MEXC vs BingX | Best Exchange for Serious Traders?
Jack Moreau
Mar 2024
8 min read
Fact checked
MEXC vs BingX: In this comprehensive comparison, we analyze MEXC and BingX across various aspects to assist you in determining the superior exchange. We delve into factors such as KYC requirements, availability in different countries, product offerings, trading fees, deposit methods, and more!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
MEXC and BingX are two prominent cryptocurrency exchanges that have gained popularity in the crypto industry. While both platforms offer a wide range of trading services, they have distinct features and cater to different user bases.
MEXC, founded in 2018 by John Chen, is a centralized exchange that has quickly grown to serve over 6 million users in more than 170 countries worldwide.
The exchange has obtained key licenses in Canada, Australia, Estonia, and the United States, making it a trusted platform for users in these regions.
MEXC exchange
MEXC supports over 1,600 cryptocurrencies and offers more than 2,000 trading pairs, providing users with a diverse range of options for their trading needs.
With a focus on regulatory compliance and security, MEXC has gained a reputation for being a reliable and secure exchange.
MEXC APP
On the other hand, BingX, established in 2018 by Josh Lu, is a cryptocurrency exchange that offers various types of trading services, including spot, derivatives, copy, and grid trading.
BingX exchange
With over 5 million users in more than 100 countries and regions, BingX has emerged as a popular choice for traders around the world. The platform has offices in North America, Canada, the EU, Hong Kong, and Taiwan, further expanding its global presence.
BingX licenses
BingX users have access to buy and sell over 350 cryptocurrencies, providing ample opportunities for diversification. With over 1 million app downloads, BingX has a strong mobile presence and offers a user-friendly experience for on-the-go trading.
BingX app
MEXC vs BingX KYC Requirements
When it comes to signing up for an exchange, Mexc and BingX offer different experiences. Let's take a closer look at their signup processes and KYC requirements.
Starting with Mexc, the signup process is incredibly fast and simple. All users need to do is enter their email, choose a password, and copy-paste the verification code sent to the email. Users can then immediately start depositing cryptocurrencies on MEXC and begin trading.
MEXC KYC
The best part is, KYC is not mandatory on Mexc, so you can enjoy unlimited crypto deposits and trading without going through the verification process.
On the other hand, BingX offers an equally simple signup process. All you need is an email address, and you're good to go! No KYC is necessary to deposit cryptocurrencies and start trading on BingX. It's as easy as that.
However, if you want to enjoy additional benefits and access bigger withdrawal amounts on BingX, going through the KYC process is recommended.
Verified users on BingX can take advantage of higher withdrawal limits. But remember, it's not mandatory, so you can still deposit and trade without it.
MEXC vs BingX Crypto Products
MEXC and BingX are two cryptocurrency exchanges that offer a large range of trading products and services to their users. MEXC offers a unique experience compared to larger platforms like Binance and Bybit.
While it may not offer an equally extensive range of products, it excels in providing depth and variety in what it does offer.
One of the key features of MEXC is its impressive spot trading capability that allows for trading in a vast array of over 1,700 cryptocurrencies.
MEXC Spot Trading
This includes popular large-cap coins such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as a multitude of altcoins that are rarely available on other exchanges.
This makes MEXC an attractive platform for traders who are keen on exploring and investing in lesser-known cryptocurrencies.
MEXC Crypto Markets
Additionally, the platform keeps its offerings up-to-date by adding new altcoins on a weekly basis, catering to the evolving market and the diverse interests of traders.
MEXC stands out with their futures offering by providing access to perpetual trading in over 300 markets.
MEXC Perpetual Trading
Traders can engage in these markets using either USDT or a variety of other cryptocurrencies as the underlying collateral. A significant highlight of MEXC's futures trading is the option for users to apply up to 200X leverage.
MEXC Futures
This level of leverage, which is higher than what most other exchanges offer, can significantly amplify both potential gains and losses.
For those that are interested in copying the trading strategies of proven traders on MEXC, they can easily copy their trade via copy trading.
MEXC Copy Trading
MEXC also provides a demo trading feature which is especially beneficial for beginners or those new to futures trading, allowing them to practice and get a feel for the market dynamics without risking actual money.
The trading volume on MEXC is a testament to its active user base and vibrant trading environment. The platform records over $1 billion in spot trading and more than $3 billion in futures trading volumes every 24 hours.
MEXC Futures Volumes
For users interested in passive income opportunities, MEXC offers a savings section with both locked and flexible savings products.
These products allow users to earn interest on their digital assets with different rates available depending on the amount and terms of the savings.
MEXC Savings
While MEXC provides various options for earning interest, there are more lucrative earn opportunities available to be found on other exchanges.
Adding to its suite of services, MEXC recently introduced its own launchpad which gives MX token holders early access to new token launches. However, as of now, there are no upcoming launches announced.
MEXC Launchpad
While MEXC has been expanding its range of products and services, the platform's main strengths lie in its extensive altcoin offerings and the high leverage options available in futures trading.
The platform is user-friendly and accessible, making it suitable for both experienced traders and newcomers to the cryptocurrency market.
An additional benefit is that users can access these services without undergoing KYC (Know Your Customer) procedures.
