Welcome to this post, where we are going to see the different ways to deposit funds in MEXC and the most economical way.
In order to buy and sell cryptocurrencies using MEXC, we must first deposit funds into it. And this is what we are going to see in this tutorial, the best ways the Exchange has to deposit funds, and how we can do it to save the maximum in commissions when we want to deposit.
Luckily, MEXC has deposits via credit card, bank transfer and P2P, although the latter tends to have certain risks if you have not used it previously.
To deposit funds using your credit card or by wire transfer, go to buy crypto. Here, you will be taken directly to P2P markets, and you will need to go to credit/debit card.
MEXC uses other companies that it integrates with its Exchange as many other exchanges do to allow deposits using this payment method. In KuCoin and other exchanges we have seen the same payment gateways that will allow us to buy crypto and deposit it directly into our MEXC balance.
Here, in pay we will indicate our currency, either EUR, USD or another you have in your bank account and you will use to deposit using your card. In get we will indicate the cryptocurrency we want to buy. We can buy BTC, ETH and USDT. My recommendation is to buy USDT as it has a stable value and you will know at all times the amount you buy. Indicate the amount, with a minimum of 100$ or 100 Euros. In get, you will see the amount you are going to receive for that amount, taking into account the commissions charged by the payment gateway. In payment provider you will be able to see the different options available, at this moment we find simplex, banxa and mercuryo. Any of the 3 gateways have very similar commissions and requirements.
Select the gateway you want to use and below you will see where the cryptocurrencies will be deposited once you have made the payment. To calculate the commission you are paying, it is as easy as seeing the difference between what you pay in dollars and what you receive in USDT. In the case of Bitcoin and Ethereum it is somewhat more complex, because you will have to see the price at that moment of each cryptocurrency and see the difference you would receive if you were to buy the same amount in the market. For this reason, buying USDT is the best option.
The commissions vary, but they are really quite high, at the time we tested it they were around 8-10%. Next we will see a cheaper option with less commissions for withdrawals. With the amount indicated and the payment gateway, click on buy USDT. Now, you must follow the steps and verify your identity to make the payment and receive the USDT in your MEXC balance.
Note that some of the gateways allow you to buy with bank transfer, and the commission is much lower, although it will take more days to receive it. Also, check if your bank has commissions when making bank transfers to other countries, because if so, it may not be as cheap as you may think.
With this form, you will be able to deposit USDT, BTC or ETH to your balance using these two payment methods. Now, let’s take a look at an alternative way to avoid paying that 9-11% commission using your credit card, and a way with a much smaller commission.
Deposit from Binance
Let’s look at the other option, using Binance and sending Binance cryptocurrencies to MEXC, to save money on the fees it charges. Since Binance has much smaller fees for credit card deposits. It can be a bit complicated if you are new and have never done it before, but let’s take a look at the step-by-step so you don’t get lost at any point.
Binance’s fee for depositing with a credit card is 1.8%, as you can see much smaller than the 9-11% we would pay at MEXC. There is also the option to deposit using binance wire transfer and you will pay even less commissions for it.
If you don’t have an account with binance, you can create your account just below to follow the steps.
The first thing we need to do is to deposit funds in Binance, either Euro dollars or your currency. You may need to pass the KYC in Binance to then withdraw what we have deposited. So, before anything else, first make sure to verify your binance account and then make a deposit. The best way once verified, is by credit card, although it has a 1.8% fee, we will be able to immediately have the funds to use. If you want to save on commissions, you can use wire transfer, but you will have to wait a few days for your deposit to arrive.
Once the deposit is made in your currency, in my case euros, we are going to buy tether (USDT). You can buy other cryptocurrencies, but USDT is the most used cryptocurrency in MEXC to exchange it for other cryptocurrencies. As well as being very cheap to send from one platform to another. For this reason, for me, it is the best option. We will go to market, fiat markets, and look for the euro/usdt pair or with your currency. Here, we will go to sell and indicate the amount we want to exchange our currency for USDT.
In order to see that we already have usdt in our binance balance, we will go to the main panel. With the usdt in our account balance, we will go to wallet, spot wallet and search for usdt or tether. Here, we will click on withdraw or withdraw, which will take you to the next panel.
Here, the first thing we must indicate the MEXC address where the USDT are deposited. To find out the address, go to wallet and overview. Here, we will search for USDT and click on deposit. We select the TRC-20 network and copy it, as it is the cheapest and fastest network to send USDT from one platform to another. Copy the address and now paste it into binance. We select the same TRC-20 network, indicate the amount we want to send and confirm the transaction with the confirmation codes. You will see the commission, which in the case of the tron network, is 1 dollar or very small. It is very important to always copy the TRC-20 network address and select the same network in Binance, or you may lose your funds. L
Now, after a few minutes you should see our deposit and the amount of USDT we have sent in MEXC. In addition, you will most likely receive an email confirming the deposit you have made to MEXC. In case it doesn’t arrive, I recommend you to wait and you can always check the txid in binance, to see if the transaction has been completed or if there has been some kind of problem when making it.
I hope this has helped you to know in detail how you can deposit funds in MEXC and the best ways that currently exist. Remember, if you don’t have an account with binance, you can create one just below.