Today we will review MEXC, a young crypto trading platform launched in 2021. The platform guarantees you a fair price, high leverage, excellent liquidity, and a low fee rate.
Table of contents
- Summary (TL;DR)
- What is MEXC?
- MEXC Mobile App
- How to Sign-up on MEXC?
- How to Get Started with MEXC?
- MEXC Trade Review: Features
- MEXC Community Review
- MEXC Review: Limits
- MEXC Trade Review: Light Contract Trading
- MEXC Fees
- Is MEXC Safe?
- Why choose MEXC?
- Supported Cryptocurrencies
- MEXC Review: Customer Service
- MEXC Review: Pros and Cons
- MEXC Review: Conclusion
- Frequently Asked Questions
Summary (TL;DR)
- 150 times leverage and high liquidity.
- Start trading at just 1 dollar.
- Light contacts Trading is available.
- You also get discounts if you pay using MEXC points.
- No compulsory KYC verification.
- Zero deposition fee and the transaction fee of 0.05%.
- Multi-signature wallets.
- Mobile App is available on android and iOS devices.
Because it’s a new platform and we didn’t find any company registration info, therefore trade with caution.
What is MEXC?
MEXC is a contract trading platform that has an astounding global and website availability. MEXC has its headquarters in the Cayman Islands and has offices in Singapore, Malaysia, Vietnam, Hong Kong, South Korea, and Japan.
While using the MEXC trading platform, you will find that the fee structure is exceptionally transparent and well-structured. The platform offers a multi-screen trading view, take profit and stop-loss settings; while maintaining an uncluttered and lucid trading environment.
MEXC Mobile App
You can use the MEXC Mobile app on your Android and iOS devices to trade seamlessly. Their User Interface is simple yet contemporary. When trading assets, you won’t have trouble analyzing the charts since they are neat and precise. The interface is engaging and easy to understand.
How to Sign-up on MEXC?
Is KYC mandatory at MEXC?
Verifying your account is not a compulsion on MEXC but, the platform suggests it anyway. They say it does not take more than 2 minutes to do so. You must note that MEXC states that if you wish to withdraw, then you will have to first complete the KYC verification.
How to Get Started with MEXC?
Trading on MEXC is not complicated; once you’ve signed up, you can start depositing funds and opening positions.
How to Open a Position?
You can open a position by going to the trade page and selecting the currency you want to trade. There, you get the option to set parameters like order direction, order type: market order or limit order, margin, leverage, and stop profit and stop loss. After setting these parameters, you can click on Buy or Sell to open a position.
How to deposit on MEXC?
- Go to the MEXC homepage and select ‘Deposit.’
- Select the coin you want to deposit. Being a very new platform, available currencies, at the moment, are USDT, BTC, and ETH. It will convert your BTC and ETH to the equivalent amount of USDT.
- For USDT, they support ERC20 and OMNI. You can click on ‘copy’ to copy the wallet address or scan the QR code to make the deposit.
If there is no blockchain congestion, then the currencies will get deposited into your account within 2 hours.
MEXC Trade Review: Features
MEXC caters to your needs by offering you both fundamental and advanced features.
- The prices on the MEXC platform are fair, and MEXC gives you a real-time average based on the spot prices of major cryptocurrency exchanges of the industry.
- It will provide you a transparent K- line price.
- The MEXC trading engine can process orders in 32 milliseconds and guarantees you high liquidity.
- You can start trading and opening a position for just 1 dollar.
- At the moment, MEXC doesn’t accept legal tender transactions. But they will soon introduce the OTC service.
- Withdrawal of less than 2000 USDT will automatically get approved by the AI system.
- MEXC offers you the chance to open a free demo account for a limited period.
- MEXC has a unique margin mode where you can lock in profit and loss in advance without real-time tracking. The maximum loss you could face would be the margin position and not any other funds.
- You could invite risk by overweighting your wallet with particular crypto but, the MEXC risk control system minimizes that risk. The MEXC Insurance Foundation will immediately replenish the overweight.
- You can trade using 150 times leverage. You only have to pay attention to the margin, the leverage, and the market trend. The rest is taken care of by MEXC.
- MEXC grants you a high rebate ratio in case you end up paying too much for an asset.
- MEXC supports third-party tools for charting, such as horizontal, vertical, trend, cross, Fibonacci, Bifurcation, rectangle, Eliot, and circular line analysis.
