KuCoin Vs. Binance: Will KuCoin Take The Top Spot?
As the cryptocurrency market continues to grow, so does the number of platforms available to traders, which is especially noticeable when we look at cryptocurrency exchanges.
With big names like Binance, KuCoin, Coinbase, Kraken, and more… It might be hard for new and old investors to find the best option. While Binance is still the most prominent exchange by trading volume, KuCoin has grown rapidly over the past years. This begs the question: Which one is better for you?
In this review, we will take a look at KuCoin vs. Binance. By the end of it, you will know which one is the best option for you. Let’s get started.
KuCoin And Binance: What Are They?
To start with this KuCoin vs. Binance comparison, we have to know what the two are. Who they are, how many years they have been working, and where they come from to understand what laws they have to answer to? Knowing these facts will give you an idea of what each one is about!
What is KuCoin?
KuCoin is an exchange launched in 2017. Despite being relatively new, its founders have been working with crypto since 2011. In the first years of existence, they were BTC users, even actively trading on the mythical Mt. Gox.
Back then, they realized that the platform was challenging to use, and as such, they developed KuCoin in 2013.
Michael Gan, Eric Don, Top Lan, Kent Li, John Lee, Jack Zhu, and Linda Lin spent about 4 years designing the app exchange. Two things drove them all the way, a passion for crypto and the goal of creating an easy-to-use exchange for everyone.
Now, KuCoin is one of the biggest cryptocurrency exchanges in the space. Its main offices are located in the Seychelles Islands, which means KuCoin responds to the economic laws of this state. With more than 8 million active users, you will find that KuCoin has many features you might enjoy using.
What is Binance?
On the other side is Binance, probably the most popular exchange in the world. It is currently ranked according to several specialized websites as the number one exchange for crypto.
However, finding information about the company is not that simple as it is not known for being extremely transparent despite its size.
However, we know that it was founded in China in July 2017 by Changpeng Zhao. The company then moved to Malta in 2018 after China changed its laws regarding crypto. Now, Binance responds to the laws of Malta and the European Union.
The exchange has more than $2 billion in average daily trading volume and fulfills more than 1.4 million transactions per second. It offers a whole lot of features ranging from its blockchain and wallet to a crypto academy.
Binance has truly earned its reputation as a significant player in the crypto space. You will find out why as we advance in this KuCoin vs. Binance Review.
What Features Does Each Platform Offer?
We have been referring to KuCoin and Binance as exchanges… Which they are. However, they both offer so much more than just a means to trade crypto, and this can make it hard to note all of the features you can find when using them.
Here we will see the first big difference between KuCoin vs. Binance without going into the details. We believe this approach will help you choose by having a good idea of what to expect.
You will find that KuCoin is a platform suitable for novice users and perfect for your first exchange. The other is the most used exchange globally, but that does not mean it is the most accessible. Below we will see what each one can offer you!
Let’s start by talking about KuCoin. This platform is growing every day, and as such, it has several functions that will be detailed here. However, there are likely way more features when you read this. As such, you might want to look at its website and explore new features once you are done with this review!
Buy Crypto Easily
With KuCoin you will be able to buy crypto simply and quickly with your Visa or Mastercard credit card. This is one of the preferred features for new traders to start their crypto journey.
KuCoin also provides you with a Peer-to-peer (P2P) crypto market to make trading much more accessible and do it directly with other traders. The benefits of this are additional payment methods depending on your location!
You can also buy crypto using Apple Pay, which is possible thanks to KuCoin’s collaboration with Simplex and Banxa. This service ensures you have even more options when it comes to buying your favorite crypto.
KuCoin offers a trading bot so you can make profits without actively trading. This bot is highly customizable and comes with default profiles that will allow newbies to use it.
By making use of a trading bot, you can maximize your profit. After all, not all of us are financial experts or have the time to be on top of our portfolios 24/7.
A tool perfect for developers to integrate the exchange with their platforms and projects. This feature ensures that you are not limited when it comes to using the platform!
