Binance and Kucoin are two well-known cryptocurrency exchange platforms with the largest daily trading volume of cryptocurrencies. They are similar in business procedures and trading fee processes but have slight disparities. None can hardly outdo the other, but there are slight features they both possess.
Notwithstanding, if you’re interested in crypto lending, margin trading, or looking for a cryptocurrency with a mouth-watering investment—Binance and Kucoin are a sure bet! However, the majority of people are confused on which one to go for, Binance or Kucoin? If you’re among the confused ones, at sea on which one to choose, keep reading to find out which best suits you.
- Kucoin Vs Binance General Outlook
- Kucoin Vs Binance
- Trading Fees
- Available Cryptocurrencies
- Accepted Currencies
- Payment Method
- Trading Volume
- User Interface
- Customer Support
- 6 Factors To Consider Before Choosing A Crypto Exchange
- Final Verdict.
Binance is one of the forerunners of the cryptocurrency exchange, with the largest trading volume of cryptocurrencies. It has over 13million users across the world as it provides the easiest trading across a multitude of cryptocurrency assets and a fairly low trading fee. With its variety of tools and apps, users can trade through its app and website too. In addition, users can also access their portfolios and trade history
Kucoin is a Hong Kong based cryptocurrency exchange that provides an exchange service for traders to conduct digital transactions safely and hitch-free. It operates in over 200 countries, widely known for its peer-to-peer and margin trading options. In addition, users can also decide on whether to stake or loan out their cryptocurrency to obtain rewards. Just like Binance, Kucoin also offers a low trading fee. Kucoin is a good choice to go with if you’re in search of a cryptocurrency exchange that is profitable, safe, and cost-effective.
Kucoin and Binance are similar in business procedure and trading fee process; however, there are slight disparities. Though neither one outdoes the other, it depends on which suits your needs. The disparities lie in their features, cryptocurrency availability, trading volume, payment method, customer support service, regulation, and user interface.
Kucoin is one of the cryptocurrency exchanges which offers the lowest trading fees. It employs spot/tiered trading fees to adjust every deal to at least 0.1% cost. This 0.1% cost could decrease based on your 30-day Kucoin shares possessions, which entitles you to the extra trading fee discount, unlike other cryptocurrency exchanges which might charge up to 0.50% per trade.
Likewise, it also offers free deposits and charges less for withdrawals. Furthermore, Kucoin bolsters several ways to purchase cryptocurrency with fiat through its platform. This cryptocurrency exchange is most suitable for users that trade in large volumes, and developed users with the urge of earning extra tokens by loaning out cryptocurrencies to other users. Kucoin is highly detrimental to beginners.
Binance is also one of the forerunners of cryptocurrency exchanges that offer low trading fees, it operates based on a maker/taker free system where fees are based on trading volume and Binance coin balance. Simply put, the higher the volume of trades the lower the fees and vice-versa. Just like Kucoin, Binance fees also start at 0.1% depending on the order type, and can also drop if the trade volume reaches a certain degree.
Further, the Binance trade cost is tied at 0.1% and 0.5% cost for instant buy/sell, and you could get the chance of getting a 25% discount should you perform all your transactions on its platform.
Kucoin and Binance fees both start
at 0.1%. This fee percentage
decreases as you move up to a
higher trading tier. Binance also offers free deposits and fewer charges for withdrawals. This cryptocurrency exchange is most suitable for small traders aspiring to stay at a lower tier.
Kucoin has made available 600(+) cryptocurrencies to its users for buy and sell. Suitable for those who prefer exchanges with multiple currencies. Below is a narrowed list of the available cryptocurrency.
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Solana (SOL)
- Polkadot (DOT)
- Polygon (MATIC)
- Cosmos (ATOM)
- Chainlink (LINK)
- Decentraland (MANA)
- Shiba Inu(SHIB
Binance has over 65(+) cryptocurrencies on Binance made available to its users. Below is a narrowed list of them.
