Kucoin vs Binance exchange | Safety, features, Reviews & Comparison Table

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Kucoin vs Binance exchange | Safety, features, Reviews & Comparison Table

Which is better between Binance vs. Kucoin?

The two most well-known Asian exchanges in Asia are KuCoin and Binance. KuCoin. And both were founded in China. After the Chinese government blocked digital currency exchanges, they relocated to Hong Kong, while Binance moved to Malta. Binance is the biggest cryptocurrency exchange. It was once an exchange solely for crypto at one time. However, it has become a fully complete crypto ecosystem. However, it is banned in the U.S.A. 

But why is Binance banned in the U.S.A.?

The initial platform stopped accepting U.S.A. users in 2019 and announced it would partner with a U.S.-based version of its platform called Binance.US. Binance was under investigation by the government of the U.S. government for tax fraud and money laundering. However, even U.S.A. users can’t use Kucoin as well. Read our article about “Can New York residents still trade AltCoin on KuCoin?

Introduction

Binance and KuCoin are among the most prominent participants in the cryptocurrency market. Binance is the biggest crypto exchange worldwide in terms of trade volume, and KuCoin boasts an impressive number of 8 million users across the world. Both exchanges share the same business model and customer service. They each provide the ability to access hundreds of other altcoins which aren’t commonly available for purchase.

Apart from simply purchasing and trading cryptocurrency, they also offer other services like crypto lending. Their services include Futures markets trade bots, trading bots, margin trading, P2P marketplace referral programs, and more. Their fees for trading begin at 0.1 percent, with options to reduce this rate as you advance through the trading levels or even have their cryptocurrency.

When two exchanges are so similar, how do you discern which is the better option or which one you should go with? So let us deep dive, into Binance vs. KuCoin looking at various aspects. Short and sweet, Binance wins as it does not charge hefty costs to purchase crypto using fiat. You can also withdraw your fiat currency on the exchange, but KuCoin doesn’t allow that.

You can make fiat deposits using numerous payment options and exchange more than 500 listed coins. They also do margin, spot options, future Spot trading, earn crypto via Savings, and staking at Binance. It also boasts buying and selling on Binance’s marketplace for P2P and trade. It creates NFTs through its recently launched NFT marketplace, and Binance also owns its bots for trading which Kucoin does not.

Binance also offers its cryptocurrency credit card. While it’s still not available worldwide, it’s one of the top cryptocurrency cards available. There are two kinds of user interfaces available on Binance: basic and advanced.

In the base version of U.I., it is possible to view forex trading charts and graphs, trade history, and order books. In the advanced version, you will also view open orders, currency pairs trade history, and open orders. Still, the advanced version provides a more detailed analysis of the technical aspects of crypto assets’ value over time.

Kucoin was established by many blockchain enthusiasts who demonstrated their skills in major companies such as Ant Financial and G.F. Securities. The aim is to provide customers with digital asset transactions and exchange services that are more secure and efficient while integrating the best assets in the world.

In addition, KuCoin is a modern-day trading platform. KuCoin is a poor man’s version of Binance. It has almost all the features of Binance, including cryptocurrency card loans and staking, savings P2P marketplace margin, futures trading, and trading robots.

Kucoin vs Binance
Kucoin vs Binance

Let us compare the features between Binance vs. KuCoin Exchanges.

Binance and KuCoin are two cryptocurrency exchanges with a wealth of features. Both these exchanges go over and above the necessities of new investors. They are famous for the range of offerings they offer. They both provide:

  • The well-known advanced trading dashboard P2P marketplace margin trading.
  • Futures market.
  • An easy ‘buy now’ interface.

With Binance, you will earn an interest rate on your crypto when you keep your crypto on Binance’s exchange. It could be a great investment opportunity if you plan to store your cryptocurrency.

What advantages does Kucoin have over other exchanges, such as Binance?

KuCoin is a highly new cryptocurrency exchange that quickly built up a large customer base due to its simple design and high security. The exchange is highly respected by its wide range of various cryptocurrency pairs. It means that customers can buy different cryptocurrencies.

KuCoin is a cryptocurrency exchange with a range of options like margin trading, futures trading, trading bots KuCoin Lending, and more. Two out of four crypto users are using KuCoin right now. Many people trust KuCoin as the exchange platform that provides a wide range of crypto-related services such as trading, fiat onramps, cryptocurrency crowdfunding, passive income, and more.

A few of KuCoin’s key attributes are:

  1. It has more than 5 million users spread across 200 countries. It is home to more than 200 cryptocurrencies plus more than 400 marketplaces.
  2. It lets users earn cryptocurrency through either lending or staking their coins through Pool-X. The platform is among those which have the lowest charges on the market.
  3. They also have their currency Kucoin Shares (K.C.S.) tokens. The platform offers 24/7 support for customers, which is an additional benefit worth mentioning.
  4. It lets you trade without revealing your identity. If you verify your account, you’ll be able to utilize and take advantage of other options.
  5. The platform works flawlessly with desktops, Android. It is also compatible with iOS.
  6. KuCoin exchange is only crypto-to-crypto, compatible with fiat-based payment methods integrated into its “Buy Crypto” services. Simplex, Banxa, and O.T.C. The trading Desk is now available on Kucoin.

Binance vs. KuCoin Security

Binance has almost all of its digital currency in cold storage. They also give helpful information to clients on ways to improve security, such as activating two-factor authentication. Other features include whitelisting devices, managing withdrawal addresses and anti-phishing codes, and the U2F (universal two-factor authentication.) It needs physical hardware access to access your account. But no matter how secure a cryptocurrency exchange can be susceptible to vulnerabilities that are exploited. In fact, in 2019, Binance was victimized by an attack that suffered losses of around $40 million in Bitcoin.