This is an exclusive service that you can pay to have specialized attention from their customer support. You will be able to attend offline talks to learn how to generate more income with the app.
KuCoin Futures Lite
This is a “lite” version of the original Futures platform. It is designed to be much more accessible to newbies, as it shows less data on screen and limits advanced options. This way, the experience is much less complex and enjoyable.
With KuCoin’s Futures lite feature, you can perform the most normal operations such as buying, selling, or holding. However, if you want something more complete, you can use the regular Futures platform.
For riskier traders, this option is perfect. KuCoin offers the possibility to trade with “KuCoin Leveraged Tokens”, which are the same as cryptos, but with more value.
Imagine you trade with BTC (Bitcoin), and it increases its price, then its KuCoin version will increase by three times. Although if it were to drop in price, it would also lose three times its price. They are more volatile versions of conventional cryptos and are perfect for risky traders. If you know how to use them wisely, you can make even more profit.
We recommend you don’t use this feature if you are at the start of your crypto journey. It is a great way to increase your rewards, but the risk has to be considered!
This KuCoin extension allows you to participate in raffles created by KuCoin and other users. You can join by buying a raffle with your cryptos (usually with USDT) and win prizes such as Bitcoins, Ethereum, or items like Airpods.
KuCoin Crypto Lending
If you need liquidity but don’t want to trade your crypto, a loan might be the best option for you. By putting your crypto as collateral, you will receive a loan that you can use immediately. Once you pay the loan, your crypto is returned.
This is a great feature to use if you are hoping the price of your crypto to increase but find unexpected expenses. These expenses can even be buying more of the same crypto!
KuCoin Mining Pool
If you have wanted to be a winner but don’t have the necessary resources, this feature is for you. By pooling your resources, you will earn rewards as well as enjoy discounts on mining fees. There is strength in numbers, after all!
KuCoin is always working on helping the crypto ecosystem grow. This feature is its way of doing that as it works as a launchpad. By using this feature, you will be able to invest in the newest coins. In exchange, the teams behind the projects receive funding to grow them. It’s a win-win!
We already know that this is the leading global trading platform, so let’s look at its features to find out why!
Deposit Your Fiat Money
Binance offers you the opportunity to store several Fiat coins, which is not very common in exchanges. This way, when you want to buy cryptos, you will be able to do it more comfortably since your money will already be there.
If you decide not to make a deposit, there is also the option to buy cryptocurrency directly. Purchases are quick and easy, taking less than 5 minutes, and can even be immediate depending on the time of day. You can make them with Visa or MasterCard credit or debit cards and even with the money from your deposit.
Binance also has its own Peer-to-peer system, but it works a little differently. While KuCoin connects you directly with another person to make your transaction, Binance will protect both identities.
Binance is the one who receives the money from the seller and sends it to the buyer. It acts as a mediator so that the identities of both traders are protected, and no one has problems. If issues arise, the platform’s team will serve as a mediator!
Classic and Advanced Trading Platforms
There are two different Trading platforms in case you are a novice or an experienced user.
If you are a novice, we recommend using the Classic version; it is much simpler and less confusing. You can perform the most common actions like buying and selling to avoid getting into trouble.
As for the advanced version, there are all kinds of tools for you to manipulate your crypto the way you want. It is complete, and we recommend you to at least take a look at it.
This feature consists of a game where you compete against other users every 5 minutes to guess if any crypto will go up or down in price. You can bet your Fiat money or your crypto, and you will get great prizes. This is an entertaining way to generate gains!
Binance Fan Tokens
This exclusive platform allows you to buy tokens from your favorite clubs around the world. You can buy them through credit cards or cryptos to take the passion for your team to the next level.
With these tokens, you can participate in voting such as your club’s player of the month, the next jersey design, or exclusive NFTs.
If you are a Porto or Lazio fan, you will have these kinds of benefits, although more teams are coming in the near future. Even teams that have nothing to do with football but with gaming or baseball teams.
With this feature, you will be able to stake your crypto to make profits over time. It is much more helpful to make your crypto generate profits constantly instead of just holding it.
