MEXC Global (Previously MXC Exchange) Review: Is it Scam or Legit?

Estimated reading time: 12 minutes

Cryptocurrency sparked a lot of curiosity on the Internet. It was mocked, threatened, and gradually embraced and became a part of our lives. This MEXC Global review will let you know in detail how you can deposit and withdraw cryptocurrency on this platform.

Summary

  • It has a solid founding team of blockchain industry veterans and experts from Wall Street, Japan, and Europe.
  • Contributions to the society: MX holders will receive 60% of trading fees as a bonus, with the remaining 40% used to repurchase and burn their native MX tokens every month.
  • User-friendly: MX token holders will vote on how the group will run and the MEXC Global team members.

What is MEXC Global (Previously MXC Exchange)? 

MEXC Global Exchange, founded in April 2018, is one of the world’s leading digital asset trading platforms. The team’s key members originate from world-class businesses and investment firms, and they have extensive expertise in the blockchain and financial sectors.

It can provide users with one-stop services for digital assets, such as spot, margin trading, leveraged ETF, and contract trading, as well as PoS staking. It not only assembles an accomplished safety team but also collaborates with top-tier security firms to secure the integrity of the user’s assets.

MEXC Global has applied for enforcement licenses in five countries since its inception, namely Switzerland, Canada, Australia, and the United States. English, Russian, Korean, Portuguese, Turkish, Vietnamese, Hindi, Malay, India, Africa, and other language areas or nations have users.

Mxc Trading Platform
MEXC Global Trading Platform

MEXC Global (Previously MXC Exchange) Review: Trading Experience

Various exchanges have distinct trading features. It would help if you decided which trading perspective is best for you. All of the views have in common that they all present the order book, a portion of the order book, a price chart of the selected cryptocurrency, and an ordering background. They usually have to purchase and sell boxes as well. Until you pick an exchange, please look at the trading view to ensure that it looks good to you. The image below depicts the trading view at MEXC Global in “technical mode”:

Mxc Bitcoin To Usdt Trading Interface
MEXC Global Bitcoin to USDT trading interface

The MEXC Global trading interface was clean and straightforward to use, in my opinion. Sell and buy orders are explicitly shown, but no other details, such as real-time transactions, order book, or maps, are provided. I Liked the two chart displays provided: regular and TradingView, the latter of which has added charting functions for advanced trading strategies.

One minor complaint about the Exchange is that their email headers are all in Chinese, likely because the Exchange is still very successful in China and targeted the local audience. Still, the emails could be a little confusing for non-Chinese speakers. 

The Email Subject Lines Of Mxc Are Chinese
The email subject lines of MEXC Global are Chinese

MEXC Global Review: Supported Currencies and Payment Methods

MXC accepted payment methods (Now MEXC Global) include bank transfers, AliPay, and credit cards such as Visa or Mastercard. The Exchange accepts the following fiat currencies: VND, RMB, AUD, EURO, GBP, PESO(MXN), EURO, and USD. Furthermore, MEXC Global Exchange only accepts cryptocurrencies for purchase: BTC, USDT, ETH, XRP, EOS,  LTC, BCH, and TRX.

MXC Fees (Now MEXC Global)

MXC Trading Fees (Now MEXC)

MXC exchange (Now MEXC exchange) has several exchanges tariff what are known as taker fees from takers and maker fees from manufacturers. The primary option is to charge “flat” rates. Flat fees imply that the Exchange costs the same amount to both the taker and the manufacturer.

This Exchange charges a flat rate of 0.20 per cent per transaction. This amount is a little less as compared to the global industry average (arguably 0.25 per cent). So, in terms of trading rates, MEXC Global has an edge due to its competitive offering.

MXC Withdrawal Fees (Now MEXC)

When it comes to settling on which Exchange to trade, it is essential to consider its withdrawal fees. The withdrawal fee, irrespective of the number of cryptocurrency units withdrawn, is set. It differs from cryptocurrency. MXC withdrawal fee (Now MEXC) is 0.0005 BTC for BTC withdrawals. That’s also a little lower than the industry average. The average BTC withdrawal fee in the global industry is approximately 0.0008 BTC.

MEXC Global Review: Deposit Method

MXC deposit methods (Now MEXC) include wire transfers but credit cards are not accepted. This could be problematic if you choose to make a payment through your credit card for some reason. Even then, since MEXC Global accepts deposits in fiat currencies, it separates itself from several exchanges that only allow cryptocurrency deposits. 