- You get the option to view single, dual, or multiple trading charts by using the ‘Display Multiple Charts’ option.
- MEXC shares your transaction orders on multiple spot exchanges to provide better insight on market depth and liquidity. This move helps in minimizing the risk of slippage. Slippage occurs when the actual transaction price is different from the initial quotation. It can take place in volatile markets and is hard to avoid, but MEXC can minimize it.
- The platform executes all the transactions on the Amazon AWS server in Singapore.
- You can lower the risk and leverage by setting the variation margin.
- You also get discounts if you pay using MEXC points.
- You can set Take Profit and Stop loss by deciding a particular price or ratio. Though, by default, the TP is set at 500% and the SL at -90%.
- If you make a successful referral, you can get up to 60% of the concerned referral’s trading fees.
MEXC Community Review
MEXC officially launched its Community that has three essential features, namely Forum, gaming, and ranking.
- Forum: Under this, users can post anything, be it their queries or opinions. To make it more lively, they can also post comments and subscribe to other users.
- Game: On the Huobi platform, users can now play a monopoly game by investing some USDT. When the game ends, MEXC will provide users with a share of the total prize pool.
- Ranking: This feature is called “Trading ranking,” whose only purpose is to motivate users toward trading. MEXC has not disclosed further additional information.
MEXC Review: Limits
What are the withdrawal limits?
The withdrawal amount limit starts from a range of 2 USDT and goes up to 10000 USDT. The table below shows the withdrawal limits according to the coin type.
| Coin | Minimum Withdrawal | Maximum Withdrawal |
|---|---|---|
| USDT（OMNI） | 30 | 10000 |
| USDT（ERC20） | 30 | 10000 |
| USDT（TRC20） | 2 | 10000 |
The minimum deposit changes according to the contract type. The below table indicates the same.
| Contract type | Minimum deposit |
|---|---|
| OMNI | 20 |
| ERC-20 | 20 |
| TRC-20 | 1 |
What is the minimum and maximum investment per trade?
Your one account can hold a maximum of 30 orders. The total margin can be 30000 USDT. On the other hand, the single margin can range from 1 USDT to 5000 USDT.
MEXC Trade Review: Light Contract Trading
What is Light Contract trading?
Contract trading is a derivative form of derivative trading. You can profit from predicting the rise or fall of prices in the volatile global digital financial markets. Unlike other contract trading products, MEXC Light contract trading is accessible, understandable, and fast. MEXC has launched this product with the aim that “everyone can understand, everyone can use.”
Contract trading is a practical tool in current markets that involve high risk. The MEXC Light Contract has its benefits.
Advantages of using MEXC Light Contract
Up to 150 times leverage is available for you to maximize your profits. Leverage is the multiple of your capital amplification. By using leverage, you can use fewer funds and maximize the transaction volume.
For instance, spot price increases by 1%, and profit increases by 100% if you use 100 times leverage. However, if the prices go down by 1%, you suffer a loss of 100% on 100x leverage.
You can get the better of market fluctuations by buying up or down. In other words, if you reckon that the price might fall, you can sell short. However, if you think that it may rise, you can buy it for a long. By using contracts, you can hedge against investment risks.
You can use a single currency to contract trade. You are in this way saved from switching between currencies, and this makes transactions smoother.
MEXC Fees
The commission fee is as low as 0.05% on the MEXC trading platform. You can also get discounts by using MEXC Points.
MEXC imposes zero deposit fees. You can earn rebates and carry out simulated transactions for free.
MEXC charges two types of trading fees.
- When you open or close a position
- For Overnight financing
You will only have to pay a transaction fee of 0.05% when you open a position and do not have to pay any other fee while closing it. You can also use MEXC Points to reduce 30% of the procedure fee.
If you close a position before a new trading day (0:00 UTC) starts, MEXC will not charge you anything. The daily overnight settlement time is 0:00-0:05(UTC). If you wish to hold your position overnight, you will have to pay a fee.
For Light Contract trading, there are no delivery or capital costs. Although, you will also have to pay the spread fee.
Spread is the difference between the trading pair’s buying and selling price. While contracts trading, one has to pay a spread fee so that they can execute their position.
