MEXC Review: Scam & Fake or not?

MEXC is a well-known crypto exchange, also offering several other products such as copy trading, launchpad and ETFs.

But is MEXC a scam?

No, it is not: According to our experience and review, MEXC is a safe crypto exchange.

Sign up now at MEXC!

Read our in-depth review of MEXC to learn all the background.

If you have already had an experience with MEXC, you can share it here.

Key Takeaways

• MEXC is safe because it provides multiple features to protect your account and assets. These features include licensing, 2FA, KYC, Cold Storage, and Proof of Reserves
• The exchange is known for its low fees, which benefit the Maker and Taker. You can fund your account with crypto or FIAT currency, and the deposits are free of fees. Also, the exchange offers multiple trading options and many products to manage your assets efficiently
• During this review of MEXC, we will evaluate the reasons why this exchange is worth your time. We will also highlight all the pros and cons of MEXC, including the lack of FIAT withdrawals. Stick around to learn more

About the Company

MEXC Global Exchange is a centralized cryptocurrency exchange launched in 2018, managed by CEO John Chen, with headquarters in Seychelles.

Mr. Chen is also a Global Partner and has previously worked in different areas in the med-tech industry.

With MEXC, Mr. Chen and the team offer a variety of trading options for crypto holders worldwide, such as spot, margin and futures trading.

The MEXC trading services are available in more than 170 countries, reaching over 10 million registered users at the moment.

In December 2023, the company reports a daily Spot trading volume of $1,995,540,395.36 with an engine to process 1.4 million transactions per second.

Safety and Regulation

MEXC offers a wide range of crypto services under an Estonian MTR license, which allows the company to operate in more than 170 countries.

However, this regulatory body is not as reputable as other international entities, meaning the security scrutiny can be below expectations.

While the licensing can be a gray area, MEXC complements it by adding multiple safety measures.

For instance, MEXC allows you to enable Two-Factor Authentication (2FA) and requires a KYC procedure to prevent fraud.

These two features can increase the protection of your account and are necessary to enjoy a few benefits.

Your assets will also count with protection due to the Cold Storage technology, 1:1 Proof of Reserves and an Investor Protection Fund.

This data highlights the sustainability of the exchange to hold and secure crypto assets.

Accepted Countries

MEXC offer its services in different countries, but due to multiple reasons such as strict crypto regulation, international sanctions, or political factors not in all of them.

We checked these countries in detail:

• Australia – Sign-up is available
• Canada – Sign-up is not available
• Ghana – Sign-up is available
• Hong Kong – Sign-up is available
• India – Sign-up is available
• Ireland – Sign-up is available
• Kenya – Sign-up is available
• New Zealand – Sign-up is available
• Nigeria – Sign-up is available
• Pakistan – Sign-up is available
• Philippines – Sign-up is available
• Singapore – Sign-up is not available
• South Africa – Sign-up is available
• United Kingdom – Sign-up is available
• United States – Sign-up is not available

Using MEXC from any of the restricted countries will lead to harsh restrictions, including the inability to request withdrawals.

Trading Offer

With MEXC, you have the opportunity to trade the most popular and profitable cryptocurrencies in the market.

The list of supported coins includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tron (XRP) and more.

In total, the exchange supports over a thousand coins to cater to almost every crypto holder.

The trading pairs offered by MEXC are also diverse, allegedly offering over 2,000 trading pairs.

Here are a few of them —

• BTC/USDT
• ETH/USDT
• XRP/USDT
• LTC/USDT
• BNB/USDT
• MATIC/USDT
• SOL/USDT

Typically, BTC/USDT is the most active trading pair, boosting a daily volume of $316,699,465.70.

Additionally, MEXC owns an exclusive token called MX that you can use for cryptocurrency trading. Using this cryptocurrency provides many benefits, such as the opportunity to participate in events and new projects.

Trading Types

MEXC offers a smooth and friendly interface with a range of trading options, such as the following. Let’s break them down briefly here.

• Spot Trading
• Margin Trading
• Futures Trading
• P2P Trading

Spot Trading

By offering Spot trading, MEXC allows you to buy and sell crypto at the current market price. This trading feature is ideal for quick exchanges with hundreds of coins supported.

Margin Trading

When you use MEXC for futures contracts, the exchange allows you to opt for up to 200x in leverage. This is one of the biggest advantages of MEXC, as it amplifies your trading capabilities significantly.