- Ethereum (ETH)
- PAX Gold (PAXG)
- Harmony (ONE)
- Orchid (OXT)
- Helium (HNT)
- Chainlink (LINK)
- Cardano (ADA)
- Stellar (XLM)
- Tether (USDT)
- USD Coin(USDC)
Kucoin supports the purchase of fiat currencies with cryptocurrencies, though it recently added 17 more to its list of accepted currencies. Users can purchase cryptocurrency using any of the following currencies.
- USD(American Dollar)
- GBP(Pound Sterling)
- RUB(Russian Ruble)
- CNY(Chinese Yuan)
- AUD(Australian Dollar)
- KRW(South Korean Won)
- JPY(Japanese Yen)
- TRY(Turkish Lira)
- VND(Vietnamese Dong)
Binance also supports the use of fiat currencies to purchase cryptocurrencies, currently, Binance supports various fiat currencies, to list a few:
- USD(American Dollar)
- RUB(Russian Ruble)
- TRY(Turkish Lira)
- NGN(Nigerian Naira)
- KZT(Kazakhstani Tenge)
- UAH(Ukrainian hryvnia)
- INR(Indian Rupee)
Kucoin offers a series of payment methods, by credit or debit card, PayPal, and wire transfer. Attempting to deposit via bank transfer could be annoying and more so, the charges are unbearable. Users can choose which payment methods to use. Let’s take a glance at them
- PayPal: this is an American-based company known for its online payments platform that supports online money transfers. It has a transfer limit of $10,000, a transfer speed of one second, and payment information: name, address, email, and QR code.
- Wire transfer: this is a conventional money transfer from one bank account to another via a cash office. It has a transfer limit of $3000, the transfer time of within one or two weekdays, and payment information: name, Bank Address, Bank Account, Bank Name, Email, phone number, and Swift code.
- Interac e-Transfer: this is a money transfer aid between personal and business accounts having a part in Canadian Banks and other financial corporations. It has a transfer limit of $3000 – $10,000, a transfer time of 30 minutes, and payment information: Name, Email Address, and Phone Number.
Binance peer-to-peer offers buyers and sellers 300(+) different payment methods, which includes, debit cards, credit cards, conventional bank, SWIFT, and SEPA. But the conventional bank transfer remains one of the most popular payments on Binance. Bank transfers are fast, reliable, and secured coupled with some of its options free and moderate. Bank transfer is accepted worldwide, unlike other transfer channels which are only limited to certain demography.
Read on to get an insight on the Binance payments methods.
- Bank Transfer: this is one of the most popular and widely recognized payment methods on peer-to-peer Binance, it enables a speedy and hitch-free transfer of funds to one another. Users can link their bank accounts to peer-to-peer Binance for easy transfer of funds. Transfer time is within a day, depending on your country and local bank preference.
- SEPA Transfer: Single Euro Payment Area, payment transfer, is the most common cross-border fund transfer option for users situated in the EU and other countries that endorsed SEPA. Both the recipient and the sender must operate with a SEPA endorsed financial institution for payment to be authorized. Its transfer time is within one to two working days.
- SWIFT Transfer: Society for Worldwide Interbank Financial Telecommunications, as the name implies, is an International money transfer organization that transfers funds via SWIFT. Their transfer time is between one to two working days, it also charges 3-4% as their service cost.
- Crypto Deposit: this payment method, allows a user who already possesses crypto-endorsed currencies to be able to transfer them to the Binance wallet.
Kucoin instant exchange service Is available to all users online. The service provides a better and faster trading experience to kucoin users. Further, this service also provides the best exchange rates on the market. Finally, it also charges zero trading costs for the users’ transactions. Instant exchange supports BTC, ETH, USDT, XRP, LTC, and lots more.
Binance, on the flip side, also offers instant exchange services. It charges a 0.1% fiat spot trading fee which is extremely lower than coin base and etoro. However, Binance instant exchange charges an extra 4.5% for debit card transfer and also offers free deposits and fewer charges on withdrawals.
Kucoin has announced the launch of the Defi trading board which includes 18 outstanding projects: MKR, AMPL, LINK, along with other 36 trading pairs. The trading board was designed purposefully to make it easier for users to take part in Defi trading. Defi simply means “centralized finance” which refers to a decentralized community that promotes the use of blockchain to create different types of financial services. Through the use of smart contracts and distributed systems. Defi offers the following functions: monetary services, peer-to-peer transactions, lending platforms, and lots more.
