MEXC Review: Is Legit or a Scam Exchange
Cryptocurrency exchange (formerly Mexc.com), launched in 2018. Registered in Singapore. It offers traders the opportunity to trade cryptocurrencies via a classic and advanced trading terminal, buying cryptocurrencies (including P2P), margin trading, ETFs, etc. The platform is notable for its high performance - MEXC can process up to 1.4 million orders per second. The exchange has a multilingual interface and adheres to AML/KYC principles. Therefore, traders are required to undergo an identity verification procedure before starting to trade.
MEXC uses a trading terminal of its own design. You can choose chart types, set up timeframes, study daily minimum/maximum, use indicators, etc. If you want, you can use the common TradingView. The platform supports several hundreds of cryptocurrencies, forming a huge number of trading pairs. The commission of the exchange when trading is 0.2% of the transaction size, regardless of the party (Maker or Taker). You can also get a 20% discount if you use an exchange token. You can trade in the web interface or using the Android, iOS or Windows app.
Overview of MEXC Exchange
MEXC is a cryptocurrency exchange registered in China. The company has been operating since 2018. Despite the unfriendly attitude of the People's Republic of China to crypto-assets, the organization works steadily, there are no blockages and other problems. On the website mxc.com you can work with digital currencies and fiat money. It has numerous trading pairs and a convenient terminal of its own design.
The official website of the cryptocurrency exchange mxc.com is multilingual (you can choose Russian, but the translation quality is poor). When you go to the trading platform, you will see the company's slogan: "The future begins here". Also on the main page, the crypto-exchange advertises its own digital currency MXC (stock ticker MX). It operates on the PoS algorithm.
The top menu of mxc.com contains 10 items:
Note that MEXC functions not only as a cryptocurrency exchange, but also as an exchanger. Coins can be exchanged directly on the site. To do this, you need to fill in the "Give" / "Receive" fields and send an application. Registration on mxc.com is not required for such financial transactions.
MEXC Exchange Features
MEXC is a cryptocurrency exchange that appeared on the Internet three years ago. The project is actively gaining popularity. The company focuses on the international market, as evidenced by the interface of the official website mexc.com, translated into 9 languages. The main office of the project is located in Singapore, where the regulation of the organization is carried out.
MEXC Advantages and Disadvantages
Cryptocurrency exchange MHS has been operating in the market for more than 2 years and has managed to earn a certain reputation. Advantages: convenient trading terminal with a mobile version for Android; support for fiat currencies; high liquidity, large trading volumes; availability of its own cryptocurrency, working on the PoS algorithm; protection of user accounts; low commissions. However, there are a number of disadvantages, including: poor quality of the trading terminal; long execution of orders; mandatory verification; lack of Stop Loss and Take Profit orders. MXC is a fairly well-known exchange in Asia, but unpopular in Russia. The company fulfills its obligations to users. Unfortunately, there are no reviews of the trading site activities, but if the company had problems with the withdrawal, it would have already been talked about. However, the problems in the work of the site and trading terminal are alarming. It's up to you to decide whether it's worth working with MHS.
How to register on MEXC
The registration form at mxc.com is quite simple. The button to create an account is located on the main page. In order to create an account on the cryptocurrency exchange, you need to fill in the following fields:
to confirm the password;
In the "Captcha" field enter a verification code, which the exchange sends to the e-mail. This is how one of the trading site's security systems works. It is necessary to request and enter a code each time you enter your account. This is an important step to protect traders.
Verification is a prerequisite for trading on the MHS exchange. Without identity verification, financial transactions are impossible (except for cryptocurrency exchange through an exchanger). Cryptocurrency exchange works in compliance with AML/KYC principles, so mandatory verification is a key requirement.
To verify the account, it is necessary to fill out a special form. It contains the following data:
first name and last name;
The type of document you use to verify your identity;
number of the document.
Next, you should upload scans. It can be a passport, residence permit, ID-card or any other documents with a photo confirming your identity. You also need to upload a photo of the user holding the document and a sheet with the inscription mxc.com.
How to Exchange crypto on MEXC?
To proceed to the cryptocurrency exchange, you should click on the "Exchange" tab, choose the appropriate option of the trading platform and perform a few simple steps:
select the trading pair to exchange;
Fill out an order, specifying the amount and quantity of cryptocurrency to exchange;
Click on the "Buy" or "Sell" button, depending on the purpose.
The MEXC exchange offers users additional income in the form of mining their own MX cryptocurrency. Coin works on the PoS algorithm, so to mine it, you need to freeze a certain amount in your wallet. An overview of the conditions can be found in the "Stacking" section. Here you will see a table with the types of koins and the minimum terms of freezing. MHS accepts the following types of cryptocurrencies: USDT; XRP; XTZ; ETC; LTC; BSV; TRS. The exchange also specifies the percentage rate for staking with different cryptocurrencies. It is constantly changing, depending on market conditions. For example, for USDT the yield is 6.12% and for LTC - 3.5%.
