- Is MXC a reliable exchange?
- What are the pros and cons of the MXC exchange?
- Should we trust MXC exchange with our money?
Moving one step ahead, recently I discovered another upcoming exchange named MXC, and after using it for over 6 months, here I’m sharing my detailed review of the MXC exchange.
So without further delay, let’s have a look at MXC crypto exchange, its features and benefits of using it.
Create a free account on MXC exchange (10% off trading fees)
What is MXC exchange?
MXC is a centralized cryptocurrency exchange that was established in 2018 in Seychelles, East Africa, and has been recently picking a lot of interest around the globe. The core members of the team come from world-class enterprises and financial companies, who have rich experience in blockchain and financial industries.
MXC 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 4 Billion.
Features of MXC 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, MXC was one of the first exchange to list wrapped NXM token, and some of the popular DeFi tokens.
- Currently, MXC 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)
- 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 MXC PoS Pool and earn yield.
- There are two types of PoS available for users – “Staking” and “Savings”.
Benefits of using MXC Exchange
- User-Friendly Interface – MXC 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 MXC, 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–MXC has several videos and textual tutorials to guide a user through the features of the exchange.
- Community and Social media presence–MXC Twitter handle (@MXC_Exchange) has more than 50,000 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, MXC has taken extra steps to ensure maximum security protocols on the platform.
- MXC 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, MXC stores its digital assets in a cold wallet, escorting every investor in the most critical aspects.
MXC 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. Though trading fees could be reduced by holding MX token, which is a native token of the platform. More on it, later.
- Further, MXC charges a fee to withdraw funds from the exchange, which is a standard practice in the crypto exchange world.
MX Token: Platform token
Like Binance in-house token BNB, MXC exchangehas an in-house token called MX. There are various utility of MX token, and that is something we will look 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. MXC rewards the users who contribute to system liquidity by 51% of MX through”trading mining and token-based rebates”. Likewise, it rewards MXC community users through the mining incentive mechanism so as to enable them to enjoy the rights to the MXC 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.
- 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 token is picked from their old white paper. Unfortunately, I could not find updated white paper, and this is something the team should consider adding on their website.
What I don’t like about MXC?
Like every good thing has room for improvement, the MXC exchange has a few features missing that would make it a remarkable crypto exchange. The one thing that I feel MXC exchange is missing is the partnership. It should partner with other tools like 3Commas, Koinly so that users can use 3rd party trading terminal, trading bots, crypto taxation software, and more. I believe this is something the marketing team should focus on, and make MXC accessible via these popular 3rd party crypto trading tools and services. This would not only give more exposure to the MXC exchange but would also help the exchange get more liquidity.
Another thing that could make more difference is, the founding team could be more public and do more webinar, and live events. This would increase more trust and add more credibility to the platform.
Another thing the MXC marketing team could do is to publish a whitepaper, and have a blog like every trustable and reliable crypto exchanges out there.
Is MXC exchange a scam?
We did not experience any issue 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 substantial volume of a particular asset and no price movement on the exchange.
Conclusion: MXC exchange review
MXC is a revolutionary project which has a great potential of becoming a leading exchange in the crypto industry. The user-friendly interface and a prompt reaction to the user feedback make it a favorite of users. They are constantly adding extra features, and so far there is no episode of hacking associated with MXC 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 that by offering some of the best crypto projects, which are not available anywhere else. In fact, by monitoring the new coin listing at MXC, you may find the next gem.
Create an account on MXC (10% trading fees discount)
The above sign-up link 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 an exchange no-one would want to miss.
Now it is your turn to let me know about your experience and review of MXC exchange. What all features you liked and what are a few things you want them to improve in the days to come?
Does mxc exchange allows users from US?
As reported by CoinSutra users from USA, MXC exchange does not allow registrations from USA. However users can use a VPN like NordVPN to access and register at MXCexchange but at their own risk.
Does MXC Exchange require KYC?
For withdrawals up to 0.1 BTC a day, you don’t need KYC. However for higher withdrawal, you need to do KYC. See the screenshot below that clearly shows the limit for KYC requirement of MXC Exchange.
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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- What is MXC exchange?
- Features of MXC Exchange
- Benefits of using MXC Exchange
- Security and Compliance:
- MXC Trading Fee and Trading Volume:
- MX Token: Platform token
- Conclusion: MXC exchange review