7 minute read
Is MEXC Exchange Safe in India? Review Broker
from MEXC Exchange
by XM Blog
When it comes to trading cryptocurrencies in India, safety is always the first concern for any investor or trader. The short answer is: Yes, MEXC Exchange is considered safe to use in India, provided you understand how the platform works, follow security best practices, and comply with local regulations. MEXC has built a reputation as a reliable and secure global cryptocurrency exchange, offering strong security measures, advanced trading features, and an extensive selection of cryptocurrencies.
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However, the safety of your funds also depends on how you manage your account, store your assets, and stay informed about regulatory changes in India.
In this article, we will explore MEXC’s safety features, its legal standing in India, its security track record, and the best practices for keeping your crypto safe when using the platform.
MEXC Exchange Overview
MEXC Exchange, founded in 2018, is a global cryptocurrency trading platform serving millions of users worldwide. It is known for its huge selection of coins, competitive trading fees, and advanced features like futures trading, spot trading, staking, and margin trading. The exchange operates in more than 170 countries and has expanded rapidly because of its user-friendly interface, strong liquidity, and commitment to security.
For Indian traders, MEXC is appealing because it lists a wide variety of cryptocurrencies beyond just Bitcoin and Ethereum. This means you can access promising altcoins early, often before they appear on bigger exchanges. However, this also means you must be extra careful to research the coins you trade to avoid high-risk or low-liquidity projects.
Is MEXC Legal in India?
One of the most important factors in determining if MEXC is safe for Indian users is whether it is legal to use the exchange in India.
Currently, India does not ban cryptocurrency trading. The government and the Reserve Bank of India (RBI) have clarified that individuals can buy, sell, and hold cryptocurrencies legally. However, India has implemented taxation rules for crypto transactions:
· A 30% tax on profits from cryptocurrency trading
· A 1% TDS (Tax Deducted at Source) on every crypto trade
MEXC is not headquartered in India and does not have a physical office here, meaning it operates as a global offshore exchange. This is common for most crypto platforms accessible to Indians, such as Binance, KuCoin, and Bybit. Using MEXC from India is not illegal, but you must ensure you report your gains and pay taxes as required under Indian law.
While Indian authorities have sometimes discussed stricter regulations, there is no current law that prohibits you from using MEXC. Still, you should keep an eye on regulatory updates, as the legal environment can change quickly.
Security Features of MEXC Exchange
MEXC has invested heavily in securing its platform and user accounts. Some of its main safety features include:
1. Two-Factor Authentication (2FA)
MEXC supports Google Authenticator and SMS-based two-factor authentication. This adds an extra layer of security, ensuring that even if your password is compromised, attackers cannot access your account without your 2FA code.
2. Cold Wallet Storage
Most user funds are stored in cold wallets — offline wallets that are not connected to the internet — making them far less vulnerable to hacks.
3. Anti-Phishing Codes
You can set up an anti-phishing code in your account settings. This code appears in all official MEXC emails, helping you verify the authenticity of communication from the exchange.
4. Withdrawal Whitelisting
MEXC allows you to whitelist specific wallet addresses, so withdrawals can only be sent to addresses you have pre-approved.
5. DDoS Protection
The platform uses advanced systems to protect against Distributed Denial-of-Service (DDoS) attacks that could disrupt trading operations.
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MEXC’s Track Record: Has It Been Hacked?
Unlike some other major exchanges, MEXC has not suffered any large-scale, publicly confirmed hacks that resulted in major loss of customer funds. While no exchange is 100% immune to cyber threats, MEXC’s history so far is reassuring.
That said, phishing scams, fake websites, and social engineering attacks can still target users. In most cases where traders lose funds, the cause is not a direct platform hack but compromised user credentials due to poor security habits.
Trading on MEXC Safely from India
Even though MEXC is secure as a platform, your personal trading safety also depends on how you use it. Here are best practices for Indian users:
1. Enable 2FA on All Accounts
Always link your MEXC account to Google Authenticator and avoid SMS 2FA if possible, since SMS can be intercepted.
2. Use Strong, Unique Passwords
Avoid reusing passwords from other accounts. A long password with random characters offers better protection.
3. Beware of Phishing Links
Always access MEXC through the official website or app. Avoid clicking on links from emails, messages, or social media unless you are sure they are genuine.
4. Withdraw to Personal Wallets
If you are holding large amounts of cryptocurrency, store them in a hardware or software wallet where you control the private keys.
5. Stay Updated on Indian Crypto Regulations
Tax laws and rules for crypto exchanges can change. Keeping informed will help you avoid legal trouble.
Pros of Using MEXC in India
· Wide range of cryptocurrencies: More than 1,500 coins listed
· Competitive fees: Low trading fees compared to some Indian exchanges
· High liquidity: Large trading volumes for both major and smaller coins
· Global access: Available in over 170 countries
· Advanced trading features: Futures, margin trading, staking
Risks of Using MEXC in India
While MEXC is generally safe, there are potential risks:
1. No Indian Headquarters
If there’s a dispute, you cannot rely on local Indian consumer courts for direct action.
2. Regulatory Changes
Future government decisions could impact how you use offshore exchanges.
3. Crypto Market Volatility
Even on a safe exchange, trading volatile cryptocurrencies can lead to heavy losses.
4. Personal Security Mistakes
Your account can be compromised if you fail to follow good security practices.
How MEXC Compares to Indian Exchanges
Indian exchanges like WazirX, CoinDCX, and ZebPay operate under Indian jurisdiction and are easier to deal with in case of legal issues. However, these platforms may have:
· Fewer listed coins
· Higher trading fees
· Limited advanced trading options
MEXC, being global, offers broader access and more features but without the safety net of Indian-based operations. Your choice depends on whether you value variety and low fees over local regulation and support.
Tax Compliance for Indian MEXC Users
Trading on MEXC from India requires you to follow the Indian tax rules for crypto:
· Report all profits when filing your income tax return
· Pay the 30% flat tax on gains from selling cryptocurrencies
· Deduct 1% TDS on every trade and report it as required
While MEXC itself may not deduct TDS, you are still legally obligated to calculate and pay it.
Final Verdict: Is MEXC Safe in India?
Yes, MEXC Exchange is safe for Indian traders and investors from a technical and operational standpoint. It offers strong security features, a clean track record, and global liquidity. However, its offshore nature means you must take extra responsibility for:
· Following Indian tax and reporting requirements
· Managing your account security
· Keeping up with regulatory developments
If you are comfortable with these responsibilities, MEXC can be an excellent platform for accessing a wide variety of cryptocurrencies and advanced trading tools from India.
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Key Takeaways
· Safe to Use: MEXC is technically secure and trusted by millions globally.
· Legal in India: There is no ban on using MEXC, but taxes apply.
· User Responsibility: Security and legal compliance are your responsibility.
· Best for Experienced Traders: Beginners can use it too, but should start small.
In short, MEXC is a strong choice for Indian crypto traders who want more options and lower fees than many domestic exchanges. Just make sure you protect your account and stay tax-compliant, and you can trade with confidence.
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