Mexico is Latin America's second-largest economy and a growing crypto market with regulatory frameworks under the Fintech Law. We tested exchanges for MXN deposit support, SPEI transfers, trading fees, and available cryptocurrencies.
Mexico is Latin America's second-largest crypto market, with adoption driven by the US-Mexico remittance corridor, peso volatility, and a young, digitally connected population. The Bank of Mexico (Banxico) regulates crypto under the Fintech Law (Ley Fintech), which requires exchanges to get authorized as Electronic Payment Fund Institutions.
**How Fees Compare**
Bitso absolutely dominates the Mexican market, handling over 95% of all MXN crypto trading. Fees range from 0.1-0.6% based on your 30-day volume, with high-volume traders paying as little as 0.1%. Binance P2P offers zero-fee MXN trades, though spreads can vary. Volabit charges 0.5-1% with simple SPEI deposits. Speaking of SPEI, Mexico's instant payment system makes deposits free and nearly instant on most platforms.
**Staying Safe as a Trader in Mexico**
- Use platforms authorized under the Ley Fintech or well-known global exchanges
- SPEI deposits are both the safest and cheapest way to fund your account
- Crypto MLM schemes are particularly active in Mexico. Be skeptical of anything that sounds too good to be true
- Keep records of all transactions for the SAT (Mexico's tax authority)
- Enable two-factor authentication and set withdrawal limits on every account
**What Sets These Exchanges Apart**
Bitso has built something unique with its remittance corridor: US-based users can send USD that arrives as MXN via crypto rails, often faster and cheaper than traditional services like Western Union. Bitso's API is also popular with businesses for payment processing. For traders who need more trading pairs and deeper liquidity, Binance and OKX are the go-to alternatives beyond the local market.
**What You Need to Know About Taxes**
Mexico taxes crypto gains as accumulated income under the ISR (Income Tax Law). Progressive rates range from 1.92% to 35%. Exchanges are not required to withhold tax, so it is up to you to report your gains. The SAT has significantly stepped up its scrutiny of crypto transactions since 2023.
Crypto Regulations in Mexico
Mexico regulates crypto under the 2018 Ley Fintech (Fintech Law), which classifies cryptocurrencies as "virtual assets" and requires platforms to obtain CNBV authorization. Banxico (Bank of Mexico) restricts regulated financial institutions from offering crypto services directly. Licensed platforms must implement KYC/AML procedures and report to the UIF (Financial Intelligence Unit). Crypto gains are taxed as income at progressive rates up to 35%. Mexico does not recognize crypto as legal tender.
Frequently Asked Questions
Is crypto legal in Mexico?
Yes. Crypto is regulated under the Ley Fintech. Exchanges must be authorized as Electronic Payment Fund Institutions.
What is the best crypto exchange in Mexico?
Bitso dominates with 95%+ MXN market share. It's the best for most Mexican traders due to instant SPEI deposits and competitive fees.
How is crypto taxed in Mexico?
Crypto gains are taxed as accumulated income under ISR at progressive rates (1.92-35%). Traders must self-report to SAT.
Can I send remittances with crypto from the US to Mexico?
Yes. Bitso offers a crypto-powered remittance corridor that converts USD to MXN, often faster and cheaper than traditional services.
What is SPEI and why does it matter for crypto?
SPEI is Mexico's instant payment system. It enables free, instant MXN deposits to exchanges like Bitso, making it the cheapest funding method.