MEXC is a prominent cryptocurrency exchange in the market, attracting the attention of many investors. With a diverse number of listed coins, MEXC offers many attractive trading opportunities. This article by Coin568 will provide a detailed review of the MEXC exchange to help investors make the right trading decisions.
What is MEXC?
MEXC is a cryptocurrency exchange established in April 2018 by a team with rich experience in the field of finance and blockchain. This exchange provides a variety of services related to digital assets such as spot trading, futures contracts, margin trading and launchpool. With the vision of becoming one of the world’s leading exchanges, MEXC has expanded operations in more than 170 countries, supporting many languages including English, Korean, Turkish and Vietnamese.
MEXC is one of the few Crypto exchanges that complies with both GDPR and Fincen regulations, ensuring top security and privacy standards. The exchange has built an advanced risk management system, integrating modern anti-DDoS technology to protect the platform from cyber threats.
Currently, the trading volume on MEXC has exceeded 1 billion USD, while the order processing speed reached 1,400,000 orders per second. With more than 7 million users globally, MEXC not only provides a smooth trading experience but also ensures absolute safety and stability for investors.
Basic information:
- Headquarters: Singapore
- Year of establishment: 2018
- Number of cryptocurrencies: 1500+ types
- Trading pairs: 2100+
- Trading methods: ETF, Margin, Spot, OTC,…
- Device: Android and iOS
- Customer service: 24/7
Products on MEXC
MEXC is a diverse digital financial ecosystem, providing many products and services to meet user needs:
Spot Trading
MEXC supports over 2278 cryptocurrencies with around 3000 different trading pairs, allowing users to easily buy and sell popular cryptocurrencies and emerging altcoins. With a daily volume of more than 5.6 billion USD, MEXC ensures high liquidity to help users make transactions quickly and effectively.
Futures and Perpetual Trading
Allows trading of futures and perpetual contracts with multiple leverage options, helping users optimize profits (or risks). MEXC offers over 593 trading pairs including popular cryptocurrencies and indices. The daily trading volume of these two types of contracts on MEXC reaches a value of more than 34.3 billion USD. Users can rest assured about liquidity and the ability to perform transactions.
Launchpool
The platform allows users to participate in new cryptocurrency projects and receive rewards. Users holding MX tokens (MEXC’s exchange token) can buy tokens from new, potential projects through Launchpoo.
MX Zone
Exclusive feature for users holding MX tokens. MX token users can get up to 63.67% APY, free monthly airdrops, up to 50% trading fee incentives, and many other benefits.
Kickstarter
The feature allows users to vote for tokens during the pre-launch phase to receive an airdrop. This provides an opportunity for users to receive free tokens from new, potential projects.
Savings
With the Savings feature, users can use cryptocurrencies to deposit savings at different APR levels. MEXC is supporting 17 different cryptocurrencies including popular ones such as BTC, XRP, ETH, USDT.
Learn
The platform provides knowledge about cryptocurrency to help users improve their understanding of this market. This platform offers articles, videos, tutorials, and other materials about cryptocurrency.
P2P Trading
Peer-to-peer cryptocurrency trading platform, allowing users to buy/sell cryptocurrencies directly with MEXC-licensed merchants. With P2P Trading, users can easily buy and sell cryptocurrencies conveniently and safely.
Pre-market
OTC trading market for tokens that are not yet listed on exchanges. This is an opportunity for users to trade tokens before they are listed on the exchange, thereby investing early in potential projects.
MEXC trading fees
When participating in trading on the MEXC exchange, investors need to clearly understand the fees to have an optimal strategy. Below are important fees that users need to know:
- Deposit (deposit) fees are completely free with cryptocurrencies. However, if depositing with fiat currency (FIAT) through a third-party service, the fee will range from 3-5%, depending on the payment method.
- Regarding transaction fees, MEXC applies a fee of 0% for order creators (Maker) and 0.2% for order matchers (Taker) on the spot market. With futures contract trading, Maker is also free, while Taker is charged a 0.06% fee, but can be further reduced based on trading volume.
- The exchange does not support direct FIAT withdrawals, but you can sell assets on the P2P market without transaction fees. Sellers can set their own prices and wait for suitable buyers.
Cryptocurrency withdrawal fees vary depending on the type of coin/token. Some types can be withdrawn for free, while others have certain fees. For example, withdrawing USDT (Tether) will cost around 20 USD, depending on the blockchain network. You can check the fee details on MEXC’s official page to have a suitable trading plan.
