How to Buy Cryptocurrency in Mexico

Buying cryptocurrency in Mexico

Buying cryptocurrency in MexicoCryptocurrencies are so popular because they offer an easy way to transfer money, which is becoming increasingly more difficult to do in Mexico. The country has a long track record of struggling with tax evasion and money laundering, which is why the government implemented new fintech laws to supervise financial service providers in banking and private capital sectors. According to this law, financial institutions were banned from issuing or transferring cryptocurrencies to customers in any way. In reality, the regulations sounded worse than they were, as the government didn’t outright ban cryptocurrencies or deem them illegal. The trend of cryptocurrencies is rapidly gaining momentum in Mexico. Between September 2019 and May 2020, the trading volume of Bitso, Mexico’s lead crypto exchange, went up by 342%, according to Bitso reports. Earlier in 2020, Bitso reported that it had exceeded 1 million users on the platform, 92 % of them being Mexican.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Mexico. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Binance

Binance is one of the largest crypto exchanges with low fees, 100s of coins, and high trading leverage. It is one of the easiest & cheapest exchanges for crypto trading.

Pros
  • Hundreds of coins and pairs
  • Very low fees
  • High liquidity
  • Trade without verification
Cons
  • No US residents
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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eToro

An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.

Pros
  • Fully regulated financial institution
  • Free stock and ETF trading
  • Ability to follow expert traders
Cons
  • Fees (spreads) are high
  • Only USD as base currency
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Bitfinex

Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.

Pros
  • Very low trading fees
  • Large range of coins and trading pairs
  • High liquidity
Cons
  • Slow account verification
  • Two major hacks
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Changelly

Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.

Pros
  • Non-custodial exchange
  • Great way to switch altcoins
  • Doesn’t require extensive KYC
  • 2FA security and high exchange limit
Cons
  • A high transaction fee of 0.5%
  • Unclear owners
  • Sometimes their service is quite slow
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Poloniex

Poloniex is a centralized cryptocurrency exchange that started its journey back in January 2014. The platform offers margin trading, spot trading and margin lending

Pros
  • No verification required
  • Low fees
  • Margin trading and lending options
Cons
  • Not regulated
  • No Fiat deposits
  • No US users
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OKEx

OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.

Pros
  • Good range of coins
  • DEX trading
  • No hacking history
Cons
  • Not available in US
  • KYC required
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Kucoin

Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.

Pros
  • Vast selection of altcoins
  • Ability to stake & earn crypto yields
  • Robust security features
  • No forced KYC checks
Cons
  • No fiat currency deposits
  • Trading volume is low

Coinmama

Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.

Pros
  • Receive coins to your wallet instantly.
  • High limits for buying bitcoin
  • Faster customer service
  • High levels of security
Cons
  • No option for trading with other users
  • Higher fees
  • No mobile app
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Bittrex

Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.

Pros
  • Strong security features
  • Faster transaction & withdrawals
  • Compliant with US laws
  • Inexpensive bank card deposits
Cons
  • No leveraged margin trading
  • Intrusive verification process
  • Unexplained closure of account