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What is MEXC?
MEXC is an exchange registered in Singapore that has been active since 2018. It was first named MXC, but later rebranded by adding an E, MEXC. That happened on 8 June 2021.
On the date of last updating this review (23 January 2023), the trading volume at this exchange was an impressive USD 1.47 billion according to Coinmarketcap.com. This trading volume place MEXC on place no. 9 on Coinmarketcap.com's list of exchanges with the highest 24 hour spot trading volumes.
However, MEXC does not only offer spot trading, they also offer futures trading, and they have a lot of different staking services. In this video, MEXC explains how to do futures trading on their platform (video is 4 minutes and 20 seconds, and in English):
MEXC Staking Services
MEXC is also among the crypto exchanges out there that offer so called staking services. They offer staking for quite a selection of cryptocurrencies. It’s likely that some of the cryptocurrencies available for staking at MEXC (such as ETHW and Dogechain – DC) can’t be staked anywhere else. The estimated APY (Annual Percentage Yield) offered by MEXC, when setting the staking period to “Flexible Staking”, range from 0.28% (BTC) to 4.00% (TRX).
You can start staking at their platform here.
If you’re interested in learning more about staking, the various staking types and where you can get the best staking rates, you can also have a look at our extensive Guide To Ethereum Staking.
MEXC Affiliate Program
MEXC also offers an affiliate program. Simply share your link with your referrals, have them sign up using your link, and then sit back and enjoy while you get 50% of all trading fees generated by your referrals, forever. Not only that, you also receive 10% of the affiliate commission earned by your referrals' referrals.
Many exchanges only allow affiliate commission for the first 12 months (or sometimes an even shorter period of time) of a referral's activity on the platform. MEXC, however, gives the referring party affiliate commission forever.
You can start referring here.
1,500+ Supported Cryptocurrencies
MEXC has a very large number of different trading pairs. Many of the more exotic altcoins are supported here as well. There are of course two sides of the same coin here. On a positive note, a large number of supported cryptos means that even the most exotic altcoin trader can stay at this platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the flip side, however, this might also mean that there could be more scam coins available for trading here. Exchanges with a smaller number of supported cryptos generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A newly launched altcoin has not been subject to the same scrutiny.
MEXC offers its trading platform in mobile version as well, both IOS and Android, as an application. Mobile applications are of course very helpful for any investors that want to trade, or maybe just monitor their trades, on the go.
MEXC Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at MEXC in spot trading mode, obtained on 23 January 2023:
MEXC Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
MEXC's fee for takers is 0.20%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.2294% and the corresponding average spot trading maker fees were 0.1854%. MEXC's offering, 0.20% for takers, is definitely OK in light of that report. In futures trading, MEXC charges takers 0.03% which is also very competitive.
However, that's not even the greatest part. The greatest part is that this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This applies for both spot trading and futures trading and it is a very strong part of MEXC's offering.
MEXC Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency.
For BTC-withdrawals, this exchange charges 0.0003 BTC. This is below the industry average. The global industry average BTC-withdrawal fee is 0.0004599 BTC, according to this report.
Deposit Methods and US-investors
US-investors can, unfortunately, not trade at MEXC. Restricted jurisdictions does however expand far beyond the US. If you're from any of the below jurisdictions, we are sorry to say that you can't trade here (as of 23 January 2023):
"North Korea, Cuba, Sudan, Syria, Iran, Yemen, Zimbabwe, Myanmar, Lebanon, Libya, Bolivia, Ecuador, Bangladesh, Somalia, Iraq, Congo-Kinshasa, Central African Republic, Kyrgyzstan, Burundi, Afghanistan, Macedonia, Ethiopia, Guinea-Bissau, Guinea, Liberia, Trinidad and Tobago, Venezuela, Serbia, Crimea, Mainland China, Singapore, Indonesia, the United States, Italy, Canada."
At MEXC, as long as you are permitted to open an account, you can purchase crypto in a wide variety of ways. Wire transfer, debit cards, all different methods are available here. This makes MEXC a so called "entry-level exchange" where new crypot enthusiasts can take their first steps into the thrilling crypto world.
Are MEXC's fees high?
MEXC's fees are low. When spot trading here, takers pay 0.20% (which is quite in line with industry average) but makers on the other hand don't have to pay anything (i.e. 0.00%). This is very competitive indeed. For contracts trading, takers pay 0.03% and makers - again - pay nothing at all. Again, very competitive and consumer-friendly.
What is the minimum deposit on MEXC?
To our knowledge, MEXC does not have any minimum deposit requirements.
How long is the withdrawal time at MEXC?
According to the exchange, crypto withdrawals take on average 5 minutes to be completed at MEXC.
Has MEXC ever been hacked?
As of the date of writing this text, 16 February 2023, MEXC has to our knowledge never been hacked.
Is MEXC secure?
We have no reason to question the security at MEXC. Accordingly, we view it as a secure platform.
Where is MEXC based?
MEXC is based in Singapore.
Which countries are restricted from using MEXC?
At this time (16 February 2023), MEXC does not provide services to residents of: North Korea, Cuba, Sudan, Syria, Iran, Yemen, Zimbabwe, Myanmar, Lebanon, Libya, Bolivia, Ecuador, Bangladesh, Somalia, Iraq, Congo-Kinshasa, Central African Republic, Kyrgyzstan, Burundi, Afghanistan, Macedonia, Ethiopia, Guinea-Bissau, Guinea, Liberia, Trinidad and Tobago, Venezuela, Serbia, Crimea, Mainland China, Singapore, Indonesia, the United States, Italy, Canada.