MEXC vs Binance: Comparing These Two in 2024

When comparing MEXC and Binance, both platforms are popular choices but cater to different types of traders.

Binance, the largest crypto exchange globally, is known for its extensive selection of cryptocurrencies, deep liquidity, and comprehensive suite of features, including spot, futures, staking, and DeFi services. These make it ideal for all levels of traders.

MEXC, while smaller, has gained traction for its user-friendly interface, a wide range of supported altcoins, and high-leverage futures trading.

In this post, we’ll compare trading fees, supported assets, security features, and overall user experience to help you decide whether MEXC or Binance is the better platform for your needs.

MEXC vs Binance: Comparison at a Glance

Here’s a summary of key features for MEXC and Binance:

Feature	MEXC	Binance
Founded	2018	2017
Founder(s)	John Chen	Changpeng Zhao (CZ)
Supported Coins	1,600+	350+
Max Leverage	200x	125x
Spot Trading Fees	0% maker/taker	0.1% maker/taker
Futures Trading Fees	0% maker/0.01% taker	0.02% maker/0.04% taker
Deposit Methods	Crypto, Bank Transfer	Crypto, Credit Card, Bank Transfer
KYC Required	No	Yes

MEXC offers a broader range of cryptocurrencies and higher leverage options. You’ll find lower fees on MEXC, especially for futures trading.

Binance boasts a larger trading volume and more diverse deposit methods. It’s known for its global reputation and extensive features.

Both exchanges provide mobile apps and advanced trading tools. You can access futures trading, staking, and other crypto services on either platform.

MEXC stands out with its no mandatory KYC policy, which may appeal if you value privacy. Binance requires KYC but offers additional features like P2P trading with 800+ options.

Consider your specific trading needs when choosing between these exchanges. MEXC might suit you if you’re after a more comprehensive coin selection and lower fees. Binance could be preferable if you prioritize high liquidity and a well-established reputation.

 

MEXC vs Binance: Products and Services

MEXC and Binance offer a wide array of cryptocurrency trading products and services. Both exchanges provide spot trading, with MEXC boasting over 2000 trading pairs and Binance featuring an extensive selection.

MEXC employs a flat-fee structure for futures trading starting at 0%/0.01% for makers and takers. Binance, on the other hand, uses a tiered system in which fees decrease as trading volume increases.

Both platforms offer options trading, allowing you to diversify your trading strategies. Both exchanges also offer leveraged tokens, which provide amplified exposure to cryptocurrency price movements.

Binance stands out with its NFT marketplace, which enables you to buy, sell, and create digital collectibles. MEXC currently lacks this feature, which may be a drawback for those interested in the NFT space.

Staking services are available on both platforms, letting you earn passive income on your crypto holdings. Binance offers a broader range of staking options and often provides higher yields.

MEXC’s vast selection of cryptocurrencies supports at least 1800 assets. This makes it an excellent choice if you’re looking to build a diverse portfolio with lesser-known tokens.

Binance excels in payment flexibility and advanced trading features, making it particularly appealing to experienced traders. Its proprietary Trust Wallet also provides a secure option for cryptocurrency self-custody.

 

MEXC vs Binance: Contract Types

MEXC and Binance offer a variety of contract types for cryptocurrency derivatives trading. Both exchanges provide inverse perpetual contracts, allowing you to trade with leverage using cryptocurrency as collateral.

Linear perpetual contracts are available on both platforms, letting you trade with USD-pegged stablecoins as margin. These contracts don’t expire, making them popular among traders.

Binance offers COIN-M futures, where contracts are margined and priced in cryptocurrency. This option can help hold positions in specific coins.

USD-M futures are available on both exchanges. These contracts are margined and settled in USDT or other stablecoins, providing a stable value reference.

Binance offers options trading, which allows you to buy or sell an asset at a predetermined price. This feature is not currently available on MEXC.

