MEXC Review: Is It Safe Or Scam 2023?
MEXC is a cryptocurrency exchange with a wide selection of features and trading options. For purchasing and selling cryptocurrencies with reasonable liquidity and trading volume, the user interface is well-balanced. With its margin, Futures, P2P, automated trading bots, and copy traders crypto - cryptocurrency.copytrade.press --trader features, it is more aimed toward severe traders. As the site does not permit fiat withdrawals to cash out, investors will be unhappy. In conclusion, MEXC is an adequate trading platform that will satisfy the needs of a contemporary cryptocurrency trader.
1. Features Review.
Supported Crypto Assets.
With each new project launch, the cryptocurrency market continues to grow. To ensure its customers gain access to the best and most promising cryptocurrencies, MEXC Global operates a rapid coin listing system. The exchange lists 1,588 crypto assets and 2,500+ trading pairs at the time of writing. Investors can trade assets like Bitcoin, Ethereum, and Cardano on MEXC. This benefits investors keen on diversifying across several cryptocurrencies, making MEXC an ideal altcoin trading exchange.
Crypto Markets To Trade.
One of the most important discoveries while researching for this MEXC exchange review is the plethora of trading options available on the platform. MEXC has several trading options, including spot trading, margin trading, futures, perpetual contracts, automated trading, and copy trading.
In particular, the derivatives and margin trading crypto platform offer Leveraged ETFs (exchange-traded funds) focused on cryptocurrencies for 1,000+ assets , MX-DeFi for mining rewards from retained tokens, and a staking platform. In short, MEXC has one of the most feature-packed services. However, this list of services mainly targets professional users familiar with the crypto space and its offerings. As for beginners, the expansive list of trading products could be overwhelming.
Copy-Trade Cryptocurrencies.
Like the best social network and copy-trader platforms for crypto, MEXC has joined suit and enabled this service for its users. Individuals can find and copy the most profitable crypto traders on the MEXC platform and replicate their trades. The top traders can be filtered by their total PNL, win rate, total equity, or number of followers. While it is not as popular compared to eToro, which boasts a large number of social traders, it’s a helpful feature on MEXC for beginners. Although, the quality of the traders on the social platform is questionable, with data missing for some featured traders.
Leveraged and Index ETFs.
Another unique platform feature is the Leveraged ETFs service – an ETF trading targeted at cryptocurrencies. MEXC customers can trade over 1,000 digital currencies with up to 5X leverage . This increases a user’s purchasing power and could also boost potential profit on a correct market prediction. Its Index ETFs allow investors to diversify their portfolios by investing in multiple assets. This includes the Grayscale Index, Major Crypto Index, and DSA Index, among others.
Demo Trading.
MEXC has recently launched a testnet for its users to demo trade cryptocurrencies and experience the platform before funding an account with real funds. The practice account can be loaded with up to $50,000 USDT in virtual funds. The user interface mimics that live platform with real-time crypto prices and the ability to place orders and execute positions like normal. The demo mode can be toggled within the same platform, unlike other tenets for crypto, which require a separate login. To see how the MEXC demo account compares, read this article on the best free crypto demo accounts.
0% Trading Fees.
Investors consider the trading fees charged by cryptocurrency exchanges before signing up. Naturally, traders seek platforms that provide excellent services and charge affordable fees so that profits can be maximized. Given this, most crypto exchanges charge incredibly low fees to attract investors.
MEXC differentiates itself from its competitors by offering no fees on the spot market. This is a promotion that applies to all spot trading pairs on MEXC. For instance, an individual can order to buy Bitcoin without paying any fees. Its futures derivative trading also starts at a minimal transaction cost of only 0.02% and 0.06% for makers and takers, respectively, which is good value for copy crypto traders reddit money. For a list of other crypto exchanges that charge no fees, read this article next.
MEXC Alternatives & Comparisons.
MEXC has low trading fees, impressive crypto support, who to copy trade on etoro and wide investing options targeted at beginners and pro traders alike. While MEXC shows a substantial lineup of crypto assets, the platform has an average rating of 3 out of 5 on the third-party review platform TrustPilot. This is understandable, considering the issues that plague MEXC. The platform is not available to US traders, its basic trade option (the Quick Buy/Sell) is limited, and it lacks direct fiat withdrawals.
2. Token of Crypto Exchange.
As per MEXC exchange reviews, the platform is currently compatible solely with fiat currency via the P2P and Credit Trading (instant purchase) features. In general, the P2P function is compatible with a broad array of fiat currencies, viz. USD, CNY, EUR, GBP, etc.
Supported Cryptocurrencies.
Taking cryptocurrencies into account, MEXC is attuned to many cryptocurrencies:
MX Token (MX) Bitcoin (BTC) Ethereum (ETH) Eos (EOS) Bitcoin Cash (BCH) Litecoin (LTC) Ontology (ONT) Tron (TRX) Ripple (XRP) Bitcoin SV (BSV) Ethereum Classic (ETC) Dogecoin (DOGE) Cardano (ADA) Dash (DASH) Neo (NEO) Chainlink (LINK) Quantum (QTUM) Polkadot (DOT) VeChain (VET) Stellar (XLM)
MEXC trading has won spurs as the first centralized asset service provider supporting the most recent coins and tokens. As per this MEXC exchange review, MEXC Exchange is the ticket for those looking to bypass costly synthesized exchanges and gas fees.
Taking into account the countries MEXC supports, it includes people from all over the world, with the exception of:
North Korea Cuba Sudan Syria Iran Yemen Zimbabwe Belarus Iraq Crimea Congo Myanmar Lebanon Libya Bolivia Ecuador Bangladesh Somalia The central African Republic Kyrgyzstan The United States and the U.S. Virgin Islands.
3. Trade on Crypto Exchange.
Much like most of the best trading apps for crypto, MEXC has a standalone mobile app. This is convenient for investors who are constantly moving and prefer trading from their mobile devices on a 24/7 basis. The MEXC is available for download on Android and iOS devices. The app offers the same trading experience as the web-based platform to seamlessly buy and sell crypto assets and monitor a portfolio with minimal effort. Mobile users also use in-app support to reach out to customer service for guidance which is a valuable feature.
4. Pros and Cons of Crypto Exchange.
Pros Cons Second-to-none trading experience and platform. Trading without margin. Compatible with a broad array of cryptocurrencies. Incompatible with fiat currencies. Affordable trading fees. Occurrences of user complaints. Availability of a mobile app. Cutting-edge security features. Multiple payment methods.
5. Competitors.
MEXC takes the security of users’ funds quite seriously. New accounts are required to complete KYC and enable 2FA using the Google App authenticator. Once this is done, where to copy trade crypto an anti-phishing code is set up alongside a withdrawal whitelist. Withdrawals are only permitted once the 2FA requirements are met.
Mobile number and email verification are also set up to improve the platform’s security. Alongside this, the platform s tores most of the crypto assets in a cold storage wallet, which is currently the safest means of securing crypto assets from cyberattacks.
Conclusion.
MEXC Exchange is the ideal platform for selling popular coins and tokens. As the first centralized exchange supporting the assets, it has achieved success in the market. Due to its comprehensive features, the platform is ideal for all types of traders.
The website’s poor English translation feature, which makes it challenging for English-speaking users to access the site, is one of its worrying aspects. The majority of customer support is provided by email, which is, by and large, a responsive, efficient, and convenient service to use. The site has been deemed safe in numerous reviews. Before making any kind of investment, this MEXC exchange review advises traders to read additional reviews about the site.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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