Traders pay the trading commissions at a rate of 0.2 per cent of the payment.

Here is the link to the exchange rates of different coins/currencies:   

MEXC Global Review: Supported Crypto and DeFi

MEXC Global accepts 242 coins and has 374 trading pairs. Coingecko is currently ranked seventh in respect of the most funded cryptocurrencies compared to other spot trading exchanges.

Most notably, MEXC Global is at the forefront of the Decentralised Finance (DeFi) wave, with support for regularly using DeFi coins. ChainLink ($LINK), Synthetix Network Token ($SNX), Maker ($MKR), Aave ($LEND),Compound ($COMP), DAI ($DAI), 0x ($ZRX), Ampleforth ($AMPR), UMA ($UMA),Kyber Network ($KNC), Loopring Coin ($LRC), REN ($REN), yearn.finance ($YFI), Bancor Network Token ($BNT), Thorchain ($RUNE) are currently available for trading.

Not only that, but MEXC Global also supports the following common DeFi coins: TrustSwap ($SWAP), Keep ($KEEP), UMA ($UMA), DMM: Governance ($DMG), Balancer ($BAL), Orion Protocol ($ORN), and bZx Protocol ($BZRX),

So, if you’re looking to scoop up those DeFi coins and maximize your profits through various ventures, you NEED to check out MEXC Global Exchange.

MEXC Global Review: Security and Compliances 

MXC security measures take care that the assets of its users are safe. To ensure this, the MXC crypto exchange platform(Now MEXC Global) has a high-end cold storage wallet. These wallets manage about $500 million in cryptocurrency deposits. There have been no reported security violations of the MEXC Global exchange as of yet. In general, we award exchanges with a long record a higher security rating because they have stood the test of time.

MEXC Global has the standard security features that one would expect from any exchange. For instance, when registering in, you must enter a confirmation code sent to your email address. The Exchange further promotes the use of two-factor authentication, either through a cell phone or Google Authenticator. For new users, a pop-up window reminds them to enable their security feature. 

Pop-Up Reminders To Upgrade Your Security Measures
Pop-up reminders to upgrade your security measures

MEXC Global Liquidity Exchange

Coinmarketcap ranks this Exchange as one of the top 21 exchanges. It has been discovered that significant cryptocurrencies such as Ethereum and Bitcoin were highly liquid in the liquidity studies. Other funds, however, such as $PCX and $ZVC, had a wider distribution. In reality, there was substantial price slippage on orders greater than USD 1000 for more minor well-known cryptocurrencies.

MEXC Global has been at the core of several controversies involving phony volume. Several forums, like BitcoinTalk, have accused MEXC Global of inflating recorded importance to draw potential members to the platform.

MEXC Global Review: Performance

MEXC Global provides a high-performance trading engine developed by developers with ex-banking experience. The Exchange alone provides 1.4 million transactions every second reliability, as well as added performance improvements. Server clusters are located in Singapore and Korea.

How to deposit and withdraw cryptocurrencies on MEXC Global Exchange?

To deposit cryptocurrencies on MEXC Global Exchange, go to the Assets summary page by clicking “Assets” in the top bar.

Assets Overview Page
Assets overview page

From the drop-down screen, choose the cryptocurrency you want to deposit. We chose Ethereum in this case so that it can show your ETH deposit address as both a QR code and an address for your convenience. Then you enter the address from which you want to submit your cryptocurrencies. After that, MEXC Global Exchange will reveal that your deposit is pending.

Choose And Send Cryptocurrencies
Choose and send cryptocurrencies

Then you have to wait for the deposits you made to appear on your MEXC Global account. Once it appears, your deposit records will show “success.”  You can determine the speed by various factors, including the amount of gas you are willing to pay and whether it has a crowded network or not.

Successful Deposit
Successful deposit

MEXC Global Review: MX Token

The MX token is the community token of the MEXC platform which is an Erc-20 token. It is with a market cap of around 150 million dollars and has a maximum amount of 1 billion coins of which 100 million are already circulating at the current time. The Mx token has several uses as mentioned below:

  • If you are a MX token holder than you can enjoy a trading fee reduction of upto 20%.
  • The amount of MX token you hold also increases the ratio of your referral rewards.
  • The platform also organises a M-Day event where you can get a chance to win free airdrops by simply trading or holding MX tokens.
  • Offline consumption payment.

