MEXC Review
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MEXC Global Ltd started its operations in 2018. Exchanging for cryptocurrency with high performance is the company’s claim for itself. More than 6 million users spread in over 70 countries avail of its services. But regulatory alerts and bad customer experience ring massive alarms of its legitimacy and trustworthiness. In this MEXC review, we look at the major red flags traders should be aware of before using this platform.
Regulatory Warnings
Various regulatory agencies and authorities have placed MEXC Global Ltd on their blacklists. The Autorité des marchés financiers or AMF from the Quebec province has similarly expressed that MEXC is neither registered nor authorized to solicit any business in the said region. The United Kingdom’s Financial Conduct Authority (FCA) also issued a warning against MEXC Global Ltd for a possible risk that could arise for anyone using this platform. These warnings from regulators arise when the company has acted beyond the letter of the law, and thus it is an unsafe proposal for anyone who wishes to invest.
Customer Complaints and Trading Manipulation
Reports from many traders mentioned serious concerns on the part of MEXC’s operations. Most of the users claim that the exchange manipulates price movements in order to unfairly trigger stop losses and thus cause them to lose their money unnecessarily. A user said it was almost impossible to profitably trade on MEXC due to the exchange adjusting price movements to liquidate accounts. Others say that MEXC has hidden charges, increasing the profit and loss (PNL) amount, thereby decreasing the earnings of traders. For anyone looking to get into high-frequency or scalping trades, MEXC appears to be an unsuitable choice.
Security Issues and Hacked Accounts
Security is also another main concern. Several traders have authentic accounts hacked with unauthorized withdrawals in MEXC. An example user described a situation wherein their spot assets were converted and withdrawn in minutes, bypassing both Google Authentication and email OTP security. Shockingly, the hacker managed to whitelist his withdrawal address without triggering any security alarms. When the victim approached MEXC support, he was told to file a police report, which was useless. Such has suggested serious vulnerabilities in security protocols at MEXC, giving rise to concerns over the safety of user funds.
Website Issues and Withdrawal Restrictions
While MEXC’s official website (https://www.mexc.com/) is technically present, it is currently not live, adding to the uncertainty. Numerous users have installed reports regarding problems with withdrawals; whereas, accounts, for some strange reasons, have been restricted against withdrawals from the moment the affected users tried to withdraw their funds. A trader explained that when all KYC verification documents had been submitted, the trading account, however, got under ‘risk management’ rules. The users were later notified that the withdrawal of their funds would only take place in a month. Any sort of restriction like this without sufficient explanation is termed a red flag.
Final Thoughts
This MEXC review highlights concerns about clarity, safety, and regulatory approval. Many traders report price manipulation, poor customer support, and withdrawal restrictions, making MEXC an unsafe platform. Some regret trading on MEXC due to financial losses and unresponsive service.
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