On the other hand, BingX offers a range of services including spot trading, derivatives products such as perpetual and standard futures, copy trading, and demo trading. They also provide automatic buying and selling via grid trading and user rewards for completing different tasks.
BingX futures trading
In terms of usability, BingX provides a clear and easy-to-navigate interface, similar to other exchanges like Kucoin and Binance.
They offer a solid range of trading services and a good variety of cryptocurrencies. Additionally, BingX offers futures leverage of up to 150X.
BingX copy trading
While BingX does not have as high liquidity as MEXC, it provides a convenient option for users looking for a user-friendly platform and a decent selection of trading services.
In conclusion, both MEXC and BingX offer a range of products and services to cryptocurrency traders. MEXC provides a wider range of trading options and has higher liquidity, while BingX focuses on user experience and simplicity.
When it comes to trading fees, MEXC and BingX are two popular exchanges offering different fee structures to their users.
Moving on to MEXC trading fees, they charge a spot maker and taker fee of 0.2% for users. This fee may seem a bit higher compared to some other exchanges, but MEXC offers additional discounts if you are trading with their native MX token.
MEXC trading fees
The spot trading fee for takers on BingX, on the other hand, varies depending on the cryptocurrency being bought. For large cap coins such as BTC and ETH, the fee is set at 0.1%, while for less known altcoins, the fee goes up to 0.2%.
BingX spot trading fees
This tiered fee structure allows users to pay according to the specific cryptocurrency they are trading. So, if you're someone who likes to experiment with different altcoins, BingX fee structure will be a bit more expensive.
Moving on to futures trading, MEXC proudly offers a 0% fee for makers and a 0.01% fee for takers.
This means that if you're participating in futures trading on MEXC and happen to be a maker, you won't have to pay any fees at all. Takers, on the other hand, enjoy a competitive fee of 0.01%.
Meanwhile, BingX sets its futures maker fee at 0.045% and the futures taker fee at 0.075%. These fees may not be as low as what MEXC offers, but they still remain competitive in the market.
BingX futures fees
So, if you're looking for an exchange that provides futures trading options with very competitive fees, MEXC is the exchange for you!
When comparing the deposit methods offered by MEXC and BingX, it becomes apparent that both exchanges have limitations when it comes to fiat currency deposits.
MEXC does not allow users to deposit fiat currencies on their platform. Instead, users can only deposit cryptocurrencies or buy crypto using their fiat currencies through card or third-party providers.
How to buy crypto on MEXC with card
On the other hand, BingX also does not support fiat deposits. They only allow for crypto deposits and offer the option to purchase cryptocurrencies via credit card through third-party providers like Banxa and MoonPay.
This may disappoint some users who are used with the convenience and ease of fiat deposits. However, it is important to note that both exchanges still offer other deposit options that can be used by those who have already acquired cryptocurrencies or have access to credit cards.
When it comes to withdrawing funds from cryptocurrency exchanges, it's important to be aware of the different withdrawal methods and fees offered by each platform.
Starting with Mexc, this exchange offers only cryptocurrency withdrawals, with no fiat currency withdrawal option available. However, the fees for withdrawing cryptocurrencies vary depending on the specific blockchain.
For Bitcoin withdrawals, Mexc charges a fee of 0.0003 BTC. For Ethereum, the withdrawal fee is 0.0001 ETH. Solana withdrawals come with a fee of 0.01 SOL. If you wish to withdraw ERC-20 USDT, Mexc applies a fee of $4 USDT.
Moving on to BingX, this exchange also does not support fiat currency withdrawals. However, users can withdraw their cryptocurrencies, albeit with different fees based on the blockchain being utilized.
Withdrawing Bitcoin from BingX comes with a fee of 0.0002 BTC. For Ethereum withdrawals, BingX charges a fee of 0.00076 ETH.
If you want to withdraw Solana, there is a fee of 0.0008 SOL. Lastly, for withdrawing ERC-20 USDT, BingX imposes a fee of 6 USDT.
In conclusion, Mexc and BingX offer similar services with regards to cryptocurrency withdrawals but Mexc charges slightly lower fees for more cryptocurrencies compared to BingX.
In conclusion, both MEXC and BingX are prominent cryptocurrency exchanges with distinct features and advantages.
MEXC has a larger user base, serving over 6 million users in more than 170 countries, and offers over 1,600 cryptocurrencies and 2,000 trading pairs.
This means that MEXC has the edge over BingX in terms of both number of cryptocurrencies, user base and trading volumes.
With key licenses and a focus on regulatory compliance and security, MEXC is a trusted platform, especially in regions like Canada, Australia, Estonia, and the United States.
On the other hand, BingX has not secured licensed with any well known authority around the world. BingX does however offer various trading services, including spot, derivatives, copy, and grid trading.
And when it comes to signup processes and KYC requirements, both exchanges offer hassle-free experiences that do not require KYC to begin trading.
MEXC and BingX are tied when it comes to spot trading fees while MEXC offers much lower futures fees and higher leverage than BingX.
MEXC offers a 0% futures fee for makers and a 0.01% fee for takers, while BingX sets its futures maker fee at 0.045% and the futures taker fee at 0.075%
When considering all the variables we have discussed in this comparison, it becomes clear that MEXC is the clear winner!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
