What is MX Token? How to Buy MX Token? Pros Complete Beginner’s Guide [2024]

he MX token is a decentralized digital asset that serves as the native currency of the MEXC platform, built on the Ethereum blockchain. MEXC is a leading global crypto asset trading platform that offers various types of trading, including spot, ETF, leverage, and contract trading, and currently serves over 10 million users worldwide.

What is MX Token?

The MX token is a decentralized digital asset that serves as the native currency of the MEXC platform, built on the Ethereum blockchain. MEXC is a leading global crypto asset trading platform that offers various types of trading, including spot, ETF, leverage, and contract trading, and currently serves over 10 million users worldwide. The team behind MEXC comprises financial and technological experts who aim to optimize users’ trading experience while providing professional and secure financial products.

As the Centralized Exchange (CEX) Token of the MEXC digital platform, MX has several key characteristics that make it stand out, including high stability and safety due to a multi-tier, multi-cluster system architecture, excellent performance with a trade matching engine capable of handling up to 1.4 million units per second, and high liquidity, with over 7 million traders and MEXC Global partners contributing to the platform’s abundance of resources.

Who Are the Founders of MX Token (MX)?

Metin Mehmet Durgun is the founder of MX Token and the Chief Executive Officer. He had his Bachelor’s degree in international economics from the Belarusian university in 2011. He furthered his education where he attended Nankai University, graduating with a Bachelor’s degree in Chinese Language and Literature.

Before developing the MX Token, Metin had several experiences in other fields. He was the business developer for APAC, a GlobalX associate for Amber Group, and an overseas Operations manager

What is MEXC Global Exchange？

MEXC Global, established in 2018, is recognized for its high-performance exchange and mega transaction matching technology. The team comprises pioneers of financial and blockchain technology. Currently, MEXC Global serves over 10 million users in more than 170 countries and territories and aims to expand further. MEXC Global is a globally present and regulated exchange, complying with renowned jurisdictions. 

In addition, MEXC Global provides language support for investors from various regions to ease trading. The exchange’s high-performance trading engine, capable of completing 1.4 million transactions per second, is developed by banking industry experts, resulting in groundbreaking efficiency and performance. MEXC Global places user security at the top, hosting its servers independently across multiple countries to ensure optimal data integrity and security.

MEXC has listed over 2000+ trading pairs and cryptocurrencies, including BTC, ETH, DOT, ATOM, XRP, SHIB, GLMR, FIL, AR, AAVE, SOL, CRV, and others, covering crypto assets from Layer 0 to Layer 1.

In 2019, MEXC experienced rapid growth, achieving a 5% share of the global digital asset trading market in just one year. At the Crypto Expo Dubai in 2021, MEXC Global was honored with the “Best Crypto Exchange Asia” award, adding to the team’s already impressive list of accomplishments.

How MX Token Works

MX Token is the native cryptocurrency of the MEXC Global exchange. It operates as a utility token, meaning its value is derived from its use within the MEXC ecosystem.

Core Functions of MX Token

• Fee Discounts: One of the primary functions of MX Token is to provide discounts on trading fees on the MEXC platform. The more MX tokens you hold, the higher the discount you can enjoy.
• Staking Rewards: Users can stake their MX tokens to earn passive income. This incentivizes token holders to hold onto their MX and contribute to the platform’s stability.  
• Governance: MX Token holders can participate in governance decisions related to the MEXC platform. This includes voting on new listings, platform features, and other important matters.
• Deflationary Mechanism: MEXC employs a buy-back and burn mechanism for MX tokens, reducing the circulating supply over time. This can potentially increase the token’s value.  

How It Benefits Users

• Cost-Effective Trading: By offering fee discounts, MX makes trading on MEXC more affordable for users.
• Passive Income: Staking MX tokens provides an opportunity to earn additional income without actively trading.  
• Community Involvement: Token holders can actively participate in the platform’s development through governance.

In essence, MX Token serves as a reward and incentive system for MEXC users, promoting platform loyalty and growth.

MX Token Pros and Cons

MX Token is the native cryptocurrency of the MEXC Global exchange. It offers various benefits to its holders, but also comes with certain considerations.

