Is MEXC Safe? Pros and Cons, Risks & Privacy Tips Explained

Whether you’re new to crypto and looking to invest your first $100 or you are a seasoned trader who’s buying multiple coins every month, knowing the safety concerns of using an exchange is important. If you’re concerned about online trading on MEXC, you have come to the right place.  

In this guide, we’ll explore what MEXC has to offer, its pros and cons, potential security risks, and privacy tips to keep your funds safe. 

What is MEXC, and How Does it Work?

MEXC is an online platform where you can buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and many others. Here’s how it works:

1. To use MEXC, you need to create an account. You’ll also need to verify your identity by submitting documents, like an ID, to make sure it’s you.
2. After you’re verified, you can add money to your account. You can deposit regular money (like USD or EUR) or cryptocurrency from another wallet.
3. Once your account is funded, you can start trading. You can buy, sell, or exchange different cryptocurrencies on the platform.
4. MEXC offers extra features for experienced traders:

• Margin Trading: You can borrow money to trade more than what you have in your account.
• Futures Trading: You can trade contracts based on where you think cryptocurrency prices will go in the future.

5. MEXC lets you earn rewards by staking your cryptocurrencies. It’s like saving your crypto in a special account that earns you extra over time.
6. MEXC takes your security seriously with:

• Cold Storage: Most of your money is kept offline to keep it safe from hackers.
• 2-Factor Authentication (2FA): You’ll need to verify your identity with an extra step when logging in, making it harder for anyone to access your account.

7. MEXC charges small fees for trading and other services, but if you trade a lot, you can get discounts.

So, MEXC is a safe and easy platform for anyone to buy, sell, and trade cryptocurrencies, with some extra features for more experienced traders.

Is MEXC Trustworthy?

MEXC is a cryptocurrency exchange known for its security features and user-friendly platform, but how trustworthy is it? Let’s take a closer look.

What are the Security Measures and Features?

MEXC has implemented several security measures to protect user funds and data:

• Offline storage 
• Two factor authentication 
• Address whitelisting
• Anti-phishing code 
• Regular security audits 
• SSL encryption 
• Advanced risk management 

Reviews and Ratings

While MEXC has a strong reputation for security, it’s essential to consider user reviews from platforms like Trustpilot and G2. While reviews can vary, many users praise MEXC for its user-friendly interface, wide range of trading pairs, and competitive fees. However, some users have reported issues with customer support and account verification processes.

MEXC is generally considered a reliable and secure cryptocurrency exchange. However, as with any online platform, it’s important to exercise caution and take necessary security measures to protect your funds. 

What are the Pros and Cons of Using MEXC? 

Here are some pros and cons of MEXC:

Pros:

• Easy-to-use interface for beginners 
• Wide variety of trading options 
• Supports futures, leveraged tokens, and margin 
• Affordable for active traders 
• Compatible with mobile devices 
• Cold storage, regular audits, and 2FA for security 

Cons:

• Slow response times and quality concerns 
• Complex KYC process for some users 
• Limited Fiat currency options 
• Occasional downtime with technical issues 

Does MEXC Pose any Security Risks?

MEXC, a cryptocurrency exchange, has faced a few security challenges, though it has generally implemented measures to ensure user security. For instance, the platform uses two-factor authentication (2FA) for added protection​​. Here are two noticeable incidents:

Regulatory Challenges and License Revocation (2023)

In 2023, MEXC faced problems with regulations, including warnings from authorities in British Columbia (BCSC), Austria (FMA), and Germany (BaFin). On top of that, its operating license was taken away by the Estonian Financial Intelligence Unit (FIU). These issues have raised concerns about its legal status and ability to follow regulations.

HTX (formerly Huobi) $30 Million Hack (2023)

In November 2023, HTX, a platform affiliated with MEXC, suffered a hack resulting in the theft of $30 million. This breach led to a temporary halt of withdrawals and deposits, raising concerns about the security protocols of affiliated exchanges.

Thus, while MEXC has security measures in place, its involvement in platforms with previous breaches and ongoing regulatory challenges poses risks. Always consider additional protective measures when using such platforms.

