Binance and MEXC are two of the most popular exchanges for buying SOL, but the fees you pay depend entirely on how you buy. A credit card purchase can cost you 3-5x more than a bank transfer followed by a spot trade. On a $1,000 buy, that difference is $20 versus $80.
This guide walks through every buying method on both exchanges with actual fee numbers, step-by-step instructions, and a head-to-head comparison so you can pick the cheapest path for your situation.
Fee Summary: Binance vs MEXC
Before diving into the details, here is the bottom line.
| Method | Binance | MEXC |
|---|
| Spot maker fee | 0.10% (0.075% with BNB) | 0.00% |
| Spot taker fee | 0.10% (0.075% with BNB) | 0.05% |
| Credit/debit card | ~2% | ~2-3.5% (third-party) |
| Bank transfer deposit | Free-1 EUR (SEPA) | Free (crypto deposit) |
| P2P trading | 0% exchange fee | 0% exchange fee |
| SOL withdrawal | 0.01 SOL | 0.01 SOL |
Both exchanges charge 0.01 SOL per withdrawal (roughly $0.20-0.40 at current prices). The real cost difference comes from how you fund your account and which order type you use.
Buying SOL on Binance: Step by Step
Binance is the world's largest crypto exchange by volume. Users who sign up through our link receive up to 20% off trading fees permanently.
Method 1: Bank Transfer + Spot Trade (Cheapest)
This is the cheapest way to buy SOL on any exchange. Total cost: under 0.2% for EU users, under 0.5% globally.
Step 1: Deposit fiat via bank transfer.
- EU users: SEPA transfer costs 1 EUR flat (or 0.12% via SEPA Open Banking). Funds arrive same day, sometimes within hours.
- UK users: Faster Payments is free and settles within minutes.
- Other regions: Local bank transfer options vary. Check the Binance deposit page for your currency.
Step 2: Buy SOL on the spot market.
Navigate to Trade, then Spot. Search for SOL/USDT or SOL/EUR (depending on what you deposited). Place a limit order at your target price for the maker fee (0.10%), or a market order if you want instant execution (0.10% taker).
Step 3: Enable BNB fee deduction (optional but recommended).
Go to your dashboard and toggle "Using BNB Deduction" under fee settings. This cuts your trading fee from 0.10% to 0.075% -- a 25% discount. You need a small BNB balance to cover fees, but even $5 worth is enough for most trades.
Total cost example on $1,000 purchase:
- SEPA deposit: 1 EUR (~$1.10)
- Spot trade (0.075% with BNB): $0.75
- Total: ~$1.85 (0.185%)
Method 2: Credit or Debit Card (Fastest)
Binance charges approximately 2% for card purchases. This is a direct buy -- you skip the deposit and spot trade steps entirely.
Step 1: Navigate to Buy Crypto, then select Credit/Debit Card.
Step 2: Enter the amount in your local currency, select SOL as the coin to receive.
Step 3: Enter card details and confirm. SOL arrives in your Binance spot wallet within minutes.
Total cost on $1,000: ~$20. Convenient but 10x more expensive than the bank transfer method.
Card purchases also trigger a withdrawal hold of 24-72 hours on some accounts. If you plan to move SOL to a self-custody wallet immediately, the bank transfer route avoids this lockup.
Method 3: P2P Trading
Binance P2P lets you buy USDT (or BTC) directly from other users using local payment methods -- bank transfer, mobile payment, or cash. Binance charges zero exchange fees on P2P trades.
Step 1: Go to Trade, then P2P. Select USDT and your local currency.
Step 2: Browse sellers, compare prices, and pick one with a high completion rate (aim for 95%+).
Step 3: Place the order, send payment via the agreed method, and the seller releases USDT to your Binance wallet.
Step 4: Convert USDT to SOL on the spot market (0.10% fee, or 0.075% with BNB).
The catch with P2P is the spread. Sellers typically price USDT 0.5-2% above market rate -- that is their profit margin. So while the exchange fee is zero, you are paying through the price. For small amounts or regions where bank transfer is not available, P2P can still be the best option.
