Our Verdict

MEXC (formerly known as MXC) is a crypto exchange based in Seychelles. It ranks among the top 20 exchanges, placing 11th on CoinMarketCap and 19th on CoinGecko. 

The centralized exchange supports the largest array of cryptocurrencies, with around 2,900 trading pairs and over 2,800 tokens, significantly more than Coinbase (241) and Binance (420). 

Known for advanced trading features and 0% fees for spot trading, it is ideal for serious traders. However, MEXC offers limited native fiat options, relying on third-party services like Banxa, Moonpay, and Mercuryo, which are unavailable in the UK.

MEXC is one of the few remaining CEXs that allows account creation without KYC, enabling quick access for deposits and crypto transfers. But, crypto asset trading is restricted. Remember, holding funds without KYC poses security risks, as lost assets may be difficult to recover.

Is MEXC Right For You?

Not all traders are the same. Some seek easy apps for trading on the go, while others look for advanced features like leverage or social trading. When reviewing exchanges, we cater to all types of traders, from occasional to frequent. We divided all traders into seven main target groups.

Our thorough yet straightforward method ensures a clear understanding of trading strategies and their requirements. By assessing, ranking, and recording key factors, we determine how well the exchange meets the needs of each target group. We use three types of rankings: perfect match, good choice, and not recommended. Here’s our verdict:

Casual Traders: Perfect Match

MEXC is a perfect match for casual traders seeking to trade rare low-cap cryptocurrencies at low fees. It offers various technical indicators, charting tools, and staking services. Although buying crypto with fiat can be unreliable, traders can use another platform for that functionality while enjoying MEXC’s benefits.

MEXC boasts top-rated security, scoring an A on skynet.certik.com and a CoinMarketCap trust score of 6.7 (as of 22/07/24), with a flawless hacking record. With over 2,800 tokens, leverage options up to 200x, and support for third-party banking services, MEXC offers an excellent trading experience. Personally, I prefer MEXC for its 0% spot trading fees, high leverage options, and ease of use.

Day Traders: Perfect Match

MEXC is a perfect match for day traders. It offers a great desktop experience, low fees, leverage options up to 200x, and access to over 2,800 crypto tokens. I noticed that both derivative and spot trading charts show entry and exit points, which is a big help for day trading, plus the advanced charting tools and automated trades with take profit and stop loss make it even smoother. While MEXC is a centralized exchange, its variety of tokens is on par with decentralized exchanges like Uniswap or Pancake Swap, which are known for hosting a wide variety of crypto. 

The exchange has never been hacked, provides solid proof of reserves with audits every two months, and excels in security with 2FA and multi-factor biometric scanning.

Hodlers & Position Traders: Perfect Match

MEXC is a perfect match for crypto holders and position traders, offering a vast selection of tokens typically found on decentralized exchanges. MEXC allows traders to acquire rare, low-cap tokens unavailable on most other platforms, providing a valuable edge. The platform also supports staking and borrowing options for long to medium-term investments. MEXC also boasts an excellent security record: never been hacked, solid proof of reserves, POR audits every two months, 2FA, and multi-factor biometric scanning.

The only drawback I found was the unreliable fiat transactions, which require depositing crypto from an external wallet.

Leverage & Derivative Traders: Perfect Match

MEXC is a perfect match for traders interested in leverage and derivatives. It offers a robust desktop experience with low fees and leverage options up to 200x on futures and up to 10x leverage for margin trading. For futures, this is significantly higher than other exchanges, such as Coinbase (10x), Kraken (50x), and OKX (100x). The platform supports over 2,800 crypto tokens and provides comprehensive trading options, including spot, perpetual futures, and options. Based on my tests, margin accounts are restricted in the United Kingdom.

From my personal experience, the platform excels in trading flexibility, allowing for quick position adjustments and speed. MEXC prioritizes wallet security with anti-phishing codes, withdrawal whitelisting, and cold storage for most funds. Coupled with a stellar security record, never having been hacked, and audits every two months providing proof of reserves, MEXC ensures a secure trading environment with 2FA and multi-factor biometric scanning.