Futures Trading

MEXC also allows you to determine a fixed price to sell assets in the future, guaranteeing liquidity, straightforward trading costs and no variations over time to receive fruitful investments.

Trading Software

The trading software offered by MEXC clearly displays everything you need to know to invest your assets wisely.

There are two versions of this software, one for Spot trading and another one for Futures trading, to cater to all types of traders.

Our favorite is easily the Spot trading software, which perfectly details the condition of the market and the current status of hundreds of cryptocurrencies.

From here, you can check sell orders and buy orders at the exact moment, along with charts showing surges and drops in prices.

Likewise, the Spot trading software offers tools to place orders like Stop Limit when prices reach a specific threshold or Market to purchase or sell at prevailing market prices.

The futures trading software is equally effective, showing crucial data like the index price, fair price and funding rate, among other market elements. This software works automatically, allowing users to place orders to buy or sell depending on market conditions.

Overall, the MEXC trading software is effective and straight to the point. Also, the many tools offered will allow you to create profitable trading strategies or copy trading techniques applied by other users.

Other Products

MEXC is a great and diverse exchange, offering a variety of products that enhance the experience of using this cryptocurrency exchange.

Let’s talk about the most popular ones.

• Launchpad
• Kickstarter
• Savings
• MEXC MasterCard

Launchpad

MEXC allows you to participate in new projects by giving you early access to upcoming tokens. With the MEXC Launchpad, you can evaluate promising cryptocurrencies to determine the risks and invest early.

Kickstarter

With Kickstarter, MEXC rewards you with free token airdrops by committing MX. Certain conditions apply to be eligible for this product.

You must buy at least 1000 MX, hold it for 15 days, and then commit the assets.

Savings

This product is the same as staking, where you earn rewards by holding your digital asset.

MEXC MasterCard

When you request the MEXC MasterCard, you can link the card to your MEXC account and use your crypto assets for daily payments.

This is a convenient method to buy goods or pay for services without converting your cryptocurrency.

Fees

The fee structures are some of the reasons that make MEXC an attractive and one of the top crypto exchanges worldwide.

For Spot trading, the exchange sets a 0.100% fee for both the Maker and Taker.

On the other hand, for Futures trading, MEXC charges a 0.010% Taker fee and 0.050% Maker fees.

Likewise, MEXC does not charge deposit fees whether you pay with FIAT currency or cryptocurrency.

There are, however, withdrawal fees that vary depending on the cryptocurrency and the network.

For example, withdrawing Bitcoin through the BSC chain requires a 0.00001 fee, whereas the same transaction would be free of fees through the BTC_COBO network.

So, evaluating the networks would be wise to reduce the fees paid. All things considered, MEXC provides a service with some of the lowest trading fees in the industry.

Payment Methods for Deposits and Withdrawals

Deposits on MEXC are available via FIAT currency or cryptocurrency.

If you choose FIAT, you can pay using credit or debit cards operating within the VISA or MasterCard network.

For bank transfers, the preferred payment method is SEPA Instant payments. The minimum deposit starts at $1 and the estimated deposit time is two hours.

On the other hand, the minimum withdrawal is around the equivalent of $4 in cryptocurrency, which can vary depending on the coin. From our experience, withdrawals can take a couple of minutes up to one hour.

At the moment of writing this article, MEXC recognizes that it does not support FIAT withdrawals to bank accounts.

Mobile App

Enjoy the convenience of trading on MEXC from the comfort of your couch, bed, or even at work by using the MEXC mobile app.

The MEXC app is available for iOS and Android devices, offering a friendly and optimized interface for every trader.

It is simple and easy to use and offers pretty much the same features as the website version, including account registration and KYC verification.

Registration and Verification

MEXC allows you to create an account via the website or mobile app.

In any case, the process is straightforward and quick. Here is a rundown of how it goes —

• Go to the MEXC website and click on the Log in/Sign up tab in the upper right corner.
• Select whether you want to register an account using your mobile phone or email.
• Solve the captcha puzzle.
• Enter a password and click on Sign Up.
• Check your email or SMS to find the verification code and submit it to register the account.
• Alternatively, you can create an account using your Google account, Apple account, or MetaMask wallet.

You don’t need to complete KYC to create an account, but doing it afterward will grant you some benefits. More specifically, you will have an increased withdrawal limit and improved future bonus benefits.

