MEXC Review 2024 - Is the MEXC Exchange Safe?

MEXC is a popular crypto exchange, but is it safe enough for new crypto enthusiasts in 2024?

In this MEXC review, we cover MEXC fees, its bonuses, payment methods, customer service, security, staking, and more to save you the time and effort of researching and comparing it with other platforms on your own. So, let’s get started!

aWith more than $1 billion in trading volume, MEXC offers deep liquidity, which makes it easier for traders to find the best prices and execute trades quickly. As for supported crypto, this exchange offers a wide range of cryptocurrencies for you to trade. Its total crypto count is close to 2,000, with more than 2,350 pairs available for trading. In this area, MEXC compares well with other popular options such as Binance, Coinbase, OKX, and Kraken, all of which have between 200 and 400 coins listed on their platform.

Similarly, in terms of MEXC crypto trading pairs, it offers far more options than these platforms, which support less than 1,000 pairs, except for Binance, which has over a thousand markets.MEXC’s spot market is pretty vast and diverse, comprising categories like BRC20, Bitcoin ecosystem, Solana ecosystem, Bitcoin inscription, meme coins, GameFi, ZK, RWA, SocialFi, POW, Web3, privacy, metaverse, innovation, Layer 1, Base Chain, stablecoins, NFTs, and more. The exchange also has a native token, MX, which hit an all-time high of $3.70 in early Dec. 2021. MEXC uses 40% of its profits to buy back and burn its exchange token, which is used across its other programs, such as Kickstarter, Launchpad, fee discounts, new token listing voting, and higher commission ratios.Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias, numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt, recusandae.

To compete in the fast-moving and highly competitive crypto market, MEXC has kept its trading fees considerably low. Both the maker and taker fees for the spot market are zero at MEXC. This zero spot trading fee promotion applies to all spot trading pairs on the exchange. In comparison, the largest crypto exchange, Binance, charges a 0.1% maker and taker fee to its regular customers. While the platform offers discounted fees via its exchange token BNB, its users will still incur a fee of 0.075%. Meanwhile, the publicly-traded Coinbase (COIN) imposes an even higher fee rate, starting from a 0.4% taker fee and 0.6% maker fee. Hence, MEXC users are clearly at an advantage here.

When it comes to futures trading, MEXC has two types of perpetual products: contracts that use USDT as collateral (USDT-M) and contracts that use the underlying crypto as collateral (COIN-M). As of writing, the centralized exchange is handling nearly $7 billion in volume and recording $1.75 billion in open interest. On MEXC, you can receive up-to-the-minute information on futures trades and position status, alongside insights on long/short balance and liquidation events.

MEXC offers the most amount of perpetuals at 399 pairs. Additionally, the platform offers leverage as much as 200x on both short and long positions that you can adjust freely. You can leverage trade anything from SOL, LPT, ENS, AR, DOGE, FIL, MATIC, INJ, SUI, ARB, RNDR, SHIB, TIA, APT, BNB, WIF, JTO, AI, PENDLE, and many more. At MEXC, you can take advantage of the demo trading before putting your hard-earned money into the market. Demo trading simulates real-life futures trading without risking real assets, allowing you to get the hang of the product, exchange, and market.

MEXC charges no futures trading fees from markets. However, for those placing market or limit orders, MEXC will charge them a taker fee of 0.010%.On top of extremely competitive fees, MEXC offers its VIP members even more exclusive fee rates. Becoming a VIP customer grants users access to OTC deposits and withdrawals, exclusive privileges, and more.

At MEXC, you can copy the trades of other successful traders. You simply have to pick the best trader you want to copy based on their performance. The platform provides a big list of professional traders with their respective 7-Day ROI, 7-Day PNL, 7-Day Win Rate, Total ROI, Total PNL, Total Win Rate, and Followers to make it easy for you to make your choice. While users can benefit from the experience and success of other traders via the Copy Trading feature, by allowing others to copy their trades, traders can earn up to 15% of their followers’ profits.

