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MEXC

MEXC

2,000+

Coins 

0.10%

Trading Fee 

Seychelles

HQ

Last Updated Apr 25, 2024  |  Affiliate Disclosure

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Highlights

  • MEXC is a popular centralized cryptocurrency exchange that allows spot, margin, and futures trading without KYC. You can sign up here to get a $1,000 bonus.
  • Canadians can trade 2,000+ cryptocurrencies and 300+ crypto futures with industry-low fees. However, a VPN like NordVPN might be required. Plus, rumors are circulating that MEXC might do mandatory KYC soon, so it might be better to find an alternative.
  • They serve over 10 million users in 170+ countries around the world.

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.

MEXC KYC Process

Things To Know

  • MEXC has more than 10 million users in 170+ countries
  • KYC is optional, you can trade and withdraw with just an email address (up to 30 BTC/day)
  • It has high trading volume, ensuring you get good rates and your orders fill quickly. As of this writing, the 24-hour spot trading volume is $400M and derivatives is $4.1B
  • MEXC has very low trading fees: 0% spot trading fees and 0.01% taker fee on futures trades
  • Some other features include copy trading, paper trading, perpetual futures, and leveraged ETFs
  • It can be tricky for beginners to navigate

Key Features & Benefits

MEXC Homepage
  • 2,000+ cryptocurrencies: MEXC offers a wide variety of cryptocurrencies, providing access to some of the most popular and unique altcoins.
  • Low Trading Fees: There are 0.10% trading fees on spot trades, making it an excellent platform for frequent traders.
  • 300+ Futures Trading Pairs: Go short or long with 1x-200x leverage. There are a variety of financial derivatives, perpetual futures, leveraged ETFs, and index ETFs available. Futures trading fees are also quite low. There is a 0% futures maker fee and 0.02% taker fee.
  • High Liquidity: According to CoinMarketCap, MEXC has hundreds of millions in trading volume and billions in futures volume, ensuring that traders can execute orders quickly and efficiently.
  • Privacy-Focused: 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 30 BTC per day withdrawal limit for email-only accounts. A VPN might be required depending on your location.

Other MEXC Features

  • Copy Trading: This feature allows users to follow and replicate the trades of top-performing traders on the platform.
  • ETF Index: Users can invest in multiple assets at once in order to diversify their risk.
  • Margin Trading: Margin trading on MEXC enables users to trade with larger positions than their initial investments by leveraging loans. Users can increase their trading positions up to 200 times their initial investment
  • Demo Trading: Practice your skills with a paper trading account.
  • MEXC Savings: Advertised as a "simple and secure way to earn crypto." Do your research but you can earn APY on USDT, BTC, ETH and a variety of digital assets. 
  • Other: MEXC also a token launchpad allowing you to get airdrops of new tokens. There's a MEXC Mastercard, P2P trading, and they have their own MX native token.

MEXC Walkthrough

MEXC Profile

MEXC Account Dashboard

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 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 Bitcoin Perpetual

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

MEXC Copy Trade

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.

  • A user on Reddit wrote, "MEXC has been very nice and easy to use. I've used KuCoin as my Non-KYC go to but now I'll use both - they have a crazy amount of coins listed too."
  • "MEXC seems to be the sub's favourite right now, nonetheless, be careful of exchanges, don't forget..."
  • Another Redditor mentioned, "They're safe. I wouldn't leave crypto sitting on there but it's a decent exchange and if you enable 2FA it uses both your email and your 2FA so it's sortakinda 3FA"
  •  A Trust Pilot review says, "They will trigger your (Tigger Price -Limit Buy) order even if your entry price is more than 5% away from the market price, and they will stop you out at the same time. Please stay away from this scam platform."
  • "I was able to trade without signing up for KYC. They’re safe to buy from nothing shady or anything. But withdrawl your crypto immediately to your wallet or choice, same as other exchanges. All in all I would recommend, it’s not as user friendly as CoinBase but the process is pretty simple"
  • Some reviews on Google play have issues with small altcoins saying "They delist tokens without warning. Beware" and "launches scam projects ...all projects down 80% after listing ...no buyer on mexc... sometimes suspend deposits without notice...sometime suspend withdrawals."

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

  • Huge selection of 2,000+ cryptos
  • Up to 200x Leverage
  • No KYC requirements
  • High liquidity overall
  • Zero spot trading fees and very low futures fees
  • Some small altcoins have no liquidity
  • Bad reviews on Trust Pilot
  • Tricky for beginners
  • No support for fiat currencies
  • Not much info about their security

MEXC Alternatives

MEXC offers leverage and 2,000+ altcoins with zero spot trading fees. Here are my top choices for Canadians based on over 30 reviews:

NDAX.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

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.

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.


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