These are the requirements for the KYC process on MEXC.

• Select your nationality and ID document.
• Provide your name, date of birth and ID number.
• Take front and back photos of your ID card.
• Submit details about your residence.
• Complete the facial recognition process.

A complete KYC verification takes up to 48 hours.

With your account ready and verified, you can now access the trading platform with fewer limitations.

Here, you will also find the MEXC demo account called Demo Trading. It’s one of the things we most like about MEXT.

This tool recreates the futures trading platform, which you can use to practice with cryptocurrencies on the MEXC Global Exchange without risking your assets.

Bonus for New Customers

The $1000 Futures Bonus for Newbies presents an exciting opportunity to start trading on MEXC with some extra funds.

To receive this Futures bonus, you must complete diverse tasks using different parts of the MEXC ecosystem. Here’s how it works —

Deposit Bonus

Activate a Futures account and make your first deposit within 48 hours.

• Deposit 300 USDT and receive 10 USDT.
• Deposit 500 USDT and receive 20 USDT.
• Deposit 2,000 USDT and receive 40 USDT.
• Receive between 10 and 50 USDT by reaching an accumulative net deposit of 10,000 USDT or more in a Futures account within 7 days.

Trading Bonus

Trade with MEXC Futures to earn the following rewards.

• 10 USDT by making a first Futures trade of 2,000 USDT or more.
• 20 USDT when you trade Futures Trading Volume equivalent to 5,000 USDT or more.
• 10-100 USDT when you trade 20,000 USDT or more Futures Trading Volume within 7 days.

Community Bonus

Join the communities on Telegram and Twitter to receive these rewards.

• Open a minimum of one position on MEXC Futures to win between 2 and 5 USDT.
• Recommend a friend to register an account, complete KYC, and trade 1,000 USDT or more on MEXC Futures to receive 10 USDT, with the possibility of winning up to 820 USDT as part of the referral bonus.

Customer Support and Languages

Customer support is a satisfying aspect of MEXC. If withdrawals take longer than expected, you can contact an agent through Live Chat and get a quick response.

Many crypto traders have commented on how the exchange resolves their inquiries quickly.

Additionally, MEXC offers an array of tools to address problems with the exchange. You can read an extensive list of educative publications in the Help Center, submit an inquiry, or report abnormal funds.

Communities on Twitter, Telegram, and Facebook are also available to get assistance from other users, read reviews, or stay updated on potential server issues.

Conclusion

While reviewing MEXC, we encountered users who mentioned how the exchange took a long time to process withdrawal requests.

In reality, these delays are usually easy to solve by submitting a ticket or talking to a customer support representative.

This was the main reason why people seemed to question the legitimacy of MEXC. However, from our trading experience, MEXC is a safe and legit cryptocurrency exchange. It’s not perfect, but it serves its purpose and delivers a quality service.

Sign up now at MEXC!

Let us know in the comment section below what you think about MEXC. We would love to read what you have to say!

Frequently Asked Questions

Let’s address some of the most common questions about MEXC.

Is MEXC safe and secure?

Yes, MEXC is safe and secure. This cryptocurrency trading platform protects your account and assets by implementing multiple security measures, such as 2FA, KYC and Cold Storage. Learn what these features are by checking out the “Safety and Regulation” section.

How long does the verification take with MEXC?

Verifying your account after completing the KYC process on MEXC may take up to one day. Afterward, you get to enjoy benefits such as an increased withdrawal limit. Check out our “Registration and Verification” section to find more details about this procedure.

How can I deposit money at MEXC?

You can make deposits on MEXC by transferring cryptocurrency from an external wallet or paying with a debit card, credit card, or bank transfer. We explore the multiple deposit methods more thoroughly in the “Payment Methods for Deposits and Withdrawals” section.

How long does it take to withdraw money at MEXC?

Withdrawing money from MEXC takes from five minutes to an hour. Usually, longer delays are the result of network problems often unrelated to the crypto exchange. Learn more about withdrawals in the “Payment Methods for Deposits and Withdrawals” section.

How does MEXC work?

MEXC works by offering a centralized platform, facilitating the purchase and sale of cryptocurrency. You can complete these trades using digital currency like Bitcoin or FIAT currency such as USD or EUR. Read the “Trading Types” and “Other Product” sections for more information.

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.