Bot, Social & Copy Traders: Perfect Match

MEXC offers a perfect match for copy traders, with detailed analytics to help you choose the best traders based on performance and returns. You can add your favorite traders to your watchlist and see how many followers they have. The exchange also provides a copy trading guide for beginners.

However, the platform does not support social trading functionalities. It also lacks chat or group features and does not natively support automated trading bots, though integrations are possible.

Algorithmic Traders: An Acceptable Choice

MEXC is an acceptable choice for algorithmic traders, offering essential features like API access, low fees, and rapid trading. In my experience, using their API for algorithmic trades has been straightforward and efficient, though the 20 calls per second limit may not support high-frequency trading strategies. The platform also lacks a backtesting environment and an API sandbox for testing. However, it provides decent liquidity, with a high CoinMarketCap score.

On the security front, MEXC excels with robust measures, including 2FA, multi-factor biometric authentication, email/SMS recovery, data backups, and password encryption to guard against hacks.

Despite its strengths, MEXC does not support trading bots. After speaking with their head of API on Telegram, it’s clear that there are no future plans to introduce an API backtesting environment or support for high-frequency trades.

Dollar Cost Averaging (DCA) Investing: Not Recommended

We do not generally recommend MEXC for DCA (Dollar-Cost Averaging) investing because it doesn’t offer an option for automated recurring buys. For a smoother experience, consider exchanges like Coinbase or Binance, which offer recurring buy options for hassle-free DCA investing.

Supported Countries and Regions

MEXC operates in over 170 countries and regions worldwide. MEXC’s website does not provide information about supported and partially restricted regions. As a UK-based tester, I noticed that MEXC has avoided many of the regulatory issues faced by Coinbase, Binance, and OKX, and remains accessible and popular despite being unregulated in the UK.

However, MEXC has encountered bans and geographical restrictions in other areas. Operating without regulation in jurisdictions like the UK could potentially expose MEXC to similar bans and restrictions in the future.

• Europe: MEXC is available in many European countries, but specific services may be restricted in certain jurisdictions due to local regulations.
• Asia: MEXC has a presence in various Asian countries. However, it’s important to note that MEXC is unavailable in Mainland China.
• Australia: MEXC is accessible to Australian users.
• Africa: MEXC operates in various African countries, as part of its global presence.
• South America: MEXC is available in most South American countries, subject to local regulations.

Fully Banned Countries

• North Korea
• Cuba
• Sudan
• Syria
• Iran
• Crimea
• Mainland China
• Hong Kong (China)
• Indonesia
• Singapore
• Venezuela
• United States
• Canada
• The Netherlands
• Bangladesh
• Bolivia
• Malta
• Crimea, Donetsk and Luhansk regions

MEXC Bonuses and Special Offers

Deposit Rewards: MEXC offers deposit bonuses such as a 20 USDT Futures bonus for net deposits over 1,000 USDT. Accumulative net deposits of ≥ 10,000 USDT within 7 days can earn a random credit bonus worth 10-50 USDT.

Trading Rewards: For spot trading, MEXC provides a $10 BTC airdrop for trading volumes exceeding 3,000 USDT and an additional $30 BTC airdrop for volumes over 10,000 USDT. In futures trading, bonuses include 20 USDT for volumes exceeding 10,000 USDT, an extra 20 USDT for volumes over 20,000 USDT, and random bonuses of 10-100 USDT for trading ≥ 20,000 USDT within seven days.

Referral Program: MEXC offers up to 70% commission on fees from referred friends’ spot and futures trading. The commission rate is determined by the referrer’s MX Token holdings.

Additional Programs and Promotions: MEXC’s community rewards include 2-5 USDT Futures Bonuses for joining the Futures Telegram Community and following Futures Twitter. Successfully referring a friend who completes KYC and trades ≥ 1,000 USDT on Futures can earn a 10 USDT Futures Bonus.

They also feature a progressive deposit bonus program based on deposit amounts and trading volumes, up to 1,000 USDT Futures Bonus for new users through specific events, and periodic promotions like zero trading fee events and opportunities with yields up to 100% APY. MEXC frequently hosts online competitions and giveaways, with updates available on their official social media accounts.

Rewards and program details may change over time. For the latest information on promotions and reward programs, always refer to MEXC’s official website or announcements.

