MEXC is a centralized cryptocurrency exchange featuring a high-performance trading engine capable of processing 1.4 million transactions per second. The platform allows users to buy, sell, hold, and trade cryptocurrency using only an email address or phone number for registration, without mandatory Know Your Customer (KYC) verification. This optional-KYC approach has become increasingly uncommon among major exchanges, as platforms worldwide have adopted mandatory identity verification in response to tightening anti-money laundering (AML) and counter-terrorism financing regulations.

MEXC Global has grown into one of the most widely used crypto trading platforms, supported by an extensive catalog of cryptocurrency offerings and trading pairs across both spot and futures markets. The exchange reports high daily trading volume, contributing to significant liquidity, and offers trading, staking, lending, and borrowing services at competitive fees. Additional features include a Launchpad, Kickstarter, and Airdrop system that provides early access to new tokens prior to formal listing.

What Is MEXC?

MEXC is a centralized cryptocurrency exchange where users can buy, sell, and trade digital assets. The platform is known for its transaction matching technology, low trading fees, and no mandatory KYC verification requirements.

Services available on MEXC include spot and futures trading, leveraged ETFs (exchange-traded funds), an NFT Index, crypto loans, and demo trading tools for beginners. The platform also features Launchpad and Kickstarter initiatives, MEXC Futures M-Day events, spot trading, copy trading, quick registration, competitive trading fees, two-factor authentication (2FA), cold storage for crypto assets, regular security audits, and address whitelisting.

Advantages of MEXC

Largest Collection of Altcoins: MEXC is known for listing new altcoins and meme coins for spot and futures trading. The exchange supports over 2,700 cryptocurrencies and 3,000+ trading pairs, which it states is more than any other exchange in the industry. This rapid-listing strategy has attracted traders seeking early access to emerging tokens, though it also means users must conduct their own due diligence, as newer tokens can carry higher volatility and liquidity risks.

Quick Registration: Registration can be completed in under a minute using only an email address or phone number.

Optional KYC: After entering the verification code sent to their email, users can begin trading immediately. KYC verification is not required to withdraw digital assets. Without KYC, users can withdraw between 10–30 BTC daily. Completing KYC verification increases the withdrawal limit to 80 or 200 BTC.

Copy Trading Tools: Users can replicate the trading strategies of experienced traders. The platform provides details about each trader, including track record, return on investment, and win rate. By clicking "Copy Trade," orders are placed automatically on the user's behalf.

Futures Demo Trading: MEXC offers a Demo Trading interface where users receive a $50,000 test account to practice futures trading and other trading options in a risk-free environment.

Earning Options: Users can stake assets through Savings, Simple Earn, and New Token Mining with fixed and flexible terms. The Savings feature offers daily interest payouts between 0.08% and 20% annual percentage yield (APY). MEXC Loans allows users to borrow crypto by posting another crypto asset as collateral.

Disadvantages of MEXC

Largely Unregulated: MEXC is not regulated in many countries and lacks authorization from financial authorities in several jurisdictions, including the US, Canada, and Germany. In Germany, BaFin has warned that MEXC Global is offering financial services without the necessary licenses. The lack of regulatory oversight means users have limited recourse if disputes arise, unlike on fully licensed exchanges where deposit insurance or regulatory complaint processes may be available.

Complaints About Locked User Funds: MEXC has faced backlash over claims of locking user funds, though the experience is not consistent across all users. A review on Trustpilot stated: "Used the platform for one month, made security deposits and deposited crypto funds. Out of nowhere got banned with no reasons and explanation." Another user reported: "They have sent me an Email to withdraw your assets within a short period of time, but my assets are frozen (cannot sell and exchange them for other cryptos) and can not withdraw because XCH (chia network) has been in maintenance mode for months so I cannot withdraw my XCH…."

Not the Most Beginner-Friendly Platform: Due to its extensive coin offerings and wide range of features, navigating MEXC can be challenging for new users. However, the platform provides educational resources and an in-app guide to assist beginners.

Key Features of MEXC

1. MEXC Launchpad and Kickstarter

The MEXC Launchpad and Kickstarter are designed to help users discover and invest in promising blockchain projects before they reach mainstream adoption. Both initiatives provide incentives such as airdrops and rewards.

For the MEXC Launchpad, the exchange applies a selection process evaluating a project's team, market demand, and potential. Users can earn free token airdrops by holding MX tokens. Holding at least 2,000 MX tokens enables participation in airdrop events.

To participate in Launchpad events:

• Buy and hold at least 1,000 MX tokens in a spot wallet for 30 consecutive days.
• Commit MX tokens during Non-lockup Events using the Quick Commit feature.
• Airdrops are distributed based on the proportion of tokens committed.

