MEXC vs Kucoin | Who Has Best Spot & Perps Trading?
Jack Moreau
Feb 2024
8 min read
Fact checked
Mexc vs Kucoin: In this comprehensive comparison, we delve into the key aspects of both exchanges to help you make an informed decision. From examining their KYC requirements and country availability to analysing their product offerings, trading fees, and deposit methods, we cover it all!
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 was founded in 2018 by John Chen and is registered and headquartered in Victoria, Seychelles. With over 500 employees, MEXC has established itself as an exchange with a significant user base of around 5 million users across more than 170 countries.
MEXC exchange
The exchange has obtained key licenses in countries such as Canada, Australia, Estonia, and the United States, which has contributed to its global recognition.
MEXC offers a wide range of services which includes spot trading and derivatives trading, and supports an extensive selection of over 1000 cryptocurrencies and 2000 trading pairs.
MEXC app
Kucoin was founded one year earlier in 2017 by Michael Gan and is a global exchange and subsidiary of Seychelles registered MEK Global Limited.
Kucoin exchange
With over 600 employees, Kucoin has established a strong presence in the crypto market having reached a user base of over 20 million users in 200 countries.
The exchange offers a variety of services, including spot trading, margin trading, futures, staking, and lending. Kucoin is known for its user-friendly interface, competitive trading fees, and a wide range of hard-to-find altcoins.
Kucoin app
Both MEXC and Kucoin have their own unique features and strengths that make them appealing to different types of traders.
MEXC stands out with its extensive selection of cryptocurrencies and trading pairs, while Kucoin is known for its diverse range of altcoins and user-friendly interface.
MEXC vs Kucoin KYC Requirements
On MEXC the signup process is incredibly fast and straightforward. All you need to do is enter your email, create a password, and then copy-paste the email verification code that is sent to you. Once you've completed these steps your MEXC account is opened and ready to go.
The best part is that MEXC does not enforce KYC on all users so you can begin depositing cryptocurrencies and start trading right away, without any additional verification.
MEXC KYC
On the other hand, Kucoin offers a slightly different signup experience. Their process is also quick taking less than a minute to complete. All you need to do is provide your basic email or phone number to signup.
Similar to MEXC, Kucoin does not require KYC verification for all of its users. This means that unverified accounts can buy and sell the same cryptocurrencies that verified accounts can.
However, if you want to increase your limits and access more features, you have the option to complete KYC verification.
Kucoin KYC
For users who choose to proceed with KYC verification on MEXC, there are certain benefits to consider. If you want to buy crypto with fiat currencies or access higher withdrawal limits of up to 80 BTC, you will need to complete primary KYC.
This involves providing personal information such as your full name, address, a valid government ID, and a selfie.
To further increase the withdrawal limit to 200 BTC per day, you can opt for advanced KYC, which requires additional personal information and facial recognition.
Similarly on Kucoin, if you decide to complete KYC verification, you will also experience benefits such as higher trading and withdrawal limits. The basic verification process can be approved within hours on Kucoin.
MEXC vs Kucoin Crypto Products
MEXC and Kucoin are both crypto exchanges that offer a wide range of trading products and services.
MEXC, while smaller in its range of products compared to larger exchanges like Kucoin and Bybit, offers a unique depth to the services that it does offer.
One of MEXC's most notable features is its spot trading service which includes a diverse selection of over 1,700 cryptocurrencies.
MEXC Spot Trading
This not only encompasses all the major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) but also includes a vast array of altcoins that are not commonly found on most exchanges.
For those interested in exploring and trading in lesser-known or emerging cryptocurrencies, MEXC is continually expanding its offerings, adding new altcoins on a weekly basis.
MEXC Crypto Markets
In addition to spot trading, MEXC provides a robust futures trading experience. The platform offers perpetual trading in over 300 markets where traders have the option to use either USDT (USDT-M) or a variety of cryptocurrencies (COIN-M) as the underlying collateral.
MEXC Perpetual Trading
One of the standout features of MEXC's futures trading is the opportunity for traders to use up to 200X leverage, a rate that is significantly higher than what most other exchanges offer.