Exchange Background

Establishment: MEXC was founded in 2018, during a period of significant growth and interest in the cryptocurrency market.

Leadership: During my testing, I found the leadership team at MEXC shrouded in mystery. Initially founded by Ryder Junji, a person with no digital footprint, followed by John Chen until December 2022, the current CEO remains undisclosed. The support team couldn’t provide this information either.

The company maintains strict privacy about its leadership, with no public disclosure of founders’ identities, education, or nationality. This secrecy might be due to their unregulated operations in some jurisdictions, potentially to avoid future prosecution. This approach raises questions in security.

Security and Transparency

MEXC is quite transparent with its security offerings but lacks clarity about its exact operating regions. For example, a staff member on LiveChat couldn’t specify the number of countries in which MEXC operates, although the website states it operates in over 170 countries and regions.

MEXC doesn’t offer crypto or fiat deposit insurance for its customers but maintains an insurance fund for users involved in leverage options, ensuring a smooth liquidation process. Similar to OKX, MEXC has a bug bounty program on HackenProof, offering rewards from $10 to $10,000 for identifying platform vulnerabilities, depending on severity. This program enhances platform security by leveraging the expertise of security researchers and ethical hackers.

Independent Security Rankings

As part of our review, we refer to the industry’s most respected independent security auditors for cryptocurrency exchanges. Each has its own ranking criteria. For example, CoinMarketCap considers factors like traffic, liquidity, and volume, while CER.live scores based on proof of reserves, bug bounty programs, and compliance with standards like ISO 27001. Each auditor provides a unique score, ranging from 0.00 to 10 for some, like CoinMarketCap and CoinGecko, or from AAA to D for others.

MEXC ranks high with these independent security auditors but falls short compared to major exchanges like Kraken, Coinbase, and Binance due to lower liquidity, user base, volume, proof of reserves, and overall transparency (as of 22/07/24).

Know You Customer (KYC)

MEXC promotes itself as a non-KYC exchange, letting users sign up and receive crypto without verification. But in practice, KYC is required for buying with fiat, staking, trading on spot, futures, or margin, and for making larger crypto withdrawals.

The KYC process with MEXC was relatively straightforward, offering two options:

• Primary (has a lower withdrawal limit)
• Advanced (allows for higher withdrawals).

Opting for Advanced involved a quick ID scan on mobile followed by a facial scan, with verification completed within minutes. After logging in, users can enhance security with options like 2FA and biometric security. MEXC supports integrations with third-party apps, including Google, Telegram, Apple, and MetaMask.

Is MEXC Safe to Trade With?

No exchange is entirely safe, but in my opinion, MEXC is mostly safe to use and demonstrates a reasonable level of trust and stability. 

In my opinion, MEXC is generally safe to use, it demonstrates a reasonable level of trust and stability.

Take these factors into consideration:

• Good scores on security
• Partial proof of reserves
• It has never been hacked
• Mixed regulatory compliance across different regions

It’s important to remember that MEXC is a custodial exchange, meaning the exchange has full control over your funds and can use them as they see fit. The FTX collapse is a prime example of the potential risks involved.

Trading Experience

When conducting this review, I was based in the United Kingdom and used the Google Chrome Browser.

Trading test

For our trading test, we thoroughly evaluated the MEXC platform. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up and Funding Your Account

Signing up with MEXC is quick and straightforward. Unlike other exchanges, such as OKX or Coinbase, there’s no extensive FCA questionnaire or inquiries about personal income or location. Signing up simply required entering an email and password. 

It took me less than 5 minutes to complete KYC and verify my account to start trading.

The MEXC mobile app was unavailable on the UK’s version of Google Play, so I had to download it from a link on the website.

Funding your account on MEXC can pose challenges; it rejected both my Monzo and TSB payment cards. When I tried using a credit card, the transaction appeared stuck on an awaiting payment screen, with no funds deducted from my bank account throughout the day. When I reached out to customer support via live chat, they acknowledged the issue but didn’t attribute it to geographical restrictions, assuring me it was a temporary problem they were working to resolve.