MEXC offers inverse futures contracts, which can be beneficial for hedging against price fluctuations. Binance does not currently provide this contract type.

Both exchanges allow you to trade with leverage, but the maximum leverage may vary depending on the contract type and your account level.

 

MEXC vs Binance: Supported Cryptocurrencies

 

MEXC and Binance both offer a wide range of cryptocurrencies for trading. MEXC supports over 850 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Ripple and numerous altcoins.

While Binance does not specify an exact number, it also provides an extensive selection of cryptocurrencies. Both exchanges cater to traders looking for variety in their investment options.

 

MEXC offers over 180 pairs for futures and leverage trading, while Binance provides more than 160 pairs. Popular futures trading pairs on both platforms include:

• BTC/USDT
• ETH/USDT
• XRP/USDT
• ADA/USDT
• SOL/USDT

MEXC stands out with its more extensive selection of altcoins and newer tokens. This can be appealing if you’re interested in trading less mainstream cryptocurrencies.

Binance, on the other hand, is known for its thorough vetting process before listing new coins. This approach may provide you with added security and confidence in the assets available on the platform.

Both exchanges regularly update their offerings, so new cryptocurrencies will likely be added to their respective lists over time.

 

MEXC vs Binance: Leverage and Margin Trading

MEXC and Binance offer leverage and margin trading options to amplify your potential returns. These features allow you to trade with more capital than you hold.

On MEXC, you can access leverage of up to 125x for specific trading pairs. This means you can open positions 125 times larger than your initial investment.

Binance also provides leverage up to 125x, but the maximum varies depending on the specific cryptocurrency pair you’re trading.

Margin requirements differ between the two platforms. MEXC typically requires a lower initial margin, allowing you to open more prominent positions with less capital.

Both exchanges impose strict liquidation rules to manage risk. If your position moves against you and your margin falls below the maintenance threshold, it may be automatically closed.

Funding rates and periodic payments between traders holding long and short positions can impact your profitability. These rates fluctuate based on market conditions and can vary between MEXC and Binance.

Understanding that higher leverage amplifies both potential profits and losses is crucial. Always consider your risk tolerance before using these advanced trading features.

 

MEXC vs Binance: Trading Volume

When comparing MEXC and Binance, trading volume is a crucial factor to consider. Binance consistently ranks as one of the top exchanges in terms of trading volume globally. Its high liquidity often results in tighter spreads and faster trade execution for you.

MEXC, while not as large as Binance, still boasts significant trading volume. This ensures you can execute trades efficiently, though you may experience slightly wider spreads on some pairs than Binance.

Binance’s massive volume contributes to reduced slippage, especially for larger trades. Thus, it will likely be easier to buy or sell substantial amounts without significantly impacting the market price.

MEXC’s growing volume has improved its liquidity in recent years. However, you might encounter more slippage for some less popular trading pairs than on Binance.

Both exchanges provide real-time volume data on their platforms. For independent volume rankings and comparisons, you can also find third-party sources like CoinGecko or CoinMarketCap.

Higher trading volume typically leads to a more robust and efficient market. While Binance leads in this aspect, MEXC’s volume is sufficient for most retail traders’ needs.

 

MEXC vs Binance: Futures Trading Fees and Rewards

 

MEXC and Binance employ different fee structures for futures trading. MEXC offers a flat fee model, while Binance uses a tiered system based on trading volume.

 

On MEXC, you’ll pay 0% maker fees and 0.03% taker fees for futures trading. This straightforward approach can be advantageous for high-volume traders.

Binance’s tiered system starts at 0.02% maker and 0.04% taker fees. As your 30-day trading volume increases, these fees decrease. For example:

30-day Volume (BTC)	Maker Fee	Taker Fee
< 50	0.02%	0.04%
50-250	0.016%	0.04%
250-1000	0.014%	0.035%

Both exchanges offer rewards to incentivize trading. MEXC provides spot trading rebates and occasional promotional bonuses. Binance offers a referral program and trading competitions with prize pools.

