MEXC’s Liquidity Skyrockets, Surpassing Binance! But What’s the Catch?

MEXC’s Liquidity Skyrockets, Surpassing Binance! But What’s the Catch?
Table of Contents


  • MEXC surpasses Binance in liquidity: The Singapore-based crypto exchange has seen a huge increase in its trading volume and market depth, especially for altcoins.
  • MEXC offers diverse and attractive crypto opportunities: The platform supports over 1800 crypto assets, including early-stage investments, and has a flexible KYC process for users.
  • MEXC attracts traders with zero-fee spot trading: The exchange has been promoting a zero-fee policy for both market makers and takers, which has boosted its trading activity and liquidity.

MEXC, a Singapore-based cryptocurrency exchange, has seen its liquidity skyrocket, surpassing even that of the industry giant, Binance. This development has left many in the crypto community wondering: what’s the catch?

MEXC’s rise to prominence can be attributed to its impressive range of cryptocurrencies and early-stage investment opportunities. The platform supports over 1800 crypto assets, making it an attractive choice for traders looking to diversify their portfolios. Furthermore, MEXC’s flexible Know Your Customer (KYC) process allows users to trade up to 30 BTC daily without mandatory KYC.

From September 2023 onwards, there has been a notable increase in the trading volume of altcoins on MEXC, surpassing Bybit by a significant $25 billion. This excludes the trading volumes of Bitcoin (BTC), Ethereum (ETH), and stablecoin pairs. 

A contributing factor to this surge is MEXC’s enduring promotion of zero-fee spot trading for both market makers and takers. This strategy has evidently been successful in attracting a substantial amount of trading activity.

Historical Trends in MEXC’s Market Depth

MEXC’s Liquidity Skyrockets, Surpassing Binance! But What’s the Catch?

Until the onset of the new year, MEXC and Coinbase were registering nearly the same volume of altcoin trades. However, MEXC’s volume has seen a slight decrease since then. Despite this, MEXC’s volume remains impressive and has been under our scrutiny since the previous summer when it began to exhibit remarkably deep markets.

MEXC stands out with its 1% market depth, matching that of Binance, and boasting more than twice the 0.1% market depth of Binance. In an era where liquidity is highly valued, MEXC has seemingly doubled its depth near the mid-price in a mere three months. 

To elaborate, the monthly average 0.1% market depth for altcoins illustrates the expanding gap between Binance and MEXC. For several months, MEXC has stood out as an exceptional exchange in our analysis. As its market share expanded, its liquidity painted a more intense picture of this growth. 

Historically, exchanges have been enhancing the 2% market depth metric, a figure prominently displayed on platforms like CoinGecko and CoinMarketCap. However, MEXC’s dominance is more pronounced nearer to the mid-price, accompanied by narrow yet fluctuating spreads.


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