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- What is MEXC Exchange ? Functions and usage of MEXC
What is MEXC Exchange ? Functions and usage of MEXC
- 1. What is MEXC?
- 2. What is MEXC Pioneer?
- 3. Advantages and disadvantages of MEXC exchange
- 3.1 Advantages
- 3.1.1 Diversity of features
- 3.1.2 High security
- 3.1.3 Attractive commission fees and relatively low transaction
- 3.1.4 No KYC required to withdraw Crypto still
- 3.1.5 Convenience and fast for users
- 3.2 Disadvantages
- 3.2.1 Complex interface
- 3.2.2 There are some bugs in the system
- 3.2.3 Low liquidity
- 4. Outstanding products of MEXC Exchange
- 5. Instructions for registering MEXC Exchange
- 5.1 Some features on the MEXC
- 5.2 How to register a MEXC account
- 5.2.1 What to prepare before registering an account?
- 5.2.2 How to register an account on the exchange
- 5.3 How to secure accounts on MEXC
- 5.3.1 How to verify identity KYC
- 5.3.2 Phone/Email
- 5.3.3 Enable 2FA 2-step security on MEXC
- 5.3.4 Generating Anti - fishing code
- 6. Steps to Trade on MEXC Exchange
- 6.1 Using Limit orders
- 6.2 Use of Market orders (market orders)
- 6.3 Using Stop-Limit
- 7. Fees on the MEXC exchange
- 8. Instructions for trading futures on MEXC
- 9. Instructions for depositing and withdrawing money from MEXC
- 9.1 Methods for depositing and withdrawing money on MEXC Exchange
- 9.2 Ways to deposit money from the MEXC exchange
- 9.3 How to withdraw money from MEXC exchange
- 10. Detailed instructions for using MEXC exchange
- 10.1 How to use the API key MEXC exchange
- 10.2 How to use the Banking function on MEXC Exchange
- 10.3 How to get a referral link to MEXC
- 10.4 How to handle 2FA loss on MEXC exchange
- 10.5 How to contact the support department of MEXC Exchange
- 11. The reputation of cryptocurrency exchange MEXC
- 11.1 Legally
- 11.2 Trading Volume
- 11.3 In terms of security
- 12. Should you invest in the exchange? MEXC?
If you are learning about the Crypto market, you need to understand the concept of what is MEXC Exchange. Currently, MEXC is the world's leading electronic trading Exchange, with great potential for development and competition compared to big names in the market.
The tremendous growth in a short time has helped the platform become more reputable. In the following article, BHO Network will answer questions about MEXC in the most detail for everyone to understand better!
1. What is MEXC?
MEXC or MXC exchange was established in April 2018 with headquarters in Singapore. MEXC Exchange is the world's leading reputable cryptocurrency exchange, providing various features such as Token Trading, OTC, margin, POS services, etc... Experts founded trading platform in Wall Street's leading experts with experienced Blockchain members.
MEXC provides services in different languages such as English, Vietnamese, Chinese, Indonesian, Japanese, and Korean, thereby helping users worldwide use. After its establishment, MEXC became the best cryptocurrency exchange in Asia, winning the Crypto Expo Dubai 2021. The exchange's 24-hour daily trading volume amounted to more than 7 million dollars with 265 currency pairs, various cryptocurrencies and 850 digital assets.
2. What is MEXC Pioneer?
In learning about the definition of what is MEXC Exchange, you will quickly come across terms related to MEXC Pioneer. This is a platform of the MEXC exchange created and developed to support decentralized projects and infrastructure related to Blockchain. In which popular infrastructure chains such as NFT, DeFi, and gaming users are often seen.
MEXC Pioneer helps identify, support, market, and build potential communities worldwide. Some projects within the framework of this platform have been constructed successfully, such as Bybit, Algorand, ByteNext, PancakeSwap,...
3. Advantages and disadvantages of MEXC exchange
The popularity and spread of MEXC Exchange to the Crypto community cannot be damaging. However, many players still do not know the advantages, disadvantages, and information about MEXC. Here, BHO Network will give you detailed information to help players understand and apply it in practice.