When calculating your potential profits, consider the impact of fees. For a $10,000 trade on MEXC, you’d pay $3 in taker fees. The same trade on Binance would cost $4 at the base rate.

Withdrawal fees vary between the exchanges. MEXC charges 1 USDT for USDT withdrawals and 0.0003 BTC for Bitcoin. Binance’s fees depend on the network used but are generally competitive.

Remember to factor in deposit fees, which vary based on your payment method. Some crypto deposits are accessible on both platforms, while fiat deposits may incur charges.

 

MEXC vs Binance: Deposits & Withdrawal Options

MEXC and Binance offer diverse options for funding your account and withdrawing your earnings. Both exchanges support a wide array of cryptocurrencies for deposits and withdrawals.

On MEXC, you can deposit cryptocurrencies directly. The platform also accepts fiat deposits through various payment methods, including bank transfers and credit/debit cards.

Binance provides more extensive fiat options. You can use bank transfers, credit/debit cards, and numerous third-party payment processors. Binance also offers a peer-to-peer (P2P) trading platform for fiat transactions.

Withdrawal processing times vary between the two exchanges:

• MEXC: Crypto withdrawals typically process within 30 minutes
• Binance: Most crypto withdrawals completed within 1-2 hours

Both exchanges impose minimum and maximum deposit/withdrawal limits. These limits depend on the cryptocurrency, your account verification level, and the chosen payment method.

Fees for deposits and withdrawals differ:

Exchange	Crypto Deposits	Fiat Deposits	Crypto Withdrawals	Fiat Withdrawals
MEXC	Free	Varies	Network fee	Varies
Binance	Free	0-3.5%	Network fee	Varies

Binance generally offers lower withdrawal fees for most cryptocurrencies. However, MEXC may have advantages for certain coins or specific payment methods.

 

MEXC vs Binance: Native Token Usage

MEXC and Binance have native tokens that play crucial roles in their ecosystems. These tokens offer various benefits to holders and enhance the overall trading experience.

MEXC’s native token is MX. As an MX holder, you can enjoy reduced trading fees on the platform. The more MX you hold, the lower your fees become.

Binance’s native token is BNB. It offers similar fee reduction benefits for traders on the Binance exchange. BNB holders can save up to 25% on trading fees.

MX tokens also provide voting rights in MEXC’s governance decisions. You can participate in platform upgrades and new feature proposals.

BNB has broader utility within the Binance ecosystem. You can use it for:

• Paying for goods and services
• Participating in token sales on Binance Launchpad
• Earning rewards through staking

Both tokens can be used to trade pairs on their respective exchanges, increasing liquidity and providing more trading options for users.

MX and BNB holders can access exclusive events, airdrops, and promotions on their platforms. These perks can significantly enhance their trading experience.

By holding and using these native tokens, you can maximize your benefits on each exchange. Consider your trading needs and preferences when choosing between MEXC and Binance.

 

MEXC vs Binance: KYC Requirements & KYC Limits

MEXC offers a unique approach to KYC. You can trade without completing any verification, allowing for immediate access to basic features. This policy prioritizes user privacy and accessibility.

MEXC implements a tiered system for higher limits. By completing additional verification steps, you can increase your daily withdrawal limit to 100 BTC.

Binance, in contrast, requires KYC completion before you can start trading. Their verification process involves multiple levels:

1. Primary Verification: Provide personal information and ID
2. Advanced Verification: Submit proof of address
3. Higher Limits: Additional documents may be required

Binance’s KYC requirements aim to enhance security and comply with global regulations. While this may seem more restrictive, it offers added protection for your funds.

Here’s a quick comparison of withdrawal limits:

Exchange	Unverified	Basic Verification	Advanced Verification
MEXC	Limited	Up to 100 BTC/day	Higher limits available
Binance	Not allowed	Varies by region	Up to 100 BTC/day

Your choice between MEXC and Binance may depend on your privacy preferences and trading needs. MEXC provides more flexibility for those seeking anonymity, while Binance offers a structured approach focused on security and regulatory compliance.

