KuCoin vs. Binance 2023
Binance along with KuCoin have been deemed to be two of the largest participants in the cryptocurrency market. Binance is the biggest crypto exchange worldwide based on the volume of transactions, while KuCoin boasts an impressive 11 million users across the world. With two exchanges that look identical, how do you determine which one is superior or which one should go with?
I’ve done a thorough analysis with Binance and KuCoin by examining a myriad of factors. Hope my findings help to make a choice about your crypto exchange. In the end, Binance wins as it does not charge fees for users to purchase crypto using fiat. You can also withdraw your fiat currency through the exchange while KuCoin doesn’t allow this.
Table of Contents
|Amount of Cryptocurrencies||700+||600+|
|Deposit Fees||Depends on the third-party provider (Simplex or Banxa)||Free|
|Payment Methods||Visa/MasterCard/ ApplePay||PayID/OSKO|
KuCoin Pros and Cons
- Outstanding number of supported crypto assets;
- Competitive fees;
- Options for advanced trading and staking.
- Unregulated status in Australia;
- Limited options for AUD payments;
- Navigating through the platform can be overwhelming for novices.
Binance Pros and Cons
- More than 600 available cryptos.
- The largest cryptocurrency exchange in the world.
- More than 30 fiat currencies.
- Some of the lowest fees among crypto exchanges.
- Numerous payment methods.
- Beginner-friendly, advanced, and pro-level trading features.
- US users need to use the Binance US platform, which has far fewer trading features and cryptos compared to the main Binance platform.
- The customer service is often unresponsive, and there’s no live chat feature.
Binance along with KuCoin are two highly-featured digital currency exchanges, which goes beyond and beyond the essential requirements of the new investor. They are well-known for the variety of offerings they offer; they both offer the well-known sophisticated trading platform, the P2P marketplace, margin trading, futures market, and a simple “buy now” interface.
With Binance, you will 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 keep your cryptocurrency.
Binance has created a credit card that is in conjunction with Visa that lets you spend your bitcoin at over 60 million retailers around the globe.
KuCoin is a great feature that includes 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 being held in the exchange. The most straightforward method is to purchase and keep KuCoin’s token (KCS). If you hold 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.
The Binance platform has more than 600 cryptocurrency options that are supported by Binance.
In addition, Kucoin has over 700 and more cryptocurrencies.
Evidently, Kucoin is the winner in this fight.
While Binance as well as KuCoin are alike in their business models but they differ in terms of charges. Binance has a more favorable cost structure than KuCoin.
If you make a deposit of money in fiat currency to Binance it could result in fees based on the deposit method used and the currency.
KuCoin does not support fiat deposits. If you intend to use fiat currencies to buy cryptocurrency then you have to pay in cash when you purchase without having to deposit prior to. The cost of a crypto purchase can range between 3% and 5percent, based on the method of payment you select.
Deposits in cryptocurrency made on Binance as well as KuCoin are completely free.
Binance charges for trades begin at just 0.1 percent, and you can get 25% off if you choose to use the Binance cryptocurrency (BNB) for payment of for your charges.
KuCoin’s trading costs also begin at 0.1 percent, and similarly to Binance it is possible to get a discount on the trading fees by paying with the KuCoin token (KCS).
On Binance the fee for withdrawals varies based on the currency as well as the method of withdrawal.
Withdrawals of cryptocurrency through Binance will be subject to an unrestricted fee to cover the transaction cost of making the transfer to your account.
KuCoin is not able to permit withdrawals of fiat currency this is among the most significant disadvantages that the cryptocurrency exchange. You are able to withdraw cryptocurrency only and pay a fixed fee, based on the cryptocurrency you’d like to withdraw.
Binance as well as KuCoin are frequently acknowledged for their excellent customer service, and it has frequently been the subject of fierce criticism of several popular cryptocurrency exchanges. I am very pleased the fact that both exchanges provide live chat support. This is extremely convenient, as well 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 a great self-service feature that allows users the ability to solve some of their own issues including password resets, changing 2FA, or the absence of crypto-deposits.