MEXC has been established for more than four years, creating its brand and reputation. In addition, the daily trading volume and figures of the exchange make MXC more famous. Some advantages of the trading platform can be mentioned as follows:
3.1.1 Diversity of features
The MEXC cryptocurrency exchange has various features, supporting users in many other markets and regions. This has made it easy for players to use, has a friendly interface, and has a deeper understanding of Crypto or Blockchain.
MEXC provides diversified services such as futures contracts, POS services, Spot, Launchpad, MX-DeFi, Spot Trading, and intelligent contract trading. Additional services to help players quickly trade Crypto, such as buying coins on MEXC by Debit / Credit Card payment method with attractive promotions.
3.1.2 High security
In addition to various easy-to-use and user-friendly features, the high security of MEXC is also a factor that holders value. The exchange uses the Anti Fishing security layer to confirm user information when conducting registration and transactions. The PUSH feature is also different from MEXC when helping players buy upcoming cryptocurrencies as soon as possible.
3.1.3 Attractive commission fees and relatively low transaction
Fees and the referral commission are vital factors that help pull players to *the MEXC Exchange *. You can get a referral percentage ranging from 30 - 50% to 80%. In which:
- Under 10,000 MX: 30%.
- 10,000 - 100,000 MX: 40%.
- Over 100,000 MX: 50%.
- Partners has a different policy.
- Under 10,000 MX: 10%.
- 10,000 - 100,000 MX: 20%.
- Over 100,000 MX: 30%.
- Partners has a different policy.
Although the referral commission is high, it comes with a relatively low transaction fee of only 0.2% of the trading volume or is entirely free. This is an unprecedented rule, or very few exchanges can do today.
3.1.4 No KYC required to withdraw Crypto still
Many players are very interested in withdrawing Crypto. Understanding this psychology, MEXC Exchange is equipped with the feature to withdraw up to 5 BTC/day without KYC. After each withdrawal or frequency, you can upgrade the level.
3.1.5 Convenience and fast for users
One of the central affirmations of MXC's reputation is to create all favourable conditions in the transaction. Currently, MEXC supports features in 6 different popular languages globally and in regions worldwide, including Vietnamese. Professional, dedicated staff 24/7 will assist you with multi-crypto trading, including new cryptocurrencies that other exchanges do not have.
In addition, MEXC also supports phone use on iOS, Android or Web platforms to create convenience for players. Private tokens on the issuance Exchange will bring incentives to owners such as voting, and reducing transaction costs.
Besides the outstanding advantages related to information about MEXC, the exchange still has some disadvantages.
3.2.1 Complex interface
Exchange supports maximum features using many different uses in user activities, but this sometimes makes the interface even more complicated, with too much information that confuses newbies. To overcome this, MEXC has launched two versions Standard and Advance suitable for each need of traders.
3.2.2 There are some bugs in the system
The daily trading volume of Cryptocurrencies in MEXC is huge and spread worldwide. Therefore, sometimes in the process of using, there are still some errors from the system, such as fonts, slow processing speed when depositing, withdrawing during peak hours, or the number of transactions being too large.
3.2.3 Low liquidity
Although MEXC is one of the most popular and reputable trading platforms today, its liquidity is still relatively low, only reaching the top 10 exchanges with volume in 24 hours.
4. Outstanding products of MEXC Exchange
MEXC exchange has the advantage of being one of the market's most famous cryptocurrency investment exchanges and has standards for new projects to meet the diverse needs of investors. Specifically:
- Derivatives: Includes ETF elements - the introductory rate of return tracking. Futures (Futures), MXC, index ETFs.
- Spot Trading: This is a quick way to buy coins on MEXC when users order coins or Tokens.
- Margin Trading: Although this trade brings excellent profits, it is also risky when the market fluctuates, and the risk of liquidation is high.
- Transactions by credit card: MEXC supports purchases and payments by Credit Card.
- OTC Trading: This feature helps players to order and buy upcoming cryptocurrencies.
- P2P transaction: Users use the cryptocurrency of each region and country to transact.