The Kickstarter event supports new projects during their pre-launch phase. Users participate by voting for blockchain projects, and successful votes yield free rewards and token airdrops. To qualify, users must hold at least 500 MX tokens for 24 hours before the event begins. The amount of MX tokens held determines how many tokens can be committed during the event.

2. MEXC Futures M-Day

MEXC Futures M-Day is a promotional event encouraging users to participate in special token listing events. Users can receive airdrop rewards by trading the designated token on the futures market. The event runs year-round, with tokens changing periodically.

For example, MEXC previously held an event encouraging users to trade USDT-M futures. Participants earned rewards through a lucky draw based on trading volumes during specified periods. The threshold varies by event and could be set at 40,000 USDT or more. Higher transaction volumes allow users to claim more tickets for the draw.

Qualification steps:

• Register for each event on the MEXC website or mobile app.
• Trade the designated token in the futures market to accumulate volume and earn tickets.
• Claim tickets during the ticket claim period based on trading activity.
• After the event concludes, MEXC announces results and distributes rewards.

Participation alone earns free raffle tickets with futures bonuses. One lottery ticket is awarded for every 45,000 USDT in trading volume, which can be used as margin and earnings withdrawn.

3. Spot Trading

MEXC's spot market allows users to buy and sell crypto with high liquidity. High trading volume ensures quick order fulfillment and competitive rates. The platform features an advanced trading dashboard with pairs predominantly pegged to USDT, displaying 24-hour, 7-day, and 30-day trading volume data for each selected pair.

4. Copy Trading

MEXC's Copy Trading feature enables users to automatically replicate the strategies of experienced futures traders. Traders can be selected based on metrics including return on investment (ROI), 7-day win rate, and profit and loss (PNL). Users deposit funds into a copy trade account, follow selected traders, and orders are placed automatically. No additional fees are charged for copy trading transactions.

Other Features

P2P Trading: Users can trade crypto assets with other MEXC users without intermediaries on the P2P marketplace. Supported assets include USDT, USDC, BTC, and ETH, exchangeable for local currencies.

Token Airdrops: MEXC frequently hosts token airdrops where users earn rewards by completing tasks such as depositing funds or making trades.

Referral Program: MEXC's affiliate portal allows users to earn up to 70% commission on trades made by their referrals on spot and futures markets. Referrals also qualify for rewards, including a $20 sign-up bonus and access to industry events.

Trading Fees on MEXC

Spot Trading Fees

MEXC charges spot transaction fees of 0.05% for both makers and takers. For comparison, the industry standard for spot trading fees among major exchanges typically ranges from 0.1% to 0.2%, placing MEXC among the lower-cost options. These fees can be reduced through several methods:

• MX Deduction: Using MEXC's native token, MX, provides a 20% discount on trading fees.
• Hold MX: Holding at least 500 MX within 24 hours provides a 50% discount on spot and futures fees.
• Popular Trading Pairs: Certain pairs, such as XRP/USDT and XRP/USDC, carry 0% spot transaction fees.

Additional special trading pairs with zero fees for makers and takers include PEN/USDT, XRP/USDC, and APT/USDT.

Futures Trading Fees

MEXC's maker fees are set at 0%, and taker fees are 0.01%. These rates are significantly lower than the futures fees charged by most major competitors, where taker fees commonly range from 0.02% to 0.07%. Fee reductions include:

• Holding an MX position above 500 over the last 24 hours provides a 50% discount on futures trading costs.
• Transferring MX into a futures account to offset USDT-margined futures trading costs provides a 20% discount.
• Special futures trading pairs with 0% fees include APT/USDT, TONCOIN/USDT, DOGS/USDT, NOT/USDT, and KAS/USDT.

Deposit and Withdrawal Fees

MEXC does not charge fees on cryptocurrency deposits. Withdrawal fees vary by cryptocurrency, with some available for free. Withdrawing Tether (USDT) is free, with a minimum withdrawal amount of 10 USDT. For Bitcoin (BTC), the minimum withdrawal amount is 0.00015 BTC, with a withdrawal fee capped at 0.00003 BTC. MEXC notes that withdrawal fees may change over time based on current network conditions and advises users to check the most updated fee listed on each withdrawal page.

How to Open an Account on MEXC

To open an account:

1. Go to the MEXC homepage or download the app and click "Sign Up."
2. Enter an email address or phone number in the registration form and click Sign Up.
3. Verify the email or phone number using a 6-digit code or the link sent to the email.

Users can also log in using third-party accounts such as Google, Apple, MetaMask Wallet, or Telegram.

To buy crypto:

• Choose the [Deposit] tab, select the fiat currency to pay with (EUR, USD, JPY, etc.), and select the crypto to receive.
• Enter the payment or receive amount.
• Click [Buy USDT or the selected crypto] and choose a payment method.
• Upon payment confirmation, the purchased crypto is deposited into the MEXC account automatically.