MEXC Futures Trading
For those interested in mimicking the strategies of successful traders, MEXC's Copy Trading feature is a valuable tool. This feature allows users to replicate the trades of proven traders on the platform.
MEXC Copy Trading
MEXC also caters to beginners in futures trading with its demo trading feature. This allows users to practice trading in a simulated environment without risking real money.
The trading activity on MEXC is substantial with the platform handling over $1 billion in spot trading and over $3 billion in futures trading within a 24-hour period.
MEXC Futures Volumes
Beyond trading, MEXC offers options for users looking to earn interest on their cryptocurrency holdings. The platform has a savings section that provides both locked and flexible savings products, with varying interest rates depending on the amount saved.
MEXC Savings Products
Additionally, MEXC has introduced a launchpad for MX token holders, offering early access to new token launches. This feature adds an element of exclusivity for MX token holders, although there are no new launches currently scheduled.
MEXC Launchpad
Overall, while MEXC is expanding its range of products and services, its strengths lies in its extensive altcoin offering and the high leverage available in futures trading.
Moreover, users can access these services without the need for complex KYC (Know Your Customer) procedures, adding a layer of convenience.
On the other hand, Kucoin has evolved into a comprehensive crypto service provider, rivaling the largest exchanges in the world with its wide range of products.
At the heart of Kucoin's offerings is its spot trading platform, where users have the opportunity to buy and sell an extensive range of over 700 cryptocurrencies and altcoins.
Kucoin Spot Trading
Kucoin's commitment to expanding its selection is evident with new coins and tokens added weekly, making it an ideal platform for discovering unique and less commonly available altcoins.
Kucoin Crypto Markets
For those interested in more advanced trading strategies, Kucoin offers margin trading with up to 10X leverage. This feature allows users to amplify their trading positions, offering the potential for higher returns while also increasing risk.
Kucoin Margin Trading
Margin trading on Kucoin is versatile, providing the options for both cross and isolated margin on a selection of over 100 cryptocurrencies.
Kucoin's future trading section is another highlight, featuring over 250 tradable futures contracts. This includes a variety of futures products such as USDT and USDC margin contracts, coin-margin contracts, and even grid bots.
Kucoin Futures
For traders looking for high-risk, high-reward opportunities, Kucoin offers up to 125X leverage on futures trading, appealing to those who enjoy highly leveraged positions.
Kucoin Futures Products
For traders preferring a less risky approach, leveraged tokens are available on Kucoin. These tokens offer the ability to take long or short positions with smaller leverage (2-4X) without the need for loans or the risk of liquidation.
Kucoin Leveraged Products
Kucoin also caters to bot traders with a variety of options including spot grid, futures grid, martingale, smart rebalance, infinity grid, and Dollar-Cost Averaging (DCA) bots.
Kucoin Trading Bots
In terms of trading volumes, Kucoin stands out as a top player ranking in the top 20 for spot trading with a 24-hour trading volume of $1 billion, and over $2 billion in futures trading.
Kucoin Trading Volumes
For users looking to earn yields on their digital assets, Kucoin's Earn section offers a range of options including savings, staking, and dual investments.
Kucoin Earn
The platform provides access to staking rewards for various popular blockchains like Ethereum, Solana, Cosmos, Polkadot, Injective, as well as many others.
Kucoin Staking
Additionally, Kucoin has joined other exchanges in offering its own launchpad for new token launches. Through Kucoin Spotlight, users have access to exciting new investment opportunities.
Kucoin Launchpad
Kucoin has also expanded into the world of Non-Fungible Tokens (NFTs) with its dedicated NFT marketplace called Wonderland.
Kucoin NFTs
Here users can buy and sell NFTs on the KCC and Polygon blockchains, with plans to support additional blockchains like Ethereum, Binance Smart Chain (BSC), and SLP in the future.
Finally, for those preferring non-custodial trading, Kucoin has introduced the Halo Wallet. This Web3 wallet, available as a mobile app or a Chrome extension, allows users to manage their digital assets independently of the exchange, providing an added layer of control and security.