- Launchpad: This feature helps users invest in Coin or Token at a low cost. The prerequisite is that you own the issuer's MX Token.
5. Instructions for registering MEXC Exchange
Here, the article will guide you to use MEXC and register an account at the exchange to shorten the time when operating on the trading platform.
5.1 Some features on the MEXC
Interface MEXC Exchange is shown under many different sites with the following specific features:
- Market: A place to provide basic information about transactions on the exchange such as price, volume, ..
- Buy Crypto: This is where users trade OTC with each other when there is KYC and support for payment in Vietnamese currency.
- Trade: Spot, Future trading area, OTC trading order management, trading via Credit Card.
- Derivatives: Including derivative projects such as ETF Margin, Futures, and ETF Index.
- Finance: DeFi products such as Staking, Mining, Kusama/Polkadot auction,...
- Beginner Benefits: Support providing user information with basic steps for account authentication. After successful registration, you will get a small amount to trade Futures.
- Assets: Consists of smaller services for each individual user such as: my assets, transaction history, treasury history, personal account management.
- Order: Includes all trading orders such as: open, order history, transfer history, and activated orders.
- Icon: A place to store information about your account: user center, API, Logout,...
- Notice: Notifications from the exchange, such as successful transactions, and buy and sell orders,... will be displayed at this.
- Download: Versions for phones and computers are downloaded here.
- Language: Where to switch language, region, region, currency.
Interface features available on the Exchange
5.2 How to register a MEXC account
MXC has many complicated features, difficult to use for newbies, so BHO Network will guide you to use MEXC to register an account on the Exchange for newbies.
5.2.1 What to prepare before registering an account?
How to register an account on MEXC exchange is very simple. However, the Exchange uses Anti Fishing security to check authentication information, so you must prepare a frequently used email or phone number, and download Google Authenticator to authenticate your account, personal documents such as ID card, license, passport,.. to register.
5.2.2 How to register an account on the exchange
You can easily register an account on *the MEXC Exchange * exchange by email after verifying information such as email, password, confirm password, confirm mail after receiving the code, and Referral ID (if any). Then, the user clicks Accept and Continue and selects Sign Up to complete.
5.3 How to secure accounts on MEXC
The market still has many risks and vulnerabilities that cause user accounts to be broken into and data stolen. Therefore, you should do the following to increase security and limit hacker intrusion.
5.3.1 How to verify identity KYC
KYC (Know Your Customer) means understanding customers. This term is related to collecting registration information such as portrait photos, ID cards, and addresses to eliminate virtual accounts that are not eligible for registration according to the exchange rules.
How to verify your KYC identity, do the following:
- Go to the Account section - User Center (Personal Center). The interface will display two identification sections, Identity Verification and Security Center. You choose Identity Verification and perform the following steps:
- Select Primary KYC if you only register for regular transactions, and select Advanced Primary if you regularly withdraw 2,000 BTC/day in large transactions.
- Fill in all contact information such as Nationality, full name, ID (ID card, license, passport, ...), account registration date, and ID card photo.
- Finally, select Submit for review to complete.
Verification This verification depends on what data you use to register. For example: a user registers with a phone number, and he will use email to authenticate and vice versa.
Steps to verify when using a phone number:
- Select Bind, select the Vietnam area code (+84), and enter your phone number.
- Click Get right now to receive the verification code and enter it in the box.
- Finally, select SMS Authentication.
Steps to verify by email:
- You do the same as proving the phone number.
- Go to the last part, and choose Email Authentication instead of SMS Authentication.
5.3.3 Enable 2FA 2-step security on MEXC
In the KYC identity verification part, you will have two pieces in the interface after clicking Personal Center. Select the Google Authentication item in the Security Center section and select Open. Next, users proceed to activate account security by:
- Step 1: Download the Google Authentication software and scan the QR code.
- Step 2: Enter the password to log in.
- Step 3: Select Get right now when confirming the Captcha
- Step 4: Enter the code displayed and select Bind to complete the link.
