Binance vs KuCoin is the latest debate for crypto investors.
Both of them are popular crypto exchanges that allow you to buy and invest in many cryptocurrencies. In this article, you will get to know which exchange is ideal for you.
The two most popular Asian cryptocurrency exchanges are KuCoin and Binance.
The government in China banned digital currency exchanges, so both of these major platforms moved to Hong Kong. KuCoin later moved to the Seychelles, and Binance later moved to Malta.
In this article, we’re going to talk about both cryptocurrency exchanges, and cover their benefits and disadvantages, so that you can get a really good idea of which one is going to be more suitable.
We are also going to discuss a few more cryptocurrency exchanges that we think are good options as well, if you would like to expand your repertoire.
Binance is the biggest cryptocurrency exchange. In fact, it used to be the place to exchange only cryptocurrency back in the day, but these days, you can trade a lot of other things like Fiat currency.
You can also deposit your Fiat currency through dozens of payment methods, and exchange more than 500 listed cryptocurrency coins and cryptocurrency through their staking and saving system, purchase and sale through their marketplace, and even create and trade NFTS on their NFT marketplace.
They even have their own Binance trading bots. They come with a crypto credit card, and while it is still unavailable in large parts of the world, it is definitely one of the best crypto credit cards out there.
It is estimated that there are more than 30 million people using this popular cryptocurrency exchange.
There are two different types of interfaces on Binance, the advanced, and the basic interface. With their basic version, you’ll be able to see graphs and charts, currency pairs trading, trade history, and your order book.
With their advanced option, you’ll be able to see open orders, currency peers, trade history, as well as a more in-depth analysis of cryptocurrency assets value, so that you can make better trades.
Binance Fee Structure
Binance has divided their fee structure into three different categories. The first is fee for trading, which is at 0.1%.
The second is their fee for deposit, which is 0, and then when it comes to their fee for withdrawal, there is a minimum amount required for withdrawal, but this varies depending on the cryptocurrency coin that you’re wanting to take out.
As an example, if you want to withdraw Bitcoin, the minimum withdrawal amount is 0.002, and the transaction fee is 0.001 Bitcoin.
They adjust their fees according to current blockchain conditions. It is also worth noting that if you use Binance’s native token, you will receive a 25% discount on your fees.
Trading Volume of Binance
Binance is considered number one when it comes to both kinds of exchanges, with a daily trading volume of more than $28 billion, with spot, and $72 billion with derivatives.
Binance Coin, BNB, is Binance’s native coin, and it is based on Ethereum’s blockchain. You can use the native token to pay for any fees on the Binance platform.
KuCoin was founded by a group of people who were enthusiastic and passionate about blockchain and had already proven themselves with industry giants like GF securities.
Their goal was to provide their clients with a digital asset transaction service that was safe and convenient, and integrated premium assets around the world.
They also wanted to develop a state-of-the-art transaction platform. In layman’s terms, KuCoin is the poorman’s version of Binance.
They have very similar features, including staking, lending, a cryptocurrency card, a marketplace, trading bots, and margin in futures trading.
Interface of KuCoin
Once you have chosen the cryptocurrency pair that you want to trade, the trading screen is going to open up.
You will be able to see your order book, your trade history, and then you will be able to purchase or sell your selected cryptocurrencies.
When you first access the screen, you will be asked for your Google Authenticator code and while this is a little bit annoying, it does add a layer of security to the website that we believe is necessary.
Fee Structure of KuCoin
KuCoin’s fee structure has been separated into three categories. Their trading fee is 0.1%, and the deposit fee is zero. With withdrawal fees, they are similar to Binance; it’s going to depend on which cryptocurrency you are trading.
Trading Volume of KuCoin
KuCoin is number six on the list daily trading, getting means that they trade $1.5 billion a day. Currently, they have 700 cryptocurrency coins that you can trade on their platform.
Which is Safer?
This is a pretty close battle between Binance and KuCoin, because both are seen as super secure as each of them has experienced only one huge hack.
As we mentioned previously, both cryptocurrency exchanges started in China, and soon left due to stringent regulations.
It is difficult to pinpoint exactly where each is headquartered now, but both exchanges aren’t regulated, which means that they are operating in grey areas of regulation, so that they can avoid strict terms and conditions.
You can see this as both a good and a bad thing.
