Cryptocurrency is a very interesting investment because there are so many various tactics to choose from.
Certain features from your crypto exchange will be required depending on your trading strategy. How can you know which exchange is suitable for you when there are so many options?
Binance and Kucoin are two well-known cryptocurrency exchanges. There are minor differences between the platforms, despite the fact that they use a similar business approach and have an identical fee structure. You’ll most likely find that Kucoin or Binance is more suited to your personal demands.
I will go through the differences between Kucoin and Binance in more detail below so you can decide which exchange is best for you.
- 1 Kucoin vs Binance: Brief Overview
- 2 Kucoin vs Binance: Pros & Cons
- 3 Kucoin vs Binance: Ease of Use
- 4 Kucoin vs Binance: Security
- 5 Kucoin vs Binance: Customer Support
- 6 Kucoin vs Binance: Features
- 7 Kucoin vs Binance: Statistics
- 8 Kucoin vs Binance: Fees and Limits
- 9 Kucoin vs Binance: Payment Methods
- 10 Kucoin vs Binance: Company’s Information
- 11 Final words: Which one is better Binance or KuCoin
- 12 Kucoin vs Binance: Frequently Asked Questions
- 12.1 In this Binance vs Kucoin comparison, which characteristics are the most important?
- 12.2 Which cryptocurrency exchange is the most user-friendly for newbies?
- 12.3 How can I choose the best crypto exchange for me?
- 12.4 Is it Safe to Store Cryptocurrency on Binance or Kucoin?
- 12.5 How Do Binance and Kucoin Work?
Kucoin vs Binance: Brief Overview
Kucoin and Binance both follow a similar business strategy. They’re cryptocurrency exchanges that let you buy hundreds of altcoins that would otherwise be tricky to get your hands on. They feature a fee structure that starts at 0.1 percent and decreases as you progress through the trading stages.
Binance vs. Kucoin Each has its own cryptocurrency, which users are rewarded for holding. A futures market, crypto loans, a P2P marketplace, trading bots, and margin trading are among the services they offer.
Kucoin vs Binance: Pros & Cons
- The KuCoin Shares Token allows you to invest in the KuCoin exchange (KCS)
- A vast number of altcoins are accessible for trade.
- Trading and withdrawal fees are also low
- Integration with the Arwen protocol enables a higher degree of security for traders.
- No connection to the traditional banking system
- low liquidity
- There is more liquidity on this exchange than on any other in the globe.
- Nearly 200 cryptocurrencies available for trade
- The user verification procedure is quite straightforward.
- Low trading fees
- Cannot connect a bank account to this platform
- Medium security
- U.S. customers can’t use the Binance platform, and the Binance.US exchange is very limited
Kucoin vs Binance: Ease of Use
A cryptocurrency exchange site’s ease of use can be measured in a variety of ways.
In most situations, though, you’ll want to look at a few specific components of the platform, such as how easy it is to navigate its menus, how quick and straightforward the deposit and withdrawal processes are, and, of course, how easy it is to utilize the actual trading interface.
Any user KuCoin VS Binance comparison would tell you that Binance isn’t the easiest platform to use.
Even while the platform offers several interface designs for beginners and advanced users, it may still be somewhat complicated, especially once you get into the brand’s leveling system (account levels – different fees, trading amounts, etc.).
KuCoin, on the other hand, is one of the most simple exchanges available.
KuCoin’s interfaces are simple to navigate, the site itself is plain, and the trading operations are fairly fast and uncomplicated, which is where their motto “The People’s Exchange” comes into play pretty nicely.
KuCoin appears to be the more user-friendly option in this aspect!
Kucoin vs Binance: Security
Both are considered secure exchanges because they have only experienced one big hack apiece.
Binance began in China, and KuCoin began in Hong Kong, but both relocated due to legal changes.
It’s difficult to say where each is based, although it appears that Binance is based in Malta and KuCoin is based in Singapore, with mentions of Japan, Seychelles, Hong Kong, the Cayman Islands, and more.