Advantages and disadvantages of MEXC
MEXC is an international cryptocurrency exchange with a large scale and a long history of operations across many jurisdictions. With continuous efforts, MEXC has affirmed its position as one of the reputable Bitcoin exchanges globally. Outstanding features of the MEXC exchange (MEXC Global):
- Asset diversity: MEXC offers a wide range of digital assets for users to choose from, including Bitcoin (BTC), Ethereum (ETH) and thousands of other altcoins.
- Futures trading: Supports futures trading, allowing users to participate in the futures market and use more complex strategies.
- Security: MEXC focuses on security measures to ensure the safety of users’ data and assets.
- Friendly interface: Provides an intuitive and easy-to-use interface, suitable for both beginners and experienced users.
- Advanced technology platform: Using modern technologies to ensure high trading performance and platform scalability.
- Competitive trading fees: Competitive fees compared to other trading platforms on the market.
- High liquidity: Large volume, ensuring liquidity for user transactions.
- Multi-language support: Support for many different languages, including Vietnamese, helping users easily access and use the platform.
- Many promotions: Regularly organize promotions and events to attract users.
Although MEXC has many advantages, there are also some disadvantages that need to be considered by users before using the exchange’s services:
- No direct Fiat withdrawal support: This is a major limitation for users in some countries, especially those new to the cryptocurrency market. Users need to transfer cryptocurrency to another exchange that supports Fiat withdrawal so it can be converted to cash.
- Limit available assets depending on geographical region: MEXC may limit certain types of trading assets depending on the legal regulations of each region. This can be inconvenient for users if they want to trade assets that are not available in their region.
- Popularity is not high in some countries: Although MEXC is present in many countries, its popularity is not high in some regions, such as Australia. This may affect the liquidity of certain trading assets.
- Listing too many tokens without due diligence: MEXC lists a large number of tokens, including new and obscure tokens. This can increase the risk for users when investing in tokens that do not have enough information and are not thoroughly vetted.
- Temporary error in the deposit/withdrawal feature: Sometimes, users may encounter a temporary error in the deposit/withdrawal feature on MEXC. This can cause difficulties and delays for users when they want to make transactions.
Create a MEXC account
MEXC provides many services such as spot, futures, margin, staking and many other investment features. To take full advantage of the benefits on MEXC, users need to take basic steps such as registering an account, verifying their identity (KYC) and activating two-layer security (2FA).
Below are detailed instructions to help investors set up accounts and trade on MEXC quickly:
Register an account
- Step 1: Visit the MEXC website, then click the “Register” or “Sign Up” button (depending on the language you choose).
- Step 2: Enter email address and password in the corresponding fields as required by the system. Make sure the password you choose is strong and secure.
- Step 3: Click the “Register” or “Sign Up” button.
- Step 4: MEXC will send a verification email to the email address you registered. Check your inbox (including your spam or ads folder) and click the verification link in the email to complete the registration process.
Account verification (KYC)
- Step 1: After logging in to your MEXC account, click on the person icon in the upper right corner of the screen, then select “Verify” or “KYC”.
- Step 2: In the “Primary KYC” section, click the “Verify” or “Verify” button.
- Step 3: Fill in all personal information including nationality, full name, type of identification document you use (citizen ID, passport), ID number, date of birth.
- Step 4: Upload clear, unopened images of the front and back of your identification document.
- Step 5: Click the “Submit for Review” or “Submit for Review” button to complete the verification process. MEXC will review your information and notify you of the verification results as soon as possible.
2FA security settings
- Step 1: After logging in, click on the humanoid icon, select “Security” or “Security”.
- Step 2: In the “MEXC/Google Authenticator” section, click the “Install” or “Set Up” button.
- Step 3: Select “Next step” or “Next”.
- Step 4: Use the “Google Authenticator” or “Authy” app on your phone to scan the QR code displayed on the screen.
- Step 5: Save the 2FA recovery code in a safe place. This code will be needed if you lose access to the authenticator app.
- Step 6: Enter the MEXC account password, email verification code and 2FA authentication code from the application into the corresponding fields, then click the “Link” or “Bind” button.
How to deposit MEXC money
To trade conveniently on MEXC, users need to know how to deposit and withdraw money safely and accurately. MEXC supports many different cryptocurrencies and blockchain networks, making the transaction process flexible and fast.
Deposit
- Step 1: After logging in to your MEXC account, click on “Assets” or “Assets” on the menu bar, then select “Deposit” or “Deposit”.