Of course, it is bad because a lack of regulation means a lack of compliance, which means that they have fewer safety measures to keep your assets safe, but it is good because when a platform has to invest less in regulation and compliance officers, this means more profit for everybody.
It also reduces the chances of them going bankrupt.
However, it is difficult for us to see either of them doing anything but growing and becoming really successful in a relatively young industry.
The bottom line when it comes to this question is that they are both safe.
KuCoin has pretty impressive customer support. They have a Telegram support chat that is available 24 hours, and according to existing clients, it has a really quick response rate.
Binance also offers its clients a number of different ways to get in touch with the primary way being through a ticket.
People have said that this can take up to a few days, but aside from that, their customer support is average when compared to other exchanges out there.
Binance vs KuCoin?
So, as you have seen from what we have shared above, there are advantages and disadvantages to both popular exchanges.
Binance has more liquidity than any other platform in the world, as well as low trading fees, and more than 1000 trading pairs available.
Their user verification process is also really simple. However, they aren’t regulated, and sometimes based on regulatory pressure they get rid of some of their popular features.
The other thing to think about is that Binance isn’t actually available in America, and while they do have an American version, it is severely lacking when it comes to features, when you compare it to the main exchange.
KuCoin is smaller, but it is still worth your time. It has a huge selection of trading pairs, as well as integration with protocol which means that it has a high degree of security for you.
It also offers low fees for withdrawals and trading, and it is available in America. The disadvantage to this popular cryptocurrency platform is that it has relatively low liquidity.
Binance has two different versions of its user interface, and both are great looking, offering a few different features based on the fact that one is basic, and one is advanced.
KuCoin offers an interface that is also excellent. They updated it at the end of 2017, and for what you’re paying for their platform, we think it is worth your time.
When it comes to fee structure, both exchanges are pretty similar, with the biggest difference being the fact that Binance needs a certain minimum amount for you to withdraw your assets, while KuCoin doesn’t.
Binance also offers its clients a generous discount if you use their native token.
As far as daily trading volume Binance is the obvious winner. It also supports more digital coins, but KuCoin is quick to pick up on new coins to add to this space.
Both exchanges are worthwhile, as both are very popular and fast growing. Both support a huge amount of cryptocurrency assets and are great for daily trading.
If you’re looking for a bigger liquidity pool, then you should go with Binance, but if you’re looking to be able to invest in new and relatively obscure cryptocurrency tokens, then go for KuCoin.
Other Great Options
Now that we have discussed the ins and outs of Binance and KuCoin, let’s take a look at some other popular cryptocurrency exchanges that we definitely also recommend.
eToro has a way of helping its clients trade with confidence when it comes to their cryptocurrency exchange, and we love that they say that they are not only one of the world’s biggest cryptocurrency trading platforms, but they’re one of the world’s biggest social trading platforms.
This means that you can connect with like-minded traders, and learn off their existing strategies, which is going to be helpful if you are just starting out. They also don’t charge their clients a commission on their investments.
Pionex is definitely one of our favorites when it comes to being a cryptocurrency exchange, because they are free for you to make the most of.
This means that you won’t have to pay to sign up for them, and you also won’t have to give up any personal information that you don’t feel comfortable sharing.
They are literally just asking for your email address; you’ll be able to access their features.
Another thing that we really appreciate about this cryptocurrency exchange is that they don’t have a minimum deposit, so you don’t have to have a huge number of cryptocurrency tokens and assets in order to use them.
Uphold is another super popular cryptocurrency exchange that can help you trade easily between your favorite crypto currencies, but they have also expanded their feature list recently to include American stocks, and precious metals, so you can keep all of your assets in one place.
We like that they also help their clients with automatic trading, which means that you can trade on the go and set up recurring trading strategies without having to switch things out constantly.
At the end of the day, this cryptocurrency exchange says that they offer their clients a more versatile home for their financial lives.
Ultimately, if you are planning on being successful in the cryptocurrency investment industry for a long time, you will want to pick the best cryptocurrency exchange is going to think about your needs on a long-term basis.
Obviously, there are plenty out there for you to choose from, so you’ve got to be discerning, and do a little bit of research beforehand so you can feel confident that the one you’re going for is going to suit your needs at best.
As you can see, we’ve got a few options above. In the battle of Kucoin vs Binance, we have come to the conclusion that you can use either one of them; it all comes down to what you’re hoping to get out of a cryptocurrency exchange.