Investing Crypto Cryptocurrency, MEXC Exchange Ellen Osiier January 15, 2021

MEXC Exchange Review

MEXC is a cryptocurrency exchange that offers a wide range of features and trading possibilities while remaining relatively low-key. The user interface is well-balanced for buying and selling cryptocurrencies, and there are trading marketplaces and features such as margin, futures, P2P, and copy-trader capabilities that are common on other platforms. While MEXC is reliable and should suit the needs of the majority of traders, few characteristics separate the exchange from its competitors.

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Quick Verdict

MEXC is a cryptocurrency exchange that provides diverse features and trading options without setting the world on fire. The user interface is well-balanced for purchasing and selling cryptocurrency, and there are trading markets and features like margin, Futures, P2P, and copy-trader capabilities that you often find on alternative platforms. While MEXC is solid and should meet the needs of most traders, few features appear to distinguish the exchange from its competition.

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Pros

High supported crypto assets.
No trading fees for spot and futures maker orders.
Wide breadth of ancillary features like copy-trading and savings accounts.

Cons

Can’t withdraw fiat currencies.

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MEXC’s Features and Markets

Crypto you can trade on MEXC

As of this writing, the MEXC lists 2,289 crypto assets and over 2,729 trading pairs. MEXC allows investors to exchange digital assets such as Bitcoin, Ethereum, and Cardano. This benefits investors who want to diversify across multiple cryptocurrencies or seeing new altcoins on the market.

Spot and futures trading

The spot trading pairs on MEXC are not as exhaustive as those on other platforms like Bybit. While also not limited, its reasonable selection of trading pairs is denominated against USDT, USDC, BTC, ETH, and TUSD. USDT serves as the major base asset.

MEXC Futures offers futures trading for active traders. It offers up to 200x leverage for trading Coin-Margined (Coin-M) and USDT-margined (USDT-M) futures. Traders can employ limit, market, and trigger-limit orders to manage risks, and the integrated TradingView support is a welcome addition.

Copy-trade cryptocurrencies

Like Phemex and eToro which we’ve reviewed previously, MEXC has followed suit and made this service available to its customers. Individuals can use the MEXC platform to locate and duplicate the most profitable cryptocurrency traders and then repeat their transactions.

Customers can sort through the top traders on MEXC using filters such as PNL, win rate, total equity, and the number of followers.

A con of MEXC’s copy trading feature is the lack of a social community where investors can share ideas and trading strategies.

Demo trading

The MEXC platform provides a full-featured crypto demo account that can be funded with up to $50,000 USDT in virtual funds. The user interface is modeled around the live Futures platform, with real-time cryptocurrency prices and the ability to place orders and execute positions as usual.

In contrast to other cryptocurrency testnets requiring a separate login, the demo mode may be toggled within the platform by clicking a button. However, the demo account only applies to futures trading, and there is no ability to practice spot trades.

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0% fees on maker orders

MEXC is one of the few remaining zero-fee crypto exchanges that offer no fees on maker orders placed on its spot and futures markets. This helps to distinguish MEXC from its competitors.

Meanwhile, their fees for taker orders placed on the spot and futures markets are close to zero, at 0.1% and 0.01%, respectively.

P2P trading

In addition to instantly buying crypto with fiat via a debit or credit card, customers can also trade crypto assets with other users of the MEXC platform. Like other P2P marketplaces, the tradeable assets include USDT, USDC, BTC, and ETH. At the time of writing, USDT was the most popular asset, with several pages of offers available.

Earn crypto yields

MEXC has joined the exchanges that offer savings accounts where customers earn yields on their holdings. At the time of writing, there were 18 cryptocurrencies like SHIB and DOT, and up to 25% APR interest could be earned.

There are two types of products: Locked Savings and Flexible Savings.

Locked Savings: Assets are locked for a specified period, during which they cannot be traded, transferred, or withdrawn.
Flexible Savings: Assets generate yield immediately and can be traded, transferred, or withdrawn at any time, providing flexibility and liquidity for short-term needs.

Supported Deposit Methods

MEXC allows users to fund accounts with over 25 fiat currencies, including USD, EUR, GBP, AUD, and more. Deposits can also be made using credit/debit cards, bank wire transfers via SWIFT, automated clearing house (ACH), peer-to-peer (P2P), and third-party payment platforms such as MoonPay, Mercuryo, and Banxa. This provides investors with a wide range of deposit and withdrawal options.

There is no limit on cryptocurrency deposits, but fiat deposits are restricted to 100,000 USDT. Withdrawals are limited to 200 BTC daily. Deposits are free, while withdrawal fees vary depending on the asset.

MEXC Fees

Deposit fees

Deposits in fiat and cryptocurrencies are free at MEXC Global. Customers can also fill their accounts with AUD and 27 other fiat currencies. Deposits are made using credit cards or through MEXC’s third-party partners, who present you with rates.

Trading fees

Trading fees on the MEXC spot and futures exchange are structured as maker-takers. For spot trading, maker and taker costs begin at 0.0% and 0.1%, respectively. Conversely, MEXC’s futures trading charge is 0% for makers and 0.01% for takers.

Customers with the MX cryptocurrency receive a 20% reduction on the aforementioned trading fees. Overall, trading fees on MEXC are highly appealing and provide sound value for money.

Withdrawal fees

Fiat transfers to a bank account are not supported on the MEXC platform thus withdrawals can only be made in cryptocurrency. Transferring digital currencies to an external wallet is free, which is typical with most other cryptocurrency exchanges.

Cryptocurrency withdrawal fees are computed dynamically based on the current blockchain network state at withdrawal time. Other factors that influence the network charge are transaction complexity and congestion. There are withdrawal minimums to consider.

Using MEXC

The typical trading interface of the MEXC exchange includes a ‘Buy’ and ‘Sell’ icon at the bottom of the underlying asset.

In addition to the live order books, buying and selling panels, and TradingView charts, MEXC allows users to personalise all supporting indicators by changing their colours and time lap.

This interface is available for all of the platform’s supported coins, and orders can be executed within seconds of being placed. MEXC provides advanced functionality for more skilled investors by connecting directly to the TradingView Application Programming Interface (API).