Frequently Asked Questions (FAQ) in MEXC

Frequently Asked Questions (FAQ) in MEXC


Verification


Identity Verification KYC Procedures【PC】

Log in to your MEXC account. Place your cursor on the top-right profile icon and click "Verify your identity".
Frequently Asked Questions (FAQ) in MEXC
Click "Verify" at "Primary KYC".
Frequently Asked Questions (FAQ) in MEXC
Select your country, input your full legal name (twice), fill in your ID information, Date of Bird and upload photos of your ID card or Passport or Drivers license. Make sure everything is filled in correctly and click on "Submit for review".
Frequently Asked Questions (FAQ) in MEXC
After Verification, you will see the pending approval, wait for the confirmation email or access your profile to check the KYC status.
Frequently Asked Questions (FAQ) in MEXC
Note
1. Image file format must be JPG, JPEG or PNG, file size cannot exceed 5 MB.

2. Face should be clearly visible! Note should be clearly readable! Passport should be clearly readable!


How to Apply for Institution Account

To apply for an Institution account, please follow the step-by-step guide below:

1. Log in to your MEXC account and go to [Profile] . Click [Switch to institutional verification].
Frequently Asked Questions (FAQ) in MEXC
Frequently Asked Questions (FAQ) in MEXC
2. Click [Institutional Verification].
Frequently Asked Questions (FAQ) in MEXC
3. You will be asked to prepare a list of documents before you start the verification process.
Frequently Asked Questions (FAQ) in MEXC
You can click [Start Verification] to continue

4. Please fill in the basic information of your Institution and click [Continue]. You can also [Save Draft] anytime during the verification process.
Frequently Asked Questions (FAQ) in MEXC
5. Please upload the company documents based on the requirements.
Frequently Asked Questions (FAQ) in MEXC
6. Read and agree to the declaration. Check the box next to [I fully understand the declaration] and click [Continue].
Frequently Asked Questions (FAQ) in MEXC
7. Your application is successfully submitted. Please wait patiently for us to review.
Frequently Asked Questions (FAQ) in MEXC


How to Bind Mobile Phone Number and Change the Bound Mobile Phone Number (WEB)


How to Bind the Mobile Phone Number?

1. Click"User Center"

2. Click "Bind"
Frequently Asked Questions (FAQ) in MEXC
3. Enter the mobile phone number and click "Get right now" to get the SMS  code;  obtain the email Captcha Code, and click "SMS Authentication" to complete the binding.


How to Change the Bound  Mobile Phone Number?

There are two conditions for changing the bound mobile phone number:

1) The bound mobile phone number can receive SMS verification normally;

2) The bound mobile phone number is no longer used and cannot receive SMS verification.
 

Reminder: If you change the bound mobile phone number, the account will be prohibited from withdrawing coins and OTC within 24 hours, but the transfer is available.


Please check the following instructions to check the details:

1) The bound mobile phone number can receive SMS verification normally;

1. Click"User Center"

2. Click " Modify"

Frequently Asked Questions (FAQ) in MEXC
3. Enter the new cellphone number and click "Get right now" to obtain New SMS code and old SMS code via the original mobile phone; and enter the Google Authenticator code, click "Submit" to complete the modifying.

2) The bound mobile phone number is no longer used and cannot receive SMS verification.

If the original bound mobile phone number cannot receive SMS verification, you can send an email to the customer service for manual unbinding. The following information needs to be provided in the email:
a.MEXC email address;

b.The tokens and quantities you hold now;

c.Trading, deposit and withdrawal records;

d.A picture that you hold your ID  card and a paper written your MEXC email address, date, and unbind the phone number. The new mobile phone number that can be used.

P2P Fiat Trading


1. What is P2P Fiat Trading?

P2P Fiat trading refers to the purchase or sale of digital assets with Fiat currency (e,g, US Dollar,  Japanese Yen, etc.) between merchants users. It allows for quick conversions between digital assets and fiat.


2. What is USDT?

USDT, or Tether, is a blockchain-based cryptocurrency pegged to the U.S. dollar (USD). In other words, one USDT will always be equal to one U.S. dollar. Guests can exchange their USDT for USD at a 1:1 rate at any point in time. Tether strictly abides by the 1:1 reserve guarantee; every USDT issued is backed by a corresponding U.S. dollar.


3. How to set up the payment method?

If you’re using the web interface:

Please click "Buy Crypto" "Settings" "Add Collection Method".

If you’re using the application interface:

Please click "Trade" "Fiat" "..." "Collection Settings" "Add collection methods".

Please be aware that you need to complete the Know Your Customer (KYC) verification before conducting OTC Trading.


