MEXC Review 2024 – Is The Exchange Safe?

MEXC Overview

MEXC was launched by John Chen in 2018. The crypto exchange quickly became a popular crypto exchange, with over 20 million users as of 2024. Currently, MEXC used to be of the most popular no-KYC crypto exchanges, however, they made KYC verification mandatory in June 2024. That means new users can not deposit, trade, or withdraw without identity verification.

 

MEXC Pros & Cons

✅ MEXC Pros	❌ MEXC Cons
Very user-friendly	Not available in the US
832+ supported cryptos	Lacks fiat support
Lowest trading fees	Regulatory concerns
24/7 live chat support	Lacks passive income products
Fast order execution	Requires KYC

 

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MEXC Products & Services

MEXC is one of the largest crypto exchanges with tons of products and features. Traders can access spot and futures trading for over 1600 cryptos. This makes MEXC a great altcoin exchange for spot traders.

The crypto derivatives market on MEXC is one of the best of its kind, with low fees, 400+ futures contracts, a smooth interface, and incredibly low fees of 0% maker and 0.01% taker. For experienced crypto futures traders, MEXC offers up to 200x leverage.

Another feature on MEXC is copy trading, which allows you to automatically copy the trades of experienced traders. You can analyze the historical performance of professional MEXC traders and copy their trades with just a few clicks.

If you don’t own cryptos yet, you can easily deposit funds on MEXC using your credit/debit card or bank transfer. Over 10 fiat currencies are supported on MEXC.

For mobile users, MEXC offers an app. The app is available for Android and iOS phones and has a 3.8/5 star rating. After testing over 60 crypto exchange apps, we consider the MEXC an average option for traders looking to trade on the go. It is enough to execute trades, but there are better options available such as the BingX or Bybit app.

 

MEXC Trading Features

Spot Trading

MEXC offers spot trading for over 1600 different coins, making MEXC an excellent exchange for altcoin trading. In fact, MEXC is the crypto exchange with the most supported altcoins. Overall, MEXC is very well-designed and user-friendly, ensuring a smooth trading experience.

When it comes to spot trading, MEXC is one of the best choices due to the sheer selection of available assets. Over 1600 different cryptocurrencies can be traded on the MEXC spot market. Additionally, MEXC only charges 0.1% fees for altcoins and 0% fees for Bitcoin trading.

 

Futures Trading

Where MEXC stands out most is its futures trading platform with 0.01% maker and 0% taker fees and 200x leverage. MEXC is the crypto exchange with the highest leverage and lowest fees, making it the top choice for crypto day traders.

MEXC offers a high-performance derivatives trading platform with futures contracts trading for over 300 different cryptos.  

What we love about MEXC is its well-designed interface, which ensures a seamless trading experience for beginners and professionals alike. The website speed is very fast, and with deep liquidity, your orders will be executed flawlessly.

 

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MEXC Fees & Costs

What we love about MEXC is its competitive fee structure, making it an excellent choice for day traders seeking the best value for money. No crypto exchange has lower fees than MEXC.

 

Spot Trading Fees

MEXC spot trading fees for altcoins are 0.1%.  However, Bitcoin spot fees on MEXC are 0%. That means you can buy and sell digital assets without having to pay any fees.

 

Futures Trading Fees

For futures trading, MEXC fees start at 0% maker and 0.01% taker. Because the default fees on MEXC are so low, the platform doesn’t offer any fee discounts.

 

MEXC Deposits & Withdrawals

Deposits

MEXC supports multiple networks for crypto deposits without fees. Some popular crypto networks include ERC20, TRC20, BEP20, BRC20, SOL, TIA, ARB, and more.

For fiat purchases, MEXC supports 10+ fiat currencies, including EUR, GBP, or USD, through multiple payment methods:

• Credit/Debit card
• Third party payment providers

Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.

One major downside of MEXC is its fiat support, as not many currencies are supported. Also, MEXC doesn’t allow the deposit of fiat directly to the platform.

 

Withdrawals

MEXC supports multiple networks for crypto withdrawals, including:

• TRC20
• BEP20
• ERC20
• Bitcoin
• Litecoin
• and many more

The MEXC withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.

Fiat withdrawals are currently not integrated directly into MEXC. As mentioned before, MEXC lacks sufficient fiat support. However, you can use the MEXC P2P marketplace to cash out your profits.

 

MEXC Customer Support

MEXC offers 24/7 live customer support via live chat. The average response time is less than 5 minutes. After testing the support, we think that they could be more knowledgeable and helpful. Additionally, you can reach out to MEXC via email with a response time of up to 24 hours.

 

MEXC Security

MEXC stores customer funds in multi-sig cold storage wallets. As the platform is centralized (like FTX), we consider MEXC to be a relatively risky exchange, and we advise you to store your cryptos in a personal wallet. You should never store your funds on a CEX.

Additionally, MEXC provides proof of reserves, meaning that all customer assets are backed by MEXC with at least 100%.

For account security, you can turn on features such as Google Authenticator, Email verification, and SMS verification.

 

MEXC Signup & KYC

MEXC requires no KYC verification. That means you can get started with trading on MEXC right away without having to go through an identification process.

If you still want to verify your identity, you must submit personal details:

• Personal Details
• Government-issued ID
• Selfie

Higher KYC levels unlock higher withdrawal limits on MEXC.

 

MEXC Review Summary

MEXC is one of the best crypto derivatives exchanges in the world. The exchange offers crypto traders a high-performance platform to execute their trades in real-time. What makes MEXC special is its fee structure. Nowhere else will you find futures trading fees as low as 0% maker and 0.01% taker.

On top of that, MEXC offers deep liquidity, ensuring a smooth trading experience. MEXC is one of the best options for day trading and scalping cryptocurrencies.

 

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FAQ

Is MEXC legit?

Yes, MEXC is a legitimate crypto exchange with over 15 million users.

 

Does MEXC require KYC?

Yes, MEXC requires KYC. As of June 2024, all traders must undergo the verification process in order to use MEXCs services.

 

Is MEXC available in the US?

No, MEXC is not available to US citizens due to regulatory issues.

 

What are MEXC fees?

MEXC spot fees are 0.1%. MEXC futures fees are 0% maker and 0.01% taker.