When signing up with MEXC, the exchange offers a 1,000 USDT bonus to start your crypto journey. To claim the bonus, you just have to create an account and complete a series of tasks. However, it is important to note that the 1,000 USDT bonus is actually divided among 15 tasks, with each task offering between 5 to 500 USDT.

These tasks primarily include making a minimum transfer amount and maintaining a particular trading volume. Moreover, you also have to complete your first Flash Close, place a Take Profit & Stop Loss (TP/SL) order, use leverage, and invite new users to complete KYC. Besides the USDT sign-up bonus, MEXC also runs competitions regularly. Currently, the February futures competition is offering a 6 million USDT prize pool. Those with total futures account equity of more than 200 USDT are eligible for this competition.

MEXC is a multi-platform exchange that allows you to trade tokens on the go through its app. The app is available on iOS and Android for mobile devices, while its desktop app is supported for Windows.

Apple device users can download the app from the App Store, where the MEXC app has a rating of 4.0. The app supports iOS 12.0 or later. As for Android users, the app is available on Google Play, where it has achieved more than a million downloads and a rating of 3.8. During our MEXC app review, we found that the MEXC application is pretty clear and intuitive, with both dark and light modes available for users to choose from. On the app, you can easily choose to trade spots and futures, slide your leverage, and open long or short positions by simply clicking on buttons and then filling in the required details.

Moreover, Home, Markets, Trade, Futures, and Wallets options are available at the bottom of the page for easy access. Through this all-in-one digital services platform, you can manage your portfolio easily while enjoying high execution speeds and low fees. Here, you can instantly buy USDT with Visa and MasterCard or purchase crypto via P2P and third parties. You can further try its Launchpad, Kickstarter, PoS pool, MX zone, and other services on the MEXC app.

Customer support at MEXC is available through various channels. You can explore its extensive Help Center, where you’ll find answers to most of your queries, ranging from platform usage, security, OTC, updates, and related information. If you wish to connect to a human for your questions, you can submit an inquiry or email them at service@mexc.com. Online support is also available via chatbot. Additionally, MEXC provides a form for reporting abnormal funds, which is for those who believe their stolen or defrauded funds have ended up at the exchange.

MEXC also maintains a presence on social media via Telegram, Twitter, Facebook, Instagram, YouTube, Reddit, Discord, TikTok, Line, LinkedIn, Medium, and TeleType. In terms of customer satisfaction, it has a rating of 1.9 on Trustpilot. This is in line with other top crypto exchange ratings, such as Coinbase, which has a 1.5 rating. However, MEXC does have a trust score of 8 out of 10 on CoinGecko.

When looking at the trustworthiness of any platform, it’s crucial to start with its location. So, where is MEXC exchange located? It is registered and headquartered in Seychelles, which is known for its less stringent financial regulations. In 2020, the platform obtained a financial service license issued by the AUSTRAC, which allows it to conduct digital currency exchange, wallet, and remittance services. MEXC also has an MSB license in the US as well as an Estonian MTR license to serve European clients.

However, amidst the changing crypto regulatory landscape, MEXC has received several warnings from authorities. In 2023, the British Columbia Securities Commission (BCSC) in Canada, the Austrian Financial Market Authority (FMA), and Germany’s Federal Financial Supervisory Authority (BaFin) issued warnings against the platform. Also, in Nov. 2023, the Estonian FIU revoked the license of MEXC Estonia OÜ. These events highlight the challenges crypto entities face. For security, the exchange uses 2FA and a combination of cold wallets and hot wallets for user fund safety. It has also published its proof of reserves.

With so many cryptocurrency exchanges out there, it’s pretty difficult to find a platform that allows you to trade trending altcoins and new narratives while offering leverage to maximize but at a low fee. This is exactly where MEXC excels, offering new traders the opportunity to take advantage of altcoins’ volatility and copy-trade other professionals while providing experienced traders high leverage and the ability to earn rewards by offering their expertise.

On top of it all, MEXC users can also stake stablecoins, BTC, ETH, and other altcoins to earn yield. So, if you want to try the most exclusive opportunities offered in the crypto sector, sign up for MEXC and earn a 1000 USDT bonus!