEXC Verification Process
MEXC has a straightforward account verification process that is relatively quick compared to other exchanges.
Basic verification requires submitting personal ID such as a passport or driver’s license. This unlocks features like increased daily withdrawal limits.Completing KYC level 2 verification typically takes 1-2 days and requires proof of address and a selfie photo.
Unverified accounts on MEXC have limits on trading and withdrawals but can still access basic exchange services.
MEXC Customer Service
MEXC offers 24/7 multilingual customer support via:
- Live chat
- An extensive FAQ & help center
- Social media channels
According to user reviews, inquiries are typically answered promptly within 24 hours and the support team is helpful in resolving issues.
MEXC User Experience
The MEXC platform interface has been designed for both beginner and professional traders. Some key aspects include:
- Easy to use trading platform and mobile app
- Demo trading mode to practice without risk
- Advanced charting tools and order types
- Customizable themes (light/dark mode)
Many reviews praise MEXC for having an intuitive platform that’s suitable for traders of all skill levels.
Available Tokens on MEXC
As a leading global exchange, MEXC offers an extensive selection of over 180 cryptocurrencies. This includes major coins like Bitcoin and Ethereum as well as popular altcoins such as SOL, DOT and SHIB.
The exchange also supports trading for their native MX token which can be used for getting discounts on trading fees. There are no trading fee discounts, however, for spot trading, which is already 0%.
Regulatory Compliance and Legal Status
MEXC operates under legal entities registered in multiple countries, holding licenses such as an MSB from FinCEN (USA), AUSTRAC (Australia), compliance with the UK FCA, and others.
This ensures adherence to regulations related to KYC, AML and other standards in regions like Europe, Asia and Africa. There have been past reports however of key licenses expiring for MEXC, which creates some uncertainty. Users should keep updated with changes to compliance status.
Liquidity and Volume
With over $1.5 billion in daily trading volume, MEXC provides exceptional liquidity. This volume places the exchange consistently within the top 10 exchanges globally.
High trading volume is a key indicator of liquidity and reduces significant price slippage for large orders. It also ensures tight spreads allowing efficient trades for frequent traders and bots.
Staking and Lending Options
For crypto holders, MEXC provides numerous options to earn passive income including:
- Crypto staking with annual yields up to 10%
- Locked and flexible staking terms
- Lending and margin financing
Top coins offered for staking include tokens such as MATIC, AAVE, ADA, ATOM, ALGO, LUNA and more.
App and Web Experience
MEXC Web Experience
MEXC offers a full-featured web-based trading platform with advanced tools for derivatives trading. Interface highlights include;
- Customizable layouts and dark/light modes
- Advanced charting & technical analysis tools
- Support for API trading bots & copy trading
According to our reviews, the web platform provides an excellent user experience and is easy to use for beginners.
MEXC App Experience
The MEXC mobile app provides a similar experience to the web platform and is available for both iOS and Android devices. The app enables convenient access to MEXCs services on-the-go including:
- Mobile crypto trading (spot, margin, futures)
- Staking and wealth management
- Margin and futures trading
- Blockchain wallet integration
With over 8 million downloads, the MEXC app is highly rated by users for being fast, smooth and stable. It provides a great convenient option for casual and active traders.
Final Recommendation
With strengths around fees, token selection, security, liquidity and user experience – MEXC stands among the best cryptocurrency exchanges in a highly competitive industry.
While MEXC is not suitable for direct fiat on-ramping, its 0% spot trading fees, strong liquidity for altcoin trading and robust security features make it a recommended option for active crypto traders globally.
It’s also a great exchange for staking and passive income with competitive staking yields across popular proof-of-stake coins.
MEXC Alternatives
As alternatives, Binance and FTX are established top-tier exchanges offering similar low fees but with higher overall liquidity and variety around derivatives products such as options trading. They also provide more comprehensive educational content for new traders.
FAQs
Is MEXC a legit exchange?
Yes, MEXC is widely regarded as a legitimate and trusted cryptocurrency exchange. It adheres to regulations such as KYC/AML and holds operating licenses in several major jurisdictions. User funds also appear to be well secured.
Which is better MEXC or Binance?
For low fees, MEXC is hard to beat with 0% spot maker/taker fees. It also supports an extensive range of over 1700 altcoins. Binance however has higher overall liquidity and more options around futures, leverage trading and staking. Binance also has lower withdrawal fees.
Is MEXC better than KuCoin?
MEXC tends to have lower overall fees compared to Kucoin if you are a market taker. It also has significantly more altcoin listings. However, Kucoin offers a wider array of derivatives products such as crypto futures and options.
What country is MEXC?
MEXC was founded in April 2018 with headquarters in Singapore. However, they have multiple legal entities around the world focused on serving different regions.