Despite having 71 USDT in my account from previous trading, I couldn’t test the fiat withdrawal function because the minimum required was 120 USDT, and MEXC only allows selling USDT. Consequently, I purchased USDT on Coinbase and transferred it to MEXC to proceed.

After 10 minutes, I checked my balance and confirmed that the new USDT funding had been received. I didn’t receive any notifications or messages on mobile or desktop about the deposit, but I found checking my balance to be user-friendly on the platform, accessible with just one click.

Step 2: Trading

I discovered that MEXC does not have a native conversion, which customer support later confirmed. Therefore, trades must be done via spot trading, which might not be suitable for beginner traders.

MEXC’s trading pairs are impressive and easy to search and view.

I chose the LTC/USDT pair for trading, and set a buy order at $70.27 with a tight stop loss at $60.

I placed the order at 10:39, and it was successfully filled at 10:40:54. However, MEXC does not automatically send notifications, so I almost missed it.

Step 3: Withdrawal and review

I tested the exchange fees and transaction costs on MEXC by sending LTC to my personal wallet via the LTC network:

• Transfer Time: Approximately 6 minutes
• Network Fee: 0.001 LTC
• Security: Required phone and email codes/address to be added to the whitelist
• Result: USDT arrived in my Trust Wallet within a minute, receiving 2.1476 LTC, matching the expected amount minus the 0.001 LTC fee.

The withdrawal experience was frustrating. Before withdrawing, I recommend setting up fast withdrawals in settings to avoid having to receive a code from texts every time you want to withdraw. However, the exchange would often fail to send the text message on time, requiring to redo the process multiple times.

I found setting up fast withdrawals and adding my personal wallet address to the whitelist was quick and easy. Although it required email and text codes, this process was smoother than with withdrawals and successfully activated the withdrawal order.

MEXC Desktop Version

Traders use MEXC for one of the best selections of cryptocurrencies and trading pairs in the industry. MEXC balances good asset management and trading features with a user-friendly interface, though it’s primarily geared toward experienced traders due to the lack of a basic version for beginners. With its native charting tools and technical indicators, along with TradingView integration, it offers a comprehensive trading experience.

Navigation Ease

MEXC’s navigation clearly showcases its offerings and capabilities, allowing users to access spot trading, futures, the order book, wallet, orders, and other services with a single click from the main landing page. The user experience sometimes feels a bit more like a casino than a typical exchange, with numerous events, bonuses, special offers, and consistent pop-ups that can be distracting throughout the user journey.

Search Functionality

I found MEXC’s search functionality superior to that of other exchanges like OKX, which limits its search to only the tokens it supports. MEXC offers a comprehensive experience, allowing access to a database of over 2800 tokens, trading pairs, popular tokens, and hot events such as its launchpad, daily prizes, leaderboards, and exciting bonuses.

This search functionality is more than just a tool for browsing investments; it acts as a robust cryptocurrency search engine, enhancing user engagement and providing a dynamic platform for discovering various opportunities within the crypto market.

 

Trade Navigation

MEXC’s trade interface is divided into spot trading and perpetual futures trading, with leverage up to 200x. However, compared to exchanges like Coinbase, OKX, and Kraken, it lacks a beginner-friendly version.

During testing, I found buying and selling crypto for fiat cumbersome. My Monzo and TSB payment cards were rejected, and a credit card transaction got stuck on an awaiting payment screen without being deducted from my bank account. Customer support attributed this issue to a temporary glitch they are working to fix.

While MEXC estimates your overall asset worth, you must select specific wallets to see detailed allocations, as MEXC has multiple wallets for spot trading, perpetual futures, fiat, and copy trading.

Though not as visually appealing as other wallets that show portfolio growth, MEXC’s system is practical for professional traders who want to actively trade their assets.

Trading Interface

The MEXC trading interface resembles those of OKX and Kraken Pro. It is easily accessible via the Spot or Futures trading options in the main navigation.

Charting tools: Straightforward and user-friendly, with over 10 options available. Selecting from 21 different technical indicator is easy, though abbreviated names can be challenging for beginners. I really liked how users can customize the color of each technical indicator, allowing them to see market trends at a glance.