4. When verifying my bank card, why do I see the message "User should be the Card’s Owner?"

The account name of your bound bank card or E-wallet must be the same as your name to verify your identity. Additionally, you must use your own bank card or E-wallet.

 
5. I filled in my payment collection method incorrectly and I would like to change my payment method. What should I do?

You may edit, or delete and add a new payment method in the “Payment Mode Management” Page.

 
6. Which bank cards can be bound to the platform?

MEXC currently supports most banks on the platform.

 
7. Can I pay with someone else’s bank account?

In order to avoid transaction issues, kindly make payment with a verified bank account which belongs to you.


8. Why do I receive a “Balance Insufficient” message when selling tokens?

If you would like to sell USDT through the “P2P Trading” function, you first need to transfer your USDT from your Trading account to your Fiat account first.


9. I didnt make the payment, but I accidentally clicked "I have paid", what should I do?

Please contact the merchant through the chat box (on the right) to cancel your order. Do note that MEXC will not be liable for losses arising from guest negligence. Please check before confirming your orders.


10. How many times can I cancel my P2P order in a day?

As a general rule, guests may cancel up to three orders a day before a temporary restriction is placed on their ability to P2P trade for the next 24 hours.  

 
11. I have confirmed that payment has been made, but the merchant says they have not received their funds. Why is this the case?

The Merchant’s bank may not have processed the transaction yet. Do communicate with the merchant and allow for some additional time for the delay to be resolved. Your tokens will be released to you immediately once payment has been received.


12. The merchant has confirmed that my tokens have been released. Which account were they released to?

Do note that your tokens are deposited directly into your Fiat account. However, if you do not receive your tokens, you may reach out to the merchant with the MEXC messaging system or call them directly. Alternatively, you may raise an appeal to the MEXC customer service department.

 
13. Do I need to confirm that the tokens have been released when I am the selling party?

Yes. Do click on the “confirm release” button once you have received payment.


14. "There are no ads that meet the requirements yet.” What does this prompt mean?

Some Merchants will place minimum requirements such as “Minimum Trades done” or “Primary KYC Completed” on their listings. If you are unable to meet their minimum requirements, you may not be able to complete a transaction with them.


15. Is there a time limit for making payments to merchants?

Transfers to your merchant should be completed within 15 minutes. If you do not make the transfer within the stipulated time, the system will automatically cancel your order.


16. I have already made payment. Why did my order still time out?

You have to click "Confirm Payment" after you have made the transfer. If you do not click on the “Confirm Payment” button, your order may timeout and the system will cancel it automatically. If this happens, contact the merchant directly for a refund.
 

17. I transferred money to the merchant but they have not released the transaction. The merchant said that the transfer was not performed in accordance with the regulations of their bank. Their account has been frozen as a result. What can I do?

Please reach out to the merchant and try to negotiate a compromise. We recommend that you give the merchant some time to resolve the situation. If the merchant is still unable to release the tokens to you after the agreed window of time has closed, you may contact our online customer service department directly and we will reach out to the merchant on your behalf.

We strongly advise against putting sensitive words like “crypto”, “Bitcoin”, “MEXC” or specific cryptocurrency names in the “Transfer Reference” field.

 
18. "Because your account has undergone OTC transactions, it will take 24 hours to withdraw cash. If you have any questions, please contact the platform customer service" What does this prompt mean?

The MEXC trading platform has stringent Anti-Money Laundering (AML) mechanisms in place. If users have bought USDT through the P2P Trading function, they will need to wait 24 hours from the time of their trade before they can make a withdrawal.
 

19. Are MEXC’s P2P merchants reliable?

All of our merchants have paid a security deposit and passed our verification process. MEXC has made every effort to ensure a safe and frictionless trading experience. If you have any additional questions, please contact our online customer service department.

Spot Trading

1. Why cant I enter the buy/sell amount?

Please make sure that you have a sufficient amount in your account. If the amount is insufficient, you cannot enjoy the transaction.


2. I only bought USDT, why cant I trade?

The USDT you purchase in fiat trading will be put into your fiat account, you need to transfer them to your spot account before you trade.


3. Where can I see my transaction records?

Your transaction record can be seen in your "Orders"-"Currency Order"-"Historical Orders".


4. Why cant I see all my transaction records?

At present, you can only see your transaction records for nearly a month in your account. If you need to inquire more transaction records, please submit an application through online customer service, and we will send it to your registered mailbox in about 3 working days.


5. Why is my transaction record different from my order record?

The transaction is usually divided into multiple partial transactions, please check the total amount, it should be the same as the amount you placed.


