Many questions arise concerning the legitimacy of the MEXC exchange platform. Perhaps it is because it is one of the lesser-known exchanges.
MEXC is a crypto exchange that also goes by the name MEXC Global. Since its founding in 2018, the platform has become a high-performance exchange with easy and efficient transactions. After its founding in 2018, in 2021, the platform undertook its rebranding, taking the name MEXC global.
We dive deep into what MEXC Global does, its pros and cons, and everything in between.
About the MEXC Exchange
Despite being a lesser-known crypto exchange platform, MEXC Global is also not a popular investor choice. However, the platform has over six million active users, most of whom prefer the platform for its efficiency and impressive transaction-matching technology.
The exchange can complete at least 1.4 million transactions in a second. Such a feature makes trading on the site seamless and instantaneous.
Additionally, the platform is the leading crypto exchange regarding global compliance certificates. This makes it available almost throughout the world. Such countries include Australia, Canada, and the United States of America. The platform also offers diverse customer options to trade, buy and sell digital assets.
Pros
- The exchange has global compliance certificates from multiple countries
- Has a ground-breaking transaction matching technology.
- Efficient and responsive customer support, ensuring customer satisfaction.
Cons
- Compared with other exchanges, the platform has higher transaction costs.
- The exchange lacks an in-built wallet.
Trading Options in the Exchange
MEXC Global is a centralized exchange with several constraints over decentralized exchanges. However, the exchange offers users a variety of trading options to explore.
1. Spot Grid Trading
Spot trading in the platform is primarily through the grid trading quantitative strategy. In spot-grid trading, traders give their maximum and minimum prices to buy or sell an asset. They then set various grids and a base investment amount. The platform then uses trading bots that execute transactions to buy at the lowest price and sell at the maximum price.
Spot grid trading in the MEXC platform removes the pressure of manual trading.
2. Margin Trading
MEXC also offers margin trading, where traders can borrow funds and use them for trading. Margin trading is always a profitable venture but, in the same way, a risky one.
To participate in margin trading on the platform, one must first activate a margin trading account and deposit a margin deposit. The deposit serves as collateral for the loan.
Regardless of the outcome, the trader must repay the loan and the agreed-upon interest. This is why margin trading is better suited for traders with crypto markets experience.
Currencies and Payment Methods
MEXC Global supports a wide range of currencies and trading pairs. The exchange platform supports at least 1521 coins, with the popular ones being;
Traders also can explore a variety of trading pairs on MEXC. The platform’s most active trading pair is BTC/USDT. Other popular trading pairs on MEXC Global include;
- ETH/USDT
- BTC/USDC
- EOS/USDT
- LTC/USDT
- XRP/USDT
- DASH/BTC
- BNNB/USDT
- SOL/USDT
Additionally, MEXC supports different payment options, including using credit and debit cards. Traders can also pay through global bank transfers using WIFT, PIX, Wire and ACH. They can also pay using third-party payment services like Simplex, Mercuryo and Banxa.
Fiat Buying
The platform also allows traders to buy fiat using credit cards such as Visa and Mastercard. The major supported fiat currencies are the Vietnamese Dong (VND), Chinese Yuan, Australian Dollars, British Pounds, Philippine Peso, US Dollars and Euro.
Fees
MEXC Global does not charge any deposit fee for any amount of funds that traders put in the account. However, this can vary. For instance, if a trader transfers funds from another exchange, the exchange may impose a certain fee.
The platform also charges fees per transaction for withdrawal fees, but there is no fixed fee. The fees that may occur may depend on the platform’s traffic, liquidity, and network status.
Additionally, traders may encounter a trading fee, which costs 0.20% maker’s fee and 0.02% takers’ fee. In most cases, the platform offers MX deductions and discounts that can reduce trading fees by about 20%.
Security
For traders yearning for security, MEXC offers outstanding security features. It has the highest number of global compliance certificates. This is the first assurance that shows the security of the platform. It is the responsibility of regulatory bodies to ensure that a platform is safe enough for its citizens. Seeing that the platform has many compliance certificates makes it ideal.
Additionally, the platform has a multi-tier, multi-cluster security system. As such, hacking the systems becomes nearly impossible because hackers cannot find all information on one mainframe.
Customer Services
Among many exchanges, the platform scores highly for its customer service. Various review sites complement the platform for its efficiency and responsiveness. The platform is a help center that offers helpful resources for most of its services. A live support feature also allows clients to have one-on-one interactions with the MEXC support team.
How to Create an Account
1. Visit the MEXC website and click the Sign-Up button at the top right corner of the homepage.
2. Enter your email address. Fill in the password field on the same page.
3. Click the send now hypertext on the left side of the verification field and wait for a verification code to be sent to the email address you provided.
4. Copy the code you receive and paste it into the verification field.
5. Click the sign-up button to complete the process.
Final Thoughts
Choosing any crypto exchange is a serious step for every trader. There is a need to consider different things, like how user-friendly a website is and if their preferred cryptocurrencies are listed.
All matters in place, MEXC comes as an exchange to fully trust. The platform is a major exchange with the different compliance certificates it carries. The platform is also safe for traders as it treats their funds carefully.
Do you think the MEXC platform is ideal for holding your funds? Do your research without making the decision hurriedly.