Comparing Binance vs MEXC in 2024. Which Cryptocurrency Exchange Is Better?

Anton Ioffe - January 4th 2024 - 6 minutes read

In the ever-evolving landscape of cryptocurrency exchanges, two giants have consistently piqued the interest of the trading community: Binance and MEXC. As we venture into 2024, the question on every crypto enthusiast's mind is which platform leads the charge in providing a seamless, secure, and cost-efficient trading experience. In this comparative exploration, we slice through the technical prowess, user-centric features, intricate fee labyrinths, and the vast seas of digital assets that Binance and MEXC offer. Whether you're a seasoned trader looking to optimize your strategy, or a newcomer searching for a reliable gateway into the crypto world, join us as we dissect and distill the strengths and weaknesses of these two titanic exchanges—your ultimate guide to making an informed choice in the cryptocurrency exchange showdown awaits.

Exchange Infrastructure and Security: Binance vs. MEXC

When assessing the technical frameworks of Binance and MEXC, one must consider the server stability, which is crucial for maintaining uninterrupted access to the markets and ensuring that orders are executed without delay. Binance, with its larger user base, has invested heavily in a distributed architecture that aims to provide a resilient trading experience, even during times of high market volatility. This robust structure has helped maintain Binance's uptime record, keeping traders online when it matters most. MEXC, though smaller, also boasts a reliable infrastructure that supports its wide range of services, and continuously works on improving system stability to cater to its growing audience.

In terms of security protocols, both exchanges deploy a multi-tier and multi-cluster system architecture. They use cold storage solutions to safeguard a majority of user funds, reducing the risk of theft by keeping them offline and away from potential online vulnerabilities. Two-factor authentication (2FA) is another layer of security that both exchanges use to protect user accounts, adding an essential barrier to unauthorized access. Additionally, compliance with international security standards marks both Binance and MEXC as platforms that take the safety of their customers' assets seriously, adhering to rigorous procedures to ensure comprehensive data protection and financial security.

Looking at their security track records, both Binance and MEXC have experienced challenges. Binance has faced and successfully thwarted numerous hacking attempts, reinforcing its systems in response to these incursions. In contrast, MEXC's past security breaches have prompted the platform to heighten its security measures significantly. Both exchanges now employ real-time monitoring systems to detect and prevent unauthorized activities, ultimately strengthening their defenses and building trust within the crypto community. While no platform can guarantee absolute security, Binance and MEXC's ongoing efforts in enhancing their security infrastructure speak to their commitment to protecting users' interests.

Trading Experience and Features: User Perspective Comparison

At the forefront of user experience, Binance and MEXC have developed interfaces that cater to diverse trader profiles. Binance sets a high standard with an advanced suite of trading tools that serve seasoned investors well. Its comprehensive desktop and mobile platforms offer features like futures trading, margin accounts, and a range of lending services complete with risk assessment tools. The platform's interface, although multifaceted, remains intuitive enough for less experienced traders to navigate. Their mobile app maintains functional parity with the desktop experience, ensuring traders have robust trading capabilities on the go. Given its API support, traders can also integrate third-party trading bots and apps, optimizing the platform's efficiency for high-frequency, algorithmic trading strategies.

In comparison, MEXC prides itself on an inclusive trading system, striking a balance between sophisticated tools for veteran traders and a straightforward experience for newcomers. While it provides margin trading options with high leverage, the platform is particularly renowned for its leveraged ETFs, easing traders into complex trading instruments. The mobile application echoes the simplicity of the main site, providing a streamlined experience with all the core functionalities. For traders partial to automation, MEXC's trading bots and automatic trading modes cater to those looking for consistent strategy execution without constant oversight.

Determining which exchange offers a better trading experience largely depends on the user's proficiency and trading needs. New entrants to the crypto space may find MEXC's simpler interface and automation features to be a comforting starting point. Meanwhile, Binance's breadth and depth of advanced trading tools, as well as its superior API offerings, likely make it the more appealing choice for traders with a greater appetite for sophisticated investment strategies and customized trading experiences. Both platforms ensure that regardless of expertise, users can access a wide range of features tailored to enhance their trading proficiency and outcomes.