6. Is there a market order method for currency trading?

At present, we do not have a market-based pending order for currency trading, and all require you to manually enter the price and quantity for pending orders.


7. What is the innovation zone?

Tokens in the innovation zone often belong to a category with relatively large price fluctuations. Compared with the mainboard market, the products in the innovation zone are also more risky and require a careful operation. It is worth mentioning that the tokens in the innovation zone are limited in time and not inconvenient. If the tokens in the innovation zone return to normal fluctuations, it is possible to move to the mainboard for trading at a later stage after the volume rebounds. Announcement notice.


8. How should I add my frequently used trading pairs?

You can search for the token you want in the search bar on the right, and click the "☆" next to add a favorite.


9. How should I read the introduction of this project?

On the web page, you can click on the transaction pair on the left side of the page to check the "XXX data" below, and on the mobile terminal, you can click on the transaction pair and view the introduction in the "currency details" in the drop-down page.


10. Why are the percentage in the daily line rising and the decline in the Kline showing?

Because the percentage change in the daily line is calculated at 0 points, and the Kline in the daily line is updated at 8 points.


11. Cant the apps trading interface set the parameters of technical indicators?

The parameter setting of the technical indicators on the App side is under development, so stay tuned.


12. How should the moving average be selected on the web?

You can click "⚙" in the market trading interface and the "Indicator" button next to it to make a selection.


13. How to set the night mode on the mobile App interface?

You can click on the avatar in the upper left corner to enter the "My" interface and turn on the night mode next to the "⚙" button.


14. Can the exchange set up red and green?

The web page can be set to go up and down, click the "⚙" button on the trading interface to set.


15. When is the daily trading volume of MEXC calculated?

It starts at 16:00 (UTC) every day.


16. When did the MEXC increase or decrease start to be calculated?

It starts at 16:00 (UTC) every day.


17. When did the daily K-line chart of MEXC start to update?

Updated every day at 00:00 (UTC).

Margin Trading


What is Margin Trading?

Margin Trading allows users to trade assets on borrowed funds in the crypto market. It amplifies trading results so that traders are able to reap larger profits on successful trades. Similarly, you are also at risk of losing your entire margin balance and all the open positions.


What is Isolated Margin?

Each trading pair has an independent Isolated Margin Account. The position is independent for each trading pair. If adding margin is required, even if you have enough assets in other Isolated Margin Accounts or in the Cross Margin Account, the margin will not be added automatically, and you may have to replenish it manually. Margin level is calculated solely in each Isolated Margin Account based on the asset and debt in the isolated. Risk is isolated in each Isolated Margin Account. Once liquidation happens, it will not affect other isolated positions.

 
What are the denomination token and trading tokens used for Isolated Margin?

Using BTC_USDT 10X as an example: USDT will represent the token used for denomination with BTC representing the tokens used for trading. Both the tokens can be used as margins for borrowing.

 
Can you borrow both denomination and trading tokens for Isolated Margin?

In Isolated Margin mode, users cannot borrow both denomination and trading tokens at the same time. For example: If a user borrows a denomination token for going long, the user can only borrow the trading tokens once the interest fee and outstanding denomination tokens have been paid and returned.


What is the maximum borrowable limit for Isolated Margin?

For each account in Isolated Margin, users can transfer both denomination and trading tokens as collateral.

User’s maximum borrowable limit = Total tokens in the Isolated Margin account x  (Multiplier - 1) - Total tokens borrowed; The maximum tokens borrowed cannot exceed the numbers shown on the corresponding information table on the Borrowing interface.

 
What is going long?

Using EOS/USDT as an example: By going long, users can borrow USDT to buy EOS at a low entry point. Once EOS price increases, users can then sell the EOS tokens and return the borrowed USDT and interest fee. The balance would be users’ profit from the trade.

 

What is going short?

Using EOS/USDT as an example: By going short, users can borrow EOS to sell, exchanging it to USDT at a high entry point. Once EOS price drops, users can then buy EOS tokens and return the borrowed EOS tokens and interest fee. The balance would be users’ profit from the trade.

 
Under what circumstances will the position be liquidated?

Liquidation may happen when the Isolated account’s risk rate is lower than 105%. Our system will close the trade to return the funds provided from the platform.

 
How is the risk rate calculated?

Risk rate = Total assets/Total liability = (Total denominated assets + Total trading assets x Latest trading price) ÷ (Borrowed denominated tokens + Borrowed trading assets x Latest trading price + Outstanding interest fee in denominated assets] + Outstanding interest fee in trading assets x Latest trading price) x 100%
 

What is Margin Liquidation, Liquidation Line and Margin Call?

