MEXC is one of the biggest non-KYC cryptocurrency exchanges. That means that you aren’t required to do KYC if you don’t want to. When signing up to MEXC, you only need an email or a phone number with a secure password.
On MEXC, you can deposit, trade and withdraw without doing KYC or any other verification process.
When comparing major exchanges that don’t require KYC, MEXC seems to be a great option to go with.
MEXC offers the most trading pairs, incredibly low fees, high security with full proof of reserves (that means your assets are backed 1:1 on the exchange), and great customer service.
There are only two minor limitations that you will face without doing KYC on MEXC, which is a reduced 24h withdrawal limit of $200,000, and you are not eligible to purchase cryptos via credit card or bank account directly on MEXC.
Limitations of using MEXC without KYC
Daily withdrawal limit
The first one is the daily withdrawal limit for non-KYC accounts on MEXC, which is 20 BTC.
That is equal to around $400,000. So unless you are a really big player with a lot of funds and daily withdrawals, you don’t have to worry about KYC on MEXC Global.
When deciding to finalize MEXCs KYC process, you have the option of a Primary KYC, which only requires personal information such as an ID or passport. Primary KYC increases your daily withdrawal limit to 80 BTC, which is equal to $2,080,000.
If even that is not enough, you can do MEXC advanced KYC, which requires personal information as well as facial recognition via a phone camera. Advanced KYC will increase your daily withdrawal limit to 200 BTC, which is equal to $5,200,000.
No purchases with credit card or bank account
The second limitation is that you can not buy cryptos directly on MEXC via credit card or bank account. That means if you don’t have any cryptos at all, you must either do the KYC on MEXC or buy cryptos somewhere else with your credit card or bank account.
If you already have cryptos in another wallet, you can simply send them to MEXC without any problems. Once your cryptos arrive on MEXC, you have access to every feature on the website, and you can also withdraw your funds when you are done trading.
Is MEXC secure without doing KYC?
In terms of security, MEXC seems to be at the top of the game. With over 10 million users and 10 billion dollars in daily trading volume, MEXC has never been hacked. In the crypto space, hacks are very common, but MEXC keeps up with all the security standards to protect their users.
To add further layers of security to your account and protect yourself against scammers, hackers, and phishing attacks, you can add email verification, mobile verification, MEXC/Google authenticator, and an Anti-Phishing code to your account.
On top of that, MEXC provides full proof of reserves. This is a very big deal. Proof of reserves shows you the reserve ratio to user funds. On MEXC, your funds are held 1:1 on the exchange and not given out to third parties.
Why choose MEXC as a non-KYC exchange?
Anonymity
There are a few reasons one decides to use a non-KYC exchange rather than an exchange that wants all of your personal data. Some traders prefer to remain anonymous. Anonymity is also a big aspect of cryptocurrency. So using an exchange that does not require KYC, such as MEXC, can suit all your needs.
High withdrawal limits
When choosing a non-KYC exchange, it is important to see if there are any downsides, such as limitations in terms of features. On MEXC, one limitation is the daily withdrawal limit for non-KYC accounts, which is $400,000. That means you can withdraw $400,000 per day. However, this is only important for crypto whales and bigger players in the crypto market.
Low trading fees
When trading cryptocurrencies, trading fees play a huge role. Especially when trading with leverage on the futures market, fees can eat up a lot of your profits. MEXC has an amazing fee structure, with some of the lowest fees in the crypto space. Fees this low are very rare for non-KYC exchanges.
On MEXCs futures market, the default rates are 0% maker fees and 0.02% taker fees.
On MEXCs spot market, the default rates are 0% maker fees and 0.08% taker fees.
When holding MEXCs native cryptocurrency, MX Token, you can even reduce your trading fees by an additional 10-20 percent.
Full proof of reserves (PoR)
MEXC claims to be a safe and transparent exchange. That’s why in 2023, they have decided to share their full proof of reserve ratio to ensure full transparency. MEXC does not only hold 100% of the users’ funds 1:1 but in most cases, even covers more funds. This results in MEXC being a fully liquid exchange where customer funds are safe.
Final Verdict
Now that you know that MEXC Global does not require KYC, it is time to consider if MEXC is the right cryptocurrency trading platform for you. MEXC offers crypto traders a way to anonymously trade without a KYC requirement while benefiting from all the features of one of the biggest major centralized crypto exchanges.
Overall, MEXC is a great option for traders from all around the world. With low fees, a great User interface, high volume, and liquidity and security, MEXC serves over 10 million traders from over 170 countries, including the USA.
We have a comprehensive review for MEXC here.
FAQ
MEXC Global does not require KYC. MEXC is one of the best non-KYC crypto exchanges for trading.
What is KYC?
KYC, or “Know Your Customer,” is a verification process of account owners to avoid money laundering and corruption.
Can I deposit and withdraw on MEXC without KYC?
Yes, MEXC supports deposits and withdrawals without KYC.
Can I trade on MEXC without KYC?
Yes, you have full access to the spot and futures trading market on MEXC without having to do KYC.
How long does KYC on MEXC take?
Usually, the KYC and verification process takes 15 minutes. If your verification takes longer, consider contacting MEXC.
Are there downsides to not doing KYC on MEXC?
There are two limitations when you don’t do KYC on MEXC. You can not purchase cryptos via credit card and bank account from MEXC, and your daily withdrawal limit is 20 BTC.
Does MEXC offer institutional KYC?
Yes, MEXC does offer institutional KYC. Institutional KYC allows a 24-hour withdrawal limit of 400 BTC, which is equal to $10,000,000.
What are the different KYC levels on MEXC?
MEXC has three different KYC levels. Primary KYC with a 24-hour withdrawal limit of 80 BTC, Advanced KYC with a 24-hour withdrawal limit of 200 BTC, and Institutional KYC with a 24-hour withdrawal limit of 400 BTC.
This is totally optional and up to you. If you need higher withdrawal limits or you want to do KYC, you should do it. If you want to remain anonymous while profiting from a great exchange, you should not do KYC on MEXC.