Binance recently declared openly the launch of the first Defi project on its platform, known as Pancake Swap, and it’s presently up and running. In effect, it’s wholly open to users of the Binance app. One of the advantages of Pancake Swap is that it offers easy access for its users to explore the Defi world.
Embedded in Pancake Swap, a Binance Defi wallet, users can access the Binance Defi wallet via the latest version of the Binance app, thereby making it easy to shuffle between Binance and Defi. Pancake Swap is suitable for those who seek to have the experience of creating web3, trading a vast category of assets, participating in initial farm offerings(IFOs), etc.
Kucoin allows its users(miners) the privilege to stake their respective cryptocurrencies without the need of locking them, this method is known as soft staking. This mechanism allows users(miners) to earn rewards of staking without necessarily locking their funds as it is being done. Hence, soft staking is highly compatible with different trading methods.
Binance, just like kucoin, offers users(miners)the freedom to stake their respective cryptocurrencies to earn rewards, known as a proof-of-stake mechanism. The only difference it has with Kucoin is that users(miners) are required to lock their crypto-assets for a short period. However, some users do lock their assets intently to maximize interest. In essence, the longer you lock your assets the higher the interest. To put this into better perspective; you can lock your tether for 3 months for interest of 5.1% and so the interest keeps enlarging as long as you lock it up.
Kucoin trading bot allows users to trade and expand their cryptocurrencies without having to monitor charts all through the day. You just assign its duty to it and it monitors and analyzes the market by finding the suitable time to open a trade. There are varieties of bot trading strategies to choose from DCA, Futures Grid, Spot Grid, and Smart Rebalance. The strategy you choose determines what you will get. This is most suitable for those willing to earn passively without breaking a sweat.
Binance Launchpad is the sole token launch platform of Binance, aimed at aiding the decentralized communities by offering access to quality projects. Once a user becomes a partner of Binance fan tokens, on Its platform, their tokens will be included in the Binance Launchpad.
Kucoin, despite being one of the leading cryptocurrency exchanges, has also gotten its share of cyberattacks. It suffered a hacking incident in the year 2020 where over $280 million was stolen. Notwithstanding, insurance gets them covered. This singular incident served as an eye-opener to its workers, thereby, resulting in a stricter security measure being adopted.
Kucoin has partnered with a company known as Onchain Custodian, to protect the cryptocurrencies stored on its exchange. Kucoin also stressed that it had most of its users ‘ assets secured in cold storage. Furthermore, It also has two-factor authentication coupled with an extra password for transactions and also encourages users to put in place a Know-Your-Client verification.
Binance had on several occasions ward off security breaches. However, despite its bulwark fortress; it still went further to fortify itself in case of unprecedented attacks. Binance user assets are being stored offline, in cold storage, where they can never be accessed by hackers. Binance also monitors and blocks every forceful withdrawal attempt, via passwords, two-factor-authentication, this would be a little tedious for hackers as they will be blocked off transactions for a minimum of 48hours.
Furthermore, Binance also encourages its users to set up a Know-Your-Client verification system and users to receive message alerts should there be any attempted security breach.
Binance and Kucoin are somewhat similar, well known for their highly fortified platform. All anti-theft measures are similar except that Kucoin assigns additional security measures by offering users a different password for transactions.
Kucoin isn’t regulated by any reputable regulatory agencies, as It is known for its reliable exchanges. Kucoin is suitable for those who seek anonymity when trading cryptocurrencies
Binance has been under fierce regulations from across the world. Regulators have stressed the spate at which cryptocurrencies could be used for money laundering. Claiming that, Binance wasn’t compliant with the anti-terrorism financial law. This widely recognized cryptocurrency exchange came under regulatory fires from a significant number of regulators worldwide. Some of the regulators are the US, UK, Canada, Japan, Malaysia, Germany, Netherland, Thailand, and lots more.
