6 minute read
Is MEXC Exchange Available in Portugal? A Clear And Honest Answer
from MEXC Exchange
by XM Blog
Yes, MEXC Exchange is available in Portugal. Portuguese users can register, deposit, trade, and withdraw funds from MEXC without any restrictions from the exchange itself. While MEXC is not a locally regulated entity in Portugal, it operates as an international cryptocurrency trading platform accessible to residents in the country. Now that we’ve answered the question directly, let’s delve into the details of what this means for crypto users in Portugal and what they should consider when using MEXC.
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What Is MEXC Exchange?
MEXC (formerly known as MXC) is a centralized cryptocurrency exchange founded in 2018. Headquartered in Seychelles, MEXC has grown rapidly to serve over 10 million users across 170+ countries. Known for offering a wide range of trading pairs, including lesser-known altcoins and new token listings, MEXC has become a popular platform for traders seeking high liquidity and exposure to trending assets. Its services include:
· Spot trading
· Futures trading
· Margin trading
· Staking
· Launchpad and Kickstarter token sales
· Crypto lending
One of the key features of MEXC is that it does not require mandatory KYC (Know Your Customer) for basic usage, which has contributed to its popularity in regions where crypto regulation is still developing or inconsistent.
Legal Status of MEXC in Portugal
Even though MEXC is available and accessible in Portugal, it is important to understand that it is not regulated by the Portuguese Securities Market Commission (CMVM) or the Bank of Portugal. These two institutions are responsible for overseeing financial and crypto activities in the country. As of now, MEXC has not obtained any license or registration under local Portuguese laws.
However, this lack of local regulation does not necessarily mean that the exchange is illegal or prohibited. Like many international crypto exchanges, MEXC operates in a regulatory gray zone. Portugal does not currently ban the use of foreign crypto platforms, and users can legally use MEXC at their own discretion. It is still advisable to exercise caution and understand the risks of using offshore platforms without local consumer protection mechanisms.
Why Portuguese Users Choose MEXC
There are several reasons why traders and investors in Portugal choose to use MEXC:
1. Access to Rare Tokens and Early Listings
MEXC is well-known for being one of the first exchanges to list trending new tokens. If you’re interested in altcoins or low-cap tokens, MEXC often lists them earlier than major platforms like Binance or Coinbase.
2. High Liquidity and Trading Volume
MEXC supports hundreds of trading pairs with deep liquidity, especially for futures markets. For active traders, this means tighter spreads and less slippage.
3. Low Fees
MEXC offers competitive trading fees—0.1% for spot trades and 0.02%/0.06% for maker/taker in futures. Users can also receive discounts when holding the native MX token.
4. No Mandatory KYC
This feature is particularly appealing to privacy-conscious users. While MEXC offers optional KYC for higher withdrawal limits and certain promotions, it does not enforce verification for basic trading and withdrawal functions.
5. User-Friendly Interface
Even though the platform supports advanced trading features, MEXC has an intuitive interface suitable for both beginners and professional traders.
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Things to Consider When Using MEXC in Portugal
Despite its advantages, users in Portugal should be aware of the following considerations when using MEXC:
- Lack of Local Regulation
Since MEXC is not registered with Portuguese regulators, it does not offer the same protections as locally licensed entities. This could be an issue in the event of a dispute, account lock, or unexpected platform shutdown.
- Tax Obligations
Portugal has traditionally been considered a crypto-friendly country. Until recently, individual gains from crypto trading were tax-exempt. However, as of 2023, Portugal introduced a new tax regime for crypto, where gains from assets held less than one year may be taxed under personal income tax rules. Users are responsible for reporting their crypto profits, even if the trading is done on offshore platforms like MEXC.
- Limited Customer Support in Portuguese
MEXC primarily provides support in English, Chinese, and a few other major languages. While the website may be partially translated, Portuguese-speaking users might find it more difficult to access native-language support.
- Withdrawals and Banking
Since MEXC does not operate locally, it does not support direct EUR bank deposits via SEPA. Users often rely on third-party fiat onramps or transfer crypto from MEXC to local exchanges like Binance or Bitstamp when they want to convert back to euros.
Is It Safe to Use MEXC in Portugal?
Generally, MEXC has built a reputation for being a secure and fast-growing exchange. It uses standard industry security practices such as:
· Two-factor authentication (2FA)
· Withdrawal whitelist
· Cold storage of most user funds
· Anti-phishing protection
However, as with any offshore platform, the biggest safety concern lies in the absence of a regulated legal framework. If MEXC were to halt withdrawals or experience a hack, users in Portugal may not have legal recourse. That’s why it's always advised to store long-term holdings in private wallets and use exchanges for short-term trading only.
Alternatives to MEXC in Portugal
If you are looking for regulated alternatives in Portugal, several exchanges offer local support, euro trading pairs, and are registered with EU financial authorities:
· Coinbase – Licensed and supports euro deposits/withdrawals
· Bitstamp – EU-regulated with long operational history
· Kraken – Supports SEPA transfers and is registered in several European jurisdictions
· Binance – Though not officially licensed in Portugal, it has a large user base and supports EUR pairs and SEPA
Each of these options provides different benefits, but they may not offer the wide variety of tokens or flexible features that MEXC is known for.
Final Thoughts
To sum it up, MEXC Exchange is available for users in Portugal, and many Portuguese crypto traders actively use the platform for its extensive range of tokens, low fees, and advanced trading tools. However, since it is not regulated locally, users must be aware of the associated risks and tax responsibilities.
If you’re in Portugal and considering MEXC, weigh the platform’s benefits against the lack of regulation, and always follow best practices in crypto trading and asset management. For high-volume trading or long-term investment, consider using MEXC in combination with other exchanges or wallets to maximize security and convenience.
As always, do your own research (DYOR), stay updated on regulatory changes in Portugal, and never invest more than you can afford to lose.
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