Summary
Cryptocurrency is legal in Mexico, with growing popularity and regulatory oversight. The Bank of Mexico (Banxico) and the National Banking and Securities Commission (CNBV) are key regulatory bodies. Popular payment methods include bank transfers and credit cards. The Mexican peso (MXN) is widely supported on major exchanges. Here are our recommended best crypto exchanges for Mexico:
Best Crypto Exchanges in Mexico
When selecting a crypto exchange in Mexico, it’s crucial to consider factors such as supported cryptocurrencies, trading fees, deposit methods, and compliance with local regulations. The Mexican peso (MXN) is widely accepted on major platforms, with bank transfers and credit cards being the most common payment methods for Mexican users.
1. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
2. MEXC
Users:
15m
Free Demo:
Mobile App:
Bonus
$20,000
Cryptos:
2400+
Leverage:
200x
Spot Fees:
0.02%
Futures Fees:
0%/0.02%
Pros
- Lowest Trading Fees
- 2000+ supported crypto assets
- 200x leverage and deep liquidity
- 24/7 customer support
- Best for altcoin and leverage trading
Cons
- Not available in the US
- Newly launched coins pose high risk
- May request KYC in the future
Overview
MEXC is known as the crypto exchange with the lowest fees. What makes MEXC stand out is its 0% maker fee offer, meaning you can trade without any fees. However, the spot and futures taker fees start at 0.02%. No crypto exchange can compete with the MEXC fee structure.
If you are a day trader seeking high leverage, MEXC may be one of your best options. With 200x leverage over 400 futures contracts and by far the lowest fees, MEXC is truly a day trading heaven.
Even if you are not interested in leverage trading, MEXC has you covered with over 2000 supported cryptocurrencies on the spot market. While MEXC offers tons of new altcoins, we recommend being cautious as the legitimacy of newly listed projects may be questionable.
All in all, MEXC is arguably the best option for high-frequency traders seeking low fees to get the best value for money.
3. Binance
Users:
200m
Free Demo:
Mobile App:
Bonus:
$100
Cryptos:
400+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.05%
Pros
- Most comprehensive crypto exchange
- Most advanced features and products
- 24/7 customer support
- 400+ cryptocurrencies
- Reputable with over 200 million users
- Best liquidity
Cons
- Not beginner friendly
- Restricted in many regions due to regulations
- EU traders must use BNFCR for futures trading
Overview
Reaching over 200 million registered users in 2024, Binance is by far the largest crypto exchange in the world. The platform is incredibly comprehensive, offering crypto traders all the tools they need to make a profit in the crypto market.
With over 400 cryptocurrencies to trade, leverage of up to 125x, directly integrated charts from TradingView with tons of technical analysis tools, and many more features, Binance has secured its spot as one of the best crypto exchanges.
Binance offers a wide variety of products, including spot, margin, futures, and options trading, staking, lending, P2P, automated bot trading, copy trading, and even an NFT marketplace. It is safe to say that crypto geeks will find everything they are looking for on Binance.
The trading fees on Binance are very affordable. Binance charges 0.1% trading fees on the spot market (makers and takers alike), which is the industry standard. Where Binance excels is the futures market with fees of only 0.02% for makers and 0.05% for takers.
4. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
5. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05%
Pros
- Most beginner-friendly exchange
- Fully regulated and licensed
- Great customer support
- Reputable with over 100 million users
- Comprehensive fiat deposit methods
- Great wallet for on-chain access
Cons
- Lacks advanced features
- Very high spot trading fees
- Poor liquidity
Coinbase Overview
Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies.
Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive.
Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet.
It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders.
Is Crypto Legal and Regulated in Mexico?
Cryptocurrency is legal in Mexico, but it operates within a regulatory framework. The primary legislation governing cryptocurrencies is the Fintech Law, enacted in 2018. This law recognizes virtual assets and establishes guidelines for their use and trading.
The Bank of Mexico (Banxico) and the National Banking and Securities Commission (CNBV) are the main regulatory bodies overseeing cryptocurrency activities. Banxico has the authority to determine which cryptocurrencies can be offered by regulated financial institutions.
In 2019, the Mexican government introduced additional regulations requiring crypto exchanges and custody providers to report transactions exceeding 56,000 pesos (approximately $2,800 USD). This measure aims to prevent money laundering and terrorist financing.