 

MEXC vs Binance: User Experience

MEXC and Binance offer user-friendly platforms designed for traders of all experience levels. Both exchanges provide web interfaces and mobile apps to access your account and execute trades.

 

Binance’s interface is sleek and modern, with a dark theme that’s easy on the eyes. It offers advanced charting tools and a wealth of trading options. The layout is intuitive, allowing users to quickly navigate between different markets and features. To know more check this Binance futures tutorial.

MEXC’s platform has a clean, minimalist design that new users may find less overwhelming. It offers a straightforward approach to trading, with essential functions prominently displayed. To know more, check this MEXC futures tutorial.

 

Both exchanges deliver responsive apps that closely mirror their web counterparts on mobile. Binance’s app is feature-rich, offering nearly all the functionality of the desktop version. MEXC’s app focuses on core trading functions, which some users may prefer for simplicity.

Critical differences in user experience:

• Navigation: Binance has more menus and options, while MEXC opts for a streamlined approach
• Trading view: Binance offers more customizable charts and indicators
• Speed: Both platforms perform well, with quick order execution and real-time updates
• Account management: Binance provides more detailed account analytics and reporting tools

Ultimately, your preference may depend on your trading style and needs. Binance caters to users who want a comprehensive trading environment, while MEXC may appeal if you value simplicity and quick access to essential functions.

 

MEXC vs Binance: Order Types

MEXC and Binance offer a variety of order types to help you execute your trading strategies and manage risks effectively. Both exchanges support essential order types like market, limit, and stop orders.

Market orders on MEXC and Binance allow you to buy or sell immediately at the current market price. This is useful when you need quick execution.

Limit orders let you set a specific price for your trade. Your order will only execute if the market reaches that price. This helps you control your entry and exit points.

Stop orders trigger a market order when a specific price is reached. These are valuable for limiting potential losses or securing profits.

Binance provides some additional order types:

• Post-only orders: Ensure you’re always a market maker
• Stop-limit orders: Combine stop triggers with limit order pricing
• One-cancels-the-other (OCO): Place two orders simultaneously; when one executes, the other is canceled

MEXC offers:

• Trailing stop orders: Adjust your stop price as the market moves
• One-cancels-the-other (OCO): Similar to Binance’s implementation

Both exchanges support conditional orders, allowing you to set up complex trading scenarios based on market conditions.

The range of order types on MEXC and Binance allows you to implement various trading strategies and manage your risk exposure.

 

MEXC vs Binance: Security Measures & Reliability

MEXC and Binance both prioritize security to protect your funds and data. They employ various measures to safeguard your assets and personal information.

MEXC secures user funds with advanced encryption technologies and multi-signature wallets. It also offers two-factor authentication (2FA) for added account protection.

Binance implements a range of security features, including:

• AI risk control systems
• Cold storage for the majority of user funds
• 2FA
• Withdrawal allowlists
• Secure Asset Fund for Users (SAFU)

SAFU acts as an emergency insurance fund to protect users in case of security breaches.

Both exchanges have faced security challenges in the past. In 2019, Binance experienced a hack, resulting in a loss of 7,000 BTC. They fully compensated affected users and enhanced their security protocols.

MEXC has not reported any major security breaches to date. However, like all exchanges, they remain vigilant against potential threats.

When it comes to reliability, both platforms generally offer consistent performance. MEXC has gained a reputation for stable operations, while Binance’s robust infrastructure supports its high trading volumes.

You should always enable all available security features on your account, regardless of which exchange you choose. This includes using strong, unique passwords and enabling 2FA for maximum protection.

 

MEXC vs Binance: Insurance Fund

Both MEXC and Binance offer insurance funds to protect users against potential losses. These funds provide an extra layer of security for traders on their platforms.

