MEXC
The only exchange we rate whose protection fund publishes an on-chain address you can go and check — and it holds no licence anywhere.
- Founded
- 2018
- Registered
- Seychelles
- Site
- www.mexc.com
The short answer
It does the one thing nobody else in its tier does: its $100m Guardian Fund publishes an on-chain address, so you can verify the money exists rather than take the number on trust. Add a monthly Merkle proof attested by a named firm, never having been hacked, and the cheapest trade we measured anywhere at 0.0565% on $10,000, and the custody score reaches 7 out of 10. What holds it back is the absence of any licence at all, and an FCA warning.
Key facts
| Guardian Fund | $100m, scoped to hacking and unforeseen risks rather than derivatives liquidations — and it publishes an on-chain address. The only fund in our rating you can actually go and check.as of 14 Jul 2026 |
|---|---|
| Proof of reserves | Monthly Merkle-tree proof covering liabilities, attested by a named third-party security firmas of 14 Jul 2026 |
| Hack history | Never hackedas of 14 Jul 2026 |
| Licensing | No licence anywhere, and an FCA warning — the reason a venue with this evidence still scores 7 rather than 9as of 14 Jul 2026 |
| Effective cost, $10,000 BTC buy (measured by us) | 0.0565% — the cheapest trade we measured at any venue; 0.059% at $100,000as of 14 Jul 2026 |
| Order-book depth within 0.1% (measured by us) | 39.5 BTCas of 14 Jul 2026 |
| API response latency (measured by us) | 456 msas of 14 Jul 2026 |
| Assets | 10 out of 10 — the broadest listing in our ratingas of 14 Jul 2026 |
The only protection fund you can verify
Almost every exchange protection fund in existence is a number on a marketing page. MEXC’s $100m Guardian Fund publishes an on-chain address, which means you can open a block explorer and confirm the assets are there. That is the difference between a fund and a claim, and MEXC is the only venue in our rating that closes it.
The scope is right too. The fund is explicitly for hacking and unforeseen risks, not for derivatives liquidations — a distinction that disqualifies most of the funds advertised elsewhere in this category, where the "insurance" turns out to be a backstop for bankrupt leveraged positions and would never pay a user whose assets were stolen.
Behind it sits a monthly Merkle-tree proof of reserves covering liabilities, attested by a named third-party security firm. Naming the attestor puts MEXC in a category almost nobody in its tier reaches: most publish a proof and leave the reviewer anonymous, which leaves you able to check the arithmetic and not the inputs.
It has never been hacked. Taken together, that is a stronger custody case than several far better-known venues can make.
No licence anywhere, and the cheapest trade we found
The reason a venue with that evidence scores 7 out of 10 rather than 9 is that it holds no licence in any jurisdiction, and the FCA has issued a warning about it. Voluntary transparency is worth a great deal and it is not the same as supervision: a fund you can see on-chain is still a fund whose payout is at the company’s discretion, with no regulator to appeal to and no jurisdiction in which to sue.
On price it is the cheapest venue we measured anywhere. A $10,000 bitcoin buy came to 0.0565% — below Binance, Bybit, OKX and Bitget, all of which sit at 0.10% — rising only to 0.059% at $100,000. Depth measured 39.5 BTC within 0.1% of best ask, mid-table, and the API answered in 456 ms.
Assets score 10 out of 10, the broadest listing in our rating, which combined with the price is why traders use it.
The honest summary is a venue that has voluntarily done more to prove itself than most regulated competitors, in a place where nobody can make it keep doing so. Whether that is enough is a judgement about how much you value evidence over recourse.
Incident record
No recorded incidents since 2018, verified 14 Jul 2026.
In our ratings
Compared with
Our coverage of MEXC
- How to spot a fake proof of reserves27 Sept 2026
- Bitget loses $351.6m — and the fund it says covers it is one we could not verify25 Sept 2026
- Is Kraken safe? The evidence, and what it lacks25 Sept 2026
- What happens to your coins if an exchange goes bankrupt23 Sept 2026
- Is Coinbase safe? What its own filings say19 Sept 2026
- How to move crypto off an exchange, step by step17 Sept 2026
- Token approvals: the permission that drains wallets15 Sept 2026
- What "not your keys, not your coins" leaves out9 Sept 2026
- The seed phrase mistakes that cost people everything7 Sept 2026
- Hardware wallet or software wallet: how to decide5 Sept 2026
Questions people ask
Is MEXC safe?
Its evidence is unusually good — a $100m fund with a published on-chain address, a monthly Merkle proof attested by a named firm, and never having been hacked. Its weakness is structural: no licence in any jurisdiction and an FCA warning, so there is no supervisor and no recourse. Custody scores 7 out of 10.
Can you verify the MEXC Guardian Fund?
Yes, and that is what makes it unique here. It publishes an on-chain address, so you can open a block explorer and confirm the assets exist. Every other protection fund in our rating is a number you have to take on trust.
Is MEXC the cheapest exchange?
On our 14 July 2026 run, yes — 0.0565% on a $10,000 bitcoin buy, below the 0.10% charged by Binance, Bybit, OKX and Bitget, and rising only to 0.059% at $100,000.
Is MEXC regulated?
No, nowhere, and the FCA has issued a warning about it. That is the single biggest mark against a venue whose voluntary disclosures are otherwise better than most licensed competitors — evidence without recourse.
What changed
- 27 Sept 2026 — Profile published.