In the crypto universe, the right exchange can make all the difference. MEXC and Binance, two of the industry’s heavyweights, often find themselves in the spotlight. With WoolyPooly’s expertise in the crypto realm, we present an in-depth comparison of these platforms. Let’s unravel the intricacies of each to determine the ultimate crypto trading champion.
Table of Contents
MEXC vs Binance Comparison Chart
| Criteria | MEXC | Binance |
|---|---|---|
| Established | 2018 | 2017 |
| Number of Coins | 1690+ | 380+ |
| Trading Options | Spot Trading, Margin, Futures | Spot Trading, Margin, Futures |
| Max Leverage Level | 200x | 125x |
| Unique Features | Launchpad, Copy Trading, Kickstarter | Asset Conversion, SAFU, 800+ P2P Options |
| Spot Trading Fees | 0% | 0.1% |
| Futures Fees | 0% Maker, 0.03% Taker | 0.02% Maker, 0.04% Taker |
| Withdrawal Fees | 1 USDT, 0.0003 BTC, 0.001 LTC | 1 USDT, 0.000097 BTC, 0.001 LTC |
| Copy Trading | Yes | Yes |
| KYC | No (30 BTC per day) | Yes |
| P2P / Buy Crypto | Yes | Yes |
| Mobile App | Yes | Yes |
| Support | Ticket, Email, Webchat, Social Media | Ticket, Email, Webchat, Social Media |
| Prohibited Countries (with KYC) | North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Indonesia, Singapore, Venezuela, the United States, and Canada | The US, Canada, Malaysia, Netherlands |
MEXC: A Rising Star in the Crypto Exchange Universe
MEXC, established in 2018, has quickly risen to prominence in the crypto world. With a vast selection of over 1690+ coins, it offers a plethora of trading options for both novices and seasoned traders. Whether you’re into spot trading, margin, or futures, MEXC has got you covered. One of its standout features is the impressive max leverage level of 200x (for Bitcoin trading leverage), which is notably higher than many of its competitors.
Diving deeper into its offerings, MEXC boasts unique features like Launchpad, Copy Trading, and Kickstarter. These features not only differentiate it from other exchanges but also provide traders with more opportunities to diversify their portfolios and strategies. MEXC is the crypto exchange with lowest fees on the market. Spot trading is entirely free, and futures fees are minimal, with 0% for makers and 0.03% for takers. The withdrawal fees are also reasonable, with charges like 1 USDT for USDT withdrawals, 0.0003 BTC for Bitcoin, and 0.001 LTC for Litecoin.
One of the significant advantages of MEXC is its no-KYC policy, allowing users to withdraw up to 30 BTC per day without undergoing a KYC process. This feature is particularly appealing to those who value privacy. Additionally, MEXC offers P2P trading and the option to buy crypto. Its mobile app ensures that traders can manage their portfolios on the go, and the support system, which includes ticket, email, webchat, and social media, ensures that users’ queries are addressed promptly.
However, it’s essential to note that MEXC has a list of prohibited countries for users with KYC, including North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Indonesia, Singapore, Venezuela, the United States, and Canada.
Pros & Cons
| Pros | |
| Coin Variety | Vast array of coins (1690+). |
| KYC Policy | No KYC Crypto Exchange. |
| Fees | Lowest fees. |
| Leverage | 200x Crypto Leverage Trading. |
| Cons | |
| Restrictions | Restricts users from several countries. |
Binance: The Behemoth of Crypto Exchanges
Binance, a name synonymous with cryptocurrency exchanges, was established a year before MEXC in 2017. Despite its earlier inception, it offers a more curated list of coins, with over 380+ available for trading. Like MEXC, Binance provides a range of trading options, including spot trading, margin, and futures.
Binance’s max leverage level stands at 125x, which, while lower than MEXC, is still considerable. The exchange is renowned for its unique features, such as Asset Conversion, SAFU (Secure Asset Fund for Users), and an extensive P2P platform with over 800+ options. Recently, Binance also introduced copy trading, allowing users to replicate the trading strategies of experienced traders.
In the realm of fees, Binance charges a minimal 0.1% for spot trading. Its futures fees structure is 0.02% for makers and 0.04% for takers. The withdrawal fees are competitive, with 1 USDT for USDT withdrawals, a slightly lower 0.000097 BTC for Bitcoin compared to MEXC, and an identical 0.001 LTC for Litecoin.
Binance requires its users to undergo a KYC process, ensuring a secure trading environment. Both P2P trading and the option to buy crypto are available on Binance. The mobile app is user-friendly and feature-rich, ensuring that users can trade seamlessly on the move. Binance’s support system is robust, with ticket, email, webchat, and social media channels available for assistance. However, it’s worth noting that Binance restricts users from certain countries, including the US, Canada, Malaysia, and the Netherlands.
Pros & Cons
| Pros | |
| P2P Options | 800+ P2P Options. |
| Liquidity | Highest liquidity. |
| Funds Protection | SAFU |
| Cons | |
| KYC | Mandatory KYC, aligning with global compliance norms. |
| Regulatory Issues | Regulatory issues in several countries like US, Russia. |
Conclusion
The MEXC vs Binance battle is intense, with both platforms offering a plethora of features tailored to diverse trading needs. MEXC’s vast coin offerings and no mandatory KYC policy make it a strong contender. On the other hand, Binance’s global reputation, coupled with its unique features like P2P 800+ options, make it a favorite for many. Your choice between the two will hinge on your specific requirements and preferences. With this comprehensive comparison by WoolyPooly, we hope to have equipped you with the insights needed to make an informed decision.
FAQs
Which exchange offers more coins, MEXC or Binance?
MEXC boasts a staggering 1690+ coins, while Binance offers over 380+.
Do both platforms support futures trading?
Yes, both MEXC and Binance support futures trading.
Is KYC mandatory on both platforms?
MEXC offers a no-KYC option with a limit of 30 BTC per day. Binance, however, requires KYC.
