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Binance v Kucoin: Which One Should You Go For?

Looking for a cryptocurrency exchange platform to trade crypto? In this post titled Binance v Kucoin which one should you go for? we will compare these two platforms in order to help you decide the one you might want to use for your cryptocurrency trading needs.

Binance and Kucoin are two of the most popular and widely used cryptocurrency exchanges out there, with millions of daily users trading on their platforms.

Binance is the world's largest crypto exchange by trading volume, and KuCoin has an impressive 11 million users worldwide.

Both of these exchanges follow a similar business strategy and provide similar services.

They both provide access to hundreds of altcoins that would otherwise be difficult to obtain.

They offer a variety of additional services in addition to buying and trading cryptocurrency, including futures markets, crypto lending, trading bots, P2P marketplaces, margin trading, referral programs, and more.

Both of their trading fees begin at 0.1 percent, with options to lower them as you progress through the trading tiers or hold their native cryptocurrency.

While they may seem similar at first glance, they have key differences and unique features that you should be aware of before making your decision as to which platform you want to use.

In this guide, we’ll examine the key differences between Binance and Kucoin and help you decide which one might be best for you! I compared Binance and KuCoin in-depth, taking into account a variety of factors. Hopefully, my findings will aid you in making your crypto exchange decision.

Binance v Kucoin: What Is Binance?

Binance is a blockchain ecosystem made up of four parts: exchange, labs, launchpad, and information.

The Binance Exchange is one of the world's most popular and fastest-growing cryptocurrency exchanges.

It was founded by a group of fintech and crypto experts and can process over 1.4 million orders per second, making it one of the world's fastest exchanges.

The platform prioritizes security, scalability, and speed of execution, attracting both amateur and professional traders.

Binance's blockchain ecosystem, which is powered by its own native BNB token, is at its heart.

Users of the BNB token can save money on exchange fees and will soon be able to vote on new coin listings.

Binance is a cryptocurrency exchange based in China that trades Bitcoin, Ethereum, Litecoin, and Ethereum Classic.

Binance v Kucoin: What Is Kucoin?

The kucoin exchange first opened its doors in September 2017, offering users its own token, KCS, which entitles holders to a discount on trading fees and other benefits.

Binance is one of the largest cryptocurrency exchanges in terms of trade volume, and it also has its own token.

However, unlike kucoin, it does not offer discounted trading fees to BNB holders.

The main advantage of kucoin is that it supports hundreds of cryptocurrencies, making it simple to find less well-known coins with profit potential but little mainstream attention.

Binance, on the other hand, has far fewer coins (roughly 100 versus 500+) than Kucoin but does not require manual registration—it supports all major cryptocurrencies out of the box and also has advanced charting tools.

As a result, many investors prefer to trade on kucoin as well as Binance. Some have even made it a part of their strategy: if they can't find a profitable trade on Binance, they'll look for one on other exchanges until they find one. Others simply transfer funds to an exchange where they believe there is more potential, then withdraw when they are ready to cash out.

In any case, both Binance and Kucoin clearly offer distinct advantages to cryptocurrency traders. It all boils down to personal preference and how much effort you want to put into your investments vs. the type of returns you expect.

Binance v Kucoin: Pros & Cons

Binance

Pros:

- Low non-instant and instant buying fees

- Extremely large coin selection

- Numerous extra services

- Over 300+ cryptocurrencies are available

- Additional features such as staking, NFT marketplace, margin trading, futures trading

- Mobile app available for iOS and Android

- Extremely low fees of 0.1% with a further 25% discount if you pay with BNB

Cons:

- Hiccups in account verification

- Not available in the US

- Non-transparent corporate structure

Kucoin

Pros:

- Low fees

- Strong user base

- Wide range of coins

- Earn interest in your crypto

- Advanced trading features

Cons:

- Not licensed in the U.S.

- Limited payment methods

- Not for new traders

- Limited educational resources

- Good customer services

Binance v Kucoin: Fees

Although their business models are similar, the fees charged by Binance and KuCoin differ. In comparison to KuCoin, Binance has a better fee structure. Take a look at the table below for a breakdown.

Deposit Fees

There may be a fee when depositing fiat currency into Binance, depending on the deposit method and currency. When you deposit Australian dollars (AUD) using PayID/OSKO, for example, there is no fee.

The fee for depositing Hong Kong Dollars (HKD) with a bank card, on the other hand, is 3.50 percent.

Deposits in fiat currency are not accepted by KuCoin. If you want to buy crypto with fiat currency, you pay for it right away, without having to make a deposit first. Depending on the payment method you choose, the cost of purchasing cryptocurrency ranges from 3% to 12%.

Binance and KuCoin both offer free cryptocurrency deposits.

Trading Fees

Binance trading fees start at just 0.1 percent, with a 25 percent discount if you pay with Binance's token (BNB).

As a result, your trading fee will be only 0.075 percent, the lowest in the industry.

Unlike KuCoin, where you can only trade cryptocurrencies, you can buy crypto with fiat on the market.

Based on this tiered structure, if you regularly trade large volumes and own a lot of BNB, you can reduce your fees even more.

Trading fees on KuCoin start at 0.1 percent, and you can get a discount if you pay with Kucoin's token, just like on Binance (KCS).