Dual-charting capability: MEXC integrates TradingView seamlessly, adding 103 technical indicators and customizable line and candle types. This enhances the platform’s functionality and appeal to traders seeking detailed analysis and customization options.

Order book: Provides detailed, real-time updates for market sentiment and liquidity. Users can customize their view by toggling between buyers and sellers or focusing solely on one.

Spot trading: Offers market, limit, stop-limit, and OCO orders with basic stop loss and take profit features. However, trailing stop loss is not available. Still, MEXC is comparable to exchanges like Binance and Coinbase Advanced Trade, making it suitable for professional traders.

Perpetual futures: Simplified interface with similar charting tools, supporting take profit, stop loss, and trailing stop loss. No TradingView option. The order book and buy/sell interface are not positioned on the left.

Leverage: Offers up to 200x leverage, surpassing other major exchanges like Binance, Kraken, BitMEX, Bybit, and even FTX before its collapse in 2021.

My Key Takeaways after Testing MEXC Desktop

Overall, the platform stands out for traders seeking low fees and robust trading functionalities. The platform’s emphasis on advanced features and technical depth provides a comprehensive trading experience. 

MEXC is like buying a game without a tutorial. There’s no simple version, and it offers no help for the uninitiated. This, combined with the relentless offers, discounts, and rewards notifications, choice of over 2000 tokens, 200x leverage, top-tier order types, charting tools, and indicators, makes it a professional trader’s dream and a beginner’s worst nightmare. 

MEXC Mobile App

MEXC offers a comprehensive mobile app for asset management and trading on the go. It’s available on Apple and Google Stores, although I couldn’t download it in the UK due to regulatory reasons.

Like its desktop version, the mobile app lacks a basic option and features complex functionalities such as spot trading, staking, perpetual futures, and copy trading, mainly designed for seasoned traders.

Throughout my week-long test using a Google Pixel in the UK, I found the MEXC mobile app to be a multifaceted environment with numerous offers, competitions, and pop-up advertisements. The app’s interface aims to cater to diverse trading needs and preferences, but this complexity may overwhelm less experienced users seeking a straightforward mobile trading experience.

The mobile app integrates all functionalities from the desktop version effectively, though I initially encountered some difficulty locating the trading interfaces. Once in, users can effortlessly navigate between MEXC’s spot, futures, and copy trading interfaces within the app, which is more streamlined compared to the desktop version requiring navigation through the dropdown menu in the main navigation.

Trading on the mobile app lacks visual cues about market movements due to the absence of charting features within the buy/sell interface. Although charts for trading pairs can be viewed, initiating a trade redirects to a basic buy/sell interface. TradingView integration is not available, limiting access to advanced indicators and tools. While the app allows quick navigation between trading interfaces, it falls short in providing the detailed market analysis and charting capabilities of the desktop platform.

My Key Takeaways after testing the MEXC Mobile App

During testing, the app was just as good as the desktop version, offering seamless trading functionality. However, withdrawals are limited to SEPA transactions, and buying crypto with fiat remains unsupported. Despite these drawbacks, the app impressed me with advanced trading features like live order book access and sophisticated order types.

While the mobile app mirrors the desktop version in terms of functionality, it lacks the same level of technical indicators, charting tools, and customization options available on the desktop. The absence of TradingView integration limits the depth of market analysis, and the buy/sell interface feels basic compared to the more advanced desktop setup. 

Fees

MEXC has a high position on CoinMarketCap with an overall score of 6.7 (as of 22/07/24). It focuses on average liquidity, trading volume, confidence in reported volumes, and competitive fees across its extensive global user base.

Regarding fiat transactions, MEXC currently offers limited options, such as temporarily unavailable debit card payments and SEPA transfers that are unavailable to UK users. Transactions can take more than 24-48 hours, and the exchange lacks transparency in disclosing SEPA and debit card fees. Due to these factors, I chose to fund my account using an on-chain deposit.

MEXC is an excellent crypto exchange for experienced traders but not for beginners. I also failed to buy crypto on the exchange due to technical issues. 

MEXC Spot Maker/Taker Fees

In our review of spot fees, we examine spot fees across three distinct tiers, focusing on the fees for different trading volumes. We focus on the essentials and potential savings through native tokens and various discount schemes. Our unique methodology provides a clear view of fee structures and how they benefit traders of all levels.

