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MXC Exchange Review 2021: Scam or Legit?

CoinMonks
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Originally published at Medium on ・12 min read

Cryptocurrency sparked a lot of curiosity on the Internet. It was mocked, threatened, and gradually embraced and became a part of our lives. Today, I will review MXC exchange in detail and discuss the deposit and withdrawal of the cryptocurrency on this platform.

What is MXC?

MXC Exchange, founded in April 2018, is one of the world’s leading digital asset trading platforms. The team’s key members originate from world-class businesses and investment firms, and they have extensive expertise in the blockchain and financial sectors.

It can provide users with one-stop services for digital assets, such as spot, margin trading, leveraged ETF, and contract trading, as well as PoS staking. It not only assembles an accomplished safety team but also collaborates with top-tier security firms to secure the integrity of the user’s assets.

MXC has applied for enforcement licenses in five countries since its inception, namely Switzerland, Canada, Australia, and the United States. English, Russian, Korean, Portuguese, Turkish, Vietnamese, Hindi, Malay, India, Africa, and other language areas or nations have users.

Summary

  • It has a solid founding team of blockchain industry veterans and experts from Wall Street, Japan, and Europe.
  • Contributions to the society: MX holders will receive 60% of trading fees as a bonus, with the remaining 40% used to repurchase and burn their native MX tokens every month.
  • User-friendly: MX token holders will vote on how the group will run and the MXC team members.

MXC Review: Trading Experience

Various exchanges have distinct trading features. It would help if you decided which trading perspective is best for you. All of the views have in common that they all present the order book, or at least a portion of the order book, a price chart of the selected cryptocurrency, and an ordering background. They usually have to purchase and sell boxes as well. Until you pick an exchange, please take a look at the trading view to ensure that it looks good to you. The image below depicts the trading view at MXC in “technical mode”:

The MXC trading interface was clean and straightforward to use, in my opinion. Sell and buy orders are explicitly shown, but no other details, such as real-time transactions, order book, or maps, are provided. I Liked the two chart displays provided: regular and TradingView, the latter of which has added charting functions for advanced trading strategies.

One minor complaint about the Exchange is that their email headers are all in Chinese, likely because the Exchange is still very successful in China and targeted the local audience. Still, the emails could be a little confusing for non-Chinese speakers.

MXC Review: Supported Currencies and Payment Methods

MXC supports the following types of payments for cryptocurrency purchases: bank transfers, AliPay, and credit cards such as Visa or Mastercard. The Exchange accepts the following fiat currencies: VND, RMB, AUD, EURO, GBP, PESO(MXN), EURO, and USD. Furthermore, MXC Exchange only accepts the following cryptocurrencies for purchase: BTC, USDT, ETH, XRP, EOS, LTC, BCH, and TRX.

MXC fees

Trading Fees

It has several exchanges tariff what are known as taker fees from takers and maker fees from manufacturers. The primary option is to charge “flat” rates. Flat fees imply that the Exchange costs the same amount to both the taker and the manufacturer.

This Exchange charges a flat rate of 0.20 percent per transaction. This amount is a little less as compared to the global industry average (arguably 0.25 percent). So, in terms of trading rates, MXC has an edge due to its competitive offering.

Withdrawal Fees

When it comes to settling on which Exchange to trade, it is essential to consider its withdrawal fees. The withdrawal fee, irrespective of the number of cryptocurrency units withdrawn, is set. It differs by cryptocurrency. This Exchange charges 0.0005 BTC for BTC withdrawals. That’s also a little lower than the industry average. The average BTC withdrawal fee in the global industry is approximately 0.0008 BTC.

MXC Review: Deposit Method

MXC accepts wire transfers as a deposit form, but credit cards are not accepted. This could be problematic if you choose to make a payment through your credit card for some reason. Even then, since MXC accepts deposits in fiat currencies, it separates itself from several exchanges that only allow cryptocurrency deposits.

Traders pay the trading commissions at a rate of 0.2 percent of the payment.

Here is the link to the exchange rates of different coins/currencies:

MXC Review: Supported cryptocurrencies and Decentralized Finance (DeFi)

MXC accepts 242 coins and has 374 trading pairs. Coingecko is currently ranked seventh in respect of the most funded cryptocurrencies compared to other spot trading exchanges.

Most notably, MXC is at the forefront of the Decentralised Finance (DeFi) wave, with support for regularly using DeFi coins. ChainLink ($LINK), Synthetix Network Token ($SNX), Maker ($MKR), Aave ($LEND),Compound ($COMP), DAI ($DAI), 0x ($ZRX), Ampleforth ($AMPR), UMA ($UMA),Kyber Network ($KNC), Loopring Coin ($LRC), REN ($REN), yearn.finance ($YFI), Bancor Network Token ($BNT), Thorchain ($RUNE) are currently available for trading.

Not only that, but MXC also supports the following common DeFi coins: TrustSwap ($SWAP), Keep ($KEEP), UMA ($UMA), DMM: Governance ($DMG), Balancer ($BAL), Orion Protocol ($ORN), and bZx Protocol ($BZRX),

So, if you’re looking to scoop up those DeFi coins and maximize your profits through various ventures, you NEED to check out MXC Exchange.

