The Canberra Times

MEXC review for Australians 2024: Fees, security, pros & cons

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As the cryptocurrency landscape continues to evolve, Australian crypto traders are constantly on the lookout for reliable and low-fee platforms. MEXC, a global cryptocurrency exchange founded in 2018, has positioned itself as a prominent player by offering an extensive range of 2,300 coins, advanced trading features, robust security measures, and 0% trading fees! In this review we explore the various features, advantages, and potential limitations of using MEXC, offering valuable information needed to assess whether this exchange is right for you.

Key points about MEXC:

  • More than 2,300+ cryptocurrencies supported
  • 0% fees for spot trading
  • 0% / 0.01% (maker/taker) fees for futures trading
  • Trade with up to 200x leverage
  • Stake dozens of cryptocurrencies and earn interest
  • Extremely high liquidity
  • Copy Trading so you can profit from successful traders
  • Lightning-fast and accurate charts
  • Ideal for high-volume crypto traders
  • Receive $30 USDT and up to $20,000 USDT bonus when you register here

What does MEXC offer?

Over 2,300+ cryptocurrencies available

One of the best features of MEXC is its impressive variety of cryptocurrencies, catering to both novice and experienced traders. With more than 2,300 cryptocurrencies and 2,700 trading pairs, MEXC outshines every other exchange in Australia in terms of diversity.

This wide range ensures that traders can access both well-known cryptocurrencies and emerging tokens. The sheer number of available options presents unique opportunities for portfolio diversification and discovering new investments, making MEXC a top choice for Australians seeking variety in their crypto investments.

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Extremely high liquidity

MEXC boasts impressive liquidity, making it the best choice for Australian traders looking to execute large transactions with minimal slippage. High liquidity on the platform ensures that buy and sell orders can be fulfilled quickly and at stable prices, reducing the risk of significant price fluctuations during trading. This is particularly important for traders engaged in high-frequency trading or those dealing with large volumes, as it guarantees that their orders are processed efficiently.

MEXC achieves this by maintaining a broad user base and a vast array of trading pairs, which collectively enhance the depth of its market. Additionally, the platform partners with major liquidity providers to further bolster its capacity to handle substantial trading volumes, ensuring a seamless trading experience for all users.

Various trading markets available

MEXC distinguishes itself not only by its extensive cryptocurrency offerings but also by providing a range of trading markets that cater to experienced traders. The platform supports spot trading, margin trading, and derivatives trading. In the derivatives category, users can access ETF indices, ETF margin trading, and futures trading, offering numerous opportunities for leveraging their investments.

You can conveniently access all the markets in one spot on MEXC, making it simple to switch between different trading types. This streamlined access, combined with the abundance of trading pairs, ensures that traders can efficiently explore various trading opportunities.

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Trade with up to 200x leverage

Leverage trading on MEXC allows traders to borrow funds to open larger positions, and potentially multiply their profits. What sets MEXC apart from other exchanges is that they offer up to 200x leverage on certain cryptocurrencies. This is much higher than the maximum leverage available on many other exchanges, making MEXC particularly appealing to high-risk traders.

However, it's important to remember that leverage trading carries significant risk, as even small market movements in the wrong direction can quickly lead to substantial losses. It's a strategy best suited for very experienced traders who understand the complexities and risks involved.

Copy Trading so you can benefit from successful investors

MEXC offers a popular feature known as Copy Trading, allowing users to automatically replicate the trades of investors that they choose to follow. This functionality is useful for beginners who need guidance as well as advanced traders who don't have time to conduct their own in-depth market analysis and technical analysis.

We found the process of browsing through traders intuitive and user-friendly. You can easily explore top traders on MEXC based on criteria such as Return on Investment (ROI), Total Profit and Loss, Win Rate, and Number of Followers. There is also a search feature which you can use to find a specific trader by name.

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Super-fast and accurate charts

In the volatile world of cryptocurrency trading, slow chart performance can result in significant financial losses. MEXC effectively mitigates this issue by providing some of the fastest and most precise charts in the industry, ensuring accurate tracking of market movements.

