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MEXC (mexc.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! MEXC scam works by getting you to believe you can become rich by trading with them.
As convenient as online trading may be, everyone is aware that it is not without its risks, particularly where safety is concerned. Cybercriminals are quite active in the space and they are looking for opportunities to steal your money data and your funds. These are consequences that you would rather not face when you engage in online trading. Therefore, you need to find a brokerage that offers you a safe trading environment and can be trusted. All you have to do is go through this MEXC review to realize that not every brokerage falls in this category.
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In fact, it shows that some of them are the exact opposite because they are just a sham that criminals are using to fool people. Indeed, the topmost tactic that they use to steal your data and your money is by setting up scam and fraudulent brokerages. Most people do not even realize that they are looking at a scam brokerage because they are so good at creating the right appearance to fool people. To be able to learn the truth, you need to know the ins and outs of a brokerage, which means looking beyond what they are telling you.
Going through reviews is the best way to go about it because you cannot possibly research every single broker on your own. You could try, but it would take a very long time and there will always be more companies to check because they are established on a regular basis. This can help you save time and also assist you in choosing the right and safe option for your trading needs. You will see this firsthand when you go through this MEXC review. Claiming to offer its services to more than 350,000 traders all over the world, MEXC is presented as a licensed and authorized brokerage in multiple jurisdictions.
The package that MEXC presents includes the ability to trade forex pairs, shares, ETFs, indices, precious metals, soft and energy commodities and cryptocurrencies on an ‘innovative’ trading platform and with lucrative trading conditions. But, is it a safe option? Let’s check it out.
Licensing and regulation
The first and most prominent claim that draws people to MEXC is about licensing and authorization because the brokerage states that it is authorized across the board from the UK to Mauritius. Even novice traders are aware that opting for a licensed and regulated brokerage is the safest option because it implies that you are dealing with a company that complies with laws and regulations and maintains a high standard of service. It can also offer protections that you cannot get from their unlicensed counterparts.
In the case of MEXC, it claims to have a license from the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investment Commission (ASIC), the International Financial Services Commission (IFSC) in Belize, the Maltese Financial Services Authority (MFSA) and Mauritius’ Financial Services Commission (FSC). But, you cannot take this for granted and should always check a broker’s credentials on your own.
It is good that you do because when you check the online registers of these regulatory bodies for MEXC, you are going to be in for a surprise because it does not have a license from even one of them. This means that not only are you dealing with an unlicensed and unregulated brokerage, you are dealing with one that is blatantly lying to you about it. This makes it evident that MEXC is not up to any good because no genuine company would ever lie to you, even if it is unlicensed. Moreover, since it is unregulated, you cannot trust anything that it tells you and it cannot offer the protections you are looking for.
The feature that you use for executing your trades on a regular basis is the trading platform and every online broker offers you one. Of course, the one they offer can be different because it is at the company’s discretion to offer whatever platform they want. You are promised an ‘innovative’ platform at MEXC and this will catch your eye because a powerful and sophisticated platform is a must for a seamless trading experience.
But, the ‘innovative’ platform that MEXC has advertised is just a rudimentary and rather lacking web trader that you can find on a number of fraudulent platforms. The platform does not have any advanced technology and is lacking in terms of state-of-the-art trading tools that can make a real difference. It does not offer any of the features and functionalities that some of the leading platforms in the market like the MT5 are capable of offering. Most of the professional brokers will offer you the MT5, or a similar platform, and not what MEXC is offering in the name of an ‘innovative’ platform.
Lucrative trading conditions may have been advertised by MEXC, but it seems to have a different definition of lucrative. First off, the spreads it offers start from 2 pips, which are two times more than the average spreads of most brokers. In fact, competitive brokers offer spreads that are even lower than 1 pip.
The minimum deposit required at MEXC is $1,000, which is at least four times higher than the standard deposit. Furthermore, most companies are offering trading accounts for as low as $5, or $10, which means this demand is quite high. As for leverage, it appears that even MEXC is unsure of how much it offers because at one point it has mentioned ratios of 1:100, while at another it claims to have leverage of 1:500.
No matter which ratios are available, it should be noted that MEXC should not be offering such high leverage ratios if it is truly regulated in the UK, Australia and other jurisdictions. This is because the regulatory bodies of these regions have limited leverage ratios to 1:30 for retail traders due to the risk involved.
Taking all of these problems into account, you can see that MEXC is not a safe broker and is most likely a scam.