MEXC Withdrawal Fee
The withdrawal fee at MEXC differs for different chain types and degrees of blockchain congestion.
• OMNI chain withdrawal fee is 28 USDT
• ERC20 chain withdrawal fee is 20 USDT
• TRC20 chain withdrawal fee is 1 USDT
A different fee is applicable to different contract trading varieties. You can view them in the table given below:-
| Contract | Margin Limit( USDT) | Highest leverage | Transaction fee rate | Overnight fee | Overnight time |
|---|---|---|---|---|---|
| BTC/USDT | 1 – 5000 | 150 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| ETH/USDT | 1 – 5000 | 125 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| LTC/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| XRP/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| EOS/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| TRX/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| ADA/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| BCH/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| ETC/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| BSV/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| LINK/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| SXP/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| UNI/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| AAVE/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| DOGE/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| FIL/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
| DOT/USDT | 1 – 5000 | 100 | 0.05% | 0.05% | 0:00~0:05(UTC) |
Is MEXC Safe?
MEXC takes care of your funds by keeping them in cold storage. To further strengthen security, they use multi-signature technology and 2FA. You are also required to complete the KYC verification before withdrawing funds.
If you happen to make the mistake of investing too much and taking upon higher risks, the MEXC risk control system will help you minimize the risk of over-exposure and even penalties. They will immediately compensate for this loss by using the platform insurance fund.
Why choose MEXC?
Although MEXC is a very new platform, they not only have the basics but also advanced trading features.
Firstly, you can create a free demo account and check out the features before investing your funds. Furthermore, you get the multi-screen trading view feature. Also, you will not have to worry about your funds as MEXC will store them in cold storage.
MEXC is currently focusing a lot on expanding its reach and is hence even more responsive and active. It would be best to try trading at the MEXC platform for a comfortable, secure, and fast trading experience.
Supported Cryptocurrencies
MEXC, at the moment, supports 17 trading pairs, including cryptocurrencies like BTC, BCH, ETH, LTC, EOS, XRP, TRX, ETC, DOGE, ADA, BSV, LINK, SXP, UNI, AAVE, FIL, and DOT. The platform is available in around 200 countries in the world.
MEXC Review: Customer Service
MEXC provides an extensive FAQ section and helpful tutorials. They have a blog that gives the latest updates and information regarding all the features and products. The site, MEXC Support, answers every type of question. If you are a beginner, you will have absolutely no problem trading with this platform. MEXC explains the basic trading terms to the most complex charts precisely.
They have an active YouTube channel, telegram channel, and Reddit community. They hope to expand their platform’s reach by engaging with people through social media accounts. You can follow them on Facebook and Twitter. You can also contact them via email: [email protected] and [email protected].
MEXC Review: Pros and Cons
| PROS | CONS |
|---|---|
| No deposit fee | The number of supported currencies is less |
| A form of derivative trading (Light Contract) is available. | Extremely limited payment methods are available |
| Low trading fee | Very few users, since the platform is relatively young |
| Extensive and comprehensive Help Centre | |
| Simple and latest User Interface |
MEXC Review: Conclusion
It hasn’t been that long since the launch of the MEXC trading platform, and hence, its user count is low. But the features they offer you are undoubtedly advanced and uncomplicated. With light contracts trading, you don’t have to pay any deposition fee and can open a position starting at just 1 dollar.
Along with helpful guides and tutorials, you get the benefits of high limits and low fees on MEXC. They have already started expanding their global reach and soon aim to introduce an AI system that can help investors make better investment decisions.
By looking at their features, products, and services, we can easily reckon that it does provide a light, friendly and effortless trading environment. If you are doubtful, you can easily create a free demo account and better understand the well-formulated MEXC platform.
Frequently Asked Questions
At the moment, MEXC doesn’t support legal tender transactions. They claim to introduce an OTC service soon.
Incidents like these occur quite often. First, the order is fixed at a price set by you. The filled order will then be sent to the market, where the price can get affected by market trends and volatility. Hence, the price difference.
Yes, MEXC supports third-party auxiliary tools for charting, such as horizontal line, vertical line, trend line, cross line, Fibonacci, Bifurcation line, rectangle, Eliot, and circular line analysis.
While MEXC does store your funds in cold storage, you can use a robust, unique email and password combination to further secure your account. You can also enable the login notifications and 2FA (2-factor authentication).