MEXC maintains an insurance fund to compensate users in case of unforeseen losses. This fund acts as a safety net, giving you peace of mind while trading on their platform.

Binance takes a similar approach with its Secure Asset Fund for Users (SAFU), an emergency insurance fund designed to safeguard user assets in extreme situations.

Key differences:

• MEXC’s fund focuses on general compensation for losses
• Binance’s SAFU is specifically for emergencies

It’s important to note that these funds don’t guarantee complete protection against all risks. They are meant to mitigate certain types of losses under specific circumstances.

When choosing between MEXC and Binance, consider the strength and transparency of their insurance funds. Look for information on:

• Fund size
• How it’s maintained
• Conditions for payouts

Remember, while insurance funds add a layer of security, they shouldn’t be the sole factor in your decision. Consider other aspects like trading features, fees, and overall platform reliability.

 

MEXC vs Binance: Customer Support

Customer support is a crucial factor to consider when choosing a crypto exchange. MEXC and Binance offer various support channels to assist users with queries and issues.

MEXC offers customer support through email and live chat on its platform. You can also contact them via social media platforms like Telegram and Twitter for assistance.

Binance offers a more comprehensive support system. You’ll find an extensive FAQ section and an automated bot to help with common questions. For more complex issues, Binance provides live chat and email support.

Both exchanges aim to address user concerns promptly. However, during peak times or periods of high market activity, you might experience longer wait times for live support on either platform.

It’s worth noting that Binance, being a more extensive exchange, may have more resources dedicated to customer support. This could potentially result in faster response times for some inquiries.

Always use official support channels and be cautious of potential scams or phishing attempts when seeking assistance. Both exchanges prioritize user security and never ask for sensitive information through unofficial channels.

 

MEXC vs Binance: Regulatory Compliance

MEXC and Binance both prioritize regulatory compliance, but their approaches differ. MEXC adapts to regional regulatory requirements, ensuring a compliant trading environment. The exchange follows laws closely to prevent money laundering and fraud.

Binance, as the most significant global cryptocurrency exchange, faces more scrutiny. It has obtained licenses in multiple jurisdictions, including France, Italy, and Dubai. The exchange has also implemented strict Know Your Customer (KYC) procedures.

Both platforms strive to create safe and fair trading environments. However, Binance’s global presence has led to more regulatory challenges. Some countries have issued warnings or restrictions against Binance’s operations.

MEXC’s no mandatory KYC policy for certain account levels may appeal to users valuing privacy. However, this approach could potentially raise regulatory concerns in some jurisdictions.

Binance has faced regulatory issues in several countries, including the UK and Japan. The exchange has addressed these concerns by enhancing its compliance measures and obtaining necessary licenses.

Both exchanges continue to evolve their regulatory strategies. You should stay informed about any changes in their compliance status, especially if you’re trading from a jurisdiction with strict cryptocurrency regulations.

 

Conclusion: Is MEXC Better Than Binance?

MEXC and Binance each offer distinct benefits for cryptocurrency traders. MEXC’s user-friendly interface and lower fees attract frequent traders aiming to maximize profits.

Binance, with its vast coin selection and global reputation, is ideal for experienced traders seeking a wide range of options and liquidity.

For beginners, MEXC’s simplicity and lack of mandatory KYC make it easy to start trading quickly.

Advanced traders or institutional investors may prefer Binance’s robust infrastructure, diverse products, and tiered fee system, which rewards high trading activity.

While Binance offers advanced security measures, MEXC is improving its protocols.

Your choice depends on your trading goals, experience, and feature preferences. Both platforms cater to different trader segments.

Compare MEXC and Binance with other major exchanges

• MEXC vs Phemex
• MEXC vs Bitget
• MEXC vs Bybit
• Binance vs BingX
• Binance vs Gate.io
• Binance vs KuCoin