Is MEXC Safe? An In-Depth Security Review

MEXC has made a name for itself as a global crypto exchange, but trusting any exchange with your money is still a big deal, especially for high-volume traders. So, is MEXC safe actually, with crypto hacks and phishing scams grabbing headlines in the crypto industry?

To help you make a confident decision, I’ll walk you through MEXC’s key security features, from account-level protections to its compliance efforts and how it stacks up against industry giants like Bybit, Binance, and Kraken.

By the end of this guide, you should have a much clearer picture of whether MEXC is the right platform for you or one to be cautious of.

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MEXC Security Features: An Overview

MEXC has several systems in place designed to guard your funds at every level, from withdrawal whitelists to deeper layers like cold wallet storage. Let’s take a closer look at how these protections work and what they mean for you as a trader.

Account Protection Features

When trading on a centralized crypto exchange, your account is the first line of defense against potential threats. That’s why securing it with the right protective features is essential. So, how safe is MEXC with its provided tools?

Let’s walk through the core features designed to keep your account secure:

• Login password
• Two-factor authentication (2FA)
• Anti-phishing code
• Fund security settings
• Device and account management

Start with the basics: your login password. When signing up, MEXC gives you a live strength checklist, consisting of 10-128 characters, at least one uppercase and lowercase letter and a number.

Next up is two-factor authentication (2FA), which is one of the most effective ways to secure your account. MEXC encourages users to enable multiple 2FA methods, including email verification codes, SMS authentication, and time-based codes via Google Authenticator. The platform even displays a security level indicator, where a single active 2FA method triggers a red warning, signaling low protection.

From my experience, email verification is required right after account creation. Later, when you set up mobile number verification, the system prompts you to confirm it with an email code, acting as an added layer that helps prevent unauthorized changes.

To fend off phishing, set up an anti-phishing code. It’s a short string of letters or numbers that appears as a banner in every legitimate email from MEXC.

Think of this as a secret watermark for official mail: choose a 1–6-character code (letters/numbers only). After you save it, every legitimate MEXC email displays the code in an image banner. If the banner is missing or wrong, you’re looking at a phishing attempt, and you can delete it immediately.

For withdrawals, MEXC offers two layers of fund-security settings. Here’s a table to break down the roles of each layer:

Table: Layers of fund-security settings on MEXC

A good practice is to enable the whitelist first, test it, and then decide if Fast Withdrawal is worth the convenience trade-off. If you often make withdrawals on MEXC's decentralized platform, activate "DEX+ Quick Transfer" for quick transfers of mainnet tokens between your DEX+ and Spot account. This feature enables no security checks for small amounts.

Finally, explore the Device and Account Management section. Here, you should see a dashboard of every browser or phone that has ever logged in. If you spot something fishy, you only need one click to log it out.

There’s also a real-time activity log showing logins, password changes, and API actions. If things get weird, the big red “Freeze Account" button shuts down trading, deposits, and withdrawals instantly until you confirm your identity with support.

Now that you’re familiar with the available tools, the key question: Is MEXC safe enough in terms of the account-level protection if you make full use of these features? In my view, the answer is yes.

Platform Security Infrastructure

Beyond the account protection settings, MEXC uses a multi-layered security framework. From how it stores funds to how it defends the servers, I think the platform has done its best to minimize vulnerabilities at every level.

Here are the core components of MEXC’s security infrastructure:

• Multi‑tier asset storage
• Multi-signature wallets
• Secure Sockets Layer (SSL) encryption
• Proof of reserves and over‑collateralization
• Technical audits and risk surveillance

MEXC combines cold storage and hot wallet strategies. The majority of user funds are held offline, isolated from internet-based threats. These wallets are backed up off-site, dispersing risk across locations.

Then, a limited amount of funds stays online for liquidity. These are secured using big-data–driven risk controls, automated monitoring, and secure key backups to enable quick yet safe operations.

For protecting storage, MEXC uses multi-signature (MultiSig) wallets, particularly for cold storage and operational withdrawals. With this feature, a transaction requires multiple private key approvals before it can be processed, ensuring that no single person, server, or system can move funds on its own.

The platform also uses public key encryption to secure transactions. Users are provided with a unique set of cryptographic keys, which allows them to access their portfolio of assets stored on the platform alone.

To maximize the protection, it implements anti-DDoS (Distributed Denial-of-Service) systems. These aim to detect and mitigate large-scale traffic spikes designed to overwhelm the platform’s servers.

How do these systems work? Generally, they block suspicious traffic before it can affect user operations and spread it across multiple servers to prevent bottlenecks. At the end of the day, they help ensure that the exchange remains online, fast, and responsive, even during high-volume periods or targeted attack attempts.