However, it’s worthy to note that regulations also came from Financial Institutions like Barclay, Santander, HSBC, and many more.
The trading volume of a cryptocurrency exchange is the number of currencies traded over a particular period. According to a source, Binance is the leading exchange by 24hours trade volume, that’s worth $80 billion, on the flip side, Kucoin ranks number 10 by trade volume.
- Trading features available
- Trading products such as margin and futures
- Earn interest via staking funds
- Trading bot for simple and intuitive trading
- Access to Defi product via Kucoin trading board
- Peer-to-peer trading
- Trading features available
- Access to Defi products via Binance Smart Chain
- Earn interest via borrowing and staking funds
- Trading products such as margin, futures, and lots more
- Peer-to-peer trading
- Varieties of payment methods
Kucoin has swift responsive customer support. It has in place a technical support channel to aid users to find solutions to their problems. Kucoin’s customer service can be reached via telegram support chat, and email.
Binance also offers responsive support to its customers via email and social media chat.
Choosing the wrong cryptocurrency exchange is very devastating, that’s if you haven’t fallen into the spikes. It is of crucial importance to do intense research before you choose an exchange to trade with. As we continue to plunge deep into the deep pit of digital currency, more people will continue to ask what platform is reliable to trade these currencies. While some will just dive right straight into the Spikes without knowing the consequences.
There are a variety of factors to consider before choosing a cryptocurrency exchange, for instance, you need to look at the trading fee, payment method, Regulation, available cryptocurrencies, and above others, security level.
A brief touch on each factor will help you on how to make a smart choice, read on!
One of the major factors you need to consider before choosing an exchange is security, how secure is the exchange? You might have heard what happened to Kucoin a year ago. It experienced a cyberattack and the sum of $280 million was siphoned. However, that has taught them a great lesson that signaled them to up their game in terms of security.
Now you see how disastrous it could be, losing all your assets in a blink of an eye. These are what you should look out for in a well-secured exchange: two-factor authentication, cold storage, know-your-client verification, custodial storage service, and many more. You could take a quick scroll up this article to get a detailed explanation.
Before choosing an exchange, it’s important to take note of the fee structures. For instance, some exchanges offer discounts when you use their exchange’s default currency to make transactions, some exchanges might charge for deposits and withdrawals, some might offer free deposits and meager charges on withdrawals. In essence, it’s your choice to make.
The method of payment for cryptocurrencies varies between exchanges. Some exchanges might require a deposit by bank payment, PayPal, MasterCard, wire transfer, SEPA transfer, SWIFT transfer, Crypto deposits, and many more.
In addition, some exchanges process transactions faster than the others, some take one second, thirty minutes, or rather two working days. That’s why it’s important you know these disparities
Nearly all cryptocurrency exchanges accept Bitcoin and Ethereum, it is good to know! But there are a good number of investors who want a platform where they could trade with all the cryptocurrencies at their disposal, any exchanges that don’t accept multiple currencies will be stricken from their list. Exchanges like Binance and Kucoin are good examples; they accept 60(+) cryptocurrencies on their platform.
The most important aspect of a cryptocurrency exchange is its user interface; how easy it is for users to access its features, and functionalities. This factor is very crucial in determining which exchange to go for. An exchange with an intuitive and user-friendly interface is what is required of an easy and accessible exchange. Be sure to know much about the interface of the exchange you are planning to trade with.
Cryptocurrencies exchanges based in your home town, where you reside is sure the best, it will make it easier when paying tasks and it would surely come with a town base preference, over foreigners.
Picking the best cryptocurrency exchanges is the fairest thing that could ever happen in a trader’s life. As you already know that there are a plethora of exchanges out there calling on you to come to invest, do yourself good by discerning the shafts from the grains by making intense research on each exchange—which I am sure you won’t be needing—this article has hammered on most of the Discrepancies.
Kucoin and Binance are excellent exchanges to use, considering their features, available currencies, user interface, security level, trading fees, and lots more!
The only problem I’m worried about is Kuncoin’s state of no license in the US. Nonetheless, if you are from the US, be sure to use this article as a guide to choosing the right cryptocurrency exchange.