KuCoin vs. Binance 2023

Binance along with KuCoin both are among the largest players in the market for cryptocurrency. Binance is the largest cryptocurrency exchange in the world , based on volume of trading, and KuCoin boasts a staggering 11 million users across the world. Two exchanges that are so alike, how do you decide which is the better option or which one you should go with?

I’ve conducted a comprehensive comparison with Binance and KuCoin taking into consideration a variety of aspects. Hope my findings help with making an informed choice regarding your cryptocurrency exchange. Short and sweet, Binance wins as it does not charge fees for users for buying crypto using fiat. Additionally, you can withdraw fiat currencies through the exchange but KuCoin doesn’t allow this.

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KuCoin vs. Binance Comparison Table

KuCoin Pros and Cons

Pros

• Ability to earn interest on crypto
• Low fees
• Strong user base
• Advanced trading features
• Good customer service
• Secure platform
• Anonymous trading
• Wide selection of cryptocurrencies

Cons

• Not licensed in the U.S
• Low trading volume

Binance Pros and Cons

Pros

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instrument

Features

Binance as well as KuCoin are two highly feature-rich digital currency exchanges, which goes over and beyond the essential requirements of the new investor. They are well-known due to the wide array of features they offer. they both provide the renowned sophisticated trading platform, the P2P marketplace, margin trading, futures market, and a easy ‘buy now’ interface.

On Binance, you are able to earn interest on your cryptocurrency while you store that crypto in the Binance exchange. It could be a great investment option if you plan to store your cryptocurrency.

Binance has come up with a card that is in conjunction with Visa which lets you use your cryptocurrency at 60 million merchants across the globe.

KuCoin is a great feature, with their trading bots that are free to help you increase your investment opportunities. KuCoin also offers options for earning interest from your crypto when it’s on their exchange.

The most efficient method is to buy and keep KuCoin’s token (KCS). If you own at six KCS at a minimum and earn interest every day, with an average rate of 22 percent. You may also lend your cryptocurrency to other traders and earn interest on a daily basis.

Winner: Binance

Supported Cryptocurrencies

The Binance platform has more than 600 cryptocurrency options that are supported by Binance.

In addition, Kucoin has over 700 plus cryptocurrencies to choose from..

It is obvious that Kucoin is the winner in this fight.

Winner: KuCoin

Fees

While Binance or KuCoin are comparable in their business models but they differ in terms of charges. Binance is more efficient in its fee structure than KuCoin.

If you make a deposit of money in fiat currency to Binance, there could be an additional charge based on the deposit method used and the currency.

KuCoin does not support fiat deposits. If you intend to make use of fiat currency to purchase crypto and pay for it immediately when you purchase without having to deposit money prior to purchase. The cost of a crypto purchase ranges between 3% to 5percent, based on the method of payment you select.

Deposits in cryptocurrency made on Binance or KuCoin are absolutely free.

Binance costs for trading begin at just 0.1 percent. You can also enjoy an additional 25% discount when you choose to use the Binance cryptocurrency (BNB) for payment of for your charges.

KuCoin’s fees for trading also start at 0.1 percent. Similar to Binance it is possible to get a discount on the trading fees when you pay with the KuCoin token (KCS).

On Binance the currency withdrawal fee is different based on the currency used and the method of withdrawal.

Withdrawals of cryptocurrency through Binance will cost an unrestricted fee to cover the costs for transfer of the currency into your personal account.

KuCoin does not permit withdrawals of fiat currency this is among the major drawbacks that the cryptocurrency exchange. It is only possible to withdraw cryptocurrency using a fixed fee, based on the currency you wish to withdraw.

Winner: Binance

Customer Support

Binance along with KuCoin are frequently noted for having decent support for customers, but it’s often been the focus of fierce criticism of numerous popular crypto exchanges. I’m very happy the fact that both exchanges have live chat support that is extremely convenient, along with email support to users who do not want to wait around for an opportunity to talk to one of the helpful customer service representatives.