In addition to its own in-house security team, MEXC collaborates with experts to test and strengthen the platform.

For example, in May 2025, the exchange partnered with a leading blockchain security firm to conduct end-to-end penetration tests on its web, mobile, and API infrastructure. At that time, the audit uncovered no critical flaws, and the minor issues flagged were patched immediately. Commenting on the audit, MEXC COO Tracy Jin stated:

External, independent verification is an essential part of maintaining user trust and ensuring accountability

On the custody side, Fireblocks supplies MPC-based wallet technology that prevents private-key theft, enforces strict access controls, and guarantees safe transfers between hot and cold storage, particularly for high-value transactions.

📚 Read More: Mastering Cryptocurrency Security

Insurance and Reserves

In April 2025, MEXC announced a notable increase in its on-chain reserves, which increased by around $389 million over the prior two months. The growth boosted the exchange’s Proof-of-Reserves ratios, which now exceed 100% for major cryptocurrencies, specifically USDT (115%), USDC (106%), BTC (118%), and ETH (110%).

These reserves act as proof that the platform has enough funds to cover all user balances, even during times of high withdrawal activity or market stress. The main goal is to gain trust. When an exchange maintains a 1:1 or bigger reserve backing, it proves that it’s not lending out or misusing user funds, and the exchange is financially stable, reducing the risk of collapse like FTX.

Moreover, MEXC maintains a Futures Insurance Fund, which stood at approximately 557,361,711 USDT at the time of writing. This fund steps in to cover losses when a leveraged position falls below zero, helping protect both your account and the overall stability of the platform.

📚 Read More: What is Insurance Fund?

How Is MEXC Regulated?

Understanding the regulatory landscape of cryptocurrency exchanges is crucial for any user. For MEXC, this involves a look at their licensing efforts, how they manage access restrictions in various jurisdictions, and their approach to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance.

Licensing efforts

MEXC operates globally across multiple jurisdictions, maintaining compliance through direct oversight and subsidiary partnerships. For instance, the exchange claims to align its risk control procedures with internationally recognized regulatory frameworks, including:

Some sources also report that MEXC is registered as a Money Services Business (MSB) with both FinCEN in the United States and FINTRAC in Canada.

In this case, you may be wondering: if MEXC holds an MSB registration with FinCEN, why does it restrict access for US users?

The reason lies in what an MSB license actually covers. While it allows a platform to provide money transmission services and follow basic AML/KYC protocols, it doesn’t grant permission to run a full-featured crypto exchange in the US, especially one offering margin products and crypto derivatives.

To operate legally in the US market, a platform must comply with stricter rules set by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Gaining the license from the SEC typically requires a crypto exchange to register as a broker-dealer or a futures commission merchant, comply with investor protection laws, submit disclosure filings, and undergo regular audits. MEXC doesn’t currently meet these criteria, which is why it continues to limit access to users in the US despite having an MSB registration.

📚 Read More: US Crypto Regulations

Besides the US market, South Korea’s government recently blocked access to MEXC’s mobile app. In April 2025, the Financial Intelligence Unit (FIU) ordered Apple to remove the MEXC app (followed up by having Google delist it from the Play Store in late March). They mentioned violations of local crypto regulations and a lack of proper registration as a Virtual Asset Service Provider (VASP).

So, in terms of licensing, how safe is MEXC? Well, the lack of full regulatory approval in major jurisdictions like the US or South Korea means MEXC can’t currently be considered a fully licensed or tightly regulated exchange by global standards. Traders should weigh MEXC’s licensing efforts carefully, especially if legal clarity and regulatory protection are important in their choice of crypto platforms.

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Access Restrictions

Although MEXC is available for 170+ countries, it’s restricted in the US and Canada, and several other regions, including:

• The UK
• Mainland China
• North Korea
• Cuba
• Sudan
• Iran
• Singapore

The platform doesn’t provide services or accept sign-in and trading applications from the listed countries. MEXC also limits mobile app access in certain countries. On iOS, the app is currently unavailable in Japan, India, the United Kingdom, and South Korea. For Android users, the list includes Indonesia, along with the same regions mentioned.

To ensure continued access, users in Turkey, Indonesia, and Malaysia are advised to use the platform via mexc.fm, while users in India are directed to mexc.co.

There are multiple factors behind these regional limitations, but the main driver is often local regulation of centralized crypto exchanges. For example, India’s rules prohibit financial institutions^[1] from facilitating cryptocurrency investments or payments, making it difficult for exchanges to list their apps in local stores.

