The MEXC Exchange platform has been making waves in the crypto world since 2018. Some good, some bad, but it’s been growing since then and making a name for itself.
Originating in Singapore, MEXC has grown rapidly and has created a reputation for being a dynamic exchange, with a wide range of cryptocurrencies for trading.
Gaining over 30 million users across 170 countries and nearly 3,000 tokens available, MEXC has grown in recent years.
This MEXC Exchange review will break down the exchange’s features, fees, regulatory issues, and how it compares to other platforms.
We’ll also highlight user feedback and share our final thoughts on whether MEXC is a good choice, and why you should keep your crypto with Material Bitcoin for safe long-term storage.
Overview of MEXC Exchange
| ✅ Pros | ❌ Cons |
|---|---|
| Supports a large range of cryptocurrencies | Regulatory issues in multiple countries |
| Competitive trading fees with discounts for MX token holders | Customer support has mixed reviews |
| Advanced trading features (spot, margin, futures, ETFs) | App performance issues reported by users |
| No mandatory KYC for basic accounts | Funds have been reportedly frozen for some users |
| Mobile app available for iOS and Android | Not available in the US, Canada, UK, and several other regions |
| Frequent trading events and promotions | Some tokens are at risk of delisting (ST warnings) |
| Insurance fund account with $414M for liquidation protection | Withdrawal fees vary depending on the blockchain network |
MEXC Exchange Features and User Experience
MEXC Exchange has become popular as a trading tool for its user-friendly design.
No matter if you are new to online crypto exchanges or have been doing it for a while, the MEXC platform is pretty intuitive and easy to navigate.
User Feedback
MEXC has put a lot of effort in the last year to boost services, security, and appeal to the masses.
But, the platform still has issues with user ranking and feedback.
The app is available for both iOS and Android—a ranking of 3.7 on the App Store and 3.8 on the Play Store.
While earning a 1.6-star rating out of 5 on Trustpilot.
The biggest concern from app users is that it doesn’t work correctly or respond, which can be the most frustrating thing when you need to access your crypto, now!
However, for the desktop version and exchange itself, the feedback is a bit better, praising the MEXC Exchange on its easy-to-use interface…
While others complain about horrible experiences and assets being held and frozen.
New Safety and Protection Features
MEXC has dedicated the last year to improving its features and adding further protection for its clients.
The platform has added a Proof of Reserve, which is updated every two months.
This helps users understand the risks when they buy Bitcoin and trade with confidence knowing that MEXC has enough funds to back their trades.
In addition to the Proof of Reserves, MEXC has also introduced Insurance policies to accounts.
Enhanced Security Measures
As of January 23, 2025, MEXC introduced an Insurance Fund Account, allocating over $414 million to protect traders from liquidation losses due to extreme market fluctuations.
Managing Your Account and MEXC KYC Procedures
Having a strong emphasis on security in the crypto world is a big issue and that’s where Know Your Customer (KYC) processes come into play, especially on online exchanges like MEXC.
Depending on your view, KYC can be seen as a positive or negative aspect in the world of finance.
On one hand, KYC helps prevent financial crimes such as money laundering and fraud, but on the other hand, when it comes to crypto, being anonymous and private is a top priority for many users who look for no-KYC crypto exchanges and anonymous crypto wallets.
MEXC Exchange has 3 types of accounts
1️⃣Unverified
2️⃣Primary KYC
3️⃣Verified Plus
If you have an unverified account, you do not need to adhere to KYC, but you have limitations to crypto MEXC withdrawals.
MEXC Location & Regulatory Controversy
As of 2025, the MEXC Exchange is registered in Seychelles and is open to function globally.
However, it continues to face major regulatory issues and challenges in several countries.
In November 2023, the Estonian Financial Intelligence Unit (FIU) revoked the license of MEXC Estonia OÜ due to suspicion of money laundering.
Later, in March 2024, Hong Kong’s Securities and Futures Commission rang alarm bells that MEXC was operating without a license.
As a consequence, MEXC’s services are now restricted in multiple countries.
Users in these areas are prohibited from accessing the platform due to local regulations.
It’s important to understand that the regulatory status of MEXC is complex and changes depending on the region and jurisdiction.
For this reason, you must understand and consult local regulations before using the platform to comply with your country’s laws.
LOOPHOLE FOR PROHIBITED COUNTRIES: Many US citizens still want to use MEXC, especially since KuCoin was recently banned as well. But how can you do this if it isn’t licensed in the US?
Use a VPN to alter your IP address.
⚠️ Warning
We do not condone prohibited activities, but there are legal loopholes available to grant US residents access to the MEXC Exchange.
Understanding MEXC Fees
MEXC Exchange offers various trading services.
1. Spot Trading Fees
Maker Fee: 0%
- A maker order adds liquidity to the order book by placing an order that isn’t automatically matched.