- Step 2: Choose the type of token or cryptocurrency you want to deposit. For example: BTC, ETH, USDT,…
- Step 3: Select the blockchain network you want to use to deposit money. For example, if you deposit USDT, you can choose the TRON (TRC-20), Ethereum (ERC-20), or Binance Smart Chain (BEP-20) network. Make sure you choose the right blockchain network, because if you choose the wrong one, funds can be lost.
- Step 4: MEXC will display the deposit wallet address for you. Copy this address or scan the QR code to get the address.
- Step 5: Use this wallet address to send cryptocurrency from your personal wallet or from another exchange to MEXC.
Withdraw money
- Step 1: After logging in, click on “Assets”, then select “Withdraw tokens” or “Withdraw”.
- Step 2: Select the type of token or cryptocurrency you want to withdraw.
- Step 3: Enter the withdrawal wallet address in the corresponding field. Make sure this wallet address is correct, because if entered incorrectly, funds may be lost.
- Step 4: Select the blockchain network you want to use to withdraw funds. Please select the blockchain network corresponding to the withdrawal wallet address you entered.
- Step 5: Enter the amount of tokens you want to withdraw.
- Step 6: Review the withdrawal information again to make sure everything is correct, including the wallet address, blockchain network, and token amount.
- Step 7: If everything is correct, click the “Submit” or “Submit” button to complete the withdrawal request.
How to trade on MEXC
MEXC provides a variety of trading forms, helping users flexibly in investing and managing assets. From Spot to P2P and Pre-market, each method has its own advantages, suitable for different trading strategies:
Spot Trading
- Step 1: After logging in to your MEXC account, click on “Spot” on the menu bar, then select “Spot”.
- Step 2: Select the trading pair you want to trade. For example: BTC/USDT, ETH/USDT,…
- Step 3: Place a buy or sell order. You can choose either a limit order or a market order.
- Step 4: Enter the amount of coins you want to buy or sell.
- Step 5: Review the order information and click the “Buy” or “Sell” button to complete the transaction.
P2P trading (Peer-to-Peer): P2P trading allows buying and selling cryptocurrencies directly with other users on the MEXC exchange.
Buy
- Step 1: Click “Buy Crypto” on the menu bar, then select “P2P Trading”.
- Step 2: Select the “Buy” tab.
- Step 3: Select the cryptocurrency you want to buy (eg: USDT, BTC, ETH), enter the amount and payment method (eg: bank transfer, e-wallet).
- Step 4: Browse the list of merchants and choose one that is right for you. Consider factors such as the merchant’s price, payment methods, and number of completed transactions.
- Step 5: Click the “Buy” button to start trading.
- Step 6: Transfer money to the seller according to instructions.
- Step 7: Once the seller receives the funds, they will unlock the cryptocurrency for you.
Sell
- Step 1: Click on “Buy Crypto”, then select “P2P Trading”.
- Step 2: Select the “Sell” tab.
- Step 3: Select the cryptocurrency you want to sell, enter the amount and payment method you want to receive money.
- Step 4: Browse the list of merchants and select the appropriate merchant.
- Step 5: Click the “Sell” button to start trading.
- Step 6: Wait for the buyer to transfer money to you.
- Step 7: Once you receive the funds, unlock the cryptocurrency for the buyer.
Pre-market trading: Allows trading of tokens before they are listed on the official exchange.
- Step 1: Click on “Pre-Market Trading” on the menu bar.
- Step 2: Select the project you want to trade in Pre-Market.
- Step 3: Click the “Trade” button.
- Step 4: Select “Place order” to open a buy or sell order.
- Step 5: Enter the price and number of tokens you want to trade.
- Step 6: Review the order information and click the “Buy” or “Sell” button to complete the transaction.
How to download MEXC App
Downloading and installing the MEXC application on your phone is extremely simple, you just need to follow the instructions below to quickly experience this advanced trading platform.
On iOS: Because the MEXC system on iOS sometimes has some problems that make the application unavailable, you can fix it by installing through TestFlight. Be sure to remove any previously installed MEXC versions on the device.
- Step 1: Download the TestFlight application (a tool developed by Apple), which supports downloading applications that are in the Beta testing phase. You can download TestFlight directly from the homepage or search on the App Store.
- Step 2: After downloading, open the TestFlight application, select “Open” → “Continue”. The application will automatically transfer to the TestFlight system, click “Install” to continue.