Withdrawing Cryptocurrencies on MEXC Global Exchange

As a protection measure, MEXC Global Exchange only permits withdrawals if you have enabled 2-factor authentication either by linking your mobile number to your account or activating Google Authenticator, so you must first do that. To withdraw your cryptocurrencies, go to the top bar and choose “Assets.” Select “withdraw” from the Assets Overview list. Here, you can enter your withdrawal address and number before clicking “Send.” Remember, MEXC Global Exchange charges a service fee of 0.005 ETH. 

Select And Withdraw Cryptocurrencies
Select and withdraw cryptocurrencies

You will then be required to confirm the withdrawal by entering a code sent to your email and using your preferred 2FA forms, such as SMS (if you have linked your phone number to your account) or Google Authenticator. Keep in mind that you only have 60 seconds to finish this whole verification process, so be quick!

Withdraw Verification
Withdraw verification

If you have sent your withdrawal verification, the Exchange will verify that your order, and that you can view the status of your send by clicking on “Follow withdrawal form.” The following is the picture.

Withdraw Order Submitted
Withdraw order submitted

The following is the picture of the successful withdrawal of cryptocurrencies from the MEXC Global Exchange. The whole procedure took less than ten minutes.

Withdraw Success
Withdraw success

The advantages of MEXC Global Exchange

This Exchange has many benefits that one should promote. I like this platform because it explicitly advocates these three benefits: high performance, supernode, and advanced security defence. Instinctively, all investors need a high-performance trading engine. Advanced security coverage is also available. The supernode functionality is probably not equally appealing to all prospective platform users. It is attractive to those familiar with using supernodes.

Mexc Global Advantages
MEXC Global advantages

What do I not like about MEXC Global Exchange?

The partnership is the one thing I think MEXC Global exchange is lacking. It could collaborate with other tools such as 3Commas and Koinly so that users can use third-party trading terminals, trading bots, crypto taxation applications, and other features. I feel the marketing team can make MEXC Global available through these famous 3rd party crypto trading tools and services. 

This will not only give the MEXC Global exchange more visibility, but it will also allow the Exchange to gain more liquidity.

One more thing that could make a more significant impact is if the founding team engages with the public more and organized more webinars and live events. This will increase confidence and reputation in the platform.

MXC Exchange App (Now MEXC)

The MXC platform (Now MEXC) offers a mobile and desktop app for its users to help them trade cryptocurrencies and access the services offered by the platform anywhere and anytime. Moreover, the app can be downloaded for Android, iOS and Windows.

MXC Customer Support (Now MEXC)

MXC (Now MEXC) offers its users a responsive customer support 24/7. It also has a FAQ section which is well organised to cater the needs of its customers. Further, it also has an option of regular chat and provides email support to initiate a person to person contact. Moreover, it the platform also operates some social media accounts which might be useful for getting information.

Conclusion

The MXC exchange platform ( Now MEXC) has a user friendly interface which makes it favorite of several users. The platform constantly adds new features to provide the users with the best trading experience. Moreover, the platform has faced no event hacking so far and is reliable to use.

Frequently Asked Questions (FAQ)

Does MEXC Global Exchange require KYC?

MEXC Global does not currently need to Know Your Customer (KYC) for withdrawals. MEXC Global for exchanges requires KYC in the context of an image of the user’s passport and address proof. The MEXC Global exchange does not have a KYC program, although more than 30 BTC withdrawals are known to cause manual KYC. MEXC Global will freeze Account withdrawals during the manual KYC process before they give identification. The Exchange has announced that it will soon begin an exchange-wide KYC.

Is MEXC Global Exchange a scam?

MEXC Global has a reputation for being contentious due to allegations of phony group members and excessive trade volume.

Does MEXC Global have a VIP Program?

For traders who trade more than 30 BTC, the exchange offers a VIP service. As a component of the VIP scheme, consumers can receive reduced trading rates and other benefits.

Can MEXC Global put a hold on my deposited funds and prevent me from withdrawing the funds?

No, please see our section on depositing and withdrawing cryptocurrencies from the Exchange for more details. In less than 10 minutes, I was able to draw our cryptocurrencies. However, as a security precaution, you must activate two-factor authentication on your MEXC Global account before the Exchange allows you to withdraw your cryptocurrencies.

Is MXC (Now MEXC) legal in USA?

Yes, the MXC (Now MEXC) is legal in US. The exchange was entitled with a MSB license of the US.

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Gaurav

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