Is MEXC Wallet Safe?

While MEXC uses security features like two-factor authentication (2FA) and cold wallets, no platform is entirely risk-free, as cyber threats evolve and human errors can expose vulnerabilities.

You need to stay updated on security practices and be cautious of phishing scams and other forms of online attacks. By staying vigilant and taking basic steps, you can reduce the risks while using MEXC.

What are the Common Scams and Cyber Threats Targeting MEXC Accounts? 

Here are some common scams and threats that could put your MEXC account at risk:

1. Phishing Attacks

Cybercriminals use fake emails, texts, or social media posts that look like they’re from MEXC to trick users into revealing sensitive information like login details and API keys.

2. Malware and Viruses

Malicious software can infect your device, potentially allowing hackers to access your MEXC account and steal funds or spread viruses.

3. Social Engineering Attacks

Attackers manipulate users through psychological tricks to get them to share personal information or make poor decisions, often through impersonation or deceit.

4. Sim Swapping

Hackers can take control of your phone number by tricking your carrier, giving them access to two-factor authentication codes and other sensitive information.

5. Rug Pulls and Exit Scams

These scams happen when cryptocurrency creators suddenly abandon their projects, leaving investors with worthless coins. It’s important to be careful when investing in new or unfamiliar cryptocurrencies, even though this isn’t directly related to MEXC.

How to Secure Your MEXC Account

To keep your MEXC account safe, follow these simple security tips:

1. Use Strong and Unique Passwords

• Create a strong password with a mix of uppercase and lowercase letters, numbers, and symbols.
• Don’t use easily guessable information like your name or birthdate.
• Consider using a password manager to store your passwords securely.

2. Turn on Two-Factor Authentication (2FA)

• Use an app like Google Authenticator or Authy to enable 2FA.
• This adds an extra layer of security by requiring a code along with your password.

3. Secure Your Email Account

• Set a strong and unique password for your email.
• Turn on 2FA for your email account.
• Be careful of phishing emails and avoid clicking on suspicious links or attachments.

4. Protect Your Device

• Keep your device’s software and security updates current.
• Use trusted antivirus software.
• Be careful when downloading apps from unofficial sources.
• Avoid using public Wi-Fi for activities like logging into your MEXC account.

5. Monitor Your Account Activity

• Regularly check your MEXC account for any unusual activity.
• Set up email or SMS notifications for important actions on your account.
• Be cautious if anyone asks for your details or login information.

6. Be Careful of Phishing Scams

• Never share your login details with anyone, even if they claim to be from MEXC support.
• Always check the email or website’s authenticity before sharing sensitive information.
• Be aware of tricks used to steal your details.

By following these tips, you can keep your MEXC account safe and secure from threats.

Immediate Actions to Take If Your MEXC Account is Hacked

If you think your MEXC account has been hacked, follow these steps right away:

1. Change Your Password

• Log in from a trusted device and update your password to something strong and unique.
• Consider turning on two-factor authentication (2FA) for extra security.

2. Disable Remote Login

• If you can, turn off remote login to stop unauthorized access from other devices.

3. Contact MEXC Support

• Contact MEXC customer support immediately and report what happened. Give them all the details, like any strange activity or transactions.

4. Check Your Account Activity

• Keep an eye on your account for any unusual withdrawals or deposits.
• If you see something suspicious, report it to MEXC support right away.

5. Secure Your Devices

• Run a scan for malware and viruses on your devices using trusted security software.
• Update your device’s software and security programs.
• Be careful of phishing emails and avoid clicking on strange links or downloading attachments.

6. Freeze Your Account (Optional)

• If you think your account is still at risk, you might want to freeze it temporarily. Contact MEXC support to help with this.

7. Report to the Police

• If you believe you’ve been a victim of cybercrime, contact your local police and give them all the evidence you have.

By acting quickly, you can reduce potential damage and improve your chances of recovering your account.

Frequently Asked Questions 

Wrapping Up!

It’s important to stay aware of potential risks like phishing and scams. By following best practices to secure your account and being vigilant, you can trade safely on MEXC. Always remember to do your research and exercise caution, as no platform is entirely risk-free.