5.3.4 Generating Anti - fishing code
Anti Fishing is an anti-malware character security system to avoid account theft, forgery, or transaction hacking. You go to the MEXC interface to log in and, select Security Center, select Setup in the Anti Fishing code section. After setting the character, press Confirm to complete the code generation.
6. Steps to Trade on MEXC Exchange
Information about MEXC includes the definition of MXC and the steps to buy coins on MEXC or how to purchase tokens on MEXC. The content below will help you better understand how this exchange works.
6.1 Using Limit orders
Limit Orders allow users to automatically place orders to buy, sell, and trade cryptocurrencies at the desired price. Example: The cost of the currency you want to buy now is 5750 USDT, and buy when the price drops to 5678 USDT.
At this point, users only need to set the desired amount and price to buy and select "Buy in BTC" to send orders to the exchange. The system will do it automatically when the price matches the price chosen. The selling is similar, a user selects the desired selling price and sets the order on the market.
6.2 Use of Market orders (market orders)
Market orders are used when the user is setting the code. You will not be able to select the desired buy or sell price and wait like a Limit Order, instead will automatically execute the order when the USDT value is entered and press Buy or Sell.
6.3 Using Stop-Limit
Orders Stop-Limit orders work similarly to Limit Orders. However, this order will include fundamental technical analysis to help you know when is the best price and whether to buy or sell. This order is executed according to the following steps:
- Step 1: Select Trigger (resistance level, condition to reach the price to buy or sell).
- Step 2: Enter the buying/selling price.
- Step 3: Enter the desired quantity.
- Step 4: Finally, select Buy BTC or Sell BTC to place an order.
7. Fees on the MEXC exchange
Similar to the commission fees for referrals, MEXC Exchange also has prices when making transactions, such as:
Transaction fees: The average is 0.2% for each trade in progress.
Deposit fee: Currently, the exchange is still free for this transaction.
Withdrawal fee: This fee will be calculated and fluctuate based on the exchange's actual network traffic and demand.
Perpetual Contract Transaction Fee: The fee rate for Maker is 0 and Taker is 0.07% for perpetual contracts.
ETF Trading Fee: The transaction fee rate of the leveraged ETF product is the same as the transaction fee rate of 0.2%.
8. Instructions for trading futures on MEXC
Users will use leverage for futures contracts on MEXC Exchange. Currently, the platform supports leverage for assets such as BTC, ETH, XRP, etc... You go to the interface of the exchange to choose Derivatives - Futures. Then install Long/Short orders for futures contracts. Note that this step does not apply to Crypto transactions. The current leverage of MEXC being applied can be up to 125x.
Users can customize their influence without rounding numbers like 23x, 57x,...
9. Instructions for depositing and withdrawing money from MEXC
Exchange In cryptocurrency trading, users are very interested in how to deposit and withdraw money from the Exchange so that it is convenient to limit the loss of unnecessary assets. The following steps will introduce you to deposit/withdrawal from MEXC Exchange.
9.1 Methods for depositing and withdrawing money on MEXC Exchange
The MEXC Exchange was built and developed with various features, creating the most favorable conditions for users in the transaction process. The following is a MEXC user guide for holders to deposit and withdraw money on MEXC.
- Deposit/withdraw money by card: The exchange supports payment for transactions by credit card (Credit Card). However, banks restrict deposit/withdrawal transactions to crypto or Forex sites.
- Deposit from another exchange related to MEXC: This is a standard and popular method in crypto trading. You can receive money from any active coin about cryptocurrency.
- P2P deposit/withdrawal on MEXC: This payment method is used primarily when the money confirms the amount in your bank account. Investors can use the money to exchange coins with the broker and vice versa. The transaction will fail if the balance in the report is not enough and the funds are fully verified.
9.2 Ways to deposit money from the MEXC exchange
The way to deposit money from the MEXC exchange is done in two ways:
- Option 1: to the exchange's trading interface, select Deposit to redirect to the deposit interface.
- Option 2: In the homepage interface, select Asset and then select Account. A list of Crypto coins will appear, you choose the desired currency, press Deposit, and Click to generate the address to enter the coin address into the exchange.