- Step 3: When the installation process is complete, select “Next” → “Start testing” → “Agree”. So, you have successfully downloaded and installed the MEXC application on iOS.
On Android: Installing MEXC on Android is easier than on iOS. You just need to scan the QR code from the homepage or follow these steps:
- Step 1: Open Google Play Store, enter the keyword “MEXC” in the search box.
- Step 2: Select the MEXC application, press “Download” and wait for the installation to complete.
- Step 3: When the application is installed, press “Open” to launch.
- Step 4: Access the main interface of MEXC, click on the humanoid icon in the top left corner, then select “Login” to log in.
- Step 5: To register an account, select “Register” and enter the necessary information as required by the system. You can register by phone number or email, but registering by email is recommended to avoid losing the OTP code in case your phone is lost.
Note when joining MEXC
MEXC exchange is the ideal destination for those who want to find profitable opportunities in the cryptocurrency market. With an optimal security system, and a variety of products such as futures contracts, instant transactions, ETFs and many other forms, MEXC provides a safe and flexible experience. However, when participating in this platform, investors also need to note a few things below:
- Transaction fees: Transaction fees on MEXC may vary depending on the asset type and time of execution. To ensure transparency and good financial control, investors should regularly update information about official fees directly on MEXC’s website, avoiding unwanted deductions.
- Account security: Information security is always important in cryptocurrency trading. Set up a strong password, enable two-factor authentication (2FA), and absolutely do not share your login information with anyone. To optimally protect your assets, you can use a hardware wallet to store cryptocurrency, avoiding the risk of it being stolen from online platforms.
- Actively monitor your investment portfolio: The cryptocurrency market is constantly fluctuating, in just a split second, asset values can change drastically. Regularly updating market trends will help you promptly adjust your strategy, avoid the risk of loss when the market drops and quickly seize investment opportunities in potential coins.
- Understand the regulations: Whether trading on MEXC or any other exchange, understanding the operating mechanism, policies and terms of use is extremely important. Complying with the floor’s regulations not only helps you trade smoothly but also ensures your legal rights when problems arise.
FAQ
Is MEXC reputable?
MEXC is a reputable cryptocurrency exchange, highly rated in the market and has a credibility rating of 8/10 according to Coingecko’s rating. To affirm transparency and ensure the safety of users’ assets, MEXC has published Proof-of-Reserve, proving that the exchange always maintains a sufficient amount of margin assets.
Has MEXC ever been hacked?
Up to now, the MEXC exchange has not recorded any cases of hacking. This is an important factor that helps strengthen user trust in this platform. However, this does not mean that MEXC is completely risk-free. MEXC could still be the target of future cyber attacks. Therefore, users need to always increase vigilance and comply with security measures to protect assets.
Does MEXC require KYC?
MEXC exchange does not require users to undergo identity verification (KYC) immediately upon registering an account. You can create an account and start trading immediately without providing detailed personal information. However, accounts may be limited in terms of trading volume or certain features.
What is MEXC’s withdrawal limit?
MEXC has different withdrawal limits depending on whether you have verified your identity (KYC) or not, as well as your KYC level.
- Account without KYC: Withdrawal limit within 24 hours is 30 BTC.
- KYC account: When performing identity verification (KYC), the withdrawal limit will be increased depending on the KYC level. MEXC has two KYC levels: Basic KYC (withdrawal limit is 80 BTC per day), Advanced KYC (withdrawal limit is 200 BTC per day).
What is MEXC’s exchange coin?
MX Token (MX) is the official coin of MEXC, representing the interests and profits of users on the platform.
- Maximum supply: Unlimited.
- Total circulating supply: 100,000,000 MX.
- How to own: Users can exploit (mine) or buy MX tokens directly on the exchange.
MEXC optimally allocates trading fees to bring value to MX holders:
- 60% of trading fees are used to reward investors holding MX tokens.
- The remaining 40% is used to buy back MX tokens on the market, then perform a monthly burn process to reduce the total supply, thereby helping to maintain scarcity and increase the value of MX.
In addition, MX token holders also have the right to vote for the operation team, participate in community activities as well as enjoy many other special incentives.
Conclusion
MEXC is one of the reputable cryptocurrency trading platforms, providing attractive investment opportunities for both novices and professional investors. With a diverse trading ecosystem, advanced security mechanisms and dedicated customer support services, MEXC helps users access the crypto market easily and safely. However, before participating, investors need to consider carefully based on personal needs as well as risk tolerance.
