Best Crypto Exchanges in Mexico
Explore the best crypto exchanges in Mexico, understand key regulations and tax rules, and get tips for optimal platform choice.
Summary: Mexican investors who want to engage in Bitcoin and cryptocurrency trading must use investment platforms regulated by the CNBV (Comisión Nacional Bancaria y de Valores). By using an approved digital asset exchange, you ensure adherence to local financial laws and get access to a wide range of MXN payment methods, including SPEI transfers, local bank deposits, and credit or debit cards.
For those new to digital asset investing, we have evaluated the country’s leading exchanges and discovered the top five cryptocurrency platforms available in Mexico:
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Best Cryptocurrency Exchanges in Mexico
After an extensive review of 23 cryptocurrency trading platforms, we have identified the best regulated exchanges for Mexican investors and traders. Our selection criteria focused on compliance with CNBV (Comisión Nacional Bancaria y de Valores) regulations, diversity of cryptocurrencies, user interface quality, supported MXN deposit methods, and fee structures. Here is a comprehensive table highlighting our top five options in Mexico.
1. Bybit
Bybit is the best cryptocurrency exchange in Mexico. It provides free MXN deposits to buy, sell, and trade over 1,100 cryptocurrencies on both spot and futures markets. As a globally accessible platform, it can be used in over 160 countries and has multilingual customer support and an interface available in Spanish and English. It is trusted by more than 30 million users globally and regularly publishes its reserves to show that all assets are held 1:1.
Its most popular feature is its sophisticated derivatives trading platform, offering up to 100x leverage across hundreds of contracts. The exchange also hosts a variety of other services, including staking, a crypto debit card, a lending and borrowing feature, an NFT marketplace, copy trading services, demo accounts and more.
- Fees: 0.1% for spot trading, 0.01% maker or 0.06% taker fees for derivatives.
- Supported Cryptocurrencies: Over 1000 cryptocurrencies are supported.
- Regulation & Licensing: Globally licensed by multiple regulators, accessible in Mexico.
- MXN Deposit Methods: SPEI, Bank Transfer, Credit/Debit Card, Apple Pay, Google Pay, UPI, IMPS, STP and Samsung Pay.
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2. eToro
eToro is a globally regulated multi-asset exchange that has been operating since 2007 and gives users access to more than 4,500 financial instruments. This includes leading cryptocurrencies like Bitcoin and Ethereum, key stocks such as Coinbase and Microstrategy, and innovative ETFs, including the BlackRock Bitcoin ETF. This variety enables Mexican investors to diversify their portfolios through a single, comprehensively licensed platform.
Regulated by several global tier-1 regulatory authorities, eToro is highly esteemed in Mexico for its intuitive interface and versatile deposit options in Mexican Pesos (MXN). The platform accommodates various payment methods, including bank transfers and credit/debit cards, aligning with the preferences of Mexican investors. With its policy of no initial commissions and competitive spreads, eToro is an attractive option for those looking to broaden their investment horizons.
- Fees: eToro uses a variable spread fee structure, typically around 1%.
- Supported Assets: eToro's portfolio exceeds 4,500 assets, ranging from digital currencies to traditional investments like ETFs and stocks.
- Regulation & Licensing: Registered with top-tier global regulators like AMF, CySEC, OAM and available in Mexico.
- MXN Deposit Methods: Bank Transfers, Debit Cards and Credit Cards.
3. Gate.io
Gate.io has one of the largest collection of cryptocurrencies globally, with over 1,700 tokens supported for trading. This diverse range appeals to Mexican investors interested in newer and emerging assets like altcoins, memecoins, GameFi tokens and others. The platform's competitive transaction fees, starting at just 0.1% for spot trades, and multilingual interface available in Spanish add to its appeal in the Mexican market.
With more than 14 million users globally and a daily trading volume surpassing $5 billion, Gate.io has a significant international presence. The platform enhances trading experiences in Mexico with features like automated trading bots, demo accounts and copy trading features. It io also hosts unique trading events and competitions, aligning with the interests of its Mexican clients.
- Fees: 0.1% for maker and 0.2% for taker orders on spot markets.
- Supported Cryptocurrencies: Over 1,700 digital assets.
- Regulation & Licensing: Gate.io isn't directly licensed in Mexico but is available to Mexican users.
- MXN Deposit Methods: Bank Transfers and Credit or Debit Cards.
