Choosing a reliable platform for cryptocurrency trading is vital. You might wonder, “Is MEXC safe?” or “Is MEXC a scam or legit?” Many share these concerns. These questions are key for anyone wanting to trade digital assets safely.
MEXC launched in 2018 and offers a wide range of cryptocurrencies and user-friendly features. Still, it’s normal to question its safety and reliability. The crypto world often sees hacks and scams, which raises concerns.
MEXC aims to build trust through transparency and strong security measures. But does it truly ensure safety? In this guide, we will examine MEXC’s security protocols, user experiences, and how it stacks up against other exchanges.
For more details, read our full MEXC exchange review. You’ll find its features and offerings there.
Our MEXC Security Rating
MEXC is a safe crypto exchange that uses strong security measures. These include Two-Factor Authentication (2FA), cold storage wallets, SSL encryption, withdrawal address locks, and regular security audits.
These steps help keep users safe. According to CER.live, MEXC has a security score of 80% and an “A” rating. CertiK rates it at 81.24%. Also, Hacken gives MEXC a solid score, showing its focus on user safety.
MEXC has never been hacked, proving its security works well and giving users confidence when trading.
However, MEXC lacks some important features. It does not have ISO certification or the X-Frame Options header. Its no-KYC trading policy may also raise concerns about money laundering for some users.
Is MEXC Exchange Scam or Legit?
Since launching in 2018, MEXC has built a solid reputation as a reliable cryptocurrency trading platform. With over 10 million users, it supports 2,500+ cryptocurrencies and trading pairs. This global reach shows its popularity.
MEXC focuses on security. It uses strong measures like Two-Factor Authentication (2FA) and SSL encryption to protect users. Most funds are kept in cold wallets, which help safeguard assets from cyber threats. The exchange also runs regular security audits and provides insurance coverage for extra peace of mind.
While MEXC is a reliable platform, no exchange is completely risk-free. Some users have faced delays in customer support and withdrawal processes. This highlights the need for careful research before using any platform. Still, MEXC’s commitment to transparency and user security makes it a solid choice for cryptocurrency trading.
For added safety, always turn on Two-Factor Authentication and set up withdrawal address locks. These simple steps can greatly enhance the security of your assets.
Related: MEXC referral code for sign-up bonus and trading fee discount.
So, Is MEXC Safe? MEXC Security Measures Review
Two-factor authentication (2FA)
Two-factor authentication (2FA) is a simple but effective way MEXC protects your account. It adds extra security by requiring more than just a password to log in. MEXC usually offers 2FA options like Google Authenticator or a one-time SMS code sent to your phone. This means even if someone has your password, they still need your device to access your account.
2FA combines something you know (your password) with something you have (your mobile device). This method is very effective against threats like phishing and brute-force attacks. It’s an easy step that greatly improves the safety of your assets.
Cold storage wallet system
MEXC protects most user assets using “cold storage” wallets, which are offline. This setup makes them less vulnerable to cyberattacks since they aren’t connected to the internet. Typically, cryptocurrency exchanges keep 80% to 95% of assets in cold storage. This ensures strong protection.
The rest of the assets are in online “hot wallets” for easy withdrawals and transactions. By using this method, MEXC reduces risks while staying efficient and committed to safeguarding user funds.
Withdrawal address lock
MEXC gives you more control over your funds with a withdrawal address lock, or “withdrawal address whitelist.” This feature lets you set specific wallet addresses for fund withdrawals. If someone tries to change the withdrawal address to steal your assets, MEXC will block the change unless you approve it.
This tool helps prevent unauthorized withdrawals. Even if an attacker gets into your account, they can only move funds to your approved addresses. Any changes need verification through Two-Factor Authentication (2FA), adding extra security.
Anti-phishing code
To protect users from phishing scams, MEXC offers an anti-phishing code. This unique code shows up in all official emails from MEXC. After setting it up, users can quickly verify email authenticity. Any email without the code is likely fraudulent.
This simple but effective feature helps prevent users from responding to fake MEXC emails. By checking for your anti-phishing code, you can avoid harmful links and keep your account safe from unauthorized access.