It’s the way Binance dealt with the situation, which is the most crucial aspect. They covered the totality of the loss, meaning there were no users affected by the breach in cybersecurity. Then, they were awarded the highly sought-after ISO 27001 certification just four months after. It is granted after passing an extensive audit of their information security procedures.

KuCoin exchange utilizes several layers of security to ensure that their customers’ money is secure. It is with micro-withdrawal accounts with industry-standard multilayer encryption and multi-factor authentication that is dynamic and constantly changing. KuCoin has even created internal risk control teams to supervise every daily transaction. In 2020, KuCoin also became the victim of a cyberattack, in which $150 million was taken. KuCoin quickly responded and recovered a significant portion of the stolen funds. The insurance plan covers the rest. KuCoin’s customers did not be affected by this cyber-security incident.

Binance vs. KuCoin Fees

While Binance and KuCoin are comparable in their business models, they differ in charges. Binance is more efficient in its fee structure than KuCoin.

Deposit Fees

Suppose you deposit the currency of your choice into Binance. In that case, there could be a charge depending upon the method of deposit you choose and the currency. For instance, there’s no cost if you make a dollars deposit from Australia (AUD) through PayID or OSKO. However, the Hong Kong dollar (H.K.D.) with a credit card fee is 3.50 percent. 

KuCoin does not support fiat deposits. Suppose you wish to make use of fiat currency to purchase crypto. In that case, you have to pay in cash upon purchase without depositing before. Prices for a crypto purchase range between 3% to 12 percent, depending on the method of payment you select. Deposits in cryptocurrency made on Binance or KuCoin are free.

Trading Fees

Binance fees for trading begin at 0.1 percent, and you can get an additional 25% discount when you choose to use the Binance token (B.N.B.) for your charges. It’s just 0.075 percent, which is the lowest rate in the market. It is possible to buy crypto with money on the market, in contrast to KuCoin, which allows you to only trade in cryptocurrencies. Suppose you’re regularly dealing massive amounts and have a large amount of B.N.B. In that case, you could reduce the cost even more, using this interconnected arrangement.

KuCoin’s fees for trading also start at 0.1 percent. Similarly to Binance, you can benefit from a reduced trading fee when you pay with the KuCoin token (K.C.S.). However, it is only 20 percent, not 25 percent, as with Binance, so that you could reduce your fee to 0.08 percent per transaction. If you’re a big-volume trader or own an extensive amount of K.C.S.-related assets, you could lower your fees using a tiered system. Here is more information on fees discounts.

Be aware that the fee for trading for KuCoin is for trading from crypto to crypto, and only because it is not possible to use fiat in the market. Thus, although the costs for trading are just 0.1 percent, you cannot purchase Bitcoin using USD for just 0.1 percent. Suppose you want to buy cryptocurrency directly using KuCoin’s fiat currency. The cost ranges from 3% to 12 percent based on the payment method and the payment method. While the price for trading is low, if you do not have cryptocurrency already, you will have to pay a significant amount to purchase the coins before trading.

Withdrawal Fees

On Binance, the withdrawal of fiat currency cost is based on the currency used and the withdrawal method. To illustrate, withdrawal of Australian Dollars (AUD) via the bank transfer is free, whereas withdrawing GBP (GBP) by using Bankcard will incur a 1.1.

The withdrawal of cryptocurrency through Binance will cost one flat fee to make the transfer into your account.

KuCoin does not permit fiat currency withdrawals, which is among the significant drawbacks of the currency exchange. You can withdraw cryptocurrency only using a flat fee depending on the currency you wish to withdraw.

Summary

Binance is more extensive, more robust, and, according to reviews, has a more customer experience. Exchanges offer different perspectives and strategies regarding how to attract more investors. They also have to earn the trust of investors. Unfortunately, they are under the watchful regulatory eye of the regulators right now and are making several modifications.

The most significant change isn’t permitting U.S. customers and requires KYC. Kucoin is smaller and can access many coins, however from my experience, it’s more badly run.

Within the next few months or even years, Kucoin will soon share the crown within the next few months or years Binance as the most reputable cryptocurrency exchange platform worldwide. Binance is still superior in some ways. However, KuCoin’s mobile application is excellent for Binance. It is for me, that’s why Kucoin is the top option as the full cryptocurrency exchange for those who are novices because its platform is exceptionally user-friendly.

Kucoin vs. Binance exchange Comparison Table

Comparison Table Binance Kucoin
overall score 9.8 8.5

Fiat Currencies

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

USD, EUR, GBP, RUB, CNY, AUD & 40+ more

Number of Coins

300+

250+

Buy/Sell Fees

0.10%

Varies

ISO 27001 certified

Yes No
Availability Not available in USA Not available in USA

 

Why to choose?

Binance Kucoin
Largest crypto exchange in the world based on trade volume Large crypto exchange with over 8 million users worldwide
Extremely low fees of 0.1% with a further 25% discount if you pay with BNB Extremely low fees of 0.1% with a further 20% discount if you pay with KCS
Mobile app available for iOS and Android Mobile app available for iOS and Android
Over 300+ cryptocurrencies available Over 250+ cryptocurrencies available
Additional features such as staking, NFT marketplace, margin trading, futures trading Additional features such as crypto lending, trading bots, margin trading, futures trading