MEXC does not charge any maker or taker fees for spot trading.

MEXC does, however, charge a small taker fee of 0.010% taker fee for futures trading while charging no maker fee.

Deposit fees

MEXC allows users to deposit crypto with fiat via credit/debit card and SEPA transfers. My testing revealed that MEXC lacks transparency with its debit/credit card fees. While it does not charge for SEPA transactions, it warns that banking fees may apply.

MEXC supports third-party services such as Banxa, Moonpay, and Mercuryo. However, these services are not available in the UK, so I couldn’t test them. Google Pay and ApplePay on MEXC are only available through supported third-party services like Banxa or Moonpay.

The chart above shows the fees for various payment methods for depositing crypto and fiat. This data is based on tests in the UK and may vary by region.

Borrowing Fees

MEXC offers crypto loans for trading, with variable interest rates. Interest is calculated daily and charged for the full day, even if the loan is for less than a day. The interest rate is fixed at the time of borrowing.

The formula is: Interest = Borrowed Amount × Daily Interest Rate.

Click here to access the full fee breakdown.

Withdrawal fees

Leverage And Futures Trading Fee Rate

MEXC stands out with its unique fee structure, offering 0% trading fees for spot trading, unlike Coinbase and OKX, which charge varying maker and taker fees. For futures trading, MEXC’s taker fee is just 0.010%, which can be reduced to 0.009% with a 10% discount using MX tokens.

In my personal experience trading futures on MEXC, I barely noticed the fees. These low costs benefit experienced traders making high-volume trades. To receive the futures trading discount, users must transfer MX assets from their spot account to their futures account, ensuring an adequate MX balance. These extremely low fees make MEXC the preferred platform for traders aiming to minimize costs and maximize their strategies. For the latest fee information, visit MEXC’s official website.

Fee Discounts

MEXC offers a fee discount for futures trading, specifically on the taker trading fee of 0.010%. This discount provides a 10% reduction, bringing the trading fees down to 0.009%. While this change is minimal, it becomes significant for those engaged in extremely high-volume trades. To enable MX Deduction for futures and receive this discount, you must transfer MX assets from your spot account to your futures account. If you have an insufficient spot MX balance, you will need to purchase MX first.

Please note that fees may vary, and it’s advisable to check MEXC’s official website for the latest information.

Are MEXCs Fees Competitive?

In summary, the fees at MEXC are fairly structured and competitively priced, making it a suitable choice for experienced high-volume traders who move crypto from their wallet to the exchange to trade, rather than buy or sell.

MEXC is unique in charging zero maker/taker fees for spot trading and only 0% maker fees and 0.010% taker fees for futures trading, making it one of the cheapest exchanges on the market to trade with. Its 0% fees with SEPA transfers for fiat withdrawals are in line with industry norms, such as Coinbase, which also charges no fees for fiat withdrawals. However, the 2% charge for credit/debit card withdrawals breaks this norm but is still fairly structured.

Cryptocurrencies Available on MEXC

View cryptocurrencies here

New coins: OKX has a listing application form and regularly announces new token launches. There are three ways to get listed on MEXC; It also has a listing application form for prospective projects, which serves as a direct application. However, projects can also get listed through a Launchpad Application or a Kickstarter Event.

Launchpad: MEXC’s Launchpad, founded in December 2021, is a platform designed to help new cryptocurrency projects gain exposure and funding. It allows users to participate in token sales of carefully vetted projects by holding MX tokens, MEXC’s native cryptocurrency. By doing so, participants can gain early access to promising tokens, receiving airdrops and other rewards.

To join the MEXC Launchpad, users need to complete Level 2 KYC verification and hold a minimum amount of MX tokens in their spot wallet. The platform supports both fixed and flexible staking options for MX holders, offering potential annual returns of up to 50% on some tokens. Users in the UK might face limitations due to the unavailability of third-party services like Banxa and Moonpay.

Deposits and Withdrawals

In my experience, buying crypto via bank card on MEXC failed every time I tried. Additionally, withdrawing crypto via SEPA did not work as the interface failed to recognize my bank, Monzo. I was disappointed with the overall deposit and withdrawal experience, especially since it lacks the options available on exchanges like Kraken or Coinbase. To properly test the trading features, I had to transfer crypto funds directly from another account.