Binance offers an excellent self-service feature that allows users the ability to solve the majority of their own problems including password resets, changing 2FA, or not having crypto-deposits.

Winner: Tie

Deposit Methods

Binance along with KuCoin both provide a range of deposit options, in order to meet the needs of customers across the world. They both accept bank transfers (SEPA) as well as debit card, credit card, and cryptocurrency.

In addition, Binance supports bank transfer (ACH), PayID, SWIFT , and SOFORT/iDEAL.

KuCoin is also a partner of PayPal, Apple Pay and Skrill.

Winner: Tie

Security

Binance has most the digital asset they manage in cold storage. They give useful advice for their customers about ways to improve security, for example , enabling two-factor authentication (two-factor authentication) as well as whitelisting devices as well as controlling withdrawal addresses, anti-phishing codes , and the U2F (universal 2nd factor authentication) that needs physical hardware access in order to gain access to the account. But no matter how secure a cryptocurrency exchanges can be vulnerable to hacks that can be exploited. For instance, in the year 2019, Binance was victimized by an attack that suffered losses of over $40 million of Bitcoin.

KuCoin uses various layers of security measures to ensure that clients’ funds are safe with micro-withdrawal accounts with industry-standard multilayer encryption as well as multi-factor authentication with dynamically changing features. They also have internal risk management departments that supervise every transaction daily. In the year 2020, KuCoin was also the victim of a hacking attack, in which $150 million was taken. KuCoin reacted quickly by reclaiming a substantial portion of the funds stolen, and the rest was protected by the insurance policies. KuCoin’s users didn’t experience any financial losses as a result of the cybersecurity incident.

Winner: Binance

Conclusion

Binance along with KuCoin are two giants in the world of cryptocurrency. Both have thousands of cryptocurrency, massive volumes of trading and liquidity as well as a host of other features. I had hoped for an extremely close match between them, however, Binance is the overall better pick.

The main reason was the fact that Binance charges a minimal fee (or even a zero fee in certain cases) to make deposits in fiat currencies that you can then purchase crypto using your currency for only 0.1 percent fee. KuCoin is a cryptocurrency that KuCoin it is not possible to trade with fiat currency. To benefit from the 0.1 per cent trading fee you must purchase crypto with fiat and pay the high 3% to 5% fee. Additionally, you are not able to withdraw currency that is fiat from your KuCoin account.

Frequently Asked Questions

Does Kucoin have a mobile app?

Yes, Kucoin has an excellent mobile app that’s packed with most of the features offered by the main platform. The app is free to download on both Android and iOS devices. The app also utilizes trading bots that automatically buy or sell cryptocurrencies so users don’t have to be online at all times.

What are some alternatives to Kucoin?

Kucoin is a great crypto trading platform but it’s not the only one on the market. Some of the most similar exchanges to Kucoin are Binance, Coinbase, and Kraken.

Is Kucoin available in Australia?

Yes, Kucoin can be used in Australia through the Simplex platform and even accepts Australian Dollars as payment.

Does Kucoin Support Margin Trading?

Kucoin provides a variety of impressive and advanced services for crypto exchange. This includes margin trading order books, market analysis in real-time and even the OTC desk for traders with large volumes.

Does Kucoin Provide a Cryptocurrency Wallet?

There’s an online wallet available on Kucoin, the site where users can trade their money, however Kucoin doesn’t have the option of a wallet. Although most people consider Kucoin as a secure exchange for trading It is a good idea to utilize a physical wallet because Kucoin is a new platform and not tested.

What Fiat Currencies and Payment Methods Does Kucoin Support?

Kucoin accepts regular bank transfers wire transfer, PayPal as well as Interac electronic transfers. The platform has joined forces with the payment processor Simplex to permit its customers to purchase cryptocurrency using credit or debit cards. As of now, Kucoin supports only USD and EUR deposits.

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

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