To withdraw your earnings from the platform, you must also enter the "Assets" section and follow a few simple steps:
select the cryptocurrencies to withdraw;
insert the address to which you will withdraw funds;
specify the withdrawal amount;
send transfer to the specified address.
Minimal withdrawal amount is 0,001 BTS or equivalent amount in another currency.
There is the unified commission on mexc.com website for makers and takers - 0,2% of transaction amount.
While there is no commission for depositing, there is a fee for withdrawing earnings, which directly depends on the selected cryptocurrency. For example, for bitcoin the fee is 0.0005 BTS.
An affiliate program has been developed for active users who want to earn extra income. As part of the program, clients can attract new participants to the project and receive remuneration for this up to 80% of the commission. Also referrers can get a discount on commission.
Is MEXC legit or Scam?
MEXC is an exchange for trading digital assets, which appeared on the financial market in 2018. During this period, the project actively developed and became one of the largest. It is known that the official website of the organization is translated into 9 languages, and the company itself cooperates with clients from 70 countries, which indicates the orientation of the exchange to the international market. The project is headquartered in Singapore, where the regulation of the exchange.
The company provides traders with comfortable and favorable conditions for trade. The exchange has a listing of more than 180 trading pairs. Clients also have the opportunity to exchange fiat currency. Like most major exchanges, MEXC has its own token called MX Token. Token holders have benefits in the form of bonuses, discounts and additional functionality. Also, in addition to a regular account, users can open a VIP account, which will also provide owners with a number of privileges.
For active clients, various promotions are available, as well as contests. In addition, traders can earn extra income by participating in an affiliate program. Thus, the user can attract new members to the project and receive for this a certain remuneration and discounts on commissions. A mobile app was created to allow clients to access their trading account at any time. Using your smartphone, you can access your profile at any time and from anywhere. Both Android and iOS versions are available.
Although the project has been operating in the market for two years, one can find quite few customer reviews on the Internet. In general, the company has a positive reputation among users. Having studied in detail the opportunities implemented by the company, can we say that the exchange MEXC - it is a scam and swindlers? No, because the platform successfully operates and provides its services to traders from 70 countries around the world.
Is MEXC Regulated?
The financial sphere is one of the most popular among swindlers, which is why a large number of unscrupulous projects appear in the network. To protect yourself from a negative experience of cooperation with fraudsters, it is necessary to check the availability of necessary documents, as well as registration. Let's consider in more detail how the regulation of the project is carried out. It is known that the organization does not have any license, but this may be due to the fact that the exchange is quite young. All documentation of the project is publicly available to all users. The company's contact information is also not hidden.
The "User Agreement" is the main document of the project, which every user should read. The agreement contains basic information about the trading process, as well as the responsibilities of clients and organizers. The advantage is that the document is also translated into Russian. Let's look at some points in more detail.
The document clearly states that the company has the right to update the agreement from time to time. That's why the user should periodically visit the site and independently check for changes. When continuing to use the services of the site, it is automatically considered that the client has accepted the changes in the agreement. Once the amended agreement is posted, the original agreement is effectively superseded. The user can read the latter agreement at any time on the official site. The organizer is not obliged to warn the client about the changes in advance.
The organization provides services to its clients in accordance with availability and status. It should be understood, however, that the company makes no implied or express warranties, including but not limited to the applicability of the services, the absence of any errors or omissions, consistency, accuracy, reliability and fitness for a particular purpose. Also, the organizer disclaims any responsibility and does not guarantee to users the accuracy, precision, correctness, reliability, quality, consistency, integrity and timeliness of the technology and information related to the service and its services.
On the popular review site trustpilot, MEXC is rated 2.7 out of 5.
Among the positive points, users note a large selection of trading pairs, the ability to buy cryptocurrencies from the card, easy withdrawal to the card, easy ETF token exchange with leverage and others.
Negative reviews are associated with suspicion of artificial increase in trading volumes, difficulties in withdrawal of funds, dissatisfaction with the work of the support service.
You can contact the support service by one of the presented options:
- online chat;
- e-mail: [email protected];
- feedback form.
MEXC is a cryptocurrency exchange that began its operation three years ago. During this period, the company successfully developed and became a leader in its industry. The organization focuses on the international market, as evidenced by the multilingual interface of the official website of the project.
For clients are provided not only comfortable but also favorable conditions for cooperation. However, before registering, one should understand that trading is a risky process. That is why it is necessary to assess the possible risks and read the necessary documentation on the site. If you have cooperated with the project - leave your impressions about the service on our website to form a fair rating of cryptocurrency exchanges.