During our testing of MEXC, we found that the charts loaded almost instantly, no matter which trading pair we selected. This rapid response is vital for making timely trading decisions. Also, MEXC's charts can be highly customised to suit your specific needs, with a selection of indices, sub-indices, technical analysis tools, candlestick patterns, and time frames to choose from. This flexibility enhances the trading experience by providing tailored analysis capabilities, enabling traders to make well-informed decisions based on the most relevant data.

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Staking available for dozens of cryptocurrencies

MEXC offers a staking program, allowing users to earn passive income by holding their cryptocurrencies on the platform. Staking on MEXC is straightforward and accessible, with dozens of popular cryptocurrencies (eg: BTC, ETH, USDT and DOT) that users can stake to earn rewards.

There are several staking options, including both fixed and flexible terms to cater to different investor preferences. Fixed-term staking offers higher returns for users willing to lock their assets for a specific period, while flexible staking allows for the freedom to withdraw funds at any time. MEXC's user-friendly interface and detailed staking information make it easy for users to start the process as well as track their earnings. This feature not only puts your coins to work, but also encourages long-term investment in the crypto industry.

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$30 USDT and up to $20,000 USDT bonus

MEXC rewards new users with $30 USDT when you sign up here and deposit $1,000, and if you are a high-volume trader you can claim even more bonuses, up to $20,000 USDT!

This is a great incentive to start trading at MEXC, particularly when the trading fees are 0% for spot trading and 0% / 0.01% (maker/taker) for futures trading. See the image below to see how you can earn up to $20,000 USDT bonus or click here to read more information and sign up.

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Negatives of MEXC

While MEXC has plenty of advantages, there are a couple of drawbacks to consider. One of the main downsides is that the exchange does not support fiat withdrawals, which means you cannot sell your crypto for AUD and withdraw it directly to your bank account. MEXC only supports crypto withdrawals to other crypto exchanges or crypto wallets. If you wish to withdraw money from MEXC, you can do so by sending your coins to another exchange and then withdrawing it as AUD, following this guide.

Another point to note is that MEXC is suited to frequent traders, but is not the best choice for a casual crypto investor who wants to simply buy and hold Bitcoin. If you are new to crypto and you are looking for a simple exchange to buy and sell crypto, you are better off considering another exchange such as CoinSpot, Swyftx or eToro.

MEXC Fees

MEXC AUD Deposit Fee: MEXC doesn't support direct AUD deposits, but you can directly purchase crypto using a third-party payment processor. The fees are around 3-5%, and you can use Visa, Mastercard, Apple Pay, Google Pay, Samsung Pay or Bank card to pay.

MEXC Crypto Deposit Fee: FREE

MEXC Trading Fee: 0% for spot trading. 0% / 0.01% (maker/taker) for futures trading.

MEXC AUD Withdrawal Fee: Not supported

MEXC Crypto Withdrawal Fee: Network fee

Security - Is MEXC safe to use in Australia?

MEXC is a safe platform for trading cryptocurrencies in Australia, thanks to its robust security measures and industry practices. The exchange employs advanced security protocols such as two-factor authentication (2FA), encryption, and cold storage for the majority of its digital assets, which helps protect users' funds from potential cyber threats.

Additionally, MEXC conducts regular security audits and works with third-party security firms to identify and mitigate vulnerabilities. However, it is essential for Australian users to be aware that MEXC, like many global exchanges, may not be fully regulated by Australian financial authorities. Therefore, while MEXC provides a secure trading environment, users should stay informed about the latest regulatory developments and consider complementing their security measures with best practices such as using secure passwords and enabling all available security features.

The verdict

After testing and reviewing MEXC, we recommend it as a cryptocurrency exchange that offers a wide range of features appealing to Australian crypto traders. With its extensive selection of over 2,300 cryptocurrencies, high leverage of 200x, and various trading markets, MEXC provides ample opportunities for portfolio diversification and advanced trading strategies. MEXC's zero-fee trading is another huge drawcard, allowing users to maximise their profits by saving money on fees. Fast and accurate charts, high levels of security, and a user-friendly staking program enhance the overall experience.