Binance as well as KuCoin both provide a range of deposit options, in order to serve customers from all over the world. Both accept bank transfers (SEPA) and debit card, credit card, and cryptocurrency.
In addition, Binance supports bank transfer (ACH), PayID, SOFORT/iDEAL and SWIFT.
KuCoin is also a partner of PayPal, Apple Pay and Skrill.
Binance has most all of its digital currency in cold storage. They also give useful advice to customers on how to improve security, for instance, enabling 2-factor authentication (two-factor authentication) and whitelisting devices as well as controlling withdrawal addresses, anti-phishing codes , and some even use U2F (universal 2nd factor authentication) that will require physical accessibility to the hardware in order to connect to your bank account. But no matter how secure a cryptocurrency exchange may be susceptible to vulnerabilities that are exploited. In fact, in the year 2019 Binance was victimized by an attack that lost more than $40 million of Bitcoin.
KuCoin uses several layers of security to ensure that their customers’ funds are secure with micro-withdrawal accounts that use industry-standard multilayer encryption, as well as multi-factor authentication with dynamically changing features. They also have internal risk control teams to supervise each transaction daily. In the year 2020, KuCoin was also the victim of a hacking attack, in which $150 million was taken. KuCoin quickly responded and recovered a significant portion of the funds stolen, and the rest was covered by its insurance plan. KuCoin’s users didn’t experience any financial losses as a result of the cybersecurity security breach.
Binance along with KuCoin are two giants in the world of cryptocurrency. Both offer numerous cryptocurrencies, massive volumes of trading and liquidity as well as a host of other features. I was expecting an extremely close match between them, however in reality Binance is the most popular.
The primary reason for this was the fact that Binance has a fee of a modest amount (or even zero in certain instances) to transfer fiat currency which allows you to purchase crypto with your currency for only 0.1 percent. KuCoin is a cryptocurrency that KuCoin however, you are unable to trade with fiat currencies, therefore to benefit from the 0.1 per cent trading fee you have to buy crypto with fiat and pay an incredibly high 3% – 5percent fee. Furthermore, you can’t withdraw currency that is fiat from your KuCoin account.
Frequently Asked Questions
Can I make money on Binance?
Binance is a great crypto platform for making money because it offers users numerous possibilities, from spot trading, margin trading, leveraged futures contracts, and P2P trading, all the way to numerous staking options, liquidity mining, crypto savings accounts, and a booming NFT marketplace.
Can you lose money on Binance?
Sure you can. Crypto trading is a very risky activity because cryptocurrencies are highly volatile assets with dramatic price fluctuations within small periods of time. That’s why trading cryptocurrencies is a high-risk endeavour, and you should never invest more than you’re prepared to lose.
How do I get my money out of Binance?
You can easily cash out your crypto into fiat currency by connecting and verifying a bank account on Binance. Once you connect a bank account, you’re ready to facilitate fiat currency transactions from the platform to your bank account.
Is it safe to link a bank account to Binance?
Linking your bank account to Binance is perfectly safe because the exchange platform keeps all user data protected by advanced encryption methods and doesn’t share any of that information with third parties.
How does Binance make money?
Binance makes money mainly from platform trading fees. Although the Binance fees are among the lowest in the industry, the platform manages to achieve high profits thanks to the fact that it’s the most popular exchange in the world, with the highest number of active users.
Does KuCoin have a mobile app?
Yes. The KuCoin mobile app is a crypto exchange where you can transfer, swap, or buy crypto assets on the go, with the same convenience as trading coins on the web platform of the exchange. It’s supported by all Android and iOS operating mobile devices.
What countries are supported by KuCoin?
KuCoin is a worldwide crypto trading platform that can be accessible by the residents of most countries in the world, including the United Kingdom, Singapore, Colombia, Portugal, India, Japan, Norway, Turkey, Oman, Canada, to mention a few.
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