To sell crypto:

• Choose the [Sell] tab, select the crypto to sell and the fiat currency to receive.
• Enter the amount of crypto to sell or the fiat amount to receive.
• Click [Sell USDT] and select a payment method.
• Once the order is processed, the buyer makes payment via the selected method.

KYC Verification

Users can transact on MEXC without KYC. To move from the Unverified level (10–30 BTC daily withdrawal limit) to Primary or Advanced level (200 BTC daily withdrawal limit), the following steps are required:

1. Go to the account profile icon and click "Identity verification" at the top right corner.
2. Select the type of verification (Primary or Advanced).
3. Choose the country or region and the type of government-issued ID.
4. Follow MEXC's instructions to complete facial recognition verification.
5. MEXC reviews the documents and sends an email upon completion.

Supported and Restricted Countries

MEXC serves over 10 million traders in more than 170 countries, including the United Kingdom, Australia, most of Africa, Europe, and Asia.

MEXC is not accessible to traders in North Korea, Cuba, Sudan, Syria, Hong Kong, Iran, Mainland China, Singapore, the United States, the United Kingdom, Canada, Sevastopol, and Russian-controlled regions of Ukraine (Crimea, Donetsk, and Luhansk). Due to legal and regulatory restrictions, users in these regions cannot open an account or trade on MEXC.

Some traders use VPNs to bypass detection, remaining as "Unverified" users with a daily withdrawal limit starting at 10 BTC. MEXC reserves the right to take immediate action, including account liquidation and termination—even for funded accounts—if users provide inconsistent location information.

Alternatives to MEXC

The primary alternatives to MEXC are Bybit, KuCoin, Binance, and BingX. These exchanges offer large cryptocurrency selections, competitive fees, and multiple features. Binance and Bybit require KYC verification, while it is optional on BingX.

In terms of cryptocurrency selection, user security, and features, Binance and Bybit are considered the strongest alternatives. Both platforms offer various trading pairs, thousands of cryptocurrencies, and competitive fees, alongside features including trading bots, staking, savings, and an NFT marketplace, though both require KYC.

For no-mandatory-KYC alternatives, BingX and KuCoin are options. While restricted in certain regions, both support multiple altcoins.

Number of Cryptocurrencies on MEXC

MEXC offers trading for over 2,700 cryptocurrencies, exceeding the number supported by most other exchanges, including Binance and Bybit. The listing of new altcoins and meme coins is a primary factor in MEXC's popularity.

Is MEXC Safe and Legitimate?

MEXC has been operating since 2018 and reports that it has never been hacked or lost user funds. The platform secures user assets using cold wallet storage, multi-signature authorizations, and advanced encryption. These security measures are consistent with industry-standard practices, though the exchange's lack of publicly available proof-of-reserves or third-party audit reports limits independent verification of its claims.

However, complaints have surfaced regarding MEXC locking user funds and delisting tokens without warning. One user stated: "They banned the account and my team members' account also. We have more than 50 Dollars on our account. When we contacted them individually they asked me to submit the holding NID and a paper where we write 'MEXC Account' and E-mail or UID…"

Another user alleged: "…And they list coins randomly and most of them are Honeypot coins. As like GEGS, NGH, Wifceo, LAG etc (Delisted). They are listing honeypot coins and wiping the customers' funds…"

While some complaints remain unverified, MEXC has advanced security protocols in place. The exchange released a statement after a user allegedly lost over $92,000 due to an account freeze. MEXC stated: "Regarding the account restrictions and issues related to futures trading/assets that you have raised, our risk control system and relevant personnel have conducted a thorough examination. It has been identified that there have been abnormal trading activities in your account and associated accounts. In accordance with the terms of use, we have taken measures to recover the losses incurred."

MEXC is unregulated in most jurisdictions, including the United States, North Korea, Mainland China, and Canada—a situation comparable to other major exchanges such as Binance and Bybit, which face similar regulatory challenges in these regions.

Users seeking additional security can enable two-factor authentication (2FA), set up address whitelisting for crypto withdrawals, or complete Advanced KYC if residing in a MEXC-supported country.

KYC and Withdrawal Limits

MEXC allows users to withdraw without KYC verification. Unverified users are subject to a daily withdrawal limit of 10 BTC per 24 hours. Primary KYC raises this limit to 80 BTC within 24 hours, while Advanced KYC increases it to 200 BTC and includes additional features such as OTC trading.

MEXC's Status in India

MEXC Exchange is currently restricted in India. In late 2023, it was flagged by the Financial Intelligence Unit (FIU) for non-compliance with anti-money laundering laws. However, Indian users report being able to access the exchange via mexc.co.

Source: CryptoNinjas