What is MEXC? This is probably a question that many people are interested in in the world of cryptocurrency and crypto trading. This exchange has attracted the attention of many investors. So what is MEXC? Why has it become a choice for many cryptocurrency market participants? Let’s explore this with MCrypto in the article below!
What is MEXC? General information about the MEXC exchange
Operation history of MEXC exchange
MEXC exchange originally originated from the MXC exchange. The exchange has received official operating licenses in 4 reputable countries: Canada, Switzerland, the United States, and Australia. In just 4 years of operation, MEXC has made a strong mark. The exchange ranks in the list of top cryptocurrency exchanges in the world.
MEXC is a famous digital asset exchange. The organization was established in April 2018 and registered in Singapore. The exchange is organized by experienced developers in the field of blockchain and finance. MEXC’s development is extremely strong with many representative offices around the world. This brings diverse trading services to many different countries.
In 2019, made its mark by capturing 5% of the global digital asset market. Currently, this exchange holds a large portion of the market. Possesses a large customer base and significant transaction volume. This demonstrates strong development and user trust.
Coin what is MEXC?
Coin MEXC is also known as MX token, the digital currency of MEXC exchange, playing an important role as proof of rights and profits of this trading platform.
Information related to MX tokens includes:
- Maximum supply: Unlimited, allowing flexible expansion of the platform.
- Total MX in circulation: 100,000,000 MX, creating scarcity and value.
The way to own MX tokens is through mining or buying on the MEXC exchange. A large portion (60%) of the trading fees on this exchange is used to reward MX token holders. To create an opportunity to promote interaction with this token. The remainder (40%) of this fee is used to buy back MX tokens from the market and burn them monthly. The goal is to reduce the total supply of MX tokens in circulation.
Furthermore, MX token holders are also given the right to participate in voting for community decisions and enjoy many other benefits. This creates a complete and integrated ecosystem for the MX token usage community.
Is MEXC reputable?
What types of documents are licensed for what is MEXC? Is this a reputable trading platform? Let’s take a look at some of the following evidence:
MEXC is an exchange that completely complies with the law and has a clear management system. It has received a Certificate of Conformity (DoC – document of compliance). Licensed by regulatory authorities in many countries and regions. Including Australia, Canada, Estonia, Switzerland and the United States.
This exchange has implemented many advanced security measures to protect users’ funds. This includes using two-factor authentication, using “cold storage” (i.e. offline storage on a physical device) for all digital assets. Implement strict KYC/AML (Identity Verification and Anti-Money Laundering) policies. Unless there is an intrusion into the system, hackers will not be able to access hot storage or software wallets.
MEXC is one of the few cryptocurrency exchanges that is also GDPR compliant. They have also developed sophisticated anti-DDOS attack and security risk management systems. Aimed to deal with cyber attacks. Currently, MEXC has a large trading volume, up to 1 billion USD. Therefore, you can be completely confident and secure when participating in the transaction.
>>See more: MEXC – The world’s leading cryptocurrency exchange
Types of transaction fees on MEXC exchange
Types of transaction fees on what is MEXC? The following is information about fees on MEXC that traders can refer to:
Deposit fee on MEXC exchange
Depositing cryptocurrency to a MEXC account is completely free. However, the exchange does not support direct FIAT deposits. Users still can use their fiat currency to purchase cryptocurrencies on the exchange. The transaction fee in this case will depend on the third party, ranging from 3-5%. To know the exact information about the fee before making a transaction, you can select the FIAT payment method you are interested in. Fees will be displayed here.
MCrypto fees
MEXC has made changes to its trading fee policy effective February 2023. Currently, the exchange does not charge spot transaction fees to order creators, but buyers will have to pay a small fee of 0.2% for each transaction.
For futures trading, the order creator remains free. However, the recipient will have to pay a small fee of 0.06%. This may vary depending on your 30-day trading volume. You may enjoy additional fee reductions if you make more transactions.
FIAT Withdrawal Fees
MEXC does not offer direct FIAT withdrawals; therefore, you will need to use a third-party service to do this. If you want to convert to FIAT money, you can do it on the P2P (peer-to-peer) market. On this marketplace, you can create your order and set the price as desired. Then wait for buyers intending to buy at that price to appear.
The process is completely free, and you have full control over your prices and trading times.
MEXC Cryptocurrency Withdrawal Fees
MEXC has different fees for each cryptocurrency. There are several currencies that you can withdraw without fees. While some others have specific regulations on withdrawal fees. Detailed information on withdrawal fees for each type can be found on MEXC’s site. For example, to withdraw USDT (Tether), you will have to pay a flat fee of 20 USD.
>>See more: MEXC account creation is detailed and simple for beginner
Trading products supported on the MEXC exchange
According to many experts, MEXC is one of the top exchanges in the cryptocurrency trading market. So what are the outstanding features of what is MEXC? Why does MEXC attract so many users? Let’s take a look at some products and tools to support trading on MEXC:
- Spot: MEXC currently supports the trading of over 1600 cryptocurrencies, forming around 1900 different trading pairs. The MEXC exchange is handling a daily trading volume exceeding 385 million USD.
- Futures: MEXC allows trading futures contracts with more than 300 different trading pairs. The trading volume of futures contracts on MEXC is currently worth more than 3.2 billion USD.
- Launchpad: MEXC’s Launchpad platform is a token launch platform for projects about to be listed on this exchange. This product allows users who hold MX tokens (MEXC tokens) to participate in purchasing tokens from new, potential projects.
- Savings: With the Savings feature, users can use cryptocurrency to save with different interest rates. MEXC currently supports 17 different cryptocurrencies, including popular ones like BTC, XRP, ETH, and USDT.
- P2P Trading: P2P Trading is a peer-to-peer cryptocurrency trading platform that allows users to buy/sell cryptocurrencies easily with MEXC-licensed merchants.
Conclude
The above article from MCrypto has provided information to help you understand what is MEXC. Hopefully, with the above information, you will have deeper knowledge. From there, you can trade more effectively and conveniently.
FAQ
Is the MEXC exchange reputable?
MEXC exchange is considered reputable in the cryptocurrency market. MEXC has received a high credit score of 9 points from Coingecko. This has demonstrated transparency through proof of reserve. Make sure they adequately store user assets.
Has MEXC ever been hacked?
MEXC has never recorded any violations related to hacking since its launch until now.
Is there a KYC requirement on the MEXC exchange?
Regarding requiring verification of personal information (KYC), MEXC does not require users to perform the KYC process when registering an account.
