Review on Mexo Exchange by Praise Olagbadun
Reviewing An Exchange Platform That I Really Admire
GGoing through the projects on the blockchain network has been simplified by the Revain team, having almost all the projects on the blockchain on just one site is one of the best things that have ever happened to me. All thanks to the Revain team, I can now have access to projects that would be beneficial to me.
The project I would be reviewing today is an exchange platform, one of the first of its kind and is known as the Mexo exchange platform. This doesn't mean it is completely different from the normal exchange platforms we've seen before but its origination and that's what I would be starting with. As one must have quickly devised, the Mexo exchange platform has its base in Mexico. This is to say the founders of this exchange platform originates from Mexico and also have their focus majorly on the Latin America and Mexico markets. This is proven by many things, one of which is the fiats they support. I would be talking about that in the next paragraph. The crypto wallet is one that has a strong support from the Krypital Group, one which is known for numerous successful projects, making this one nothing but a true Success. The crypto exchange platform just started operation last year that is, 2020 and has been able to make its way to being one of the best exchange platforms on the Blockchain Network. This is evident in the fact that the exchange platform is listed as one of the top one hundred exchanges in the world.
Moving on to the currencies this exchange platform accepts. The number and types of coins or tokens an exchange platform accepts happens to be relevant as this is what determines what traders use for their trade. The Mexo exchange platform happens to have discovered that and is proven by the fact that the exchange platform accepts a nice range of cryptocurrencies and fiats. For the cryptos, the Mexo exchange platforms accepts coins like Bitcoin and Ethereum and these coins can be traded against stable coins like USDT. As a matter of fact, the Mexo exchange platform accepts up to 9 stable coins on their platforms. The next is the fiats they accept. The type of fiat an exchange platform accepts determines the market it has as its target. This happens to be something I've just noticed recently. The Mexo exchange platform accepts fiats which includes: Mexican peso, Uruguayan peso, Argentinian peso, Chilean peso, Colombian peso, Peruvian sol, and Belize dollar. This proves the fact that exchange platform really has Latin American countries and Mexico as a target.
The fees an exchange platform charges also seems to be a necessary topic to talk about, making it my next subject. The Mexo exchange platform happens to be really considerate when it comes to the fees they charge traders. As a trader who is obsessed with trading, I checked their trading fees and discovered that they charge 0.095% for Taker and 0.075% for Maker. This happens to be a very competitive fee when compared to many other exchange platforms that charge very high fees.
Security was what I thought should be the last thing to talk about in this review. The Mexo exchange platform happens to have set up some security features that I consider appropriate. The fact that they have never experienced a hack is worth mentioning. One might say it's has been barely a year since they launch, yeah that's true. But the fact that they are yet to be hacked still remains. The first security feature that made me like their means of securing funds is the fact that they store more than 90% of users funds in a cold storage system. This would help protect the funds from hackers and keep traders funds in a safe place. Another thing is the Multi signature feature they have put in place. The fact that they recommend 2 Factor Authentication is also something I seem to admire.
Pros
- The exchange platform happens to be very considerate in the fees they charge
- They have been able to implement some security features which would give traders some level of assurance of safety on their platform
- They have their mobile application available for Android devices, although I'm yet to find an application for iPhone, I think they do have it
- Their user interface seems nice and easy to understand, making it a good choice for the learners and the experienced
- The project is strongly supported by the Krypital Group
- They have a nice range of cryptocurrencies that they support
- The exchange platform supports some fiats
- The exchange platform supports about 9 stable coins
Cons
- I don't really like the fact that they are focused on just a specific market