In China, a broader set of legal and security concerns keeps Bitcoin-based financial transactions off-limits. Researchers have grouped China’s obstacles into several legal categories, including tax liabilities and stamp duties and consistency with national fiscal and monetary policies. Given these regulatory hurdles, MEXC limits direct app downloads or full platform access in certain regions.

KYC and AML Compliance

MEXC offers two levels of identity verification: Primary KYC and Advanced KYC. Each is designed with different requirements and withdrawal limits. With Primary KYC, users are asked to provide basic personal information. Once verified, this tier allows for a 24-hour withdrawal limit of up to 80 BTC.

For users who need higher limits and improved protection, Advanced KYC builds upon the basic level by requiring proof of identity and facial recognition. Completing Advanced KYC increases the daily withdrawal limit to 200 BTC, offering more flexibility for high-volume traders.

To support its compliance and risk-monitoring efforts, MEXC works with several key partners to help conduct detailed transaction screening.

With Sumsub, MEXC uses data from the London Stock Exchange Group (LSEG) and gets access to multi-asset benchmarks, global sanctions lists, and international risk checks. Additionally, its partnership with Elliptic improves the identity verification with real-time blockchain analytics.

Together, these systems help MEXC detect and prevent money laundering, fraud, and other suspicious activity both during onboarding and throughout a user’s journey on the platform.

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MEXC’s Track Record

There have been no reports of large-scale hacks on MEXC. In fact, the exchange has passed independent penetration testing, most notably in May 2025, when cybersecurity firm Hacken reviewed MEXC’s web, mobile, and API systems. No critical vulnerabilities were found, and minor issues were promptly fixed.

However, MEXC has experienced regulatory setbacks. In 2023, the platform came under scrutiny from several authorities, including the British Columbia Securities Commission (BCSC), Austria’s Financial Market Authority (FMA), and Germany’s BaFin, all of which issued warnings about MEXC operating without proper registration.

Its Estonian license was also revoked by the FIU in November 2023. Then, in March 2024, Hong Kong’s Securities and Futures Commission (SFC) flagged MEXC for operating without a license.

That said, while MEXC continues to strengthen its technical security and user protection measures, its regulatory status remains unclear in certain regions – something users should be aware of, especially if legal compliance is a top priority in their crypto journey.

User Experience and Trust

MEXC seems committed to addressing major security concerns and keeping users in the loop, but what about the smaller, day-to-day issues? Customer support plays a big role here, so let’s take a closer look at how well MEXC handles routine problems, based on both my personal experience and what I’ve observed across various review platforms.

Customer Support

MEXC offers robust self-service support through its Help Center and ticket-based system. If you run into any issues, you can visit the help center, which contains tutorials, guides, and FAQs on essential topics like account setup and security settings. It also includes step-by-step walkthroughs for common issues like app downloads and freezing accounts.

Alternatively, you can scroll down to the "Customer Service" section in the website footer to access MEXC’s ticket-based support system. To submit a request, users must provide their name, email address, and select a relevant issue category, such as general inquiries, abnormal fund reports, or complaints.

After that, you can describe the issue in detail and upload any supporting documents or images. Once complete, simply click the [Submit] button at the bottom of the page.

The form supports a wide range of attachment types, including PDF, CSV, DOCX, and MP4, with a maximum file size of 50 MB per file. This helps users provide clear evidence when raising concerns.

If you're dealing with product-related issues, such as app crashes, lag, or other platform bugs, you can also provide input via the [Improvement Suggestions] form. On this page, choose the appropriate category from options like Product Feature Suggestions, Operational Event Feedback, Page Content, Security Issues, or Other Suggestions.

One standout feature I appreciate is MEXC’s social media verification tool. As social media platforms are a fertile ground for phishing attacks,^[2] this tool offers a simple but effective way to confirm whether an account is truly official. So, if you ever come across a suspicious MEXC profile, you can quickly verify its authenticity directly through MEXC’s website.

Simply log in to the official MEXC site, scroll to the bottom of the homepage, and under "User Support", select [MEXC Verify]. Enter the social media account ID into the input field and click the search icon.

A green checkmark and confirmation should appear for verified accounts, while a red cross will indicate unofficial or fake ones. For example, when verifying MEXC’s official X handle (@MEXC_Official), the tool confirms its legitimacy, adding peace of mind in a space where impersonation is all too common.

With all of these features, I think MEXC’s customer support ecosystem offers a balance between self-service tools and direct assistance. For beginners needing guidance or professional traders encountering technical issues, the platform offers multiple ways to get help from its comprehensive help center and a ticket submission system.