MEXC Deposit Options

I discovered that MEXC offers support for purchasing crypto using 15 different fiat currencies. However, during my testing, only 3 of these currencies were accessible. Additionally, MEXC provides limited deposit options, mainly debit/credit cards, and SEPA transfers. Although third-party services like Banxa theoretically allow ACH bank transfers and Google Pay, I was unable to use them during testing.

Third-Party Payment Methods

*Pix is an instant payment platform created and managed by the monetary authority of Brazil

Accepted fiats: AED, AUD, BGN, BRL, CAD, CHF, CLP, COP, CZK, DKK, DOP, EGP, EUR, GBP, HKD, IDR, ILS, INR, JOD, JPY, KES, KRW, KWD, LKR, MXN, NGN, NOK, NZD, OMR, PEN, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, TWD, USD, VND, ZAR

Note that deposit options can vary significantly from region to region.

Fiat Deposit Limits

While using third parties to deposit fiat, the fees and limits may change and MEXC will assume no responsibility or liability for any loss or damage resulting from your use of their services.

MEXC Withdrawal Methods

MEXC offers fiat withdrawals in Germany and the United Kingdom. You can withdraw up to 1000 EUR per day using SEPA.

MEXC lacks transparency regarding its fiat withdrawal fees. During my testing, I faced challenges making fiat withdrawals due to geographic restrictions and technical issues with payment processing. However, MEXC did not display specific information about these fees.

MEXC Daily Withdrawal Limits

*The only method to withdraw fiat with MEXC is in euros via SEPA transfer

Customer Service

MEXC Customer Support Test

We created a unique trading test to evaluate the quality of customer services for diverse user needs. We personally contact support using all available methods and present hypothetical problems that users might face. Our evaluation concentrates on how quickly they respond, the quality of the help provided, and whether we can talk to a real person rather than a bot. This method effectively measures the capability of customer support to assist both active traders and casual investors.

In my live chat interactions with the customer support team, I posed five specific questions, none of which were directly answered. Instead, I was directed to seek information on their community forums, privacy policy, and terms and conditions.

The questions I asked were:

• Whether funds on MEXC are held in a custodial or non-custodial manner.
• The number of confirmations required for transactions between cryptocurrencies (e.g., Monero to Bitcoin).
• The exchange’s uptime percentage over the past year.
• Whether customer deposits are secured in segregated accounts.
• Whether clients’ cryptocurrency portfolios are protected by third-party insurance coverage.

MEXC live chat support

Similarly, when I submitted the same questions via email, I received a prompt response within an hour. However, the answers provided were evasive, with vague links related to some of my inquiries, while others were completely ignored. Despite the responsiveness of both live chat and email support, it appears they either lack the knowledge to answer these queries or may not prioritize providing detailed responses.

FAQ

Can US Citizens Use MEXC?

No, US citizens are officially prohibited from using MEXC due to regulatory restrictions.

Has MEXC Ever Been Hacked?

There are no reports of MEXC being hacked.

Is KYC Verification Required to Trade on MEXC?

MEXC offers tiered accounts. Basic trading and withdrawals are possible without KYC but in order to buy crypto via debit card and access higher withdrawal limits you’ll require KYC verification.

Can I Use Leverage or Margin Trading on This Exchange?

Yes, MEXC offers leverage and margin trading options. Futures trading on MEXC allows leverage up to 200x on some pairs.

Is My Money Safe on a Cryptocurrency Exchange?

While MEXC implements security measures like cold storage and two-factor authentication, it’s advisable to use additional security practices and not store large amounts on any exchange long-term.

Is MEXC Regulated?

MEXC is registered in Seychelles but is largely unregulated in major markets. It has faced regulatory challenges in some jurisdictions, including warnings from authorities in Canada, Austria, and Germany.

Does MEXC Offer Any Bonuses, Welcome Offers, or Referral Rewards?

Yes, MEXC offers various promotions, including welcome bonuses, trading competitions, and a referral program. They also frequently host airdrops and special events for new token listings.