Both exchanges are not regulated and are operating in grey areas of regulations and are purposely avoiding strict regulations.
From the customer’s position, this is both good and bad.
It’s both bad and good because a lack of regulation means a lack of compliance and, as a result, fewer safety procedures to keep your money safe, and it’s both bad and good because less investment in compliance officers and regulation means more profits, which decreases the probability of them going bankrupt.
Having said that, it’s difficult to imagine them doing anything other than expanding and becoming giants in this new business.
In summary, they’re both safe and secure choices.
Kucoin vs Binance: Customer Support
Kucoin’s customer assistance is lightning fast. There is a telegram support chat available 24 hours a day, 7 days a week with a quick response rate.
Binance provides customer support in the form of tickets.
Although there is a longer wait time for requests, Binance’s customer service is still superior to that of most other crypto exchanges.
The key difference between Kucoin and Binance is the automated trading and loans that Kucoin offers. Kucoin provides a free trading bot to all of its users.
The bot can be used on both the regular trading and futures markets.
Binance does not have a native, free trading bot, however, it does support third-party trading bots.
Kucoin’s crypto lending platform is also more solid.
It has built a marketplace that brings together lenders and borrowers who agree on an interest rate and a repayment schedule.
Kucoin secures the marketplace by bringing stability and regulation to the process.
While Binance does provide cryptocurrency lending, you can only borrow from Binance.
Kucoin vs Binance: Features
While both exchanges provide mobile applications that are accessible practically everywhere in the world, there are some minor differences in how they are used.
Unlike Binance, which is more complicated and complex, the Kucoins application is more user-friendly and easy to use.
Kucoin provides all users with a single interface that is simple to use and informative.
For advanced and beginner users, Binance offers lite and pro versions.
The difference between the two modes is rather significant: with the lite version, you can only view main currency flows, whereas, in the pro version, you can trade and perform transactions as well as you could on a computer.
While most exchange users utilize mobile apps to perform quick activities and track assets from their phones, we can only say that both apps work well; it’s just a matter of personal preference and what you’re seeking in an app.
Binance is a very profitable anonymous cryptocurrency exchange with a high level of security and a wide range of trading choices. Binance offers a Know Your Customer (KYC) procedure that is optional for its users. There is a daily withdrawal limit of 2 BTC for non-verified users, which is sufficient in most circumstances.
Kucoin, like Binance, is a very diverse exchange. Know your customer (KYC) is an option, and the withdrawal restrictions are rather high, up to 2 BTC per 24 hours if you choose to remain anonymous.
Kucoin vs Binance: Statistics
Examining the number of active users is also quite useful. When comparing Binance and Kucoin, it is clear that Binance has a larger active user base, with roughly 13.5 million members. Kucoin, on the other hand, has roughly 1 million active users.
The number of KuCoin users on mobile devices is also increasing, with a 755 percent increase in installs compared to the previous year.
1.07 million installs were completed in the second quarter of 2021, up 178 percent over the previous quarter. Currently, 54 percent of traders use the platform on their mobile devices.
For the first time, mobile trading outperformed the exchange’s web version in terms of metrics.
The increased demand for payment services among merchants around the world, as well as the widespread usage of mobile and contactless payments, may be driving such trends.
Over the last six months, the number of women using the platform has tripled.
New female users are increasing at a rate of 120 percent per quarter, with an annual rate of 350 percent, contributing to the market’s rapid expansion this year.
Not only did the number of women’s accounts expand, but so did the number of deposits they made, as compared to the same period last year.
Female traders accounted for only 12% of all traders a year ago, compared to 88 percent of men, but now they account for 38% of all users.
We don’t need to go into great detail regarding Binance.
Binance processes 1.2 million transactions per second, which I assume speaks something about their active users and daily activities.
When it comes to the cryptocurrencies that these exchanges accept, I can see that Binance has a larger selection than Kucoin, with 305 coins compared to 221 for Kucoin. Kucoin’s benefit, though, is its support for new currencies.
KuCoin offers a considerably different range of cryptocurrencies than many other exchanges or brokerages.
