Highlights
What is MEXC?
MEXC is a centralized cryptocurrency exchange where users can enjoy spot, margin and futures trading on 2,000+ cryptocurrencies and 300+ futures trading pairs. Their platform features high liquidity and low 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.
Things To Know
Who Can Use MEXC?
MEXC is available in 170+ countries. According to their terms of service, prohibited countries include: North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Indonesia, Singapore, Venezuela, the United States, and Canada. However, they do not require KYC so it's easy to avoid geo-blocks using a VPN like NordVPN.
MEXC KYC Requirements
Similar to platforms like LBank and StealthEx, MECX turns a blind-eye when it comes to KYC (however, a VPN might be required). 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 2,000+ cryptocurrencies and 300+ futures trading pairs. There are 0.10% 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. Trading pairs are mostly with USDT. 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 300 crypto futures are supported, which is more than most crypto exchanges. You can compare leverage exchanges here.
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 0.02% 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.
MEXC Security
MEXC is secure. They have been operating since 2018 and have never been hacked or lost user funds. They also have a Proof of Reserves on their site and hold crypto assets in cold storage. Users can further secure their account with two-factor authentication (2FA) and address whitelisting for crypto withdrawals.
One of the concerns I found are the Trust Pilot reviews, where several users claim MEXC is a scam. People claim that MEXC either stole their money or liquidated their account illegitimately. On the flip side, reviews on Reddit, Google Play, and the App Store are mostly positive. In my experience, I have never had issues depositing, trading and withdrawing from MEXC, so it's hard to verify the concerns.
Another potential concern could be that MEXC is unregulated in most jurisdictions. While MEXC is considered safe, they are not on the same level as heavyweights like Coinbase or Kraken when it comes to safety. Lastly, MEXC rocks a 81.15 out of 100 security score from Certik and a 9 out of 10 trust score from CoinGecko.
MEXC Review
MEXC provides easy access to leverage, over 2000 altcoins, and some of the industries lowest fees, without having to KYC. Users can quickly sign up and start trading with as little as an 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
Every year, RankFi updates their comparison tool and makes a list of the best crypto exchanges in the world. Check out how MEXC stands against our other favorite platforms:
BYDFi is one of the top no KYC, no VPN exchanges where anyone can sign up and trade.
FAQs
Does MEXC Require KYC?
No, MEXC allows users to trade and withdraw without KYC and without sharing personal information. A VPN like NordVPN or Surfshark might be required if you live in the USA or certain geo-blocked regions.
Are there any trading fees on MEXC?
MEXC charges zero spot trading fees, making it an excellent platform for frequent traders.