Pros

• Fee Discounts: Holding MX tokens provides significant discounts on trading fees on the MEXC platform, making it more cost-effective for traders.
• Staking Rewards: Users can stake their MX tokens to earn passive income, providing an additional source of revenue.
• Token Utility: MX has a real-world use case within the MEXC ecosystem, which can contribute to its value stability.
• Exchange Growth: The growth of MEXC as an exchange can positively impact the value of the MX token.

Cons

• Market Volatility: Like most cryptocurrencies, the price of MX is subject to market fluctuations, which can lead to potential losses.
• Centralized Exchange Token: Being tied to a specific exchange introduces risks associated with the platform’s performance and regulation.
• Competition: The cryptocurrency market is highly competitive, and the success of MX token depends on MEXC’s ability to maintain its market position.

Overall, MX offers potential benefits for traders and investors on the MEXC platform. However, it’s essential to conduct thorough research and consider the risks before investing.

Is it worth investing in MX Token?

To determine whether MX is a good investment, it’s important to examine its applications, tokenomics, program progress, and price performance. 

MX Token Applications:

MX has several applications, including being used for expenses related to trading and transactions, participation in voting for listed projects, and airdrop bonuses for MEXC users and traders. 

MX also provides a 20% transaction fee reduction on the MEXC platform, and it has launched many plans to improve the MX token economy and expand its usage scenarios by providing additional utilities such as on-chain lending, liquidity mining, and DEX trading, including Launchpads, Kickstarter, MX Defi, Assessment Zone Voting, MEXC M-Day, and MEXC POS.

MEXC Launchpads are fundraising programs that involve token sales on the MEXC Exchange, giving users worldwide an inexpensive opportunity to invest in carefully chosen project tokens. Participation in MEXC Launchpads is exclusive to MX token holders, with the only requirement being ownership of MX tokens.

MEXC Kickstarter is a pre-launch listing campaign on MEXC initiated by project teams, allowing users to stake tokens and vote towards a predetermined goal. Once the goal is achieved, the listing process begins, and participating users receive free token airdrops before the listing. This event is designed to identify exceptional projects while also providing MEXC users with airdrop benefits.

Assessment Zone Voting is a program that enables users to vote for their preferred projects in the MEXC assessment zone, resulting in trading fee rewards. Users can use MX to vote without limits on the number of votes. Once their voted program is listed on the platform, they will receive rewards.

MEXC M-Day is a lottery-style event that enables users to purchase a newly launched token. After purchasing a ticket to the M-Day event, users can participate in token sales via the trading round and MX holding round.

MEXC MX-Defi offers users the opportunity to stake MX/Project Tokens and receive additional tokens in return.

MX Tokenomics

MX has a total supply of 450 million tokens

• 100 million tokens reserved for the MEXC Foundation
• 150 million tokens issued by MEXC Labs
• 100 million tokens for MEXC Strategic Alliance
• 100 million tokens are being burned immediately
•  MEXC also commits 40% of its platform profit to a quarterly buyback and burns the program to keep the circulating supply of MX at 100 million.

Features of MX Token

• Fee Discounts: One of the most attractive perks of holding MX tokens is the significant discount on trading fees on the MEXC platform. This can lead to substantial savings for active traders.
• Staking Rewards: MX token holders can participate in staking to earn passive income. This is a great way to generate returns on your investment.
• Token Utility: As the native token of MEXC, MX has a clear use case within the ecosystem, which can contribute to its long-term value.
• Exchange Growth: The success of MEXC Global is directly linked to the value of MX token. As the exchange expands, it can positively impact the token’s price.

What is the MX token Price Performance?

As of the time of writing, the current MX live price is $1.37 per MX/USD, with the highest price being $3.70, and the past 24-hour trading volume is$ 2.32M. As a popular cryptocurrency platform token, the MX token is currently a relatively inexpensive currency. The current price still appears to have some room for growth. However, the price of the token fluctuates greatly, so please invest with caution.

What is the MXC trading platform?

MEXC Global is a centralized exchange platform, founded in 2018 that uses a high-tech matching technology for digital financial payments. The MEXC platform is sustained by a team of experts with extensive experience in blockchain technology. 

