MEXC, formerly known as MXC, is a leading digital asset trading platform where users can buy and sell a diverse range of cryptocurrencies. It also offers features such as futures trading, staking, ETFs, and DeFi services, along with competitions and learning resources for new traders. The MEXC exchange was founded in 2018 by John Chen and was registered in Seychelles.
ZenGo and MEXC let you buy, swap, and store crypto, but several key differences exist. ZenGo, as a non-custodial crypto and NFT wallet, provides you with complete control over your private keys. In contrast, MEXC, as a centralized exchange, provides advanced trading options while maintaining control of its users’ funds. On top of that, ZenGo also acts as a gateway to DeFi and Daaps, and it’s the most secure Web3-ready crypto wallet for protecting and storing all of your digital assets.
MEXC follows the trend of many other crypto platforms by offering varying fees on a coin-by-coin basis. So, you may expect to pay slightly higher withdrawal fees when transferring certain coins.
LBank has varying withdrawal limits which can be different depending on which kind of coin you wish to withdraw and how much personal info (KYC) you’ve provided with your account. For the most up-to-date information regarding withdrawal limits from LBank, click here.
Based on the info found on the MEXC official website (published on 13.06.2022), in BTC terms, MEXC allows you to withdraw up to 80 BTC with a Primary KYC account, 200 BTC with an Advanced KYC account, and 400 BTC if you have an Institutional level account. Visit the official MEXC deposit/withdrawal fees page to get more information.
The withdrawal processing time from MEXC can vary based on the selected cryptocurrency and network congestion but is typically completed within a few minutes to an hour. Network congestion and other problems could delay the process. In addition, since MEXC is a centralized exchange, other factors, like additional security measures, could prevent you from completing your withdrawal request while keeping it on hold. If you encounter such an issue, contact MEXC customer support.
Potential issues during withdrawal from MEXC include entering incorrect receiving addresses or selecting an incompatible blockchain network. In these instances, your digital assets may be permanently lost. For this reason, it is highly recommended to double-check all details before submitting a withdrawal request. Keep in mind that even the smallest error could cause irreversible damage to your investments. There is also the possibility that you forgot to leave a small amount to cover network fees, and for that reason, you can’t make a transaction on the blockchain. Additionally, check your KYC status to see if you have any limitations related to it.
MEXC doesn’t allow for direct fiat withdrawals into dollars, pounds, or other currencies at this time (May 2023). To get your money out of MEXC, you’ll need a third-party wallet (like ZenGo) or an exchange that offers a crypto-to-fiat service.
In case you are interested in withdrawing money from MEXC to fiat, we recommend you move cryptocurrency to ZenGo, where it can be safely stored until the time is right to make a withdrawal.