User Feedback

Looking at MEXC’s profile on Trustpilot, the initial impression may not be reassuring. The platform holds a 2.0-star rating, which can seem quite low until you consider that it’s based on over 200 reviews, with a major portion of the negative feedback coming from 1-star ratings lacking detailed or constructive explanations.

That said, there are still recurring complaints from users, particularly about issues with deposits and withdrawals, as well as concerns related to the handling of documents for KYC.

Despite mixed ratings on Trustpilot, user reviews on mobile platforms tell a much more positive story. MEXC holds a 4.8-star rating on the Apple App Store (based on 3,656 reviews) and a 4.6-star rating on Google Play Store (with over 139,000 reviews). I think these numbers can be a strong signal of user satisfaction, especially among mobile traders.

Many users highlight MEXC’s reliability in spot trading, often noting that transactions are executed without issues. Another frequently praised aspect is the platform’s security features, including 2FA, cold wallet storage, and withdrawal whitelists, which directly support a positive answer to the question: "Is MEXC app safe?".

Although some users mention minor inconveniences, I saw that the overall opinion of MEXC is that the exchange delivers a trustworthy experience.

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Is MEXC Safer Than Other Crypto Platforms?

When it comes to crypto exchange security, the answer is always going to be relative. What feels "safe" depends on what you're comparing it to: Is it the technical infrastructure? The legal compliance? Insurance coverage?

With that in mind, there’s one final thing to dig into: how safe is MEXC compared to other top crypto exchanges like Bybit, Binance, and Kraken? Below is a side‑by‑side snapshot of how MEXC’s safety stack compares with four other large custodial exchanges.

Table: Comparison of MEXC, Binance, Bybit, and Kraken's security features

Based on the table above, it's clear that MEXC is dependable when it comes to technical safeguards like cold storage and multi-layered account protection. However, compared to more heavily regulated platforms like Kraken and Binance, it falls short in regulatory compliance and licensing transparency.

So, while MEXC can be considered secure from a technical standpoint, users seeking stronger legal protections and oversight may prefer exchanges with clearer regulatory credentials.

📚 Read More: Is Binance Safe?

How to Use MEXC Safely: Best Tips and Practices

The platform’s infrastructure is important to keep you safe, but I think your actions also play a crucial role. I’ve already walked you through how MEXC defends against cyber threats on its end, but when it comes to the question, "Is MEXC safe for long-term use?", the final answer depends on how well you secure your account.

That said, I’ll show you how to activate the essential account protection features I discussed earlier, so you can take full advantage of MEXC’s security tools and use the platform as safely as possible.

Complete the Advanced KYC

After setting up the account, it’s essential to go through identity verification to unlock full access to platform features. MEXC offers two KYC levels: Primary KYC and Advanced KYC, each with its own verification steps and withdrawal limits.

On this platform, you don’t need to complete Primary KYC before jumping to Advanced KYC. If you prefer, you can start directly with the advanced option. Here’s how:

Activate 2FA

As of February 2025, MEXC requires 2FA every time you release cryptocurrency, replacing the older method where 2FA was only required once every 30 minutes. This update aims to improve account protection, especially against unauthorized withdrawals.

To make the most of this feature, the MEXC team strongly recommends enabling Google Authenticator for faster and more secure verification. Below is a step-by-step guide for setting it up on the website, though the same process applies within the app (when available in your country):

Once linked, your MEXC account will now require the dynamic code every time a withdrawal is made.

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Set Up an Anti-Phishing Code

An anti-phishing code is a personalized string of characters that you create to help you spot fraudulent emails or fake websites. Once it’s set up, all legitimate emails from MEXC include this code.

So, if you receive an email claiming to be from the exchange but it’s missing your unique code, it's likely a phishing attempt. Here’s how to set up an anti-phishing code via the website:

You’re all set up! Your anti-phishing code should automatically appear in all official MEXC emails, making it easier to confirm the authenticity.

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Conclusions

In short, is MEXC safe? Well, the platform can be a safe choice, providing you with security features like anti-phishing codes and withdrawal whitelisting.

However, MEXC still has room to grow in terms of regulatory transparency, especially compared to long-standing exchanges like Kraken or Binance. Its limited licensing footprint and warnings in some jurisdictions may be worth noting for users prioritizing regulatory compliance.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Murugappan M., Nair R., Krishnan S.: 'Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study';

2. Lee Y. Y., Gan C. L., Liew T.W.: 'Thwarting Instant Messaging Phishing Attacks: The Role of Self-Efficacy and the Mediating Effect of Attitude towards Online Sharing of Personal Information'.