Financials and Fees: A Cost Analysis

Understanding the fee structures of cryptocurrency exchanges is crucial for traders to maximize their profits and minimize costs. Both MEXC and Binance employ a maker-taker fee model for trading. On MEXC, both makers and takers enjoy zero fees for spot trading, with futures traders charged at 0.000% for makers and 0.020% for takers. In contrast, Binance's spot trading incurs fees of 0.100% for both makers and takers. However, for high-volume traders, Binance's fee strategy includes a tiered VIP program which can reduce these costs significantly, positioning it as potentially more cost-effective for heavy traders, while MEXC remains a solid choice for those with lesser volume trades.

When withdrawing funds, fees differentiate the two platforms. Withdrawing USDT on MEXC incurs a fee of 1 USDT using the BNB chain network, in contrast to Binance's lower 0.3 USDT fee for the identical transaction on the same network. These differences are especially relevant for traders who frequently move funds off the exchange and can accumulate to a significant cost. Hence, assessing the frequency and volume of transactions is essential when evaluating the financial impact of the two exchanges.

The availability of fee discounts through the use of native tokens or tiered membership levels is a further financial factor for users to consider. Binance incentivizes users to reduce transaction fees by using their native token, BNB, while their VIP program offers additional fee reductions based on trading volume. MEXC, without tiered fee reductions, prides itself on a more straightforward cost structure, attractive for its simplicity and consistency across trading volumes. Given these circumstances, the decision between MEXC and Binance will depend on an individual trader's strategy constraints and their need for cost-effective trading over time, whether through volume-related discounts or consistently low flat rates.

Asset Variety and Market Depth: Liquidity and Choice at Binance and MEXC

When examining the range of cryptocurrencies available on each platform, MEXC and Binance cater to different investor profiles. MEXC supports a staggering array of over 1,850 cryptocurrencies, which makes it a veritable treasure trove for traders looking to build a diverse portfolio or invest in lesser-known altcoins. The presence of such a wide selection of assets allows for a more exploratory investment approach, especially for users interested in emerging projects or seeking to capitalize on new market entrants through MEXC's Launchpad. Conversely, Binance offers a more curated experience with over 500 cryptocurrencies. A focus on major market players ensures deep liquidity pools, which is advantageous for investors engaging in large transactions or those who prioritize the ability to easily enter and exit positions.

Liquidity is another critical factor that afflicts market depth and, ultimately, a trader's ability to execute large orders without incurring significant price slippage. Binance, being one of the largest exchanges in the world by trade volume, provides exceptional liquidity across its trading pairs, which is a vital element for both retail and institutional investors. Binance's high liquidity ensures that market orders are filled promptly with minimal impact on the price, a key attribute for high-volume traders. MEXC, despite its extensive cryptocurrency offerings, has varied liquidity depending on the asset and market in question. Certain popular trading pairs may possess adequate depth, while more niche markets might lack the same level of fluidity.

For investors with specific needs, such as those focusing on altcoins or up-and-coming tokens, MEXC can prove to be more suitable, given its extensive catalog. This suitability comes with the caveat of potentially lower liquidity in certain markets which might not be as mature as Binance's offerings. Binance, with its robust liquidity and narrower focus on established cryptocurrencies, can be the better option for those placing substantial trades in well-known coins or seeking steadfast market stability. Ultimately, the ideal exchange for an investor would largely depend on the balance they wish to strike between the breadth of asset options and the assurance of liquidity when executing trades.


The article compares the cryptocurrency exchanges Binance and MEXC in terms of their infrastructure and security, trading experience and features, financials and fees, and asset variety and market depth. Both exchanges prioritize server stability and security protocols to protect user funds and offer a range of trading tools and features. Binance is known for its advanced trading tools and API support, while MEXC focuses on simplicity and automation. In terms of fees, both employ a maker-taker fee model, with Binance offering tiered VIP programs for cost reductions. MEXC offers a wider variety of cryptocurrencies, while Binance prioritizes liquidity for major market players. The choice between the two exchanges depends on individual needs and preferences, with Binance appealing to more experienced and sophisticated traders and MEXC offering a user-friendly experience with a diverse range of assets.