MEXC Exchange offers multiple methods for purchasing cryptocurrencies, catering to both beginners and experienced users. Understanding these options can help you make informed decisions and execute your trades efficiently.
This guide walks you through the core account types, market functionalities, and step-by-step instructions for buying crypto using bank cards or peer-to-peer (P2P) orders. The goal is to provide a clear and actionable overview to enhance your trading experience.
Understanding Account Types on MEXC
MEXC structures user funds into several sub-accounts. Each serves a specific purpose, making it easier to manage and utilize your assets effectively.
Spot Account and Spot Trading
Your Spot Account is the primary wallet for holding and managing cryptocurrencies. All deposits and withdrawals occur through this account.
Spot Trading allows you to buy and sell digital assets at current market prices. You can choose from three order types:
- Limit Order: Set a specific price at which you want to buy or sell.
- Market Order: Execute a trade immediately at the best available market price.
- Stop-Limit Order: Trigger a limit order once a predetermined price level is reached.
To start trading, select a trading pair from the Market tab, specify the amount, and confirm your trade. The assets will then appear in your Spot Account.
Fiat Account and Fiat Trading
The Fiat Account supports P2P transactions. If you want to buy or sell crypto using local currency through individual traders, you’ll use this account.
For example, when selling crypto via P2P, you must first transfer assets from your Spot Account to your Fiat Account. Similarly, crypto acquired through P2P orders arrives here before you can move it elsewhere.
Margin Account and Margin Trading
Margin Trading enables you to borrow funds to amplify your trading positions. To use this feature, you must activate a Margin Account and transfer assets from your Spot Account.
Key steps for margin trading include:
- Activating your Margin Account.
- Transferring collateral from your Spot Account.
- Borrowing additional assets.
- Placing long or short trades.
- Repaying borrowed funds.
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Futures Account and Futures Trading
Futures Trading involves speculating on the future price of cryptocurrencies without owning the underlying assets. This advanced feature requires careful risk management.
To begin futures trading:
- Activate your Futures Account.
- Choose between USDT-margined or coin-margined contracts.
- Select a margin mode: isolated or cross.
- Transfer supported assets into your Futures Account.
- Set your leverage level.
- Place orders using available order types.
Navigating the Market Interface
The Market tab lists all available trading pairs, organized into categories like Spot, Futures, and Margin markets.
From this section, you can quickly access trading view for any asset. Clicking the "Trade" button next to a cryptocurrency redirects you to its order entry page, where you can execute trades instantly.
How To Buy Crypto on MEXC
MEXC supports two primary methods for buying cryptocurrency: bank card payments and P2P trading. Both require completing identity verification (KYC).
Buying Crypto with Credit or Debit Card
You can purchase crypto directly using a bank card through integrated third-party service providers.
Follow these steps:
- Select your local currency and the amount you wish to spend.
- Choose the cryptocurrency you want to buy.
- Confirm the order details.
- Enter your card and billing information on the provider’s secure portal.
- Complete the transaction.
The purchased crypto will be deposited directly into your Spot Account.
Placing a P2P Order
P2P trading connects you directly with other users looking to buy or sell crypto using local payment methods.
To place a P2P order:
- Choose whether you want to buy or sell.
- Select the cryptocurrency and your local currency.
- Review available traders, paying close attention to their completion rate, transaction limits, accepted payment methods, and exchange rate.
- Set up your preferred payment method in the OTC settings section.
- Select a trustworthy trader and click "Buy" or "Sell."
- Follow the instructions to complete the payment or transfer of crypto.
Always ensure you receive payment before releasing crypto for sale orders. Familiarize yourself with MEXC’s P2P guidelines to avoid scams.
Frequently Asked Questions
What is the difference between spot trading and futures trading?
Spot trading involves buying and selling cryptocurrencies for immediate delivery at current prices. Futures trading allows you to speculate on future price movements using contracts and leverage, without owning the actual assets.
Is MEXC Exchange safe to use?
MEXC implements standard security measures, including two-factor authentication (2FA), encryption, and KYC verification. However, users should also enable all available security settings and exercise caution, especially in P2P trading.
Can I withdraw my crypto immediately after buying?
For card purchases, crypto is typically available immediately in your Spot Account. For P2P buys, assets arrive in your Fiat Account and must be transferred to your Spot Account before withdrawal.
What currencies are supported for P2P trading?
MEXC P2P supports numerous local currencies, including USD, EUR, INR, and many others. Availability depends on regional demand and trader listings.
Why is my P2P order not being processed?
Delays can occur if payment details are incorrect, if the trader is unresponsive, or if there are compliance checks. Always verify the trader’s reputation and follow exchange guidelines.
Are there fees for buying crypto with a card?
Yes. Third-party providers charge processing fees, which are displayed before you confirm the transaction. These vary based on the provider and transaction size.
Understanding how to navigate MEXC’s platform and utilize its buying options empowers you to trade confidently. Always prioritize security, verify transaction details, and start with smaller amounts if you’re new to crypto trading.