9.3 How to withdraw money from MEXC exchange
After successfully logging in to MEXC , you select "Assets" in the interface bar and set "Asset accounts". After choosing the desired Token, press withdraws Token, enter the receiving address and the number of coins, and press "Send".
10. Detailed instructions for using MEXC exchange
In addition to the steps of depositing and withdrawing money from MEXC, the information related to the MEXC manual is equally essential if you already know what is MEXC exchange?
10.1 How to use the API key MEXC exchange
Please follow the following steps to efficiently use the API key when trading on the MEXC exchange :
Select the account icon on the interface and select the API item. Click Note to see the name of the API key.
Select Bind IP Address and enter 4 API addresses in the box, each name separated by a comma.
When finished, select Create.
Note when using API key that is:
- MEXC allows investors to create up to 5 API keys and supports 120 current cryptocurrencies.
- Each API key is associated with up to 4 IP addresses.
- Access the machine configuration to check your IP. You usually use domain names of some websites such as IP Chicken, WhatsMyIP.org, and WhatIsMyIPAddress.com.
10.2 How to use the Banking function on MEXC Exchange
This feature is similar to that of Binance, and Okex,... to help investors when in Lock Coin or Token status, they will receive corresponding bonus interest.
10.3 How to get a referral link to MEXC
You will receive a 30 to 80% commission if you successfully refer a customer to register and trade on the Exchange . How to get the referral ref link on MEXC Exchange is done through the following steps:
- Click on the account icon logo.
- Select Invite Friend
- The interface will display a Poster to scan the QR code, and get the registration link or Referral code.
10.4 How to handle 2FA loss on MEXC exchange
If you have a case of losing 2FA when trading on MEXC exchange, it is better to contact the consulting support team to resolve it, get the code back and limit the loss of your account. Users can store backups on Google Authentication so that it will be easier to handle when there is a problem.
10.5 How to contact the support department of MEXC Exchange
The professional technical support team is also one of the factors that make up the MEXC brand in the eyes of investors. If you have problems with the transaction, please contact the team immediately via the customer support chat box in the bottom right corner of the interface page or email firstname.lastname@example.org for dedicated support.
11. The reputation of cryptocurrency exchange MEXC
Definition of MEXC in the eyes of investors and the Crypto trading market changes every day, becoming a leading reputable exchange is not a simple thing. The founding members designed and developed MXC based on how it works and closely linked related legal issues.
MEXC has been licensed to operate in Switzerland, Australia, the United States, and Canada. In particular, Vietnam is where investors appreciate the potential and ease of making large transactions worth up to millions of dollars.
11.2 Trading Volume
Although MEXC has only been established for more than four years, it has grown tremendously by accounting for 5% of the global cryptocurrency trading market. MEXC exchange is regularly honored and ranked highly by Blockchain magazines. In particular, the platform also achieved the title of "The most popular and best trading platform today".
MEXC ranks 4th according to the 24h Volume of Coingecko, reaching 1 billion USD in trading volume. The frequency of transactions and order matching per day is 1.4 million orders per second.
11.3 In terms of security
The cryptocurrency trading market still has many risks and vulnerabilities in the system, causing hackers to target and lose many accounts. However, MEXC applies the most advanced security systems today, such as Anti-Fishing, to help verify and prevent information, virtual accounts, 2FA, and KYC,...
12. Should you invest in the exchange? MEXC?
"Should I invest MEXC?" This is the most asked question today. The criteria listed below will help you determine more clearly about the decision to trade at MEXC Exchange or not:
- The exchange meets the legal criteria and strict requirements of investors big in the world.
- The frequency of rapid growth in a short time since its establishment has made a strong impression and created a reputation in the market for MEXC.
- Transactions, cash flow, and orders to buy and sell Coin and Token codes are done clearly and transparently.
- With various features, an advanced user information security system avoids property loss to the lowest level.
Above is all information related to what is MEXC exchange, how it works, and the associated factors that BHO Network sends to you. Hopefully, this article will be helpful to readers in getting acquainted and investing in this potential cryptocurrency market. Don't forget to read the following topics related to crypto knowledge in the next BHO articles!
Published on March 18, 2022
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