Binance versus KuCoin ▷ which exchange is better? Our experiences, fees & more
Choosing a cryptocurrency exchange is difficult, especially when there are so many options available. Two such options that we will consider are the popular cryptocurrency exchanges, Binance and Kucoin. However, instead of checking these separately, we will head to head Binance versus Kucoin - and help determine which is the right cryptocurrency exchange for you.
The purpose of this article is not to condemn or encourage an exchange about the other. The aim is to present the information available and to compare these two cryptocurrency exchanges. We will provide you with what we have, but in the end it is up to you to determine which exchange is best for you.
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Kucoin
Kucoin is a cryptocurrency exchange that originated in China but was moved to Hong Kong due to government crackdown. Like many other Hong Kong exchanges, Kucoin has seen steady growth. When the exchange created an affiliate program offering that encouraged users to join others, Kucoin had to close temporarily due to the overwhelming influx of new members.
fees
Kucoin charges a fee of 0,1% for every transaction made on its 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.
Withdrawal fees are set for an asset by asset - official breakdown of withdrawal fees here.
Plant support
Currently, the Kucoin exchange supports nearly 180 trading pairs. This is only a small difference to its counterpart, Binance, however Kucoin supports trading pairs with Bitcoin Cash, NEO and Kucoin tokens.
Safety
From a security perspective, Kucoin has done its due diligence and is currently free of hacks. This is partly due to two-factor authentication. Furthermore, there is no evidence that neither the Exchange nor individual accounts were hacked.
Specific currencies stock exchange
Kucoin andBinance offer and support their own cryptocurrency 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 great way to earn some cash on your investment.
Kucoin token investors are also entitled to a lower transaction fee than the standard tariff. According to an article by Fela Oparei, Kucoin cryptocurrency holders can expect to make $ 0,73 per Kucoin annually. While that is not much, the currency is expected to continue to grow and thus continue to appreciate 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 response to any problems or support requests that they receive.
Is KuCoin Safe?
Development for the Kucoin cryptocurrency exchange began in 2011. It was created and built to support global financial standards. As mentioned earlier, Kucoin uses two-factor authentication as well as additional layers of security to make its platform robust and secure. Kucoinmag may be new to the cryptocurrency industry, but you shouldn't have any concerns about whether or not they provide a safe environment for users.
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According to Kucoin's help page, the exchange only offers trading with limit orders. Stop / loss orders are currently not offered.
Mobile platform support
Kucoin offers mobile applications for both iOS and Android. You can download the Kucoin app here. While there are always improvements to any application, Kucoin does a good job of providing its users with a solid user interface.
Binance
The Binance cryptocurrency exchange started in mainland China but moved to Hong Kong due to strict laws in China. Since then, the stock exchange has seen immense growth and popularity. So much so that the exchange had to put in place a temporary postponement for new registrations to give the website time to adjust. 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 want to sign up for a higher membership level, you must have an ID. For the majority of users on the exchange, the basic account level should suffice.
fees
Just like Kucoin, the fees for using Binance as the exchange of your choice are 0,1% for each trade. Binance does not charge custody fees, while withdrawal fees vary depending on the asset. For example, some of the major currencies like Litecoin and Ethereum have a fee of 0,01 per withdrawal. Check out the Binance fee schedule here.
In comparison, other exchanges can charge up to 0,18% for withdrawals.
Plant support
For most experienced traders, Binance offers many options. However, it doesn't offer most of the exchanges out there. As long as you are trading in the top 100 cryptocurrencies, you will be fine. In addition, BinanceBinance offers Binance Coins, Bitcoin and Ethereum trading pairs.
Safety
Just like Kucoin, Binance offers support for two-factor authentication. Ideally, this would be a standard for all cryptocurrency exchanges. Unfortunately, that's just not the case. Binance did not come across any hacks, which is good to know as most exchanges are almost always under attack.
Note, however, that Binance has encountered a number of issues that may be cause for concern. For example, the exchange has increased the number of phishing websites that pop up when users try to find them. Unfortunately, this is an ongoing problem in the cryptocurrency world. Ultimately, it's not Binance's fault, but it's something to consider when choosing them as your trading partner.
Specific currencies stock exchange
Similar to Kucoin, Binance offers its own cryptocurrency token (BNB coin) at. You can use your Binance tokens to pay any fees you incur when using the Binance cryptocurrency exchange. For example, if you have to pay withdrawals, listing fees or exchange fees, you can use yourBinance tokens
Customer care
Binance offers better customer service than most other exchanges. The exchange gives you several methods to shed light on problems. The primary method Binance uses is a ticketing system, which is a great way to ensure that your problem is noticed by the Binance customer service team.
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Is Binance Safe?
Although Binance is one of the largest exchanges out there, there are several unknowns that users can pause for attention. For example, Binance has not yet made an official statement as to how the funds are secured on its exchange. Binance has a loyal group of users, however, and there is currently no reason to believe that the Exchange is not taking its security seriously.
Order types for retail
Binance offers three types of trade orders on its exchange: limit order, market order and stop-limit order. Limit order is a request to sell or buy currencies at a certain price, or better, when a market order tries to buy or sell at the current price. Finally, stop limit orders perform a buy or sell when the limit price reaches the stop price.
Platform support
Like Kucoin, Binance offers mobile apps for Android and iOS. You can download the applications here. In addition, in addition to the QR code, Binance offers walkthrough articles for users who need additional information or instructions during the installation process.
Binance also has a desktop application - see our Binance desktop app instructions.
Binance vs. KuCoin: Comparison Chart
KuCoin
- Access to over 150 cryptos.
- Trade in your mother tongue: a translated version of the exchange is available at 🇺🇸 🇨🇳 🇵🇹 🇳🇱 🇩🇪 🇪🇸 🇷🇺 🇯🇵 🇫🇷
- 24/7 live chat support.
- Low trading fees.
Do you need a helping hand with setting up? Read our comprehensive Kucoin Guide.
Binance
- Access to over 100 cryptos.
- Email language support for: 🇺🇸 🇨🇳 🇯🇵 🇰🇷
- Offers mobile & desktop applications.
- Low trading fees.
Would you like to see all the steps to create your account? Read our detailed Binance instructions.
Which Exchange is Right for You?
When you just look at what each exchange has to offer and the pros and cons of each one, it is difficult to choose between the two. Kucoin has a high level of security and 24/XNUMX live customer support. In comparison, Binance is the world's largest cryptocurrency exchange, but you may have to wait a few hours before receiving a response from Binance's ticketing system. Both offer access to a wide variety of cryptocurrencies and trading options.
Overall, both cryptocurrency exchanges have a lot in common and have very supportive and enthusiastic users. The choice between the two will likely be down to your own needs and preferences, along with what to look for in a cryptocurrency exchange.
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