Summary: In Mexico, engaging in Bitcoin and other cryptocurrencies requires choosing platforms regulated by the CNBV (Comisión Nacional Bancaria y de Valores). These platforms ensure secure transactions and support diverse payment methods, including SPEI transfers, local bank deposits, and credit/debit cards, catering to the convenience of Mexican investors.
Our team has evaluated the top five cryptocurrency platforms available in Mexico. These platforms excel in robust security measures, user-friendly interfaces, and adherence to Mexican financial regulations. They represent the most reliable choices in the cryptocurrency market.
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Best Cryptocurrency Exchanges in Mexico
After an extensive review of over 15 cryptocurrency platforms, we have identified the best regulated exchanges for investors in Mexico. Our selection criteria focused on compliance with CNBV (Comisión Nacional Bancaria y de Valores) regulations, the diversity of available cryptocurrencies, user interface quality, the ease of depositing Mexican Pesos, and the clarity of fee structures. For a comprehensive overview, refer to our list below showcasing the top five cryptocurrency platforms in Mexico.
As a leading cryptocurrency exchange in Mexico, Bybit is noted for its keen grasp of the unique requirements of Mexican investors and offers a streamlined onboarding experience. The platform provides a wide array of Mexican Peso (MXN) deposit options, including local bank transfers (SPEI), major credit and debit cards, and popular digital wallets, ensuring user convenience.
Bybit's dedication to customer service is apparent with its 24/7 support in both Spanish and English, along with features specifically designed for the Mexican market. The exchange is well-known for its sophisticated derivatives trading platform, offering up to 25x leverage across over 930 cryptocurrency assets. Serving in over 180 countries, Bybit presents a comprehensive spectrum of trading and staking opportunities, marking it as a top choice for investors.
- Fees: 0.1% for spot trading, 0.01% maker or 0.06% taker fees for derivatives.
- Supported Cryptocurrencies: Over 930.
- Regulation & Licensing: Globally regulated, accessible in Mexico.
- MXN Deposit Methods: SPEI Bank Transfer, Credit/Debit Card, Digital Wallets.
In Mexico's dynamic cryptocurrency market, eToro emerges as a premier choice, offering access to more than 4,500 financial instruments. This array 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 regulated 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 regulators like AMF, CySEC, OAM and available in Mexico.
- MXN Deposit Methods: Includes bank transfers, debit cards, credit cards, and other financial services.
Gate.io ranks as the third most favored cryptocurrency exchange in Mexico, distinguished by its expansive selection of over 1,700 cryptocurrencies. This broad range appeals to Mexican investors interested in a diverse array of digital assets. The platform's competitive transaction fees, starting at just 0.1% for spot trades, 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 footprint. The platform enhances trading experiences in Mexico with features like automated trading bots and a dedicated startup section, tailored to the specific needs of Mexican traders. Gate.io also hosts unique trading events and competitions, aligning with the interests of its Mexican clientele.
- Fees: Competitive, with 0.1% for maker orders and 0.2% for taker orders.
- Supported Cryptocurrencies: Over 1,700 digital assets.
- Regulation & Licensing: Headquartered in the Seychelles, Gate.io isn't directly licensed in Mexico but is available to Mexican users.
- MXN Deposit Methods: Includes local bank transfers and credit/debit card options.
Binance, known for its extensive international presence, ranks as the fourth top cryptocurrency exchange in Mexico. The platform caters to over 120 million users worldwide, offering a diverse array of trading options, including spot, futures, margin, and options trading, as well as staking services and a decentralized exchange. Binance is committed to providing excellent customer support, available 24/7 in multiple languages, to meet the needs of its varied user base.
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 across various digital assets make it an attractive platform for individual traders and institutional investors.
- Fees: 0.1% for spot trading, with futures maker/taker fees of 0.02%/0.06%.
- Supported Cryptocurrencies: Over 300 for trading and more than 100 available for staking.
- Regulation & Licensing: Operates under SAT regulation in Mexico, complying with AML/TF requirements.
- MXN Deposit Methods: Includes bank transfers, credit/debit cards, and other methods.
Bitso earns the fifth spot on our list in Mexico, standing out as a leading crypto-based financial services platform in Latin America. With a selection of over 50 crypto assets, it offers Mexican users a wide range of options for diversification, from well-known cryptocurrencies like Bitcoin and Ether to various digital dollars. Bitso's user-friendly app is acclaimed for making investing, trading, and transferring cryptocurrencies straightforward and accessible.
The platform is distinguished by features like automatic orders and scheduled buying, facilitating both short-term and long-term trading strategies. Bitso also enables efficient, low-cost cross-border payments throughout Latin America, executed in local currencies.
- Fees: Bitso is recognized for its competitive fee structure, which varies by asset.
- Supported Cryptocurrencies: Offers over 50, including Bitcoin, Ether, and digital dollars.
- Regulation & Licensing: Serving over 7 million users and 1,500 institutional clients, Bitso is a trusted name in Latin America for crypto-based financial services.
- MXN Deposit Methods: Includes direct bank transfers and standard options for quick Mexican Peso deposits.
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 virtual assets and sets the regulatory tone. Financial entities like banks and Financial Technology Institutions (FTIs) need authorization from bodies like the National Banking and Securities Commission (NBSC) to engage in virtual 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, operating without such stringent authorizations, still adhere to regulations, particularly under the Anti-Money Laundering Law. These entities, though offering virtual asset services, must follow specific legal guidelines to ensure compliance with national and international standards. This includes entities engaged in virtual asset transactions within Mexico, regardless of their physical location.
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 potentially reshape the regulatory framework and usage of virtual assets in Mexico.
How is Crypto Taxed in Mexico
In Mexico, cryptocurrency transactions fall under general taxation laws, notably the Income Tax Law (ITL) and the Value-Added Tax Law, as there's no specific regime for virtual assets. For both individuals and companies, income tax is applied directly to profits from cryptocurrency transactions. 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 virtual 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.
In conclusion, navigating the cryptocurrency landscape in Mexico presents a unique blend of opportunities and regulatory considerations. Our comprehensive review of over 15 platforms reveals that Bybit, eToro, Gate.io, Binance, and Bitso are the top exchanges offering a mix of security, diverse assets, user-friendly interfaces, and compliance with Mexican financial regulations.
As the regulatory environment evolves, particularly with the anticipated launch of Mexico's digital currency, investors must stay informed about the changes. Additionally, understanding the taxation of crypto transactions under the current ITL and VAT laws is crucial for compliance and informed decision-making