Liquidation Ratio:

When user’s risk rate reaches the liquidation line, the system will trigger the liquidation to automatically sell the user’s assets and return the borrowed tokens and interest;

Liquidation Alert Ratio:

When user’s risk ratio reaches the liquidation line, the system will send the user a notification via text message to remind the users that there is a liquidation risk;

Margin Call Ratio:

When users’ risk rate reaches the margin call line, the system will send the user a notification via text message to supply additional margin to avoid risk of liquidation.

 
How is the liquidation price calculated?

The system will trigger liquidation when the users risk rate reaches the liquidation line. Expected liquidation price = [(Borrowed denominated assets + Outstanding interest fee in denominated tokens) x Liquidation risk rate - Total denominated assets] ÷ Total trading assets - (Borrowed trading assets + Outstanding interest fee in trading assets) x Liquidation risk rate)

 
What is Margin Shortage?

Margin Shortage occurs when a user’s account triggers liquidation and the remaining assets are not enough for repayment. Users are required to transfer assets promptly to not trigger our platform’s risk control. If risk control is triggered, users will be unable to withdraw assets, trade margin products and more.  


When can a user transfer assets out of their Isolated Margin account?

Users that are borrowing assets can transfer part of the assets with a risk rate higher than 200% to the Spot account after deducting borrowed assets and interest fee. The risk rate of an Isolated Margin account should not be lower than 200% after the transfer.

Users with no ongoing loan can transfer all the available assets out with no restrictions.

 
How is the interest fee calculated on Margin Trading?

The interest fee will be calculated on an hourly basis. The system will start the fee calculation on the actual loan time of the user. Starting from the time of loan approval, every 60 minutes will be counted as 1 hour. Borrowed time less than 60 minutes will also be counted as 1 hour. Fees will be calculated once when loan is approved, and once every 1 hour thereafter.


What are the terms on repayment?

Users can manually select to repay the loan assets partially or entirely. Interest will be repaid firstly, then the principal. The system will calculate interest based on the latest borrowed quantity in the next hour.

If the user does not return the borrowed assets for a long time, the increase in interest fee may cause the risk rate to reach the liquidation line, thereby triggering liquidation.

MEXC Index Product


1. What is MEXC Index Product?

MEXC Index Product is a kind of open-ended fund. By buying/selling the shares of index products, users can track the rise/fall of the index and gain an average market profit of the indexs underlying assets.


2. What is the cryptocurrency of price for index products?

Index product, like spot trading, can be seen as s special cryptocurrency which takes USDT as the price unit.


3. What is the initial net value of the index product?

The initial value of all index products is 1 USDT


4. What is the update frequency of the net value of MEXCs index product?

The net value will be updated every 5s.The 1min, 1hour, 4hour, 1day curve lines are available for users to check.


5. How is the weighting of an index’s underlying assets calculated?

The proportion of the daily average trading volume of the index’s underlying assets in the last 30 days before the re-adjustment date will be taken to calculate their weightings in the index. As such, the index can reflect the overall market performance of the underlying assets. If an underlying asset takes a super large proportion, special treatment will be carried out for its weighting in the index, so as to ensure the index is in compliance with the investable principle. For the specific calculation method, please refer to the "Introduction of MEXC Index Product".


6. What is the re-adjustment frequency of the MEXC Index? How is it being adjusted?

The weightings of the underlying assets in an index will be adjusted every 30 days based on the daily averaged trading volume in the period. Of course, if the underlying asset does not comply with representative and investable principle, we will adjust it regularly to ensure the index reflects the market objectively.


7. What is the difference between MEXC Index trading and spot trading?

MEXC Index Product supports only subscription and redemption in the primary market. It is customer-to-exchange trading, while spot trading is customer-to-customer trading.


8. What is the difference between MEXC Index Product and Leveraged ETFs?

MEXC Index Products are of no leverage property, so users can only buy long of Index Products. Selling short is not available.


9. What is the difference between transaction net value and real-time net value?

The actual transaction net value is based on the actual cost of buying the underlying assets of the index. It may deviate from the real-time net value, which is for reference only.


10. What is the trading fee rate of MEXC Index Product?

The subscription and redemption trading fee rate is currently set at 0.2% respectively, same as the fee rate of spot trading. The trading fee rate displayed on the trading page shall


11. How to purchase MEXC Index Product?

Click [Index trading] under the menu of [Exchange] and buy the index you want to trade.


12. Will MEXC launch more Index Products in the near future?

Yes, MEXC will launch Platform Token Index, DeFi Index and other hot concept index products in the future.
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