MEXC Exchange Review 2023: Is it Safe or Scam?

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1,100+ listed cryptocurrencies

Product Name: MEXC

4.4

Summary

MEXC is a global exchange with over 1,100 listed cryptocurrencies. This exchange is ideal to find the low market-cap gems and newly listed DeFi cryptocurrencies. The interface is easy to use, and they also have a mobile app which is rated 4.1/5 after more than 16,600 reviews. 

  • Is MEXC Global a reliable exchange?
  • What are the pros and cons of the MEXC exchange?
  • Should we trust MEXC Global exchange with our money?

Here at CoinSutra, our job is to find useful crypto resources that we can use in day-to-day life. In the past, I have introduced you to Binance, Bybit, and many similar popular crypto exchanges.

Note: MEXC Global exchange does not allow users from the USA. US users could look into Kraken or CEX.

Moving one step ahead, recently I discovered another upcoming exchange named MEXC, and after using it for over 6 months, here I’m sharing my detailed review of the MEXC Global exchange.

In my findings, the MEXC exchange has every feature you would expect from an innovative and modern cryptocurrency exchange.

So without further delay, let’s look at MEXC Global crypto exchange, its features, and the benefits of using it.

What is MEXC exchange?

MEXC is a centralized cryptocurrency exchange that was established in 2018 in Seychelles, East Africa, and has been recently picking up a lot of interest around the globe. The core embers of the team come from world-class enterprises and financial companies, that have rich experience in blockchain and financial industries.

MEXC has compliance licenses in 5 countries, including Switzerland, Canada, Australia, and the United States. The exchange has listed around 371 coins (752 pairs) with a daily trade volume of approximately USD 1.5 Billion.

Features of MEXC Exchange

The major features of the exchange are:

Spot Trading and Margin Trading

A user can spot or margin trade in all the 371 coins listed on the exchange. New coins and projects are being added at a regular interval, and you will find popular DeFi, NFT, Polkadot coins on this exchange, which may not be listed elsewhere. In fact, MEXC was one of the first exchanges to list many of the popular tokens, before everyone else.

ETF Trading

  • Currently, MEXC Index Product includes major cryptocurrency index, halving cryptocurrency index, public chain index, and Defi asset index, etc.
  • For example, a user can invest in Grayscale Portfolio Index

The major benefit of an ETF is:

  • Risk spreading (as risk is spread over a group of assets) and
  • Energy Saving (by investing in an ETF a user indirectly invests in all the underlying assets of the ETF which saves him from the hassle of researching himself)

Contract Trading

  • The perpetual contract is a derivative that differs from traditional futures. There is no expiry or settlement and no time limit for position holding, unlike in the futures contract.
  • This works on a Funding mechanism where payments are exchanged between the buyer and the seller every 8 hours. If the rate is positive, then longs will pay and shorts will receive the rate, and vice versa if the rate is negative.
  • The funding mechanism of the perpetual contracts keeps the contract price close to the price of the underlying asset.

POS (Proof of Stake) Staking

  • Users who hold relevant tokens can join MEXC PoS Pool and earn yield.
  • There are two types of PoS available for users – “Staking” and “Savings”.

Quantitative Trading

As automation is helping a lot of traders to make the most out of their existing profitable trading strategies, MEXC has started offering new automated strategies. One of them is Grid bot trading, which is now available for all MEXC users.

Benefits of using MEXC Exchange

  • User-Friendly Interface – MEXC has a very interactive user interface that supports both light and dark mode.
  • Mobile App – the exchange has a mobile application for android and iOS devices to keep the user updated on the go. The app is fully functional and if you enjoy trading on mobile, the app will keep you engaged.
  • User Feedback response–the development team is very proactive with the user feedback which leads to a quick resolution of user queries
  • MX Defi – this is the Unique Selling Point of MEXC, which makes it ahead of the rest. DeFi staking allows a user to have benefits of yield mining in the most attractive Defi projects. The interface is simple to use and offers various products that would benefit the end-user.
  • User Education–MEXC has several videos and textual tutorials to guide a user through the features of the exchange.
  • Community and Social media presence – MEXC Twitter handle (@MEXC_Global) has more than 400,000 followers. The community size and presence of the exchange explain users’ confidence in the platform.