Taker Fee: 0.05%
- A taker order removes liquidity by matching an existing order in the order book.
To reduce spot trading fees, you can use the MX Deduction feature.
This applies a 20% discount, lowering the taker fee to 0.04%.
Also, if you hold a minimum of 500 MX tokens in your spot account for one consecutive day, you can get an additional 50% discount, lowering the taker fee to 0.025%.
2. Futures Trading Fees
Maker Fee: 0%
Taker Fee: 0.02%
Like spot trading, if you activate the MX Deduction feature, you qualify for a 20% discount on futures trading fees. While holding at least 500 MX tokens for one consecutive day gives you a 50% discount.
3. Funding Fees
In perpetual futures trading (derivative contracts without an expiry date), funding fees are payments made periodically between long and short position holders.
These fees are not charged by MEXC but are exchanged directly between traders.
4. Withdrawal Fees
Withdrawal fees on MEXC vary depending on the specific cryptocurrency and its blockchain network fees.
Our Take:
Overall, MEXC’s fees are competitive, but it can be difficult for new crypto investors and traders to understand.
Make sure you familiarize yourself with fee structures and consider the volume that you want to buy, trade, and withdraw since it can impact your fees.
For more information, check out this video by Youtuber Block-Builders.
Block-Builders
Community Feedback – MEXC on Reddit
When it comes to understanding how MEXC stands with its users, Reddit is the place to go.
Like other user reviews and comments we saw earlier, there are some good and some bad, but the Reddit community can also be SAVAGE.
Even on MEXC’s official Reddit, they are being flooded by user complaints, inquiries, and frustration. It can get a bit scary to see how many people are being locked out of the exchange with assets frozen or unable to withdraw.
Storing Your Crypto in a Safe Place
Regardless of which exchange you decide to use, when it comes to managing cryptocurrencies, keeping it safe and secure is a top priority.
As digital currencies continue to gain mainstream acceptance, exchanges, and software wallets are becoming easy targets for scammers and hackers.
One of the most secure methods for storing cryptocurrencies is using a cold wallet, such as Material Bitcoin.
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How Cold Wallets Work
A cold wallet, functions by keeping your private keys offline.
Although MEXC offers a blend of hot wallet and cold storage protection, your crypto remains in their custody and exposed to hackers.
If you are going to use an online crypto exchange, you must move large amounts of Bitcoin to a crypto cold card for a long-term hold.
Additionally, using a metal crypto backup wallet is vital for the recovery of your assets in the case of loss or damage.
By using a 24-word recovery wallet, you guarantee the possible rescue of your crypto.
Alternative Options to MEXC
While MEXC has many tools and trading options, user experiences have been mixed.
Depending on your needs, it could be a great platform or a frustrating one to use daily.
If you’re looking for alternatives with similar features, consider these options:
Binance is a popular exchange that supports spot trading, margin, and futures trading, as well as decentralized finance (DeFi) services. It also has lower fees compared to MEXC.
Coinbase is ideal for beginners because of its user-friendly interface. This makes buying, and selling crypto easier. Coinbase also follows strong regulatory compliance regulations.
Changelly Exchange is a great choice for experienced traders. It offers a full suite of tools for individuals and businesses.
Exodus is a non-custodial wallet with built-in exchange features. It allows you to trade crypto directly within the app, but remember to withdraw to a cold storage wallet for safekeeping.
Is MEXC the Right Exchange for You?
MEXC has made a big name for itself in the crypto exchange market.
With its large selection of tokens and advanced trading options, it appeals to many crypto investors. However, its regulatory issues and mixed user feedback raise some concerns.
We hope that our MEXC Exchange review has helped you understand its features, along with its benefits and risks.
No matter what exchange you decide to use, remember one golden rule: never store your crypto long-term on a trading platform!
Keeping your Bitcoin on a secure cold wallet, like Material Bitcoin, guarantees that your crypto stays safe, especially on a platform with regulatory issues globally.
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FAQ Section
Is MEXC available in the US?
No, not anymore. The US, along with Canada, Mainland China, Singapore, Indonesia, Venezuela, and a few others have revoked its license.
Is MEXC a trusted exchange?
MEXC has built a reputation for offering a wide range of trading options, but it’s faced regulatory warnings in some regions, putting its trustworthiness into question.
Does MEXC require KYC to withdraw?
If you are an unverified user, then no. But to gain access to the PRO account, then yes, the exchange requires users to complete a Know Your Customer process to withdraw funds, enhancing security and compliance with anti-money laundering regulations.
How do I open a MEXC account in the USA?
To open a MEXC account in the USA, you need to install a VPN and work your way around US regulations. It is important to note that MEXC itself states on its terms that the US is a prohibited country of use, so ease with caution and at your own risk!
How do I buy on MEXC in the US?
As mentioned, since MEXC is not available in the US, you will need to use other crypto or P2P trading to make exchanges.
Thanks, Maral!