Total cost on $1,000: ~$5-25 depending on seller spread + 0.075% spot trade.
Binance Convert (Simple Trade)
Binance also offers a "Convert" feature that lets you swap between assets with zero explicit fees. The cost is embedded in the spread (typically 0.1-0.5%). Convenient for beginners who find the spot interface intimidating, but slightly more expensive than a spot limit order.
Buying SOL on MEXC: Step by Step
MEXC is known for its aggressive fee structure. The headline feature: 0% maker fees on all spot pairs, no volume requirements, no VIP tier needed. Users who sign up through our link receive a 20% fee discount on taker orders.
Method 1: Deposit Crypto + Spot Trade (Cheapest)
MEXC does not support SEPA or direct bank transfer deposits in most regions. The cheapest path is depositing stablecoins from another source and trading on the spot market.
Step 1: Deposit USDT or USDC.
Send USDT to your MEXC wallet. Use the TRC20 (Tron) network for the cheapest transfer fees (under $1 from most exchanges). All crypto deposits on MEXC are free.
If you already hold USDT on another exchange or wallet, this step costs you only the sending network's withdrawal fee.
Step 2: Buy SOL on the spot market.
Navigate to Spot Trading and search for SOL/USDT. Place a limit order for a 0.00% maker fee, or a market order for 0.05% taker fee.
Total cost example on $1,000 purchase:
- USDT deposit (TRC20 from another exchange): ~$1
- Spot limit order (0.00% maker): $0
- Total: ~$1 (0.1%)
This is genuinely hard to beat. If you use a limit order, the only cost is the transfer fee to get USDT onto MEXC.
Method 2: Credit or Debit Card
MEXC routes card purchases through third-party processors (Simplex, Banxa, or similar). The fee structure varies by provider and region but typically falls in the 2-3.5% range.
Step 1: Click Buy Crypto on the MEXC homepage and select Credit/Debit Card.
Step 2: Enter the amount, select SOL, and choose a payment provider. MEXC shows you quotes from multiple providers -- pick the one with the best rate.
Step 3: Complete the purchase through the provider's checkout. SOL arrives in your MEXC spot wallet.
Total cost on $1,000: ~$20-35. The third-party provider markup makes this the most expensive method on MEXC. Avoid if possible.
Method 3: P2P Trading
MEXC offers P2P trading with zero exchange fees, similar to Binance. Available payment methods include local bank transfer, mobile payment apps, and other regional options.
Step 1: Navigate to Buy Crypto, then P2P. Select USDT and your local currency.
Step 2: Choose a seller with good ratings and a competitive price.
Step 3: Complete the payment and receive USDT.
Step 4: Convert USDT to SOL on the spot market (0% maker, 0.05% taker).
Same spread caveat as Binance P2P: sellers bake their margin into the price. But the 0% spot maker fee on the subsequent USDT-to-SOL trade means the total cost is slightly lower than doing the same flow on Binance.
MX Token Fee Discount
Holding MEXC's native MX token gives you an additional 20% discount on taker fees (dropping 0.05% to 0.04%). With 500+ MX tokens, the discount increases to 50% (taker drops to 0.025%). For most retail buyers this is not worth pursuing -- the savings are marginal on spot trades.
Which Exchange Is Cheaper?
The answer depends on where you live and how you fund your account.
MEXC wins if:
- You already hold USDT or USDC. Deposit crypto for free, trade with 0% maker fees. Total cost is essentially zero.
- You use limit orders. MEXC's 0% maker fee is unbeatable. Binance's best rate is 0.075% with BNB.
- You are in a region without SEPA. MEXC's crypto-deposit-first model works equally well everywhere.
Binance wins if:
- You are in the EU. SEPA deposits for 1 EUR + 0.075% spot trading is hard to beat on convenience. No need to acquire USDT first from another source.
- You want fiat on-ramps. Binance supports more direct fiat deposit methods than MEXC.
- You trade large volumes. Binance's VIP tiers can push fees below 0.02% at higher volumes, and the deeper order books mean less slippage on large trades.