Regular security audits and assessments
MEXC shows its commitment to security with regular audits. These audits involve detailed checks of its systems. Both in-house experts and third-party professionals perform these evaluations. They analyze the platform’s code and infrastructure. This helps them find and fix vulnerabilities before anyone can exploit them.
Regular security audits serve as important “tune-ups” for the exchange. They help keep systems secure and efficient. MEXC also has a bug bounty program. This program rewards ethical hackers for spotting potential issues. This proactive method shows how the platform aims to stay ahead of threats. It also focuses on boosting safety measures.
SSL encryption
When you access MEXC, SSL encryption protects your data. This technology scrambles the information you share, making it readable only by MEXC. You can see active SSL encryption by looking for the padlock icon in your browser’s address bar. This icon shows that the website is secure.
SSL encryption is crucial for keeping sensitive information safe. It protects details like passwords and financial data from hackers who might try to steal it. You can think of it as a virtual locked safe that secures your information during every interaction with MEXC. While SSL is common, it remains essential for safe online transactions.
Proof-of-reserve (PoR)
Proof-of-Reserve (PoR) shows MEXC can cover all user deposits. It provides a clear view of the platform’s financial health. MEXC works with third-party auditors to confirm it has enough assets for customer obligations. On-chain data from Defillama shows that MEXC manages over $654 million in user assets. This approach helps users trust the platform and ensures their funds are safe.
For users, Proof-of-Reserve (PoR) reassures them that an exchange is stable and transparent. It eases worries about insolvency or hidden debts, boosting confidence in the platform.
After the FTX insolvency, PoR became popular among cryptocurrency exchanges. It shows their promise to be secure and trustworthy for storing assets.
API Security
MEXC has a great API (Application Programming Interface) for traders who use automated tools or bots. It includes advanced security features like IP whitelisting. This limits API access to approved locations. Users can also customize permission settings for each API key.
API security is crucial for automated trading. It ensures that only trusted sources can access your account. These features help active traders feel secure. They protect accounts from unauthorized access while allowing for efficient trading.
High third-party safety ranking
MEXC has earned high security ratings from trusted third-party platforms. This shows its commitment to user safety. One key assessment is from CER.live. They gave MEXC an “A” grade and an 80% overall safety score. This rating highlights MEXC’s strong performance in important security areas.
Here’s a detailed breakdown of MEXC’s scores from CER.live:
- Server Security: 100/100
- User Security: 100/100
- Penetration Testing: 100/100
- Bug Bounty Program: 100/100
MEXC offers strong security for its servers and users. It regularly identifies and fixes vulnerabilities with penetration tests. Its bug bounty program encourages ethical hackers to find and resolve issues.
However, CER.live notes that MEXC lacks certifications like ISO 27001 and the CryptoCurrency Security Standard (CCSS). Many exchanges seek these for credibility. MEXC addresses this concern by providing Funds Insurance to protect user assets in unexpected situations.
MEXC has an “A” grade and an 80% safety score from CER.live. Additionally, CertiK, a well-known blockchain security firm, gave MEXC a score of 81.24/100. This score shows the platform’s strong security measures, positive user feedback, and reliable policies. These ratings make MEXC a safe and trustworthy exchange compared to many competitors.
Ratings from trusted sources like CER.live and CertiK provide reassurance for all users. High scores from independent reviewers show MEXC’s commitment to a secure platform. These assessments highlight the exchange’s efforts in user protection and its focus on transparency and safety.
In the competitive cryptocurrency industry, security ratings are key to building trust. MEXC earns positive reviews. This builds user confidence and makes it a trustworthy choice for trading digital assets.
Bug Bounty
To boost its security, MEXC has a bug bounty program. It invites ethical hackers to find vulnerabilities for rewards. This lets the platform fix issues before they turn into big problems.
Bug bounty programs benefit everyone. MEXC finds and fixes weaknesses while rewarding skilled individuals who help improve safety. This proactive approach shows MEXC’s dedication to staying ahead of security threats and keeping its users safe.
| Severity | Description | Reward |
|---|---|---|
| Critical | Vulnerabilities in this category pose a serious risk to the project’s security. Immediate action is recommended. | $5,000 – $20,000 USDC |
| High | High-risk vulnerabilities impact the project’s smooth operation, requiring prompt resolution. | $2,000 – $5,000 USDC |
| Medium | Medium-risk issues may interfere with the project’s functionality; addressing these is advised. | $200 – $1,000 USDC |
| Low | Low-risk vulnerabilities could affect certain aspects in specific cases. The project team may choose to address it. | $30 – $200 USDC |
MEXC Penetration Testing Results
MEXC has completed thorough penetration testing to check its security measures. The results are very promising.
