Mexo Review: A New Cryptocurrency Exchange for Mexico & LATAM - OhNo "WTF" Crypto

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Mexo Review: A New Cryptocurrency Exchange for Mexico & LATAM

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Mexo, a newly launched cryptocurrency exchange platform, is now open to the public after its product launch on 20th of August, 2020. The launch is headed by Krypital Group, a blockchain-centric venture capital firm.

Mexo aims to encourage cryptocurrency trading in the Mexican and Latin American markets – a sector that has been at the forefront of the blockchain revolution.

Though the product will be accessible to the public only after the launch, its website is already functioning. As of now, signing up for Mexo is possible only with a VIP invitation code.

Mexo has been successful in catching our attention, and so here we explore what the platform offers and what to expect after its launch.

Visit Mexo

What is Mexo?

The Latin American market has been demonstrating significant growth in the blockchain economy. Mexo will facilitate the buying and selling of cryptocurrency pairs for those based in LATAM and Mexico, by providing ample opportunities to conduct secure digital currency trading.

With leading personalities in the industry behind the team, the product will offer true liquidity, diversification of products, and reliable customer service.

On Mexo, you can engage in trading of both BTC and stable coins. Currently, there are 21 stable coin pairs, and 9 bitcoin trading pairs accessible on the platform.

The Mexo homepage
The Mexo homepage

Additionally, several LATAM currencies are also available, including the Mexican peso, Uruguayan peso, Argentinian peso, Chilean peso, Colombian peso, Peruvian sol, and Belize dollar. Additionally, there will be support for the US dollar and the Chinese yuan.

As you can see, the platform focuses on making it easier for Latin American users to enter into the cryptocurrency markets from the comfort of their home.

How to Register on Mexo

You can create an account on Mexo with either your phone number or your email ID. However, after creating an account, you will be required to verify your identity by completing two out of the three verification processes.

  1. Provide a valid identity card
  2. Attach your photo holding a valid ID card.
  3. Attach a selfie with you holding a valid ID card.

It is evident that Mexo has taken all steps necessary to ensure that only verifiable accounts are created on the platform.

Fast Signup Process
Fast Signup Process

Features of Mexo

Mexo has managed to combine some essential features to attract cryptocurrency traders.

Currently, users can perform:

  • Spot Trading, and
  • Derivatives Trading

Furthermore, Mexo also allows users to trade via a fledged demo account. This allows you to practice your cryptocurrency trading skills without risking your own capital.

If you are new to the cryptocurrency exchange scene, it is best that you take advantage of this feature to familiarize yourself with the ins and outs of cryptocurrency trades.

How to Trade on Mexo

Mexo has a clean interface that makes it easy for both beginners and seasoned professionals to engage in trading.

Once you create an account on the exchange platform, you will see the following options under the “Exchange” tab on your homepage.

Select the Trading Pair List

Choose the pair you want to access, and you will be redirected to the respective exchange trading page.

For instance, if you’re looking to trade ETC with BTC, you can go to the BTC page, and look for ETC in the search bar.

Then proceed to select the ETC/BTC pair.

Market Status

Mexo displays a detailed overview of how its supported trading pairs have been performing over the last 24 hours.

In this section, you can also analyze data points such as the recent price action, trading volumes, and 24-hour highs and lows.

Keep in mind that this only offers a summary of the current market values.

The Trading screen
The Trading screen

Buy/Sell Orders

Mexo allows you to trade digital currencies through two order types – Limit trading and Market trading.

Limit Trading Order

A limit order lets you set the price and amount at which you are ready to buy or sell. Your trade will only be executed when the market meets your conditions. Hence, you might be able to buy or sell at a more favourable price than the current market value  – depending on your trading pair.

In essence, your orders will be considered as guidance to carry out that particular trade. Orders closer to the market price will take priority here. If there are multiple orders with the same price, then trades will be executed based on the time that the orders were placed.

Note: In Limit trading, if the market price does not match your order price, the transaction will not be completed. In this case, you will have to cancel the order or switch to a market trading order to carry out the trade immediately. Once these orders are executed, they cannot be revoked. Only pending orders can be modified or cancelled.

Market Trading Order

Market trading orders, on the other hand, are to be executed at the current market price. This approach is for those who want to carry out spot trading regardless of the market price.

Here, you don’t need to set the price or amount; instead, Mexo will match your order to the market price, until the set amount has been filled.

Place your orders
Place your orders

Chart Area

The Mexo chart area gives you a visual representation of the market depth and the K-line graph of cryptocurrency trends.

Apart from these, you will also be able to see any pending transactions, open orders, and your balance.

Perpetual Contracts

Mexo provides derivative trading opportunities through its perpetual contracts. Currently, you can settle perpetual contracts in USDT. These contracts allow you to go long or short while trading, with huge leverage limits of up to 100x.

Unlike futures trading, perpetual contracts do not have any specified delivery or expiration date. As long as your position is open, the contract will remain valid.

Presently, Mexo offers only cross margin mode, meaning all your trading positions are independent of others.

Auto-Deleverage Mechanism

With substantial leverage on offer, Mexo has also come up with an auto-deleverage mechanism, or ADL.

Instead of distributing the losses after settlement, this mechanism prioritizes users with high leverage and high profits. ADL will kick in if there are not enough orders outstanding, and if the insurance fund is insufficient to cover the subsequent losses.