Kucoin Halo Wallet
In summary, Kucoin offers a more comprehensive range of services than MEXC does, while offering a smaller range of altcoins and less leverage available when trading perpetual contracts.
Let's start by talking about the trading fees offered by MEXC. MEXC is known for its competitive fee structure that attracts traders from all over the world.
At the time of writing however, MEXC has reduced it's spot maker and taker fees to 0%. That's a fantastic deal for those who are looking to buy or sell their cryptocurrencies quickly.
When it comes to futures trading on MEXC, the exchanges currently offers a maker fee of 0% and 0.01% for takers.
These competitive fees make MEXC a go-to platform for traders who want to dive into the world of futures trading without breaking the bank.
Now let's shift our focus to the trading fees on Kucoin and explore the trading fees they have to offer. For spot trading on Kucoin, the maker and taker fees are both 0.1% for Class A cryptocurrencies.
Kucoin spot fees
For high volume traders whose monthly trade volumes exceed 50 Bitcoins or if they hold at least 1000 KCS tokens, they can enjoy lower trading fees on both spot and futures trading. That's a great incentive for traders to increase their trading activity and take advantage of these reduced fees.
Kucoin futures fees
Speaking of futures trading on Kucoin, the maker fee is 0.02% and for takers the fee is only slightly higher at 0.06%.
MEXC and Kucoin are both cryptocurrency exchanges that offer various services to users, but when it comes to deposit methods, they have some differences.
Starting with MEXC, this platform does not support the deposit of fiat currencies. So, if you want to fund your MEXC account, your only options are to deposit cryptocurrencies or buy crypto using your fiat currencies through card payments or third-party providers.
MEXC buy crypto with credit card
However, if you already have cryptocurrencies to deposit or are comfortable buying crypto with your fiat through other means, MEXC will work just fine for you.
Kucoin supports the deposit of fiat currencies for a variety of different fiat currencies including EUR, GBP, BRL and a few others.
Kucoin Fiat Deposit
Most of the fiat deposit options on Kucoin are available through Visa and Mastercard, making it convenient for users who prefer these payment methods.
However, it's worth noting that Kucoin charges a relatively high deposit fee of 3.8% for deposits made with Visa and Mastercard.
Kucoin also provides a wider range of options for depositing fiat currencies like EUR deposits that can be made with SEPA for a low 1 EUR fee.
MEXC as expected does not support fiat currency withdrawals meaning that users can only withdraw cryptocurrencies.
The fees for withdrawing different cryptocurrencies vary, depending on the blockchain being used. For example, if you want to withdraw Bitcoin, there is a 0.0003 BTC fee.
For Ethereum withdrawals, the fee is 0.0001 ETH. If you're looking to withdraw Solana, you'll be charged a 0.01 SOL fee. Lastly, if you want to withdraw ERC-20 USDT, MEXC charges a $4 USDT fee.
On the other hand, Kucoin does offer fiat withdrawals for fiat currencies such as EUR through SEPA. To withdraw using SEPA, users are charged a 5 EUR fee.
Kucoin Fiat Withdrawal
For cryptocurrency withdrawals, the fees vary depending on the specific cryptocurrency. For Bitcoin withdrawals, the fee is 0.001 BTC. Ethereum withdrawals come with a 0.01 ETH fee.
In conclusion, both MEXC and Kucoin are great exchanges that have gained immense popularity in the market.
MEXC stands out with its extensive selection of over 1000 cryptocurrencies and 2000 trading pairs which is even more impressive than the 700 cryptos offered by Kucoin.
MEXC It has obtained key licenses in countries such as Canada, Australia, Estonia, and the United States which Kucoin has not.
Similar to Kucoin, MEXC offers spot trading and derivatives trading but with up to 200X leverage compared to the 100X offered by Kucoin.
In terms of which exchange has the most user-friendly interface, we would have to pick Kucoin which has the more modern and crisp UX.
Overall, both exchanges offer a wide range of products and services and their trading fees are quite similar overall with Kucoin offering lower spot fees and MEXC offering lower futures fees.
But which exchange do we pick as winner? In our opinion, we like both exchanges equally and use them both for both spot and futures trading!
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.
