MEXC vs Binance are two popular cryptocurrency exchanges that offer traders worldwide a wide range of trading options, features, and services. Both platforms also provide competitive tools and functionalities.
MEXC provides a highly comprehensive crypto trading platform. The exchange supports over 2,800 cryptocurrencies and allows users to trade anonymously without KYC verification. MEXC offers the lowest fees (sometimes as low as 0%) for spot and futures trading.
On the other hand, Binance is known for its extensive features, deep liquidity, and massive trading volume. This crypto exchange offers crypto loans and even a crypto debit card. It supports over 1,300 trading pairs and provides many features, including spot, margin, futures trading, staking, and earning opportunities.
However, these are not the only differences between MEXC and Binance. This MEXC vs. Binance review will include a complete overview, what are the fees of MEXC and Binance? What are their best trading features?
In addition, we will cover what are the number of supported cryptocurrencies on MEXC and Binance? What are their security levels? While highlighting, who should pick MEXC over Binance? And who should pick Binance over MEXC? Let’s get started!
MEXC vs Binance: A Complete Overview
Unlike Binance, which uses a tiered fee structure in which the high-volume traders will pay lower fees, MEXC has low trading fees even for low-volume traders. The table below provides a complete overview of MEXC and Binance.
Since they are both top-tier crypto exchanges with certain similarities, we summarized their features to help you spot their differences easily.
Exchange MEXCBinance Founded20182017HeadquartersVictoria, Seychelles.No global headquarters currently.Supported Cryptocurrencies 2800+400+Trading FeesLow fees (0.1% – 0%)Low fees. (0.1% – spot trading) and 0.5% for instant buy and sell.Liquidity HighVery High Leverage 300X150XSecurity Two factor authentication (2FA), cold storage for crypto, regular security audits, futures insurance fund, and address whitelisting.Insurance fund, two factor authentication, address whitelisting, and cold storage of crypto.KYC Requirements OptionalMandatory User Experience Fast order execution but is not the most beginner-friendly.Beginner-friendly and advanced tools.Trading pairs 3,000+1,300+P2P Trading YesYesListed Digital Assets 3,000+400+Trading markets Margin, spot, and future trading Futures, margin, options, and spot trading Accepted Payment Methods Cryptocurrencies onlyCrypto, Direct Bank deposit, Debit/Credit Card, Apple Pay, and Google Pay.Trading VolumeUSD 6+ billion (Top 10)USD 76 billion (World’s largest).
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What are the Fees of MEXC and Binance?
In this section, we’ll explore the fees associated with crypto trading on MEXC and Binance, including trading fees, withdrawal fees, and deposit fees. Understanding these fee is essential, as they impact your overal profit. Let’s compare how these two exchanges structure their fees and what traders should expect.
MEXC vs Binance: Deposit Fees
MEXC allows its users to deposit most cryptocurrencies for free and doesn’t impose any limits on deposit amounts. Binance also does not charge fees for cryptocurrency deposits. However, fees for fiat deposits vary based on the payment method and the fiat currency.
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MEXC vs Binance: Trading Fees
MEXC offers competitive trading fees to its users. The MEXC maker fee is 0.00% for spot trading, and the taker fee is 0.20%. For futures trading, MEXC charges a maker fee of 0.00% and a taker fee of 0.02%.
The crypto exchange also has “special trading pairs.” These are pairs that futures and spot traders can trade at 0% maker and taker fees. MEXC is the best zero-fee crypto exchange due to its rates, which can be further reduced based on your trading volume and by holding the platform’s native token, MX.
Conversely, Binance uses a tiered fee system based on a trader’s 30-day trading volume. If you’re a regular user with less than $15 million in trading volume, you will pay a standard spot trading fee of 0.10% for both makers and takers.
For futures trading, the fees start at 0.02% for makers and 0.04% for takers. The platform offers users a 25% discount on trading fees by paying with Binance’s native token, BNB, and further reductions are available for high-volume traders.
The fees for Binance USD-M Futures are 0.0200% for makers and 0.0500% for takers when using USDT. However, if you are trading with BUSD, the maker fee drops to 0.0180%, while the taker fee is 0.0450%. Meanwhile, Coin-M Futures traders are charged a 0.0200% maker fee and a 0.0500% taker fee.
MEXC vs Binance: Withdrawal Fees
Withdrawal fees on both platforms vary depending on the specific cryptocurrency you withdraw. For example, MEXC charges 0.0003 BTC for Bitcoin withdrawals and 1 USDT for Tether (USDT) withdrawals.