Moreover, you will be able to withdraw your crypto whenever you want with no time limit, so it is considerable. Passive gains and instant liquidity… What is there not to love about it?
Binance Smart Pool
This feature is exclusive for those traders who are also engaged in crypto mining. This service will help miners to generate more profit than if they were trading on their own. This works by automatically changing the hash rate, thanks to the SHA256 algorithm.
While the user can mine in different currencies, all profits will be given to you in BTC or the crypto of your choice.
Binance Visa Card
Binance has its debit card. With it, you can buy with the funds you have in your exchange, and you only have to transfer the money from your virtual wallet to your credit card without any fee.
With the card, you can shop in almost 60 million merchants available worldwide and with up to 8% cashback. The available countries at this time are:
|Austria||Belgium||Bulgaria||Croatia||Republic of Cyprus|
As the list of supported countries is continually growing, you might want to check if yours have been added recently. You can do so here.
This service offers the possibility to buy with crypto in official stores such as Travala, L’Exception, CryptoFills, CoinsFee, and many others. In addition, you will be able to send crypto to your family and friends quickly. The best thing about all this is that you can do it without paying any fees.
How Secure Is Each Platform?
Security is a vital part of deciding on your exchange, and you should not trust your crypto to an exchange that will generate problems. Let’s see which one is more secure between KuCoin Vs Binance!
KuCoin takes its security seriously. However, we need to note that the exchange was the victim of a hack back in 2020, with a total of $285 million being stolen from the platform.
While this sounds bad, it is essential to note this is not that unusual in the crypto space. That being said, the exchange was able to recover most of the funds. Only $16 million was not recovered but was covered by the platform’s insurance. In the end, no harm was suffered by users.
After this incident, KuCoin took action to redouble its security efforts. Let’s take a look at some of the features KuCoin has in terms of security:
Restrict Login IP
If you activate this option, you will only log in through your PC with your IP. When starting this feature, whenever your account is opened from a computer that is not yours, it will be automatically closed. This ensures that your crypto is extra secure.
Anti-phishing Safety Phrase
This is done in order to prevent you from falling into fake emails or dangerous messages. If you ever receive an email from KuCoin, you should check the Anti-phishing keyphrase.
Each account has some random words so you can check if it is an email sent by KuCoin. If you receive an email on behalf of KuCoin and it does not have any key phrase, do not interact with it. This is especially useful at a time when Phishing attacks are getting more sophisticated.
Official Social Media Verification
To establish more direct contact and make sure you are a real person, you can add your social networks. You can enter your telephone number, email, WeChat, Telegram, Skype, or Twitter. This way, it will be easier to contact KuCoin.
Two-factor authentication is the most popular measure in this platform since it offers a higher security layer than the common ones. KuCoin has this security system, so you can rest assured that you have the option to activate it.
In order to use KuCoin, it is necessary to provide some personal information at the time of registration. This is done to prevent fraudsters and criminals from entering the site. Don’t worry about your data; as we mentioned before, KuCoin allows you to trade anonymously.
However, in case something happens, KuCoin can find the wrongdoers more efficiently. This also ensures compliance with local regulations, which increases the security of the platform in many ways.
As Binance is the leading crypto exchange globally, it is expected to have the best security measures as well. Well, let’s check that out!
Binance has also been hacked in the past, with more than $40 million being stolen. This took place recently, with the event going as far as having a court get involved. A London court ordered Binance to track the hackers.
That being said, Binance is still considered one of the most secure crypto exchanges out there.
Binance, like most exchange platforms, offers you Two-factor authentication. This way, you will be protected in case someone tries to access your account. Something to highlight in this KuCoin vs. Binance is that both use Google’s 2FA System, and there is not much difference between both platforms in this regard.
To use Binance, you do not need to provide any personal information. However, if you choose to remain anonymous, you will have limited trading capabilities. You will only be able to trade up to a limit of 2 BTC per day in any crypto.
