is mexc exchange legit

MEXC is a legitimate cryptocurrency exchange with licenses in the United States (Iowa) and Estonia, offering trading features, security measures, and customer support but facing criticism for high fees and technical issues.

Nov 02, 2024 at 09:30 am

Is MEXC Exchange Legit?

1. Background

MEXC is a centralized cryptocurrency exchange founded in 2018 and headquartered in Singapore. It claims to be a professional digital asset trading platform that provides various cryptocurrency trading services.

2. Licenses and Regulations

MEXC is not licensed by any major regulatory agency in most countries. However, it does have licenses in two jurisdictions:

• United States: MEXC Global, a subsidiary of MEXC, holds a Money Transmitter License (MTL) in the state of Iowa.
• Estonia: MEXC Global OÜ, another subsidiary, is licensed as a Cryptocurrency Exchange Service Provider.

3. Security Measures

• MEXC employs several security measures to protect user funds, including:
• Two-factor authentication (2FA)
• Cold storage for digital assets
• Regular security audits
• Insurance coverage

4. Customer Support

• MEXC offers 24/7 customer support via live chat and email.
• The exchange has a detailed FAQ section on its website.

5. Trading Features

• MEXC offers a wide range of trading features, including:
• Spot trading
• Margin trading
• Futures trading
• Leveraged tokens
• Staking

6. Fees

• MEXC's trading fees are competitive compared to other major exchanges.
• The exchange offers maker and taker fees, with lower fees for holders of its native MX token.

7. Reputation and Controversy

• MEXC has generally positive user reviews and a decent reputation in the crypto community.
• However, it has faced some criticism for relatively high fees on certain types of trades.
• The exchange has also been criticized for its slow verification process and occasional technical issues.

8. Conclusion

Overall, MEXC is a legitimate cryptocurrency exchange with a reasonable reputation. While it is not regulated in many jurisdictions, it does have licenses in two countries. The exchange offers a wide range of trading features, has decent security measures in place, and provides customer support. However, it is important to be aware of its potential drawbacks, such as high fees on certain trades and technical issues.