MXC exchange review and tutorial – 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 the minimum withdrawal is 0.001 BTC and the fee is 0.0005 BTC. For Ethereum the minimum withdrawal is 0.04 ETH and the fee is 0.005 ETH.

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

Check here for all of MXC Exchange’s fees.

Supported cryptocurrencies and Decentralized Finance (DeFi)

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

Most importantly, MXC is ON TOP of the Decentralised Finance (DeFi) wave and constantly adding support for DeFi coins. Currently, they offer trading for 17 top 20 DeFi coins with the highest market capitalisation i.e. ChainLink ($LINK), Maker ($MKR), Synthetix Network Token ($SNX), Compound ($COMP), Aave ($LEND), DAI ($DAI), Ampleforth ($AMPR), 0x ($ZRX), Kyber Network ($KNC), UMA ($UMA), REN ($REN), Loopring Coin ($LRC), Bancor Network Token ($BNT), yearn.finance ($YFI), Thorchain ($RUNE), Reserve Rights Token ($RSR) AND Kava ($KAVA).

That’s not all, MXC also offers support for these popular DeFi coins: Keep ($KEEP), TrustSwap ($SWAP), UMA ($UMA), Balancer ($BAL), DMM: Governance ($DMG), bZx Protocol ($BZRX) and Orion Protocol ($ORN).

So if you are all about sweeping up those DeFi coins and maximising your gains through different projects, you NEED to check out MXC Exchange.

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.

How to deposit and withdraw cryptocurrencies on MXC Exchange: Are assets frozen when deposited?

Depositing cryptocurrencies on MXC Exchange

Do your assets get frozen when you deposit cryptocurrencies onto MXC Exchange? The short answer is NO. This question probably came from a discussion on BitcoinTalk forums in 2018 when a user claimed that MXC would freeze and lock your account as soon as you deposit assets there. So we tried depositing and withdrawing cryptocurrencies onto MXC account and this is definitely NOT THE CASE. To show you this, read our tutorial on depositing and withdrawing cryptocurrencies on MXC Exchange.

To deposit cryptocurrencies on MXC Exchange, click “Assets” on the top bar and you would be brought to the Assets overview page.

Assets overview page
Assets overview page

Choose which cryptocurrency you wish to deposit from the drop down menu. Here we chose Ethereum so your ETH deposit address would be displayed as both a QR code or as an address for your convenience. Then you simply input the address where you are sending your cryptocurrencies from. Once this is done, MXC Exchange would show that your deposit is pending.

Choose and send cryptocurrencies
Choose and send cryptocurrencies

Then all you have to do is wait for your deposits to arrive on your MXC account. When this is done your deposit records will say “success”. The speed will depend on many factors such as the amount of gas you are willing to pay and if the network is congested etc.

Successful deposit
Successful deposit

Withdrawing cryptocurrencies on MXC Exchange: Do they freeze your assets?

The short answer is NO, MXC Exchange does not freeze your assets once you’ve deposited them. See this section on how we withdrew our assets from the Exchange. As a security measure, MXC Exchange only allows withdrawals if you have set up 2-factor authentication by either binding your mobile number with your account or enabling Google Authenticator, so you will need to do that first. To withdraw your cryptocurrencies, click on “Assets” on the top bar. On the Assets Overview page, select “withdraw”. There you can type in your withdraw address and amount and click “Submit”. Note that MXC Exchange charges a 0.005 ETH service fee.

Select and withdraw cryptocurrencies
Select and withdraw cryptocurrencies

You will then be asked to verify your withdrawal by typing in a code that is sent to your email, and with your chosen 2FA method, i.e. SMS (if you have bound your phone number to your account) or Google Authenticator. Note that you have a total of 60 seconds to complete this entire verification process so you need to be fast!

Withdraw verification
Withdraw verification

Once you have submitted your withdraw verification, the Exchange will confirm that your order has been submitted and you can click on “Follow withdraw process” to see the progress of your send.

Withdraw order submitted
Withdraw order submitted

As you can see in the below image, we were successfully able to withdraw our cryptocurrencies from MXC Exchange. The whole process took less than 10 minutes.

Withdraw success

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 relating to Decentralized Finance (DeFi). Currently, they list 17 of the top 20 DeFi coins and many more!

Does MXC have a VIP Program

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

Will MXC freeze my deposited assets and stop me from withdrawing them?

No, see our section on depositing and withdrawing cryptocurrencies from the Exchange. We were able to withdraw our cryptocurrencies in less than 10 minutes. However as a security measure you do have to set up 2 factor authentication on your MXC account before the Exchange will let you withdraw your cryptocurrencies.

5 Comments

  1. Dear Laura Lyndon,
    I read your review. You seem to be overall positive on MXC. I’ve recently tried to withdraw some DEFI coins from the exchange and it is taking days to process, if it will process at all. I saw an article on Coinintelligence that was pretty scathing on this exchange particularly on the issue with Celcius being listed without the team at Celcius having any knowledge of the exchange or any agreement. So far I am very negative on this exchange and will do my best to spread the word that it should be avoided.

    • Sorry to hear about what’s happening to you. Have you got any positive reply on your issues from the MXC support team? We’d love for you to keep us updated on how your issue turns out.

  2. Definately a paid review scam exchange my XOR been stuck there for a month now asked the telegram group about withdrawal status when will resume they block you instead! Goodluck guys this exchange is outright scam stay away! See their trading pair for XOR/ETH compare with other exchanges. Insider arbigraging and market manipulation withdrawals disabled.

      • What happened is they are disabling withdrawals on XOR for almost 2 months now. And anyone asking their telegram
        Group about withdrawal status gets the ban hammer. If that doesn’t look like a quadriga and mt gox exit scam to you dont know what is.

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