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Their native MX token saw a nice upwards curve during the last 12 months. Showing that exchange tokens are worth looking into. Ones other than BNB that is. Let’s have a look at what else MEXC has to offer.
Why Are People Interested In MEXC?
There are various reasons why people take an interest in , but the number of coins on offer is a big reason. At the time of writing, they offer no less than 1405 different coins. On top of that, you can trade in a grand total of 1943 pairs. That’s some impressive results and puts them worldwide in the top 3 in these sections.
Another reason why people enjoy MEXC is that they offer their full suite of functions to US citizens. No restrictions on services except the launchpad. Some services do require the KYC process though. Their onboarding process is easy, up to 10 BTC before you have to go through KYC.
MEXC is securing a place in the future with these efforts. We already had an in-depth look into MEXC, in case you like to find out more about them.
MEXC Current Market Position
The current market position of MEXC as a CEX is looking good. They offer a variety of features to their customers. This makes it interesting to have a more in-depth look into this CEX.
Currently, they are not as big as for instance BINANCE or Crypto.com. On the other hand, they also don’t have issues like CRYPTO.COM had with their debit card. They pulled the plug more or less overnight on many of the cashback and staking options. Under a serious cry of public outrage, they crawled back. Part of their staking options will continue now again for their card. Their CEO, Kris Marszalek, is currently in full damage control mode on Twitter.
https://t.co/j9QzYf35UX is in damage control mode after plans to reduce staking rewards on its Visa prepaid cards were met with a fierce backlash ?https://t.co/UkEsg4yWp7
— CoinMarketCap (@CoinMarketCap) May 3, 2022
Talking about staking, offers locked and flexible staking on a few of their coins. For example, locked staking starts from 1 day on the HYDRA token with a 25% to 35% APY. Other options range between 7,10, 15, or 30 days. APYs are between 4% for BTC or ETH to 12% for DOT. Flexible staking has the best APY with 5.88% for CAKE.
Source: MEXC staking
MEXC As an Alternative Token
The MEXC token is MX. There are a couple of benefits to a token holder. Let’s look at some of them.
- MEXC buys back MX tokens on spot and ETF trades and burns them. In April 2022, MEXC burned 2.2 million MX.
- Trading fee discount.
- Referral rewards.
- Voting on new project listings as a holder.
In general, exchange tokens are also a good long-term investment. Every time MEXC opens new features, it’s likely that the MX token receives a new use case. This, in turn, will increase its value.
, you can stake MX and mine other coins with it. APY’s go up to 10%.
Conclusion
The MEXC is very much an up-and-coming CEX. Especially for US citizens, they offer interesting features. Many bigger CEXs like Binance or Huobi don’t offer this in the US. MEXC offers the same services to all customers worldwide.
We also investigated the MX token and why this is a good alternative. It offers some excellent use cases and benefits. For example, staking and a burn mechanism.
Their aim is now to conquer the US market. As a result, they have an interesting offer for you.
Get $124 for SIGNING UP with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ACCESS PRO membership) (worth $99). MEXC supports U.S Traders in all trading pairs and services.
(To get your ALTCOIN BUZZ ACCESS PRO membership DM us with your ‘newly signed up MEXC UID’ and ‘Telegram ID’ on our Twitter @altcoinbuzzio)
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