However, unlike Binance, the discount is only 20%, not 25%, which means you can reduce your fee to 0.08 percent per transaction.

It's worth noting that the KuCoin trading fee only applies to crypto-to-crypto trading, as the market does not accept fiat.

So, even though trading fees are only 0.1 percent, you can't buy Bitcoin for 0.1 percent with USD. On KuCoin, there is a fee ranging from 3% to 12% depending on the payment method and payment channel used to buy crypto directly with fiat currency.

Despite the low trading fee, if you do not already own cryptocurrency, you must pay a high percentage fee to purchase your coins before you can trade.

Withdrawal Fees

The fee for withdrawing fiat currency on Binance varies depending on the currency and withdrawal method. For example, withdrawing Australian Dollars (AUD) via bank transfer is free, whereas withdrawing Pound Sterling (GBP) via Bankcard is subject to a 1% fee.

Binance charges a flat fee for cryptocurrency withdrawals to cover the costs of transferring the coins to your personal wallet. Each cryptocurrency has its own set of fees.

One of the biggest drawbacks of KuCoin is that it does not allow fiat currency withdrawals. Only cryptocurrency can be withdrawn, with a flat fee based on the coin you want to withdraw.

Binance v Kucoin: Deposit Methods

Both Binance and Kucoin accept a variety of deposit methods to accommodate customers from all over the world. Both of them accept SEPA bank transfers, credit cards, debit cards, and cryptocurrency.

Binance also accepts bank transfers (ACH), PayID, SWIFT, and SOFORT/iDEAL payments.

PayPal, Apple Pay, and Skrill are also accepted by KuCoin.

Binance v Kucoin: Features

Binance and KuCoin are two cryptocurrency exchanges with a wealth of features that go above and beyond the basic requirements of new investors.

Both offer the popular advanced trading dashboard, P2P marketplace, margin trading, futures market, and the simple 'buy now' interface.

While your cryptocurrency is held on Binance, you can earn interest on it. If you plan to HODL your cryptocurrency, it could be a good investment. The various stake possibilities are listed below.

Binance has partnered with Visa to create a card that allows you to spend your cryptocurrency at 60 million retailers across the world. The card is free, with no administrative or processing fees, and you can earn up to 8% cashback on qualified transactions. This is not only convenient, but it also symbolizes a move of cryptocurrencies into the mainstream.

KuCoin is a great amazing feature that allows you to boost your investment potential by using their free trading bots. You can set the parameters for your bot to trade for you automatically, even if you are busy or asleep. Because the bots are cloud-based, you don't need to have your phone or computer turned on for them to work. You can also discover which bots are the most successful, and KuCoin allows you to replicate their results by copying their settings.

KuCoin also offers the opportunity to earn interest on your cryptocurrency while it is kept on the platform. The most straightforward method is to just purchase and retain KuCoin's token (KCS). If you have at least 6 KCS, you will receive daily interest at a rate of around 22% APR.

You can also earn daily interest by lending your cryptocurrency to other traders. KuCoin has over 160 coins available for lending, with loan terms of 7, 14, or 28 days (your choice). You have the option of charging a certain amount of daily interest.

The higher the interest rate, the more money you'll make, but the less likely it is that someone will accept your loan terms if there are lower rates available. If you need to borrow any cryptocurrency, KuCoin makes it simple to do so.

Binance vs KuCoin Security

Binance keeps the majority of their digital assets in cold storage and provides helpful information to their customers on how to improve security, such as enabling two-factor authentication (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes, and even U2F (universal 2nd-factor authentication), which requires physical access to hardware to access your account.

Even the most secure cryptocurrency exchanges may be hacked, and Binance was hacked in 2019 and lost almost $40 million in Bitcoin.

It's vital to note how Binance handled this scenario. They paid for the full loss, ensuring that no users were harmed by the cyberattack, and four months later, they were awarded the coveted ISO 27001 accreditation, which is given following a thorough evaluation of an organization's information security management.

Micro-withdrawal wallets, industry-level multilayer encryption, and dynamic multi-factor authentication are just a few of the security features KuCoin uses to keep its users' assets safe.

On a daily basis, they even have specific internal risk control divisions to oversee all transactions. KuCoin was likewise the victim of a cyberattack in 2020, with $150 million stolen.

KuCoin acted quickly, retrieving a major chunk of the stolen cash and covering the rest under their insurance policy. The users of KuCoin were not harmed as a result of the security incident.

Binance v Kucoin: Final Verdict

Binance and KuCoin are both cryptocurrency industry behemoths. They both have a large number of cryptocurrencies, a lot of trading volume and liquidity, and a lot of features. I expected a close contest between the two, but Binance emerges as the clear winner.

The fact that Binance charges a tiny cost (or even none in some situations) to deposit fiat cash, and then charges only 0.1 percent to acquire crypto with it, was the determining factor. You can't access the markets on KuCoin using fiat currency, so if you want to take advantage of the 0.1 percent trading charge, you'll have to buy crypto with fiat currency, which comes with a 3 percent to 12 percent fee. Furthermore, you will not be able to withdraw any fiat currency from your KuCoin account.

Click Here To Join Kucoin

Click Here To Join Binance

Disclosure: The links in this post are affiliate links. I will earn a small commission if you use any of them to open your account(s) but at no cost to you.

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