Mexo, a newly created cryptocurrency trading platform, is currently available to the public following its product launch on August 20, 2020. Krypital Group, a blockchain-focused venture capital firm, is leading the launch. Mexo’s mission is to promote cryptocurrency trading in the Mexican and Latin American markets, which have been at the forefront of the blockchain revolution.
Although the product will not be available to the general public until after its introduction, its website is currently operational. Currently, joining up for Mexo requires a VIP invitation code. Mexo has piqued our interest, so let’s look at what the platform offers and what to expect once it launches.
What is Mexo?
In the blockchain economy, the Latin American market has seen substantial development. Mexo will make it easier for individuals in LATAM and Mexico to purchase and sell cryptocurrency pairs by giving secure digital currency trading possibilities.
With industry leaders on the team, the product will provide actual liquidity, product variety, and dependable customer service. Mexo allows you to trade both Bitcoin and stable currencies. The site now supports 21 stablecoin pairings and nine bitcoin trading pairs.
Several LATAM currencies, including the Mexican peso, Uruguayan peso, Argentine peso, Chilean peso, Peruvian sol, and Belize dollar, are also accessible. There will also be support for the US currency and the Chinese yuan. As you can see, the platform aims to make it simpler for Latin American consumers to participate in cryptocurrency markets from the comfort of their own homes.
How to Sign Up for Mexo
Mexo allows you to establish an account using your phone number or email address. However, when creating an account, you must prove your identity by completing two verification stages.
- Provide a valid identification card.
- Attach a photo of yourself with a valid ID card.
- Include a photo of you with a valid ID card.
It has taken every precaution to guarantee that only genuine accounts can establish on the site.
Features Of Mexo
Mexo has successfully combined specific crucial characteristics to attract bitcoin traders. Users can now do the following:
- Derivatives trading
- Spot trading
Furthermore, Mexo allows customers to trade using a fully functional sample account. This will enable you to hone your bitcoin trading abilities without jeopardizing your own money. If you are new to the cryptocurrency exchange scene, you should use this tool to become acquainted with the ins and outs of cryptocurrency exchanges.
Mexo Fee Structure
Mexo has established a tiered structure to determine the costs charged to each user. The monthly trading volume of users determines these levels. There are six tiers, numbered 0 to 5, with trade volumes ranging from 0 to 1,000 BTC. If your monthly trading volume reaches 2,000 BTC, Mexo will customize your plan.
Spot trading and perpetual contract trading have separate maker and taker costs. The exchange promptly matched your trade order, and you will have to pay a taker fee, which will apply to all market orders.
- When trading on Mexo, the taker fee ranges from 0.070% to 0.095%.
- When trading perpetual contracts, you must pay a charge ranging from 0.032% to 0.040%.
- For perpetual contracts and spot trading, the Maker charge ranges from 0.010% to 0.020% and from 0.050% to 0.075%, respectively.
Withdrawals and Deposits
At Mexo, all deposits are completely free. Mexo features a dynamic fee setting for withdrawals, which leverages the computation of miner fees, token values, and asset withdrawal prices to optimize the user experience. Mexo argues that the withdrawal charge is substantially cheaper with this strategy than any fixed-rate fee schedule. Another appealing feature is the ability to choose your withdrawal speed, which can help reduce the withdrawal charge you pay.
Safety And Security
One of the most critical concerns for every cryptocurrency trader is the security of their cash. Mexo does this using a multi-dimensional risk control methodology that safeguards the system against both front-end and back-end threats.
They also separate development, deployment, and authority systems. According to the platform, it will store over 90% of customer money in cold wallets, with the remainder in a multi-signature operation wallet. Furthermore, Mexo urges customers to enable 2FA, which it accomplishes with Google Authentication. This adds a degree of protection to your account.
Overall, Mexo looks to have identified a need in the bitcoin industry – dependable trading services for Mexico and Latin America residents. This is bolstered by its dedication to security and transparency, as well as guarantees of trustworthy client service.