Currently, MEXC Global has around 5 million users in over 70 countries around the world, an achievement that proves it is the go-to platform for new and experienced investors.

The exchange spreads across four countries, Canada, Australia, Estonia, and the United States, where it has got fundamental approvals and licenses. The exchange completes over 1.4 million transactions in just one second, resulting in increased efficiency and enhanced performance. Our server clusters are hosted independently in Singapore and Korea to strengthen security and enhance transactional operations.

MXC has a high-end cold storage wallet to ensure the security of funds stored on the exchange. They handle over 500 million dollars worth of cryptocurrency deposits. 

As a token of MXC, MX token empowered all community participants, improves the MXC ecosystem and helps MXC become a leading digital asset trading platform that provides secure and convenient services for all users.

What is MX Token (MX) used for?

To elect delegates

Perhaps a group of qualified users is selected to perform a specific role on the platform, and an election needs to take place to pick the community favorite. The MX token will allow the holders to vote for the delegate of their choice.

Vote on decisions that will affect the development of the MXC network

The benefit of the MX Token is the ability to vote and decide as a holder. It holders can vote and make conscious efforts to implement actions on the platform and their voting power is proportional to the amount of MX they hold.

Earn rewards and incentives

Delegates that get to perform one or more activities on the MXC platform are rewarded with MX tokens as compensation for their efforts. 

What Makes MX Unique?

Unlike most blockchain-based tokens that serve as a tool to enrich the platforms most times, MX token is different as it serves to benefit the MX community. As aforementioned, the MX is a decentralized digital asset by the MEXC platform. It provided a stable financial experience for the holders and also make the industry leaders. 

It serves as proof of right for their community and gives the right to vote, decide like delegate selection, business decisions, team selection, and also gain popularity. The holders of the token benefit from the asset appreciation on the price chart, and also enjoy rebates on the platform’s revenue. 

How Many MX Coins Are There in Circulation?

Initially, there were 1, 000,000,000 MX tokens were created among which 30 million MX tokens were burnt off. Currently, it has a circulating supply of 270 million MX.

How Is MX secured?

Since it’s the onset of public release, there has been no recorded case of fraud, theft, or hacking on the MXC exchange platform. They have ensured this by implementing several security measures that help keep the users’ information and the platform safe. Such measures include typing their confirmation code which is usually sent to the email address of the user. The platform also encourages users to implement Google’s authenticator and there have been pop-up ads that constantly remind users to update their security features on their account.

Why Should You Care About MX Token?

1. Fee Discounts: One of the most attractive perks of holding MX tokens is the significant discount on trading fees on the MEXC platform. This can lead to substantial savings for active traders.
2. Staking Rewards: MX token holders can participate in staking to earn passive income. This is a great way to generate returns on your investment.
3. Token Utility: As the native token of MEXC, MX has a clear use case within the ecosystem, which can contribute to its long-term value.
4. Exchange Growth: The success of MEXC Global is directly linked to the value of MX token. As the exchange expands, it can positively impact the token’s price.

Potential Drawbacks

• Market Volatility: Like any cryptocurrency, MX is subject to price fluctuations.
• Centralized Exchange Token: Being tied to a specific exchange introduces risks associated with the platform’s performance.
• Competition: The cryptocurrency market is highly competitive, and the success of MX token depends on MEXC’s ability to maintain its market position.

Should You Invest in MX Token?

The decision to invest in MX depends on your individual risk tolerance and investment goals. If you are an active trader on MEXC and value fee discounts, holding MX tokens can be beneficial. However, it’s essential to conduct thorough research and consider the risks before making any investment decisions.

How to Buy MX Token?

MX can be purchased on many popular crypto exchanges, including Bybit, Huobi, MEXC, and ZT.

If you choose to buy MX token on MEXC Exchange, please follow these steps:

1. You need to have a MEXC account that supports email and phone number registration 
2. Login to your MEXC account and go to the [Trade] section.
3. Choose [Trade] and [Spot], search for “MX” to see the available trading pairs, and place a limit, market, or stop-limit order to purchase MX. 

The purchased MX will be stored in your Spot Wallet. Then go to the [Asset] page to check your purchased tokens.

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