Risk Limit

Users engaging with perpetual contracts can also limit their losses by installing a risk limit. If the position is higher than the risk limit, the order will no longer remain in play.

Insurance Fund

The insurance fund is there to ensure that you avoid your position being auto-leveraged. The fund is accumulated from any liquidations that are executed at a profit.

Mexo Fee Structure

Mexo has set up a tier system to define fees charged to each user. These tiers are determined by the monthly trading volume of users.

There are six levels, ranging from 0 to 5, with trading volumes up to 1,000 BTC. If your monthly trading volume exceeds 2,000 BTC, Mexo will offer you a bespoke plan.

Transaction Fees

Maker and Taker fees are different in spot trading and perpetual contract trading. A taker fee is charged when your trade order is matched immediately, and as such, all market orders are charged a taker fee.

  • Mexo’s taker fee vary from 0.070% to 0.095% when spot trading.
  • When trading perpetual contracts, you will be required to pay a slightly low fee of between 0.032% and 0.040%.
  • The Maker fee varies from 0.010% to 0.020%, and from 0.050% to 0.075% for perpetual contracts and spot trading, respectively.

Trading Fees

Deposits and Withdrawals

All deposits are entirely free at Mexo. For withdrawals, Mexo employs a dynamic fee setting, which uses the calculation of miner fees, token prices, and asset withdrawal prices to improve the user experience.

With this technique, Mexo claims that the withdrawal fee is much lower than any fixed-rate fee schedules.

Another impressive feature is the option to set your withdrawal speed, which can allow you to lower the withdraw fee that you pay.

Withdrawal Fees

Token Ticker Deposit Fee Withdrawal Fee Minimum Deposit Minimum Withdrawal
     TetherUS      USDT      Free      Dynamic 1 10
     Bitcoin      BTC      Free      Dynamic 0.001 0.01
     Ethereum      ETH      Free      Dynamic 0.01 0.05
     XRP      XRP      Free      Dynamic 10 45
     BCH      BCH      Free      Dynamic 0.001 0.03
     Litecoin      LTC      Free      Dynamic 0.001 0.15
     EOS      EOS      Free      Dynamic 1 3
     TrueUSD      TUSD      Free      Dynamic 10 20
     Ethereum
Classic
     ETC      Free      Dynamic 0.1 0.5
     BSV      BSV      Free      Dynamic 0.01 0.05
     Dash      DASH      Free      Dynamic 0.005 0.1
     Tezos      XTZ      Free      Dynamic 0.1 4
     Cardano      ADA      Free      Dynamic 10 200
     ChainLink      LINK      Free      Dynamic 2 5
     Monero      XMR      Free      Dynamic 0.1 0.5
     Cosmos      ATOM      Free      Dynamic 1 3
     ZCASH      ZEC      Free      Dynamic 0.001 0.3
     Ontology      ONT      Free      Dynamic 1 15
     Basic Attention
Token
     BAT      Free      Dynamic 35 105
     Algorand      ALGO      Free      Dynamic 0.5 100
     OmiseGO      OMG      Free      Dynamic 6 10
     Decentraland      MANA      Free      Dynamic 200 600
     Golem      GNT      Free      Dynamic 20 50
     GRIN      GRIN      Free      Dynamic 0.1 10
     DOGE      DOGE      Free      Dynamic 500 5000
     TRON      TRX      Free      Dynamic 20 2000
     NEO      NEO      Free      Dynamic 1 1

*Mexo uses a dynamic fee setting, which combines dynamic calculation of miner fees, gas fee with

Mexo Security

Perhaps, one of the most significant concerns for any cryptocurrency trader is how secure your funds will be. Mexo ensures this through a multiple-dimension risk control protocol that protects the system from both front and back-end attacks.

Additionally, they also segregate development, deployment and authority systems.  According to the platform itself, over 90% of client funds will be stored in cold wallets, and the rest in an operation wallet with multi-signature addresses.

Moreover, Mexo also encourages users to set up 2FA, which you can do via Google Authentication. This will add an extra layer of security on your account.

Mexo Review – The Verdict?

All in all, Mexo appears to have found a gap in the cryptocurrency market – reliable trading services for those based in Mexico and Latin America. This is further amplified by its commitment to security and transparency, with promises of dependable customer service.

Visit Mexo

The post Mexo Review: A New Cryptocurrency Exchange for Mexico & LATAM appeared first on Blockonomi.

Spot Trading Perpetual Contract Trading
  30-day Trade

Volume (BTC)

  Maker Fee   Taker Fee   30-day Trade

Volume (BTC)

  Maker Fee   Taker Fee
   LV. 0 0.075% 0.095% 0.020% 0.040%
   LV. 1 20 0.070% 0.090% 100 0.018% 0.040%
   LV. 2 100 0.065% 0.085% 500 0.016% 0.038%
   LV. 3 250 0.060% 0.080% 1,250 0.014% 0.036%
   LV. 4 500 0.055% 0.075% 2,500 0.012% 0.034%
   LV. 5 1,000 0.050% 0.070% 5,000 0.010% 0.032%


OhNoCryptocurrency via https://www.ohnocrypto.com/ @Oliver Dale, @Khareem Sudlow