When anyone talks about cryptocurrency, Binance and KuCoin are the two biggest players present in the cryptocurrency market. KuCoin vs Binance, which one is the best is the most popular question asked by investors these days. KuCoin boasts having 11 million users worldwide while Binance is at the top among the largest cryptocurrency exchanges in terms of trading volume.
Both these exchanges have similar services and business strategies. If we talk about KuCoin vs Binance, both have many similarities such as both are known for offering access to numerous altcoins which are usually hard to buy. Both include lots of features and additional services apart from simple purchasing and trading cryptocurrencies.
They allow users to use features like crypto lending, margin trading, trading bots, referral programs, etc. Both the platforms are very similar and it is quite difficult to find which one is better in KuCoin vs Binance. We have listed the differences between both of these platforms.
KuCoin vs Binance is something most crypto traders want to know. If you are one of those, our post will help you to understand KuCoin vs Binance. It will provide you clarity on KuCoin vs Binance. We will also discuss the pros and cons of both platforms and then compare these platforms. So, let us dive into the post quickly to know more about KuCoin vs Binance.
KuCoin Vs Binance: Pros And Cons
We will first discuss the pros and cons of both these platforms and then move on to the differences between the two.
Pros And Cons Of KuCoin
Here are the advantages of KuCoin. Let’s see them quickly.
- More than 11 million users around the world.
- Low fees of 0.1%.
- More than 600 cryptocurrencies.
- Crypto lending is available.
- Supports trading bots.
- Mobile app for both Android and iOS users.
Here are the disadvantages of the KuCoin trading platform.
- High fees if purchasing cryptocurrency using fiat currency.
- No support to withdraw fiat currency.
- Customer service is average.
Pros And Cons Of Binance
Let us quickly check out the advantages of Binance.
- Largest cryptocurrency exchange as per trade volume.
- Very low fees of 0.1%.
- Supports NFT Marketplace.
- Supports futures trading.
- More than 600 cryptocurrencies are available on the platform.
- The mobile app available for both Android and iOS users.
Let us have a look at the disadvantages of this platform.
- Unavailable for the US traders.
- Customer service is very slow.
- Not registered with any federal body.
As we have discussed the advantages and disadvantages of both these platforms, let us move on and check out the differences between the two platforms.
KuCoin Vs Binance: Trading Fee
The trading fees of the KuCoin platform start at 0.1%. You can also earn discounted trading fees if you pay using KCS or KuCoin’s tokens. The discount is around 20%. It means you can further reduce the fee to 0.08% per trade. This trading fee is only applicable to crypto-to-crypto trading as fiat cannot be used in this market.
Binance also includes a trading fee starting at 0.1%. But the platform has a 25% discount on using Binance’s tokens, unlike KuCoin which has 20%. So, you can enjoy and further reduce the trading fees to 0.075%. It is the lowest fee in the industry. You can also purchase cryptos using fiat currencies on this platform.
KuCoin Vs Binance: Security
The KuCoin trading platform uses multiple layers of security measures to protect its customer’s funds. It uses two-factor authentication, a micro-withdrawal wallet, etc. for protection. When the platform was hacked in 2020, it successfully recovered a large number of stolen funds. Users didn’t suffer any loss in the cybersecurity breach.
Binance trading platform stores its majority of digital assets offline in cold storage. It also provides useful details to users by explaining the ways of increasing security such as two-factor authentication, anti-phishing codes, etc. Binance has also been a target for hackers in 2019. The platform successfully recovered the whole loss, and no users suffered from this cybersecurity breach.
KuCoin Vs Binance: Crypto Mining
Both these platforms provide access to their users to enjoy crypto lending. However, Binance doesn’t permit its users to be a part of crypto mining, unlike KuCoin. Users of the KuCoin platform can enjoy crypto mining.
KuCoin Vs Binance: Supported Fiat And Cryptocurrency
Fiat currencies supported by KuCoin are EUR, GBP, USD, RUB, VND, JPY, AUD, CNY, TRY, and over 40 more currencies. Supported cryptocurrencies by KuCoin are around 528. Binance supports fiat currencies like AUD, USD, RUB, UAH, CNY, CAD, GBP, TRY, NGN, and over 40 more currencies. Supported cryptocurrencies by Binance are approximately 364.
KuCoin Vs Binance: Margin Trading
Users of the KuCoin trading platform enjoy margin trading. If you are using the Binance cryptocurrency trading platform, you cannot enjoy margin trading as the platform does not support it.
KuCoin Vs Binance: Bonus
KuCoin provides its users with a welcome bonus. The bonus is up to 500 USTD. Users do not earn any bonus amount on the Binance cryptocurrency trading platform. Bonus is only enjoyed by KuCoin users.
KuCoin Vs Binance: Demo Account
KuCoin trading platform provides its users with access to a demo account. Binance users do not have access to a demo account, unlike KuCoin users.
KuCoin Vs Binance: Payment Methods
KuCoin includes payment methods such as cryptocurrency, wire transfer, SEPA, PayPal, credit card, and debit card. Binance supports various payment methods like Osko, debit card, cryptocurrency, credit card, and PayID.
KuCoin Vs Binance: Countries Supported
KuCoin is available globally while Binance is also available worldwide but not supported in the United States. Traders in the United States need to use Binance.us for cryptocurrency transactions.
KuCoin Vs Binance: Volume
Binance is amongst the largest exchanges in terms of trading volume. KuCoin is within the list of top 10 exchanges and is in the 10th spot by trade volume. The 24-hour trading volume of Binance is $99,657,893,465.63 while KuCoin has a 24-hour trading volume of $7,131,074,191.15 as of writing.
We have discussed KuCoin vs Binance here in our post.
Till now, you must have got a clarification on which platform is good in which all factors. Both these platforms are well-known worldwide. KuCoin vs Binance has given you details that KuCoin is better at times while Binance is better in other situations. You can now decide which is a better choice in KuCoin vs Binance based on the factors that suit you better. What do you find better in KuCoin vs Binance, do share with us in the comments!
Frequently Asked Questions
Q1. Are KuCoin Fees High?
A. No, KuCoin is one of the platforms having the lowest trading fees. It is not among those trading platforms which charge high fees from its users.
Q2. Is Binance Better Than KuCoin?
A. In certain cases Binance is better than KuCoin like discounted rate using the native tokens is lower and better in Binance than KuCoin. However, many factors prove KuCoin to be better than Binance.
Q3. Is There Any KYC Process In KuCoin?
A. KuCoin involves the implementation of partial KYC. You need not complete the verification process unless any suspicious activity is exhibited by you.
Q4. Is Binance Banned In Ontario?
A. No, Binance currently doesn’t hold a license with OSC that regulates crypto exchanges in Ontario.