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4. Binance
Binance is known for its extensive international presence with a user base exceeding 180 million traders. It offers various trading options, including spot, futures, margin, and options markets, with leverage up to 50x available, as well as staking services and a decentralized exchange. Binance is committed to providing excellent customer support, available 24/7 in multiple languages, including Spanish and English.
In Mexico, Binance operates under Bmex Techfin, S. de R.L. de C.V., which has received a Vulnerable Activity registration from the Tax Administration Service (SAT). This registration allows Binance to offer virtual asset services in Mexico, adhering to SAT's anti-money laundering and counter-terrorist financing regulations. Binance's deep liquidity and high trading volumes make it an attractive platform for both individuals and institutional investors.
- Fees: 0.1% for spot trading, with futures maker/taker fees of 0.02%/0.06%.
- Supported Cryptocurrencies: More than 350 digital assets.
- Regulation & Licensing: Operates under SAT regulation in Mexico, complying with AML/TF requirements.
- MXN Deposit Methods: Bank Transfers, Credit Cards and Google Pay.
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5. Bitso
Bitso is the most popular local exchange with its headquarters based in Mexico City. The platform has a smaller selection of 50 crypto assets, providing users access to popular cryptocurrencies like Bitcoin and Ethereum. Bitso can be used on both a desktop and a user-friendly mobile app, known for making investing, trading, and transferring cryptocurrencies straightforward.
The platform is distinguished by features like automatic orders and scheduled buying, facilitating both short-term and long-term trading strategies. Bitso also enables cheap cross-border payments throughout Latin America, executed in local currencies. As a relatively new exchange, it doesn’t support staking services, crypto loans or access to NFTs.
- Fees: Flat 1% fee on all trades.
- Supported Cryptocurrencies: Supports 50 cryptocurrencies.
- Regulation & Licensing: Regulated by the CNBV.
- MXN Deposit Methods: Bank Transfers, Debit Cards and SPEI.
Is Crypto Regulated in Mexico?
Cryptocurrency in Mexico is regulated under a framework distinguishing financial and non-financial entities. The pivotal FinTech Law of 2018 defines digital assets and sets the regulatory tone. Financial entities like banks and Financial Technology Institutions (FTIs) need authorization from the National Banking and Securities Commission (NBSC) to engage in digital asset transactions. However, Banxico’s Circular 4/2019 restricts these entities from direct virtual asset transactions with clients, citing volatility and compliance risks.
Non-Financial Entities still adhere to regulations under the Anti-Money Laundering Law. Though offering crypto services, these entities must follow specific legal guidelines to ensure compliance with national and international standards. The evolving regulatory landscape, marked by the anticipated introduction of Mexico's digital currency by Banxico in 2025, signals a significant shift in the country's approach to cryptocurrency. This development could reshape the regulatory framework and usage of digital assets in Mexico.
Is Crypto Taxed in Mexico?
Cryptocurrency transactions fall under general taxation laws in Mexico, such as the Income Tax Law (ITL) and the Value-Added Tax Law, as digital assets have no specific regime. Income tax is applied directly to profits from cryptocurrency transactions for both individuals and companies. Individuals face up to a 35% tax rate, while legal entities have a 30% rate. Additionally, a 16% value-added tax is levied on transactions involving goods and services, including those related to cryptocurrencies.
For the sale of digital assets, the Taxpayers’ Defense Office guidelines, as of November 2021, mandate that profits be taxed as the sale of goods. Transactions exceeding approximately US$13,324 require withholding and provisional income tax payments, with the purchaser typically responsible for a 20% tax payment to the Tax Administration Service (SAT). Sellers must include this income in their annual tax return, with allowances for deducting acquisition costs and commissions. Digital platforms facilitating such transactions are responsible for withholding and remitting income tax to the SAT.
Bottom Line
In conclusion, our comprehensive review of 23 platforms reveals that Bybit, eToro, Gate.io, Binance, and Bitso are the top5 exchanges in Mexico offering a mix of security, diverse assets, user-friendly interfaces, and compliance with the CNBV. These platforms provide robust features, comprehensive customer support, and varied MXN payment options suitable for different investor needs.
As the regulatory environment evolves, particularly with the anticipated launch of Mexico's digital currency, investors should stay informed about the changes. Additionally, understanding the taxation of crypto transactions under the current ITL and VAT laws is crucial for maintaining compliance in the country.
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