A Closer Look at an Emerging Crypto Exchange, MEXC
According to the Coinmarketcap platform, more than 366 registered crypto exchanges offer services in different jurisdictions. Every other month, more exchanges join the crypto world with the promise of making things easy for crypto traders and investors. Most of these exchanges prove to be unique by providing top services at affordable rates and fast speeds.
This guide will be reviewing one such exchange, MEXC, a one-stop shop for all crypto exchanging services. Keep reading to know what products and features this exchange has and the benefits for the everyday crypto user.
The MEXC Exchange
The MEXC exchange is an ecosystem for crypto exchange services. This platform was launched in April 2018 under a Seychelles license and provided vital services to crypto enthusiasts. It’s a centralized exchange designed to help users trade assets fast and make passive income on their assets.
The MEXC exchange ranks number 39 of the best exchanges in Coinmarketcap and number 34 in Coingecko above other great exchange platforms. Accordingly, the same report shows the platform has over 600,000 weekly visits. Furthermore, its 24-hour daily trading volume was $1.17 billion at the time of writing.
Recently, MEXC celebrated its third anniversary of providing excellent services. In the three years, the platform has made great strides and new partnerships to bolster service delivery. For instance, MEXC joined hands with Semtech to fix the problem of chip shortages. Moreover, the Shangai government earlier selected MEXC to help in their blockchain initiatives. Such advancements and more have bolstered MEXC’s growth.
2021 is already a skyrocketing year for MEXC. At the end of March 2021, an announcement shared with CoinDesk announced that OKEx and MEXC are partnering and pouring $40 million into strategic investment funds to bootstrap development on the Solana network. Furthermore, to drive evolution even further, towards the mid of April 2021, MEXC has officially become the exclusive CEX partner of Poolz, a highly appreciated blockchain protocol delivering decentralized token swaps.
All the statistics and partnerships above prove that the MEXC exchange is trusted by many. But what services does it offer?
MEXC Exchange Products
Spot and Margin Trading
MEXC provides crypto asset trading services for its users. This platform offers on-the-spot and margin trading where users can exchange ownership of assets immediately. Currently, there are over 370 assets present for margin and spot trading.
This platform is one of the crypto exchanges hosting the highest number of assets for trading.
The MEXC network also supports trading derivatives, i.e., contracts which get their value from other underlying assets. Accordingly, derivative trading is perpetual and utilizes a special funding mechanism exchanging payment after a fixed period.
The latest of the platform’s additions is the Defi staking services support system dubbed MX Defi. MX Defi lets users stake crypto assets in pools and mine yields from the more attractive pools.
The PoS services tool helps investors ‘stake and save’ tokens required and earn yields. However, the investor has a lockup period; therefore, they can neither withdraw nor deposit before the period ends.
On the other hand, saving involves just holding some assets in the platform without any lockup period. Therefore it’s possible to deposit or withdraw. However, in both staking and saving, the user can garner passive income.
The IEO LaunchPad
The MEXC exchange provides an IEO launchpad for the crypto world. New crypto projects often use launchpads for crowdfunding.
The platform launchpad listing product is dubbed SpaceM, where several products are conducting their IEOs currently. Additionally, MEXC provides an ‘apply for listing’ icon at the bottom of their homepage to request for listing your project.
ETFs have for long been used as assets that help in spreading the general investment risk. MEXC has an ETF trading platform supporting multiple options for the user’s convenience.
The MX Token
MEXC has its native token running all its services dubbed MX token. According to Coinmarketcap, this token is trading at $1.13 and has a market cap of over $128 million. This token has many utilities, including;
- It can be used as a payment token for the platform’s services
- Voting to list a new coin
- The token is applicable in Defi yield farming
- MX has benefits to holders, including being deflationary
- Moreover, MX token holders get rebates from the revenues of the MEXC platform
Merits and Demerits of the MEXC Exchange Platform
Convenient for All Users
MEXC exchange has a user-friendly interface available for different levels of crypto users. For instance, when you select the exchange option, it opens the standard and professional interfaces.
The professional dashboard is better for crypto users with long-term crypto expertise but is still a beginner. However, it’s way more intuitive and engaging, thus good for an expert trader.
Protection of Users
For user protection, the platform implants an Official media authenticator feature designed to protect the users from scammers. This media authenticator tool helps inform the investor of the official social media channel.
Before relying on any media outlet in the name of MEXC, i.e., Twitter page, Facebook, phone number, telegraph, etc., you can paste the page’s content in the authenticator tool. If the page is not official, the authenticator will notify you to avoid using it. Implanting the authenticator tool proves their commitment to the user’s security.
MEXC has features like cold wallet, multi-signature, KYC for amounts over 0.1 BTC, anti-DDOS system, and risk control option for more security.
Multiple Investment Options
MEXC, like a crypto exchange platform, supports over 392 coins and about 590 markets. Having a collection of crypto assets provides investors with a wide choice of investment assets.
Moreover, it has income-earning opportunities like staking, yield farming, ETF trading, derivative trading, etc., all designed to make sure you have ample investment choices.
Supports Defi and Crypto Growth
The platform provides the launchpad feature allowing developers to launch their projects and access crowdfunding. Providing the launchpad helps bolster the growth of the crypto ecosystem.
Mobility of Services
Unlike many other exchanges with only a desktop application, the MEXC network has Android and iPhone device applications. Providing mobile applications increases the mobility of the service and convenience.
The platform interacts with its customers in social networks and via calls. Therefore they respond to calls made or any queries asked. Moreover, to aid customers in using the platform, MEXC provides tutorials in video forms.
MEXC also fosters community governance systems. For example, using MX, its native token, the holders can vote on different parameters within the platform.
Another thing that draws this platform back is the negative reviews it got in the past years. Luckily, there are no recent updates of the same.
The KYC requirement on large trades, although it helps verify identity, it often infringes on the user’s privacy.
After going through the MEXC network, its features, and services, it’s clear that it offers good services. For instance, there are spot trading, margin trading, ETFs, Derivatives, etc., providing many investors options.
Additionally, this platform has other features like PoS staking and Defi earning, designed to provide income-earning opportunities to users. Developers, too, enjoy the launchpad provided by this network when conducting their crowdfunding rounds.
As mentioned earlier, MEXC is a one-stop-shop for crypto exchange services, as seen from its features and statistics. In addition, the platform interacts with its community via Twitter, Facebook, Telegram, Instagram, and several other channels. You can visit these pages for further information on the platform.