Security and Compliance:

  • With regulators and authorities across the world keenly looking at crypto exchanges and their adherence to security and regulatory compliance, MEXC has taken extra steps to ensure maximum security protocols on the platform.
  • MEXC technical team has built a dedicated state-of-the-art security risk control system and an anti-DDOS system with its extensive experience in the digital asset industry. Based on security designs such as multi-signature, offline signature, and layered architecture, MEXC stores its digital assets in a cold wallet, escorting every investor in the most critical aspects.

MEXC Trading Fee and Trading Volume:

  • There is no fee for the deposit of funds on the exchange
  • Trading fee is 0.2% of the transaction value. However, trading fees could be reduced by 20% when you hold the MX token, which is a native token of the platform. More on it later.
  • Further, MEXC charges a fee to withdraw funds from the exchange, a standard practice in the crypto exchange world.

MX Token: Platform token

Like Binance in-house token BNB, the MEXC exchange has an in-house token called MX. There are various utilities of MX token, which we will look at in this section.

MX token holders can enjoy a series of rights and interests including MX appreciation, assets appreciation, rebates on platform revenue, supervision, voting, etc. MEXC rewards the users who contribute to system liquidity by 51% of MX through”trading mining and token-based rebates”. Likewise, it rewards the MEXC community users through the mining incentive mechanism so as to enable them to enjoy the rights to the MEXC community by holding MX.

Its total circulation is 3 billion constantly and never be added. MX can be obtained in two ways: mining and buying.

MX Token

  • 100% of profits earned by the exchange from the spot and ETF trading are used to buy back MX Token,
  • A 20% discount on a trading fee on spot trading,
  • Token holders can vote on listing new coins
  • Participation in MX Defi yield farming

Note: Some of the information regarding MX tokens is picked from their old white paper. Unfortunately, I could not find an updated white paper, and this is something the team should consider adding to their website.

What do I not like about MEXC?

Like every good thing has room for improvement, the MEXC exchange has a few features missing that would make it a remarkable crypto exchange.

The one thing that I feel MEXC exchange is missing is the partnership. It should partner with other tools like 3Commas, Koinly so that users can use 3rd party trading terminals, trading bots, crypto taxation software, and more. I believe this is something the marketing team should focus on, and make MEXC accessible via these popular 3rd party crypto trading tools and services. This would give more exposure to the MEXC exchange and help the exchange get more liquidity.

You can track MEXC portfolio by using the CoinStats app. You need to add transactions manually. I could not find any crypto portfolio tracker that automatically syncs with the MEXC exchange.

Another thing that could make more difference is, the founding team could be more public and do more webinars, and live events. This would increase more trust and add more credibility to the platform.

Another thing the MEXC marketing team could do is to publish a whitepaper, and have a blog like every trustable and reliable crypto exchange out there.

Is MEXC exchange a scam?

We did not experience any issues with the withdrawals, however, Reddit and Bitcoin talk forum have a few posts where users have complained about wrongdoing.

There are some accusations that there was a substantial volume of a particular asset and no price movement on the exchange.

Conclusion: MEXC Crypto Exchange Review

MEXC is a revolutionary digital asset exchange project which has great potential to become a leading exchange in the crypto industry. The user-friendly interface and prompt reaction to user feedback make it a favorite of users. They are constantly adding extra features, and so far there are no episodes of hacking associated with the MEXC exchange. The trust score of this exchange is medium, and it looks like a reliable exchange to trade on.

The exchange experience is not one of the top-notch, but they compensate for that by offering some of the best crypto projects, which are not available anywhere else. In fact, by monitoring the new coin listing at MEXC, you may find the next gem.

The above sign-up button helps you save 10% on trading fees, which you would not get if you sign up directly.

Finally, for a long-term investor and an ambassador of emerging technology projects, this is an exchange no one would want to miss.

Now, let me know about your experience and review of the MEXC global exchange. What are all features you liked, and what are a few things you want them to improve in the coming days?

Does MEXC Global exchange allow users from the US?

CoinSutra users from the USA reported that the MEXC exchange does not allow registrations from the USA. However, users can use a VPN like NordVPN to access and register at the MEXC Global exchange at their own risk.

Does MEXC Exchange require KYC?

For withdrawals up to 0.1 BTC a day, you don’t need KYC. However, for higher withdrawals, you need to do KYC. See the screenshot below that clearly shows the limit for KYC requirement of MEXC Exchange.

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