KuCoin is worth a look if you want to venture out into less well-known coins.
It also features a Spotlight section where new currencies are promoted so that consumers can get in early.
Just keep in mind that newer or lesser-known coins pose a higher risk than more established coins.
Binance, on the other hand, is offering well-known major currencies that have already made their mark in the crypto industry.
Fiat Currency Trading
Fiat Trade is peer-to-peer trading that offers fiat-to-crypto conversion services.
Kucoin offers fiat trading with no transaction fees, quick settlement, safe transactions, professional and trusted merchants, and a variety of payment ways both globally and locally.
It allows users to buy cryptocurrency using 50 or more fiat currencies via P2P, credit cards, and other methods.
All KuCoin merchants go through a rigorous selection procedure to ensure a professional merchant team. Merchants who work with KuCoin are obligated to provide the users with competitive prices and prompt responses.
Binance also accepts a variety of currencies and makes it simple to purchase cryptocurrency with US dollars, Euros, Pound Sterling, and other fiat currencies.
You can immediately trade your purchased cryptocurrency on the Binance Platform’s numerous goods and services.
Kucoin vs Binance: Fees and Limits
Trading fees and limitations vary from exchange to exchange. Let’s take a look at the differences between Kucoin’s and Binance’s fees and limits.
To begin, KuCoin has a conventional tiered fee structure, which means that the more you trade, the lower your fees get. Starting on the first tier, you’ll have to pay a 0.10 percent marker fee and a 0.10 percent taker fee unless you pay in their local currency (KCS), in which case both fees are reduced to 0.08 percent. To advance to the next fee level, you must have traded at least 50 BTC in total or held 1000 KCS for the past 30 days.
|Vip level||Maker/Taker||Maker/Taker with KCS||Last 30-Day Trade Volume (BTC)|
Binance, on the other hand, has the same tiered marker/taker system.
Both the maker and taker fees start at 0.1 percent, just like KuCoin.
If you choose to pay your fees in Binance’s native currency (BNB), you will receive a 25% discount, resulting in a 0.075 percent maker/taker fee.
This is slightly better than KuCoin’s 0.08 percent offer when paying using their KCS.
|Vip level||Maker/Taker||Maker/Taker with KCS||Last 30-Day Trade Volume (BTC)|
Kucoin withdrawal and deposit fees
KuCoin has an interesting feature: there are no deposit fees, which implies that clients can make deposits in whichever currency they like.
However, there are fees associated with cryptocurrency withdrawals, which vary based on the type of cryptocurrency being withdrawn.
These costs are primarily the result of network fees imposed by multiple cryptocurrencies, as the withdrawal fees are determined by the many cryptos available on this site.
NEO and GAS, on the other hand, are free to leave.
KuCoin’s withdrawal fees are among the lowest in the cryptocurrency industry, and it is for this reason that millions of users use the exchange.
Binance withdrawal and deposit fees
Because withdrawal fees are connected to network fees, KuCoin’s withdrawal fees are almost always the same as Binance’s.
When it comes to withdrawals, Binance charges 1% of your balance if you want to use a debit or credit card. The fee for withdrawing money back to your UK bank account is only £1.50.
Kucoin vs Binance: Payment Methods
Kucoin’s payment methods
You can buy cryptocurrencies with fiat money using KuCoin, but only through a third-party app.
You can pay with a credit or debit card, Apple Pay, or Google Pay, but not with a bank transfer. And the costs can be quite high.
You’ll also need to buy a specific amount of one currency right away.
You could, for example, acquire $200 worth of Tether (USDT), a dollar-pegged stable coin. You’d then be able to buy other currencies with Tether.
You couldn’t just put that $200 in a savings account and wait for the ideal opportunity to invest it.
Binance’s payment methods
Users of Binance have a variety of deposit alternatives. These are some of them:
Users who already own cryptocurrencies supported by Binance can deposit them in Binance compatible wallets.
Binance accepts bank deposits in all fiat currencies across the world.