- You value P2P variety. Binance's P2P marketplace has more sellers, more currencies, and higher liquidity in most regions.
Cost Comparison by Amount
| Purchase Amount | Binance (SEPA + spot) | MEXC (USDT deposit + limit) | Binance (card) | MEXC (card) |
|---|
| $100 | ~$1.18 | ~$1.00 | ~$2.00 | ~$2.50 |
| $500 | ~$1.48 | ~$1.00 | ~$10.00 | ~$12.50 |
| $1,000 | ~$1.85 | ~$1.00 | ~$20.00 | ~$25.00 |
| $5,000 | ~$4.75 | ~$1.00 | ~$100.00 | ~$125.00 |
The SEPA column assumes 1 EUR deposit fee + 0.075% spot fee (BNB discount). The USDT deposit column assumes a ~$1 TRC20 transfer fee + 0% maker fee. Card columns assume 2% (Binance) and 2.5% (MEXC midpoint).
At every amount, the spot trading route is dramatically cheaper than cards. And as purchase size grows, the card fee becomes genuinely painful.
Withdrawing SOL to Your Wallet
After buying SOL on either exchange, you will want to move it to a self-custody wallet like Phantom or Solflare for use in DeFi, staking, or trading on-chain.
Both Binance and MEXC charge 0.01 SOL per withdrawal on the Solana network. At current prices, that is roughly $0.20-0.40 -- negligible.
Critical step: select the Solana network. Both exchanges also let you withdraw SOL-wrapped tokens on other networks (BNB Chain, Ethereum). If you accidentally choose the wrong network, your SOL will not arrive in your Solana wallet and may be unrecoverable. Always confirm "SOL" and "Solana" network before hitting withdraw.
Withdrawal processing time is typically 1-10 minutes on both exchanges. Binance may impose a 24-72 hour hold on card-funded purchases. MEXC generally processes withdrawals faster for crypto-funded accounts.
What About Bybit?
Bybit is worth mentioning as a third option. It charges 0.10% maker and 0.10% taker on spot at the base tier -- same as Binance -- and supports card purchases and P2P. Bybit's SOL withdrawal fee is also 0.01 SOL.
Where Bybit stands out is regional availability. If Binance is restricted in your country and MEXC's fiat options are limited, Bybit often fills the gap with local payment methods and a well-developed P2P marketplace.
Tips to Minimize Total Cost
Always use bank transfer or crypto deposit over cards. The 2-3.5% card fee adds up fast. On a $5,000 purchase, you save $100-175 by avoiding the card. If you want to weigh every funding route side by side, our guide to the best fiat on-ramps for buying SOL compares cards, bank transfers, and on-ramp aggregators across providers.
Use limit orders, not market orders. On MEXC, this means paying literally zero in trading fees. On Binance, limit orders qualify for the same rate as market orders at the base tier, but they give you price control and avoid slippage on larger trades.
Enable BNB deduction on Binance. A $2 BNB purchase pays for itself after $2,700 in trades via the 25% fee reduction.
Batch your purchases. Both exchanges have minimum withdrawal amounts and fixed per-withdrawal fees. Buying $500 once is cheaper than five $100 buys if you are withdrawing each time.
Check the spread on P2P. Zero exchange fees mean nothing if the seller is charging 3% above market. Compare at least three sellers and check the real-time SOL price before committing.
Summary
For EU users with bank access, Binance's SEPA deposit + spot trade with BNB discount is the simplest low-cost path. For users who already hold stablecoins or want the absolute lowest trading fees, MEXC's 0% maker fee structure is unmatched. Both exchanges charge identical SOL withdrawal fees.
Avoid card purchases on either platform unless speed is your only priority. The fee difference between a $2 bank-transfer route and a $20 card purchase adds up across every SOL buy you make.
If you're weighing other centralized exchanges beyond Binance and MEXC, our review of CEX.IO's card-based SOL onramp and staking options and our breakdown of Bitrue's SOL yield products cover two more CEX options worth knowing about.
Explore more exchanges and on-ramp tools for Solana on MadeOnSol.
