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Mexo Exchange Review
Very low fees
Supports a variety of fiat currencies
Derivatives trading available
Demo account can be used before trading real money
Free deposits and withdrawals
Extremely new, untested exchange
Not available in the United States
Limited support for bank transfers
Setting Up a Mexo Account
To sign up for a Mexo account, you will first want to visit the official website at mexo.io. Once you’re on the homepage, you can click the “Sign Up” button in the top-right corner of the page. You will then be asked for the following basic information:
- Email address
- Verification code
- Invitation code (optional)
If you are on a mobile device, you will have the option to sign up with your phone number rather than an email address. Either way, you will need to use a verification code sent to your email or phone number to confirm your specified form of communication.
Due to the strict regulations that have been enacted around cryptocurrency exchanges, Mexo will also need to verify your identity before you’re able to trade. To verify your account, you will need to handover a valid form of identification and a photo or selfie of you holding your preferred form of ID.
Supported Operating Systems
Mexo is focused on making their platform available on as many operating systems and hardware devices as possible. While advanced traders will enjoy the features enabled when trading via the website on a desktop or laptop computer, more casual traders can also keep track of their balances and make trade via their mobile devices. Mexo has a mobile app available for Android-powered devices.
Is Mexo Safe?
It’s difficult to gauge the safety and security of Mexo at this time. At the end of the day, the best measurement of the safety of any cryptocurrency exchange really has more to do with its track record than anything else, and the fact of the matter is that Mexo has simply not been around long enough to make a clear judgment call in this area. This should be viewed as doubly true when you consider the fact that this is also an exchange that does not interact with the traditional banking system at all. There is a long history of crypto-only exchanges that have either been hacked or outright scammed their users, so it may be wise to allow this exchange to operate for some time before putting a large amount of your crypto holdings onto the platform. There are a number of other exchanges operating in Latin America that already have proven track records when it comes to securing customer funds.
Having said all of that, Mexo does take the normal safety precautions that you’d like to see from any crypto exchange on the market. For example, they store more than 90% of all customer funds in offline, multisignature wallets, and they also encourage as many of their users as possible to set up two-factor authentication on their accounts.
Are Mexo Fees High?
The fee structure on Mexo is one of the cryptocurrency exchange’s key bright spots, and they’re extremely competitive in this area, especially when it comes to low-value trades. Like many other exchanges around the world, Mexo users will notice their trading fees go down as they increase their volume on a monthly basis. Most notably, the taker side of a trade starts just under 0.1% for the lowest-value trades on the platform. This is cheaper than just about any other exchange in the world, let alone the other exchanges in the Latin American market. Maker fees are even lower, starting at just 0.01% for high-value trades and going up to 0.02% for low-value trades. It should be noted that derivatives trading comes with its own separate fee structure.
What Can You Buy on Mexo?
There are dozens of different cryptocurrencies and tokens traded on the Mexo platform, and most of the more niche coin offerings are focused on the DeFi sector. Here are some of the key crypto assets traded on the Mexo cryptocurrency exchange:
- Tether US
- Bitcoin Cash
- Bitcoin SV
- Yearn Finance
Mexo launched in August of 2020, so it is extremely new when it comes to the wide variety of cryptocurrency exchanges on the market.
Yes, you are able to purchase bitcoin, Ether, or Litecoin on a limited basis via Mexo’s Quick Trade offering. The only fiat currencies that can currently be used for these types of purchases are Mexican pesos, Argentine pesos, or Brazilian reals.
The fee charged on a Mexo trade will depend on a variety of factors. For spot trading, the two most important factors to think about are monthly volume and the side of the trade you are taking. If you are on the taker side of the trade, then the fee can range from 0.07% to 0.095%. Those on the maker side of the trade will have access to much lower fees, as they range from 0.05% to 0.075%. Those who are trading large amounts of cryptocurrency on a monthly basis will have access to the lower end of the fee spectrum.
There are two key areas of security to think about when it comes to your Mexo account: password and two-factor authentication. When it comes to your password, you should make sure that you’re creating or generating your password on your own, trusted device. You should also make sure the password is rather complex and would be difficult for anyone to guess. Generally speaking, it’s a good idea to make a password of 12 or more randomly-generated alphanumeric characters. It is also recommended that you turn on two-factor authentication for your account; however, it is extremely important that you also store a physical copy of the 16-digit two-factor authentication code in case your phone is lost, stolen, or broken.