Highlights
What is MEXC?
MEXC is a crypto exchange with 2,000+ cryptos, 300+ futures trading pairs, very low fees, and more. The platform has high liquidity and very low fees, allowing you to get great rates and fast execution on your trades.
They are available in 170+ countries and serve over 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 providing personal information.
Does MEXC Work In Canada?
While many crypto exchanges like Binance are leaving Canada, MEXC still works for now with a VPN. Keep in mind, Canada is a banned country according to MEXC's terms of service, but they do not not require KYC. I was able to sign up with an email and quickly deposit, trade and withdraw crypto without any issues.
However, you should check out our list of MEXC alternatives for no KYC, no VPN exchanges. Users are speculating that MEXC could be switching to mandatory KYC soon, just like Binance, KuCoin, and other platforms did in the past.
MEXC KYC Requirements
Similar to platforms like AscendEx and Fairdesk, MEXC turns a blind-eye when it comes to KYC. Users can trade with just an email, not having to share personal information.
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.
Things To Know
Key Features & Benefits
Other MEXC Features
MEXC Walkthrough
MEXC Profile
Your MEXC account offers spot, margin and futures trading on 1,700+ cryptocurrencies and 200+ contracts. 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 30 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.
Is MEXC Safe?
MEXC 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. 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 is that MEXC is unregulated in most jurisdictions. While MEXC has 10 million users and is considered safe, they lack the licenses that platforms like Coinbase or Kraken hold.
MEXC Review
MEXC provides access to leverage, a huge number of altcoins, and low fees, without having to KYC. Users can register quickly and start trading with their email, and withdraw up to 30 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 small altcoins. Overall, MEXC can be a low-cost exchange to trade a huge selection of altcoins.
Pros & Cons
MEXC Alternatives
MEXC offers leverage trading and 2,000+ altcoins with competitive trading fees. Luckily, there are many MEXC alternatives to choose from. Here are my top choices for Canadians based on over 30 reviews:
Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.
Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.
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 currently charges zero spot trading fees.
