MXC exchange review – is it safe in 2020?

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MXC exchange is an up and coming exchange with a lot of interest in China and the Asia Pacific region. The exchange has been gaining a lot of attention (also notoriety) due to several new listings went up significantly in value. MXC is very popular in Asia due to the listing of Chinese projects such as UTI and Dapp.com. The exchange also offers up to 10X leveraged trading on popular assets like Bitcoin and Ethereum. MXC is primarily backed by Chinese Blockchain investment funds such as FBG Capital, Genesis Group, and Block Capital.

MXC trading platform

Key Features

  • Strong founding team of senior practitioners in the blockchain industry and specialists from Wall Street, Japan and Europe.
  • Gives back to the community: 60% of trading fees will be distributed to MX holders as bonus and the remaining 40% will be used to buy back and burn their native MX tokens each month.
  • User oriented: MX token holders can participate in voting on how the community will operate and on the members of the MXC team.

MXC Trading Experience

MXC Bitcoin to USDT trading interface

We found the MXC trading interface clean and easy to use. Sell and buy orders are clearly displayed without all the necessary information such as real-time transactions, order book size, and charts. We appreciated the two chart views given – standard and TradingView, the later which offers additional charting features for advanced trading strategies.

One minor gripe about the Exchange is that their email headers are all in Chinese, probably because the Exchange is still very much active in China and they are geared towards the local audience. However for non-Chinese speakers, the emails may be a bit confusing.

MXC email
MXC email subject lines are all in Chinese, which can be a bit confusing for some

Accepted payment methods and currencies

MXC allows the following payment methods for buying cryptocurrencies: transfers from your bank account, AliPay or credit cards such as Visa or Mastercard. The Exchange accepts payment the following fiat currencies: RMB, VND, AUD, GBP, EURO, PESO(MXN) and USD. In addition, MXC Exchange only supports purchasing the following cryptocurrencies: USDT, BTC, ETH, EOS, XRP, BCH, LTC and TRX.

Fees

MXC Exchange does not charge deposit fees. However withdrawal fees are charged and the amount is periodically adjusted according to the situation on each block for the specific cryptocurrencies and there is also a minimum withdrawal requirement. For example, for Bitcoin as at 26th June 2020 the minimum withdrawal is 0.001 BTC and the fee is 0.0005 BTC.

For trading fees, 0.2% of the transaction is charged.

Check here for all of MXC Exchange’s fees.

Supported cryptocurrencies and Decentralized Finance

MXC offers trading in 242 coins and has 374 trading pairs. They are currently no. 7 in terms of the most coins supported compared to other spot trading exchanges according to Coingecko.

Most importantly, MXC is riding the Decentralised Finance (DeFi) wave and is constantly adding support for DeFi coins such as Balancer ($BAL), Keep ($KEEP), Thorchain ($RUNE).

They are also already offering trading for 5 of the hottest DeFi coins right now.

MXC supported DeFi coins
MXC also offers trading for 5 of the hottest DeFi coins right now.

Is it safe to trade on MXC?

MXC has a high-end cold storage wallet to ensure the security of funds stored on the exchange. They handle over $500 million dollars worth of cryptocurrency deposits. Currently there has not been any known security breaches of MXC exchange. Generally speaking, we tend to give exchanges with a longer track record a higher security score due them having gone through the test of time.

MXC has the usual security features expected of any exchange. For example when signing in you are required to type in a confirmation code which is sent to your email. The Exchange also encourages you to use 2-factor authentication, whether by mobile phone or Google Authenticator. A nice feature for new users is they will have popup windows that will remind you to enable your security features.

Pop-up reminders to upgrade your security measures
Pop-up reminders to upgrade your security measures

In our independent tests of the MXC exchange, we funded accounts with over $10,000 USD and managed to withdraw the funds with relative ease. Withdraws of $1000 USDT took on average 30 minutes to complete the transaction (including on chain confirmations). On one of our withdraws of $10,000, a manual verification was triggered and this took longer than 2 hours to complete the withdraw.

Exchange Liquidity

Less popular cryptocurrencies had a wider spread and more price slippage

MXC has a high daily transaction volume of $3,000,000,000 USD transacted in a day*. Coinmarketcap has ranked this exchange as a top 21 exchange with $10,000,000 of liquidity. In our liquidity tests, we found that major cryptocurrencies such as Bitcoin and Ethereum were highly liquid. However, other assets such as $PCX and $ZVC had a wider spread. In fact, with less well-known cryptocurrencies there was significant price slippage on orders larger than $1000 USD.

MXC has been at the center of a few scandals involve fake volume. Various forums such as bitcointalk has accused MXC of artificially inflating reported volume to attract new users to the exchange. This is very common place in the cryptocurrency exchange scene, as exchange data isn’t audited.

Exchange Performance

MXC offers a high-performance trading engine built by developers with ex-banking backgrounds. The exchange itself offers 1.4 Million transactions per second efficiency with additional performance enhancements. In our independent tests, we found their server clusters to be located in Singapore and Korea.

Frequently Asked Questions (FAQ)

Where is MXC based?

MXC is an exchange registered in Singapore and with satellite offices around the world. MXC is a global exchange offering services to many different countries and regions. The company is privately held with 201-500 employees around the world.

Is MXC exchange a scam?

MXC is known to be controversial due to accusations of fake community members and inflated trade volume.

Does MXC require KYC?

MXC currently does not require Know Your Customer (KYC) for withdraws. Exchanges usually require KYC in the form of picture of user’s passport and proof of address. Currently MXC exchange has no KYC program, however it is known that withdraws over 30 BTC can trigger manual KYC. During the manual KYC procedure, account withdraws will be frozen until Identification is Provided. The exchange has stated that will start exchange wide KYC soon.

Is MXC a good place to trade

MXC has been rapidly listing new coins, especially those related to Decentralized Finance (DeFi). Recent listings include $CAP.

Does MXC have a VIP Program

The exchange has a VIP program for traders who trade above a 30 BTC volume. As part of the VIP program, users will be granted lower trading fees and additional perks.

REVIEW OVERVIEW
Ease of Use
Trade Features
Trade Volume
Security
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Laura is our editor in chief and with over 5 years of industry experience in digital assets and commodities. She was one of the first GPs of BlockStep Ventures.

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