Highlights
What is MEXC?
MEXC Global is a centralized cryptocurrency exchange where users can enjoy spot, margin and futures trading on 1,700+ cryptocurrencies and 200+ futures trading pairs. Their platform features high liquidity and zero spot trading fees, allowing you to get great rates on altcoins and fast execution on your trades.
The platform is available in 170+ countries and serves more than 10 million users, making it a popular choice worldwide. MEXC also has an optional KYC policy, appealing to traders who want to start trading quickly without having to provide personal information.
Does MEXC Work In Canada?
While many crypto exchanges like Binance are leaving Canada, MEXC still works for now. Canada is a banned country according to MEXC's terms of service, but they do not not require KYC. This means anyone around the world (Canada included) can use the platform. I was able to sign up with an email and quickly deposit, trade and withdraw crypto without any issues.
I've heard that some people get restricted, so a VPN might be required. If you don't have one, you can check out Atlas VPN which is one of the most affordable choices. While MEXC works, keep in mind they might introduce mandatory KYC in the future like Binance, KuCoin, and many other platforms.
Things To Know
MEXC KYC Requirements
Similar to platforms like AscendEx and StealthEx, MEXC turns a blind-eye when it comes to KYC. Users can trade and withdraw with just an email, not having to share personal information. There is a withdrawal limit of 30 BTC per day for these email-only accounts, which is more than enough for most traders.
MEXC has three verification levels: Unverified, Primary KYC and Advanced KYC. Unverified accounts can withdraw up to 30 BTC per day without completing KYC. You can double check your withdrawal limit by signing up for MEXC and visiting the withdrawal page in your account. Primary and Advanced KYC get higher withdrawal limits and access to more features. These tiers require identity verification and facial recognition.
Key Features & Benefits
Other MEXC Features
MEXC Walkthrough
Let's walkthrough the MEXC account and its key services.
MEXC Profile
Your MEXC account offers spot, margin and futures trading on 1,700+ cryptocurrencies and 200+ futures trading pairs. There are zero spot trading fees and if you click on the withdraw button, you can view your daily withdraw limit which as of this writing is 50 BTC per day without KYC.
Spot Trading
MEXC has an advanced trading dashboard with 1,700 cryptocurrencies in mostly USDT trading pairs. According to the website, there is high trading volume, ensuring your orders fill quickly and help get good rates when making trades. Most notably, there are zero spot trading fees.
Futures Trading
MEXC allows users to trade with 1x-200x leverage, depending on the asset. Over 200 futures trading pairs are supported, where traders can go short or long on a variety of financial derivatives, perpetual futures, leveraged ETFs, and index ETFs.
As of this writing, MEXC has a 24-hour volume of $4.1 billion USDT according to the website. The exchange's high liquidity ensures that traders can execute trades quickly and with ease. In addition, the there is a 0% futures maker fee and 0.01% taker fee.
Copy Trading
Copy trading allows you to replicate the trades and strategies of successful traders. In theory, this helps beginners earn more easily but profits are not guaranteed. All orders are placed automatically when you decide to follow a trader and no additional fees are charged for copy trading transactions.
MEXC Reviews According to Reddit
There are concerns with small altcoins getting delisted without warning and brand new listings dumping 80%. The Trust Pilot reviews are also very poor, with people claiming MEXC is a scam.
However, most people on Reddit and other online review sites seem to enjoy MEXC for its easy leverage, thousands of altcoins, and no KYC. MEXC has a 3.8 star rating on Google Play with 26,000 reviews.
Security
MEXC Global has been operating since 2018 without any hacks in that timeframe. They have also published a Proof of Reserves and claim to store crypto assets in cold storage. In addition, users can secure their account with two-factor authentication, address whitelisting, anti-phishing codes, and other security measures.
One of the concerns I found are the Trust Pilot reviews, where lots of users claim MEXC is a scam. Many users say that MEXC stole their money or liquidated their account illegitimately. However, the reviews on Reddit, Google Play, and the App Store are mostly positive so it's hard to verify the concerns. In my personal experience, I did not have issues depositing, trading and withdrawing from MEXC.
Another potential concern could be that MEXC is unregulated in most jurisdictions. While MEXC has 10 million users and is considered safe, they are not on the same level as Coinbase or Kraken when it comes to safety.
MEXC Review
MEXC provides access to easy leverage, a huge number of altcoins, and very low fees, without having to KYC. Users can quickly sign up and start trading with their email, and withdraw up to 50 BTC per day instantly. In addition, it has over 10 million users and billions in derivatives trading volume.
However, some of the downsides include no support for fiat currencies, poor reviews on Trust Pilot, and limited liquidity on some of the small altcoins. Overall, MEXC can be a low-cost exchange to trade a huge selection of altcoins.
Pros & Cons
MEXC Alternatives
MEXC offers leverage and 1,500+ altcoins with zero spot trading fees. If you're looking for derivatives, ApeX is a decentralized exchange that's worth checking out. Here are my top choices for Canadians based on over 30 reviews:
NDAX is the top fiat on-ramp. It had the lowest fee to buy Bitcoin with Canadian dollars out of 18 platforms tested.
Kraken is fully regulated in Canada and offers 200+ coins, professional trading, and high liquidity.
ApeX is a decentralized exchange for derivatives traders built by Bybit. It has very low 0.02%/0.05% trading fees.
FAQs
Does MEXC Require KYC?
No, MEXC allows users to trade and withdraw without KYC and without sharing personal information. However, a VPN might be required if it says your region is restricted.
Are There Any Trading Fees On MEXC?
MEXC charges zero spot trading fees.