- Network Security: MEXC passed all 9 tests. No immediate issues were found. This shows strong defenses against risks like unauthorized FTP logins and improper access to services such as VNC and RDP.
- Application Security: The platform did well, passing 10 tests. Only one area needs attention—the missing X-Frame-Options header. This could risk clickjacking, but MEXC has fixed more serious issues, like weak SSL/TLS ciphers and self-signed certificates.
- DNS Health: MEXC scored perfectly, passing all 10 tests with no concerns. Important records, like SPF, DMARC, and DKIM, are set up, ensuring safe and trustworthy communication with users.
These results show MEXC is working hard to find and fix vulnerabilities. This highlights their commitment to a secure and reliable platform.
Conclusion
If you’re thinking about trading on MEXC, safety is key. Luckily, MEXC is a secure and reliable platform. It offers a range of strong security measures.
The exchange uses advanced tools like Two-Factor Authentication (2FA), SSL encryption, and AES encryption. They also perform regular penetration tests to protect user accounts. Most user funds are kept in offline cold wallets, which lowers the risk of hacks. MEXC has high security ratings from independent sites like CER.live and CertiK. Its insurance policy for user funds shows its dedication to safety.
However, it’s always smart to take personal precautions on any cryptocurrency exchange. Using features like withdrawal address whitelisting and being cautious of phishing scams can boost your security and improve your experience on the platform.
So, is MEXC safe? With its strong security measures and good track record, the answer is a clear yes.
FAQs
Is MEXC a safe exchange?
MEXC is a secure cryptocurrency exchange with a strong security record. It has never been hacked and uses cold storage for most of its assets. This greatly lowers the risk of cyberattacks. Still, there are some challenges. Users have raised concerns about slow customer support and account security. MEXC has also faced regulatory scrutiny in some areas, which may be important based on your location.
Despite these issues, MEXC’s strong security measures and clean history make it a reliable trading platform.
Has MEXC been hacked?
No, MEXC has not been hacked. It has a good security track record and has never experienced a major security breach.
Can I use MEXC without KYC?
MEXC allows users to trade and withdraw without completing full KYC (Know Your Customer) verification, but there are some limits. Unverified accounts can use most trading features and withdraw up to 10 BTC daily. However, this limit may change and is often lower for unverified accounts.
To get higher withdrawal limits and advanced features, users must complete KYC verification. MEXC has a flexible policy. It protects privacy for small traders. But, high-volume traders must verify their identity. This gives them more access and higher limits.
Is MEXC safer than Binance?
Binance is one of the largest cryptocurrency exchanges in the world. It offers strong security. This includes multi-tiered protocols, large insurance funds, and recognized certifications. Its size allows for advanced safeguards. However, user feedback sometimes points out withdrawal delays and issues with customer service.
MEXC, though smaller, also ranks high in security. It has received strong ratings from independent platforms like CER.live and CertiK. MEXC uses cold storage, anti-phishing codes, and withdrawal address whitelisting. Like Binance, it has faced user concerns about support response times and account issues.
Binance may have an advantage in certifications and support. However, MEXC is a solid alternative for those seeking strong security and a less mainstream platform. Both exchanges are reliable options that cater to different trading preferences and needs.
Is MEXC licensed and regulated?
MEXC operates without oversight in any region. This has led to warnings from various authorities. For example, Hong Kong’s Securities and Futures Commission (SFC) said MEXC isn’t authorized under local rules. Japan’s Financial Services Agency and Germany’s BaFin both raised concerns. They worry about MEXC not meeting their standards.
Estonia’s Financial Intelligence Unit (FIU) has revoked MEXC Estonia OÜ’s crypto license. This highlights the regulatory challenges the platform faces. These issues show the risks involved in trading on unregulated platforms.