While cryptocurrencies are not considered legal tender in Mexico, their use for trading and investment purposes is permitted. However, financial institutions are prohibited from directly operating with cryptocurrencies, as per a circular issued by Banxico in 2019.
Is Crypto Taxable in Mexico?
Cryptocurrency transactions are subject to taxation in Mexico. The Mexican Tax Administration Service (SAT) considers cryptocurrencies as assets and applies existing tax laws to crypto-related activities.
Capital gains from cryptocurrency trading are taxable under the Income Tax Law. Individuals are required to pay a tax rate of up to 35% on profits from cryptocurrency sales, depending on their income bracket.
For businesses, cryptocurrency transactions are subject to corporate income tax, which is currently set at 30%. Additionally, companies engaged in cryptocurrency activities must comply with value-added tax (VAT) regulations, which apply a standard rate of 16%.
It’s important to note that cryptocurrency miners are also subject to taxation. The income generated from mining activities is considered taxable and must be reported to the SAT.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in Mexico.
How to Buy Crypto in Mexico
Purchasing cryptocurrencies in Mexico has become increasingly accessible. We recommend using Bybit for its user-friendly interface and competitive fees. Whether you’re interested in buying Bitcoin, Ethereum, or other popular cryptocurrencies, follow these steps:
- Choose a Crypto Exchange: Find a platform that accommodates Mexican pesos (MXN) and supports your preferred payment methods. Check the exchange’s KYC requirements for compliance.
- Create an Account and Verify Your Identity: Sign up on the selected exchange and complete the identity verification process. This usually requires personal information and identification documents.
- Deposit Funds: Fund your account using Mexican pesos. Common payment methods in Mexico include bank transfers (SPEI), credit cards, and debit cards. Some exchanges also allow cash deposits through convenience stores.
- Select the Cryptocurrency to Purchase: Pick from a variety of assets, including Bitcoin (BTC), Ethereum (ETH), or stablecoins like Tether (USDT). Conduct research to align your choice with your investment objectives.
- Execute the Trade: Specify the amount you want to buy and review the transaction details. Confirm the trade to complete your cryptocurrency purchase.
- Secure Your Funds: After the purchase, transfer your cryptocurrencies to a secure wallet. You can utilize the exchange’s built-in wallet or move your assets to an external wallet for enhanced security.
By following these steps, you can effectively and safely acquire cryptocurrencies in Mexico. Stay updated on market trends and consistently apply good security practices to safeguard your digital assets.
Best Crypto Wallets in Mexico
Selecting a secure and user-friendly crypto wallet is crucial for Mexican cryptocurrency users. Here are some top options:
- Ledger: A leading hardware wallet recognized for its exceptional security features, Ledger supports a diverse array of cryptocurrencies and works seamlessly with various software interfaces.
- Trezor: A trusted option in the hardware wallet space, Trezor provides strong security along with an easy-to-use interface. It is compatible with many cryptocurrencies and third-party wallets.
- Trust Wallet: A widely-used mobile wallet that supports multiple blockchains, Trust Wallet includes a built-in exchange and DApp browser, making it ideal for everyday transactions.
- Exodus: This wallet, available for both desktop and mobile, boasts an appealing user interface. It supports a broad range of cryptocurrencies and offers integrated exchange capabilities.
- MetaMask: A browser extension wallet focused on Ethereum and ERC-20 tokens, MetaMask is crucial for engaging with DeFi applications and NFT marketplaces.
When selecting a wallet, it’s essential to evaluate various factors such as security features, the range of supported cryptocurrencies, user-friendliness, and compatibility with Mexican exchanges. For significant holdings, hardware wallets like Ledger or Trezor provide optimal security. Meanwhile, mobile wallets such as Trust Wallet or Exodus offer convenience for daily transactions. Always adhere to best security practices for your wallet, including backing up your recovery phrase and enabling two-factor authentication whenever possible.
Bottom Line
For Mexican crypto enthusiasts, the best crypto exchanges in Mexico offer a balance of security, variety, and user-friendly features. We recommend Bybit as the top choice for its extensive cryptocurrency selection and competitive fees. MEXC follows closely, providing high liquidity and diverse trading options. Both platforms support MXN and offer robust security measures, making them excellent choices for Mexican users looking to enter or expand their presence in the cryptocurrency market.
