Binance versus KuCoin ▷ Which exchange is better? Our experience, fees & More
Choosing a crypto currency exchange is difficult, especially when so many options are available. Two such options we will consider are the popular crypto currency exchanges Binance and Kucoin. However, instead of reviewing them separately, we will put them head-to-head - Binance versus Kucoin - and help determine which is the right crypto-currency exchange for you.
The purpose of this article is not to condemn or support an exchange over the other. The aim is to present the available information and compare these two crypto currency exchanges. We will provide you with what we have, but in the end it is up to you to decide which exchange is best for you.
Kucoin is a crypto-currency exchange that originated in China but was moved to Hong Kong due to the government's crackdown. Like many other exchanges in Hong Kong, Kucoin is growing steadily. When the exchange created partner program offerings that encouraged users to join others, Kucoin had to temporarily close due to the overwhelming influx of new members.
Kucoin charges a fee of 0.1% for each transaction carried out on its stock exchange. However, if you have Kucoin tokens, you have the potential to use the Kucoin dividend system to get back half of your transactions. We will discuss this briefly.
Disbursement fees are determined for an asset by asset - official breakdown of disbursement fees here.
Currently the Kucoin exchange supports almost 180 trading pairs. This is only a small difference from its counterpart, Binance, but Kucoin supports trading pairs with Bitcoin Cash, NEO and Kucoin tokens.
From a security perspective, Kucoin has fulfilled its duty of care and remains free of hacks at present. This is partly due to the two-factor authentication. Furthermore, there is no evidence that either theExchange or individual accounts have been hacked.
Specific currencies Stock exchange
Kucoin andBinance offer and support their own crypto currency tokens. With Kucoin you can use the tokens to receive dividends of up to 50% of the profits of the exchange. These are paid out regularly, but are a good way to earn a little money for your investment.
Investors in the Kucoin token are also entitled to a lower transaction fee than the standard rate. According to an article by Fela Oparei, owners of the Kucoin crypto currency can expect to earn $0.73 per Kucoin per year. Although this is not much, the currency is expected to continue to grow and thus increase in value.
Quality of customer service
Kucoin is known for its incredibly fast and effective customer support. As a member of the Kucoin exchange you have access to 24-hour telegram chat support. In addition, the exchange offers a very fast processing of problems or support requests you receive.
Is KuCoin safe?
The development of the Kucoin crypto-currency exchange began in 2011 and was created and built to support global financial standards. As mentioned above, Kucoin uses two-factor authentication and additional layers of security to make its platform robust and secure. Kucoinmag may be new to the crypto-currency industry, but you should not be concerned about whether or not they provide a secure environment for users.
Order types for the trade
According to Kucoin's help page, the exchange only offers limit order trading. Stop/loss orders are not currently offered.
Support for mobile platforms
Kucoin offers mobile applications for both iOS and Android. You can download the Kucoin app here. While there are always improvements to every application, Kucoin does a good job of providing a solid user interface for its users.
The Binance crypto-currency exchange started in mainland China, but was moved to Hong Kong due to strict laws in China. Since then, the exchange has experienced immense growth and increasing popularity. So much so that the exchange had to temporarily postpone new registrations to give the website time to adapt. This is still the case as Binance currently only allows a few new users per day.
No ID is required to register with Binance. However, if you wish to register for a higher membership level, you must have an ID. For the majority of users on the exchange, the basic account level should be sufficient.
Just likeKucoin, the fees for using Binance as the exchange of your choice are 0.1% for each trade. Binance does not charge any custody account fees, while the payout fees vary depending on the asset. For example, some of the larger currencies such as Litecoin and Ethereum have a fee of 0.01 per withdrawal. Take a look at the Binance fee overview here.
By comparison, other stock exchanges can demand up to 0.18% for payouts.
For the most experienced traders, Binance offers many options. However, it doesn't offer most of the exchange out there. As long as you trade in the top 100 crypto currencies, you will be fine. Additionally, BinanceBinance offers Binance coins, Bitcoin and Ethereum trading pairs.
Just likeKucoin, Binance offers support for two-factor authentication. Ideally, this would be a standard for all crypto currency exchanges. Unfortunately this is simply not the case. Binance has not encountered any hacks, which is good to know, as most exchanges are almost always attacked.
Note, however, that Binance has encountered some problems that could be cause for concern. For example, the Exchange has increased the number of phishing websites that appear when users try to find them. Unfortunately, this is an ongoing problem in the world of crypto currency. Ultimately, it is not the fault of Binance, but it is something to consider when choosing them as trading partners.
Specific currencies Stock exchange
Similar toKucoin, Binance offers its own crypto currency token(BNB-Coin). You can use your Binance token to pay all the fees you incur when using theBinance crypto currency exchange. For example, if you have to pay pay payouts, listing fees or stock exchange fees, you can use your Binance Token to do so.
Binance offered better customer service than most other exchanges. The exchange offers you several methods to address problems. The primary method Binance uses is a ticketing system, which is a good way to ensure that your problem is noticed by the Binance customer service team.
Is Binance safe?
Although Binance is one of the largest stock exchanges on the market, there are several unknowns that users can hold onto. For example, Binance has not yet issued an official statement on how the funds are secured on its exchange. However, Binance has a loyal group of users and there is currently no reason to believe that the Exchange is not taking its security seriously.
Order types for the trade
Binance offers three types of trade orders on its exchange: Limit Order, Market Order andStop-Limit Order. Limit Order is a request to sell or buy currencies at a certain price or better, when a Market Order attempts to buy or sell at the current price. Finally, Stop-Limit Orders execute a buy or sell when the limit price reaches the stop price.
Like Kucoin, Binance offers mobile apps for Android and iOS. You can download the applications here. In addition to the QR Code, Binance offers walkthrough articles for users who require additional information or instructions during the installation process.
Binance also has a desktop application - see our Binance Desktop App Guide.
Binance vs. KuCoin: comparison table
- Access to over 150 cryptos.
- Trade in your native language: A translated version of the stock exchange is available at 🇺🇸 🇨🇳 🇵🇹 🇳🇱 🇩🇪 🇪🇸 🇷🇺 🇯🇵 🇫🇷
- 24/7 live chat support.
- Low trading fees.
Do you need a helping hand setting up? Read our comprehensive Kucoin guide.
- Access to over 100 cryptos.
- E-mail language support for: 🇺🇸 🇨🇳 🇯🇵 🇰🇷
- Provides mobile & desktop applications.
- Low trading fees.
Do you want to see all the steps to create your account? Read our detailed Binance instructions.
Which Exchange is the right one for you?
If you simply look at what each exchange has to offer and the advantages and disadvantages of each one, it is difficult to choose between the two. Kucoin has a high level of security and 24-hour live customer support. By comparison, Binance is the world's largest crypto currency exchange, but you may have to wait a few hours before you receive a response from Binance's ticketing system. Both offer access to a wide range of crypto currencies and trading options.
Overall, both crypto currency exchanges have a lot in common and have very supportive and enthusiastic users. The choice between the two will probably be based on your own needs and preferences, along with what you are looking for in a crypto currency exchange.