You can increase that limit through a KYC (Know Your Customer) test. It’s pretty simple; you must send a selfie, a photo of your ID, and proof of residence. By completing this verification, you will have no limits to trade on Binance.
Which Customer support is better?
If you ever have a problem with your exchange, you should have someone to turn to. Good customer support is essential to keep you calm when you don’t know what to do. Let’s see between KuCoin vs. Binance which one is the best.
As for its customer support, we can confidently say that it is pretty good. You can contact them directly from their website as well as from any of their social networks.
As we mentioned before, they ask you for your social networks to register, so you will have contact from the beginning. They take very little time to respond, and the treatment is very personal, as it is usually through chat. This is an excellent feature as it makes the experience more dynamic, as well as faster.
KuCoin’s support is generally faster than that of Binance, with users preferring their team’s attention as well.
This one is a bit worse than KuCoin. It doesn’t mean it’s terrible, but the problem is that you can only contact them via email. Ok, this is not entirely true. Binance offers chat support too, but it is prolonged when you choose this option; you will find that it can take as much as 40 minutes for them to reply. This makes it essentially useless in most cases.
If you search their website, it can take a while to find the customer support section. That doesn’t mean it’s terrible. When we have spoken to them, they have responded in optimal time, but KuCoin is better taken care of in this aspect.
What about fees? Which One is Better?
If you are looking for info because you want to choose one of these exchanges, indeed, you were waiting for this section. Surely you want to know which exchange will give you the best economic return, but the truth is that there is not much to say between KuCoin and Binance. Let’s see:
KuCoin has considerably low fees. They are applied depending on the transaction amount, but in the worst case, it will never be worse than 0.3%. That’s a pretty good price, but if you use KCS (KuCoin token), you will get a 20% discount on each fee.
So in terms of fees, KuCoin has competent prices. For a more detailed guide to get an idea of how much they can charge you, we recommend checking out their official website.
Since Binance offers so many services, it is necessary to categorize them to know the fee structure for each feature.
When you deposit your fiat money with credit cards, Binance will charge you a 1.8% fee. This only applies if you do it through Visa or Mastercard. On the other hand, if you are a resident of a European Union country, thanks to SEPA, you will pay only €1.
You will only pay fees if you are the one who asked to make the transfer. Basically, only the person who made the publication looking for or selling cryptos pays fees, and the fee rate is one of the lowest in the market. If you are the one who contacted the person who made a publication, you will pay nothing.
If we talk about fees, in this KuCoin vs. Binance analysis, there is a clear winner. Because what makes Binance the most critical platform globally is its incredible fees rates, and it is one of the platforms with the lowest fees in the crypto world.
It depends on your level of verification and how much the transfer is when it comes to trading. But in the worst-case scenario, you would only pay 0.1% in fees. If you want to know more about it, visit their website.
What Cryptocurrencies Does Each Platform Support?
In this section, we will be brief because there is not much to explain. In both exchanges, you can trade with more than 200 different cryptocurrencies. The most important thing you should know is that you can find essential cryptos on both platforms.
Even in KuCoin, you can get the Binance crypto (BNB), and in Binance, you will have the KuCoin crypto (KCS). If you want to check for any specific cryptocurrency, you can see it in their websites KuCoin and Binance.
That being said, this is a KuCoin vs. Binance review, and we must choose a winner. KuCoin wins in this category, with more than 520 coins being supported. Compared to the 340 supported by Binance, it is more than 50% more!
Which Platform Is The Best For You?
Having seen both exchanges, it is clear what each one can offer you. On the one hand, KuCoin is a super complete exchange that has nothing to envy Binance in terms of features. We can even highlight it above its rival for having better customer support and undoubtedly more security guarantees.
On the other hand, Binance may be the most important platform today because of its unmatched fees. In addition to offering a vast amount of services that make it much more than a simple exchange.
So it is time for you to be the one to decide in this analysis KuCoin vs. Binance, which is the best? If you are still unsure, you might want to look at our Binance and KuCoin reviews if you want more details!
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