Is MEXC Legit? Scam or Trustworthy Exchange in 2026

MEXC (formerly MXC Exchange) was founded in 2018 and is headquartered in Seychelles. The platform serves over 30 million users across 170+ countries. MEXC operates through several legal entities and has obtained licenses in multiple jurisdictions. In 2025, MEXC acquired a license from the UK Financial Conduct Authority (FCA), one of the most respected financial regulators globally. The exchange also holds registrations in Estonia, Canada (FinTRAC MSB), and Australia (AUSTRAC). While not as heavily regulated as Coinbase or Kraken, MEXC has steadily expanded its compliance footprint. The company is led by a team with backgrounds in traditional finance and technology, though executive identities are not as publicly prominent as at some competitors.

MEXC has never suffered a major security breach or hack that resulted in loss of user funds — a significant achievement for an exchange operating since 2018. The platform employs cold wallet storage for the majority of assets, multi-signature authorization for withdrawals, real-time risk monitoring systems, and DDoS protection. MEXC publishes Proof of Reserves (PoR) reports verifying the exchange holds sufficient assets to cover all user deposits. As of early 2026, MEXC maintains reserve ratios above 100% for major assets including BTC, ETH, and USDT. Users can verify their individual holdings against published Merkle tree data.

MEXC holds a 1.6/5 rating on Trustpilot, which appears concerning at first glance. However, context matters: nearly all crypto exchanges receive low scores — Binance has 1.7, KuCoin 1.6, and Gate.io 1.8. The crypto industry attracts negative reviews from users who lose money trading (not a platform fault) or face compliance restrictions. Common negative MEXC reviews mention: delayed support responses, accounts temporarily frozen by automated risk detection, and confusion around withdrawal limits for unverified accounts. Common positive reviews highlight: zero-fee spot trading, fast deposits, wide altcoin selection, and the referral bonus system. Reddit sentiment is mixed, with many long-term users reporting no issues while some newer users report friction during KYC.

Reddit discussions about MEXC lean positive among active traders. Long-term users on r/CryptoCurrency and r/MEXC report using the platform for years without issues, praising zero-fee spot trading and early access to new token listings. The most common complaint involves the automated risk detection system occasionally flagging legitimate transactions, leading to temporary account holds typically resolved within 24-48 hours. Some users in restricted regions report difficulty accessing services. Overall, Reddit sentiment suggests MEXC is legitimate and works well for most users, particularly those focused on altcoin trading and futures.

No exchange is perfect. First, MEXC is headquartered in Seychelles with lighter regulatory oversight than the US or EU. While the FCA license adds credibility, the primary jurisdiction offers less consumer protection. Second, the Securities Commission Malaysia warned MEXC operates without registration there. Third, executive team visibility is lower than at Coinbase or Kraken. Fourth, the automated risk system can be overly aggressive, freezing accounts during high-volume trading or large withdrawals — holds typically resolve but create delays. Fifth, MEXC is unavailable in the US, Canada, and several other major markets. These are valid concerns but do not individually indicate a scam — they reflect growing pains of a rapidly expanding exchange navigating complex global regulations.

Based on our research, MEXC is a legitimate cryptocurrency exchange — not a scam. The evidence: no security breaches since 2018, FCA license and multi-jurisdiction registrations, Proof of Reserves above 100%, over 30 million users across 170+ countries, and 7+ years of consistent operation. However, MEXC is not without risk. Users should be aware of the Seychelles jurisdiction, potential account holds from risk detection, and the need for KYC to access full withdrawal limits. For most traders — especially altcoin and futures traders — MEXC offers a competitive platform. We recommend enabling all security features (2FA, anti-phishing code), starting with smaller amounts, completing KYC, and keeping only actively traded funds on the exchange.