In the ever-changing world of cryptocurrency exchanges, sometimes one is better than the other. The reign of Binance is something that remains untouchable throughout the years. Or is it? With MEXC getting more and more attention in the spotlight, it is time to make a detailed comparison that sheds light on their features and helps you decide which one is the best option for your trading needs.
What Are Binance and MEXC?
Binance and MEXC are two prominent cryptocurrency exchanges that offer a wide range of services to crypto traders globally. Binance, founded in 2017, is very well known for its extensive service offerings and reputable image, while MEXC, established in 2018 in the Republic of Seychelles, is one year older but recently gained more traction because of their 0 fees on spot markets and their immense display of shitcoins, or altcoins.
What Cryptocurrency Exchange Would You Rather Use? MEXC or Binance
If you must make a decision, it is difficult to give a straight answer. What is important is to ask yourself, for what do you need it? While MEXC and Binance are well-known exchanges, each is more suited for different approaches and risk profiles. Choosing between them can be difficult because they offer many features. Let’s take a look at them:
| Feature | Binance | MEXC |
| Launched | 2017 | 2018 |
| Headquarters | Undisclosed | Singapore |
| Best for | Advanced trading features and flexible payment | Wide range of cryptocurrencies and early-stage investment opportunities |
| KYC verification | Mandatory | Mandatory |
| Cryptocurrency Listings | 380+ cryptocurrencies (varies by location)
160+ Binance US  |
2500+ cryptocurrencies |
| Key Features | Futures trading, margin trading, VIP program | Margin trading, leveraged ETFs, launchpad |
| Deposit Methods | Visa/Mastercard, SEPA, SWIFT, P2P | Visa/Mastercard, bank transfer, P2P, third-party |
| Trading Fee (Spot) | 0.1000% makers and takers fees | 0.000% makers and takers fees (Spot) |
| Margin Trading Leverage | Up to 125x | Up to 200x for certain coins |
How Do MEXC and Binance Compare on Fees?
Fee structures can be the difference between profits and losses in crypto trading. For this reason, we compare the deposit, trading, and withdrawal fees of these two players, as an important criteria to consider when making your decision.
Deposit Fees
- MEXC: Charges zero deposit fees for most cryptocurrencies. Additionally, there are no deposit limits. Users can deposit as little or as much as they wish. However, a few exceptions, like USDT, incur a deposit fee.
- Binance: Also charges zero deposit fees for cryptocurrencies. However, fiat currency deposits may have varying fees depending on the chosen deposit method and the currency involved.
Trading Fees
- MEXC: Is pushing the limits as a zero-fee crypto exchange. Particularly, the futures fees are 0.000% for makers and 0.010% for takers, while spot trading is 0.000% maker and taker fees.
- Binance: Implements a tiered fee structure based on 30-day trading volume. Regular users with a 30-day trading volume below 15,000,000 USD pay 0.1000% maker and taker fees for spot trading. For futures traders, they pay a 0.0180%/0.0450% rate for takers and makers.
Withdrawal Fees
The withdrawal fees on MEXC and Binance differ depending on the cryptocurrency and the network utilized for the transaction. For example, when withdrawing USDT on MEXC, the fee is 1 USDT on the BNB chain network. However, on the Binance exchange, the same coin on the same network has a withdrawal fee of 0.3 coins.
MEXC vs Binance: Number of Cryptocurrencies
At the time of writing, Binance is offering over 383 cryptocurrencies for trading and 1200 trading pairs, with most popular coins such as Bitcoin, Solana, XRP, Ethereum, and Cardano and huge liquidity. However, the range of available cryptocurrencies can vary based on the user’s location. For example, Binance US, the American exchange branch, provides fewer cryptocurrencies.
On the other hand, MEXC currently supports over 2500 cryptocurrencies and 2800 trading pairs. These include most memecoins and latest experimental coins. A true casino-type listing.
MEXC vs Binance: Liquidity and Volume
If we take a look at volume, we see that Binance consistently ranks as one of the top exchanges for liquidity. It is still number one compared to all other exchanges, often surpassing $15 billion in daily trading volume just on spot trading alone. MEXC has made impressive jumps in liquidity and reports daily volumes exceeding $1 billion, which is substantial as well. But Binance generally offers superior liquidity, which could be useful if you want to get in and out with as little slippage as possible.
If we look at visitors to the Binance and MEXC websites, we see that Binance has 6x as many visitors as MEXC. MEXC is definitely the less exposed of the two.
What Security Measures Do Binance and MEXC Implement?
Both Binance and MEXC prioritize security with advanced measures to protect user assets and data. Binance features the SAFU fund for additional protection, while MEXC highlights other security measures that can be found on most popular centralized exchanges.
What Support Options Are Available?
Both platforms provide:
- 24/7 Live Support
- Online Customer Service
Overall Ranking and Regulation
- Binance is rated higher overall with a score of 4.8 out of 5.
- MEXC follows with a score of 3.3 out of 5.
MEXC Pros & Cons
Pros
- MEXC supports a wide range of cryptocurrencies, with over 3500 cryptocurrencies, most of them new experimental coins that are sometimes hard to find and scattered around different blockchains.
- The user interface in MEXC is extremely intuitive, making it suitable for experienced traders and newcomers to understand what they are doing after a few tries.
Cons
- MEXC is not available in the U.S.
Is MEXC Better Than Binance?
The choice between Binance and MEXC is more than just a one-size-fits-all decision. From our comparison, it is clear that each exchange has unique offerings. Identifying your specific needs and preferences is crucial to selecting the most suitable platform. If you’re a trader that wants to speculate on the latest memecoins and/or leverage trade with extremely high leverage levels, MEXC would be the ideal choice.
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