MXC Review: Security and Compliances

To ensure the security of funds deposited on the Exchange, MXC has a high-end cold storage wallet. These wallets manage about $500 million in cryptocurrency deposits. There have been no reported security violations of the MXC exchange as of yet. In general, we award exchanges with a long record a higher security rating because they have stood the test of time.

MXC has the standard security features that one would expect from any exchange. For instance, when registering in, you must enter a confirmation code sent to your email address. The Exchange further promotes the use of two-factor authentication, either through a cell phone or Google Authenticator. For new users, a pop-up window reminds them to enable their security feature.

MXC Liquidity Exchange

Coinmarketcap ranks this Exchange as one of the top 21 exchanges. It has been discovered that significant cryptocurrencies such as Ethereum and Bitcoin were highly liquid in the liquidity studies. Other funds, however, such as $PCX and $ZVC, had a wider distribution. In reality, there was substantial price slippage on orders greater than USD 1000 for more minor well-known cryptocurrencies.

MXC has been at the core of several controversies involving phony volume. Several forums, like BitcoinTalk, have accused MXC of inflating recorded importance to draw potential members to the platform.

MXC Exchange Review: Performance

MXC provides a high-performance trading engine developed by developers with ex-banking experience. The Exchange alone provides 1.4 million transactions every second reliability, as well as added performance improvements. Server clusters are located in Singapore and Korea.

How to deposit and withdraw cryptocurrencies on MXC Exchange?

To deposit cryptocurrencies on MXC Exchange, go to the Assets summary page by clicking “Assets” in the top bar.

From the drop-down screen, choose the cryptocurrency you want to deposit. We chose Ethereum in this case so that it can show your ETH deposit address as both a QR code and an address for your convenience. Then you enter the address from which you want to submit your cryptocurrencies. After that, MXC Exchange will reveal that your deposit is pending.

Then you have to wait for the deposits you made to appear on your MXC account. Once it appears, your deposit records will show “success.” You can determine the speed by various factors, including the amount of gas you are willing to pay and whether it has a crowded network or not.

Withdrawing Cryptocurrencies on MXC Exchange

As a protection measure, MXC Exchange only permits withdrawals if you have enabled 2-factor authentication either by linking your mobile number to your account or activating Google Authenticator, so you must first do that. To withdraw your cryptocurrencies, go to the top bar and choose “Assets.” Select “withdraw” from the Assets Overview list. Here, you can enter your withdrawal address and number before clicking “Send.” Remember, MXC Exchange charges a service fee of 0.005 ETH.

You will then be required to confirm the withdrawal by entering a code sent to your email and using your preferred 2FA forms, such as SMS (if you have linked your phone number to your account) or Google Authenticator. Keep in mind that you only have 60 seconds to finish this whole verification process, so be quick!

If you have sent your withdrawal verification, the Exchange will verify that your order, and that you can view the status of your send by clicking on “Follow withdrawal form.” The following is the picture.

The following is the picture of the successful withdrawal of cryptocurrencies from MXC Exchange. The whole procedure took less than ten minutes.

The advantages of MXC Exchange

This Exchange has many benefits that one should promote. I like this platform because it explicitly advocates these three benefits: high performance, supernode, and advanced security defense. Instinctively, all investors need a high-performance trading engine. Advanced security coverage is also available. The supernode functionality is probably not equally appealing to all prospective platform users. It is attractive to those familiar with using supernodes.

What do I not like about MXC Exchange?

The partnership is the one thing I think MXC exchange is lacking. It could collaborate with other tools such as 3Commas and Koinly so that users can use third-party trading terminals, trading bots, crypto taxation applications, and other features. I feel the marketing team can make MXC available through these famous 3rd party crypto trading tools and services.

This will not only give the MXC exchange more visibility, but it will also allow the Exchange to gain more liquidity.

One more thing that could make a more significant impact is if the founding team engages with the public more and organized more webinars and live events. This will increase confidence and reputation in the platform.

Frequently Asked Questions (FAQ)

Does MXC Exchange require KYC?

MXC does not currently need to Know Your Customer (KYC) for withdrawals. MXC for exchanges requires KYC in the context of an image of the user’s passport and address proof. The MXC exchange does not have a KYC program, although more than 30 BTC withdrawals are known to cause manual KYC. MXC will freeze Account withdrawals during the manual KYC process before they give identification. The Exchange has announced that it will soon begin an exchange-wide KYC.

Is MXC Exchange a scam?

MXC has a reputation for being contentious due to allegations of phony group members and excessive trade volume.

Does MXC have a VIP Program?

For traders who trade more than 30 BTC, the exchange offers a VIP service. As a component of the VIP scheme, consumers can receive reduced trading rates and other benefits.

Can MXC put a hold on my deposited funds and prevent me from withdrawing the funds?

No, please see our section on depositing and withdrawing cryptocurrencies from the Exchange for more details. In less than 10 minutes, I was able to draw our cryptocurrencies. However, as a security precaution, you must activate two-factor authentication on your MXC account before the Exchange allows you to withdraw your cryptocurrencies.

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Originally published at https://blog.coincodecap.com on April 5, 2021.


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