6 minute read
Can I Use MEXC Exchange in India? Review Broker
from MEXC Exchange
by XM Blog
Yes, you can use MEXC Exchange in India. As of now, MEXC allows Indian residents to register, verify their accounts, deposit funds, and trade cryptocurrencies through its platform. There is no official ban specifically on MEXC in India, and many Indian traders are actively using it to buy, sell, and stake a wide variety of digital assets. However, while the platform is accessible, you need to be aware of India’s evolving cryptocurrency regulations and your own tax obligations before trading.
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In this article, we will break down how MEXC works in India, its compliance with Indian laws, the process for Indian users to start trading, and the pros and cons of using it in the country.
MEXC Exchange and Its Availability in India
MEXC Exchange is a global cryptocurrency trading platform founded in 2018. It offers spot trading, futures, staking, launchpad projects, and various other blockchain-related financial services. Known for listing hundreds of coins and offering deep liquidity, it has gained popularity in many markets, including India.
Currently, MEXC has not been restricted or blocked by Indian authorities. This means Indian residents can freely sign up, trade, and withdraw funds, provided they comply with Know Your Customer (KYC) requirements and follow India’s tax rules on crypto transactions.
Indian Crypto Regulation and How It Affects MEXC Users
India does not ban cryptocurrency trading. Instead, it imposes specific rules that traders must follow:
1. Taxation – Profits from cryptocurrency transactions are taxed at a flat 30% rate. Additionally, a 1% TDS (Tax Deducted at Source) is applied on each trade above a certain threshold, which exchanges usually handle automatically.
2. No Official Recognition as Legal Tender – Cryptocurrencies are not considered legal currency in India. You can trade them, but you cannot use them as official payment for goods or services.
3. Reporting Requirements – Indian taxpayers are required to declare their crypto holdings and profits when filing income tax returns.
MEXC itself does not collect Indian taxes directly, so you are responsible for tracking your trades and ensuring you comply with Indian tax regulations.
How Indian Users Can Sign Up for MEXC
Getting started with MEXC in India is straightforward:
1. Create an Account – Go to the official MEXC website or download its app. Sign up with your email or phone number.
2. Complete KYC Verification – Upload your government-issued ID (Aadhaar card, passport, or driving license) and a selfie for identity verification. MEXC generally approves Indian KYC within a short time.
3. Secure Your Account – Activate two-factor authentication (2FA) for better security.
4. Deposit Funds – MEXC does not support INR bank deposits directly, so Indian traders typically use USDT or other stablecoins purchased on local exchanges like WazirX or CoinDCX, then transfer them to MEXC.
5. Start Trading – Once funded, you can trade spot, futures, or participate in staking and other investment options.
Funding Your MEXC Account in India
Since MEXC does not currently offer INR direct deposits, the most common method for Indian users is crypto-to-crypto transfer:
· Buy USDT or another cryptocurrency on an Indian exchange that supports INR deposits via UPI, bank transfer, or net banking.
· Transfer those coins to your MEXC wallet address.
· Trade on MEXC for other cryptocurrencies or futures contracts.
While this extra step may be slightly inconvenient, it is common practice for many Indian traders who want access to MEXC’s wide range of listed tokens.
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Why Many Indian Traders Choose MEXC
MEXC’s popularity in India comes from several advantages:
· Large Variety of Coins – MEXC often lists new tokens earlier than other exchanges, giving traders access to fresh investment opportunities.
· High Liquidity – It offers deep order books, which means trades execute quickly and with minimal slippage.
· Futures Trading – Advanced traders can use leverage to amplify profits (though this also increases risk).
· Low Trading Fees – Compared to some Indian exchanges, MEXC’s fees are competitive.
· Global Accessibility – Since it’s an international exchange, you can access markets and projects not always available domestically.
Risks of Using MEXC in India
While MEXC is accessible, you should be aware of potential risks:
1. Regulatory Changes – India’s crypto regulations are still developing. A sudden policy shift could impact access to foreign exchanges.
2. No INR Withdrawals – You cannot directly withdraw INR from MEXC. You must send your crypto back to a local exchange to convert to fiat.
3. Market Volatility – Cryptocurrency markets are inherently volatile, and leverage can increase potential losses.
4. Self-Responsibility for Taxes – Since MEXC does not automatically handle Indian tax compliance, you must track and report trades yourself.
Staying Compliant with Indian Laws While Using MEXC
To avoid legal or financial trouble, Indian MEXC users should:
· Maintain a record of all trades, deposits, and withdrawals.
· Use tax reporting tools or consult a crypto-savvy accountant.
· Avoid using crypto for prohibited purposes under Indian law.
· Stay informed about RBI and Ministry of Finance updates regarding cryptocurrency.
Security Best Practices for Indian MEXC Traders
Security should always be a top priority. Here’s how Indian traders can keep their MEXC accounts safe:
· Enable 2FA using Google Authenticator or Authy.
· Use Strong Passwords that are unique to MEXC.
· Withdraw to Personal Wallets for long-term storage, preferably a hardware wallet.
· Beware of Phishing Links—always access MEXC from the official website or app.
· Avoid Public Wi-Fi when making transactions.
Future of MEXC in India
The future of MEXC in India will largely depend on how Indian regulators approach foreign crypto exchanges. As more Indians engage in crypto trading, authorities may introduce clearer rules for overseas platforms like MEXC. If India adopts a friendlier regulatory stance, MEXC could even consider direct INR on-ramping for its Indian users.
Until then, Indian traders can continue to enjoy MEXC’s services, provided they comply with tax laws and stay updated on regulations.
Final Verdict
Yes, you can use MEXC Exchange in India, and many traders already do so. It remains a powerful tool for accessing global crypto markets, especially for tokens and futures trading that may not be available on domestic exchanges. However, Indian users must handle their own tax reporting, use crypto-to-crypto transfers for funding, and stay alert to any regulatory changes.
If you trade responsibly, keep accurate records, and secure your account, MEXC can be an excellent option for Indian crypto enthusiasts looking to expand their trading opportunities beyond local platforms.
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