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The MEXC Global Cryptocurrency Exchange: A nice CEX without need for KYC

By 2sats | 2sats | 16 Apr 2022


*obligatory not financial advice*

 

What is MEXC Global?

MEXC is a centralized cryptocurrency exchange that allows trading for well over 200 different cryptocurrencies, including many that are not available on other great exchanges like Binance or KuCoin. You can register an account and start trading from almost everywhere in the world, and you only need to deal with KYC if you want to withdraw more than 40 BTC per day.

 

Trading

The main utility of a CEX is of course the buying and selling of crypto. MEXC Global offers hundreds of different cryptocurrencies, including almost all the big cap coins but also plenty of low cap gems that are not even listed on most other exchanges. For example, MEXC is the only big exchange that offers trading pairs for YLDY, the token of the first application on Algorand, RADAR, the native token of DappRadar, and JUNO, the coin of the main smart contract chain in the Cosmos Network.

A few tokens and coins have trading pairs with BTC and ETH, but most are only paired with USDT, so if you want to trade one coin for another, then in most chases you have to swap your crypto into USDT and then swap it again into the wanted token. Making a trade is very simple. You can choose between spot trading and limit orders. Each trade has a fee of 0.2%, which is OK-ish for a CEX. Each trade must have a minimum value of $5, anything lower is not accepted.

There are a few crypto "ETFs" that you can invest in to buy a basket of multiple cryptocurrencies. There are 9 different ETFs with different themes. There are ETFs with themes for DeFi or NFT related cryptos, for Big Caps, for Polkadot related coins and for cryptocurrencies that Grayscale or Coinbase are investing in. Leverage trading is also supported with up to 125x leverage if you are into that.

 

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Easy Registration

When you register a new account you only need an email address and a phone number for the 2 factor authentication. You don't need to give MEXC much of your data and don't have to deal with a lengthy identity verification process if you don't want to. You can just set up an account and deposit cryptocurrency and start trading directly.

However, if you want to trade with huge amounts of money, then you should verify your identity for your own safety. Also you are not able to withdraw more than 40 BTC worth of crypto per 24 hours, but most people can only dream of having this much money to trade on crypto anyway.

 

Earning a Yield on Your Funds

MEXC Global also offers a few ways to earn a yield on your cryptocurrencies. There is a flexible savings service that lets you earn a low interest rate on over 20 different coins, although most of them very much unknown. You also have the option to lock your funds for up to 30 days on 7 different cryptocurrencies (which includes BTC, ETH, DOT and KSM) for a much higher yield between 1.5% and 12%.

The platform also lets its users stake their ETH for BETH tokens, which makes it possible for them to participate in ETH staking without needing the minimum of 32 coins and it lets them keep their funds liquid. Users can also use their DOT and KSM coins to participate on slot auctions for Polkadot and Kusama directly on MEXC.

 

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Launchpad & Kickstarter

The exchange has its very own Launchpad where the holders of the native MX token can invest into a project long before it even launched. Participation in the Launchpad is actually a little bit restricted since users from the US and a few other countries are not allowed to participate. The projects are also usually in such an early state that they are entirely centralized too, which is a risk for the investor. Still this makes it possible to buy in very early.

The Kickstater feature allows new project to let MX token holders to vote on whenever or not their token should be listed on the MEXC exchange. If they get enough votes, then all the MX token holders that voted for them will receive an airdrop for their new token. This is supposed to make it easier for new projects to decide whenever or not they should get their project listed and rewards the users of the platform.

 

Deposits & Withdraws

You can deposit funds thru Visa, MasterCard, Bank Transfers, Apple Pay and Google Pay and of course also cryptocurrencies. Fiat deposit options might depend on which country your life in, but crypto deposits are possible for everyone.

There are minimum amounts for depositing crypto, and transactions that are below the minimum are not accepted and permanently lost but there are no deposit fees. Depositing fiat on the other hand can have fees set by third party merchants.

Fiat withdrawals are also handled by third party merchants, which why there is no specific fee for withdrawals and it can vary depending on your location and on how exactly you are withdrawing. Cryptocurrency withdrawals have different fees for each asset, because each blockchain has different transaction fees. Some coins have no withdraw fees or very low ones, but some can have very high ones, especially tokens that are native to Ethereum have very high fees. Crypto withdraw fees are usually paid with the cryptocurrency you are withdrawing.

 

 

The MX Token

Like many other exchanges, MEXC also has its own cryptocurrency. The MX token can be used to get a discount on trading fees and to participate in the Launchpad and Kickstater services. Sometimes token holders on the exchange could get airdrops from projects that want to advertise their tokens. The MEXC Global exchange also sometimes lets its token holders vote on changes.

There is a max supply of 1,000,000,000 MX token. All the profits from the trading fees are currently used for buy backs and burns of the MX token. This burn will continue until 100,000,000 MX have been burned, which would reduce the total supply by 10%. Exchange tokens have been booming before and MX could too if its exchange keeps growing and burning tokens.

 

 

Pros of the Exchange

-KYC not necessarily needed

-countless cryptocurrencies, including many possible low cap gems that most other CEXs don't have

 

Cons of the Exchange

-Deposit and Withdraw fees can be a bit unclear

-Strongly depends on USDT, since most trading pairs use it

-saving and staking is only available for very few cryptocurrencies, most of which are unknown

 

 

 

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Trade at the MEXC Exchange with a 10% discount

 

 

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2sats
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I am just some bored guy that likes crypto


2sats
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I am just some bored guy that likes cryptocurrency

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