Visa and Mastercard are accepted as credit/debit cards.
PTP Trading: Bank transfer and more than 60 other ways are available.
Banxa and Simplex are two third-party payment options.
Kucoin vs Binance: Company’s Information
Binance was established in 2017 and is based out of the Cayman Islands.
Changpeng Zhao, a developer who had previously created high-frequency trading software, founded Binance. Binance was founded in China but moved its headquarters out of the country as the Chinese government tightened its grip on cryptocurrency.
With a market cap of $1.3 billion in January 2018, it was the largest cryptocurrency exchange, a status it held until April 2021, despite competition from Coinbase and others.
Two tech geeks who were early blockchain adopters are behind KuCoin.
Michael, who began coding at the age of eight and founded his first company at the age of sixteen, learned about Bitcoin from his boss Eric in 2012 and began mining immediately.
While attempting to sell some BTC on Mt. Gox, he discovered that the world’s largest platform at the time was difficult to navigate for new members.
As blockchain became more widely adopted, Michael and Eric realized that it was reshaping the financial system, creating a new system that benefits everyone in the world, including the uneducated, unemployed, and unbanked.
By the end of 2013, they had written the first code in a cafe, kicking off People’s Exchange’s mission to make crypto accessible to everyone.
Final words: Which one is better Binance or KuCoin
Binance and Kucoin are two well-known cryptocurrency exchanges.
They use a similar business plan and charge the same fees.
Most traders would consider the two platforms’ asset selection, security, and customer support services to be similar.
There are minor differences between the platforms, and you may discover that Kucoin or Binance is better suited to your needs.
Between these two debates, there is no apparent winner.
Therefore, there would be no such thing as a “bad decision” when choosing between them. They’re both excellent and trustworthy platforms.
Take a look at both of their user interfaces and decide which one appeals to you the most.
Kucoin vs Binance: Frequently Asked Questions
In this Binance vs Kucoin comparison, which characteristics are the most important?
Trading fees and other paid features, level of security, supported cryptocurrencies, acceptable payment methods, operating nations, and the brand’s overall reputation are the most significant factors to consider when picking the best crypto exchange.
However, keep in mind that if you’re looking for certain qualities, some of these criteria may be less relevant to you than others.
Which cryptocurrency exchange is the most user-friendly for newbies?
When you read various top crypto exchange reviews online, you’ll realize that one thing that most of these exchanges have in common is that they’re really easy to use.
While some are more straightforward and beginner-friendly than others, neither of the top-rated exchangers should cause you any problems.
However, many customers consider KuCoin to be one of the most user-friendly exchanges available today.
How can I choose the best crypto exchange for me?
To begin, you must assess your current level of knowledge and objectives in the crypto realm.
If you’re a novice, your goals can be different than if you’re an advanced user.
Of course, even if you know what you want to achieve, sorting through dozens of exchanges to find the ideal one might be difficult.
This cryptocurrency exchange comparison tool simplifies the process: simply select the brands you want to compare and you’ll have all the information you need!
Is it Safe to Store Cryptocurrency on Binance or Kucoin?
Despite the fact that Binance and Kucoin are among the best cryptocurrency exchanges, investors are advised to keep their assets in a hardware wallet for long-term savings.
Hackers can attack any currency held online, and most exchanges have been hacked, including Binance in 2019.
Although both Binance and Kucoin ensure their hot storage, using your own storage via a hardware wallet may be safer.
You’ll need to insert a hardware wallet into your computer to access your digital cash because it’s not connected to the internet.
How Do Binance and Kucoin Work?
Both platforms serve as cryptocurrency trading platforms. To buy, sell, or trade digital currencies, users must first deposit fiat money. Both have a similar signup process.
In all cases, you’ll create an account, verify your email, and deposit funds using an acceptable method.
When you’re ready to trade, go to the exchange site, create an order for the cryptocurrency you want to buy, and follow the on-screen instructions.
The cryptocurrency is stored on the exchanges until you transfer it to a digital Digital wallet, trade it, or withdraw it.