Binance Vs Kucoin: A Gigantic Comparison On 7 Parameters

Last updated on March 23rd, 2023 at 01:33 pm

Introduction

Binance & Kucoin are two of the top 5 cryptocurrency exchanges in the world. They are both effective and loved by many. But what makes them different? Let us understand this in our Binance Vs Kucoin comparison.

Binance – Basics

Binance, a well-known cryptocurrency exchange, was founded in Hong Kong in 2017. Trading alternative cryptocurrencies are heavily emphasised. On Binance, you can trade more than 383 cryptocurrencies and digital assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin.

The Binance exchange boasts some of the lowest transaction costs of all cryptocurrency exchanges and is mostly recognised for trading crypto-to-crypto, or trading between two cryptocurrency pairings. Discounts are given to customers who pay with the native BNB cryptocurrency tokens, and the product has strong liquidity.

With the ability to handle over 1.4 million orders per second, Binance offers tremendous processing throughput thanks to its multi-tier, multi-clustered design and high security and safety standards.

KuCoin – Basics

KuCoin is one of the foremost well-known trading platforms within the crypto industry. It has overseen to establish itself as the one-stop shop for all crypto operations. In 2017; when the stage had more than 782 cryptocurrencies and 1399 markets. Therefore, this made KuCoin one of the most significant crypto hubs online. 

The platform offers bank-grade security, a simple client interface, with beginner-friendly UI & UX. Coming to the exchanging point of see, there are different choices accessible including

• Margin and futures trading,
• P2P exchange,
• Buying cryptocurrencies using a credit/debit card.

To create investments simple for apprentices, KuCoin records down all the unused cryptocurrencies with the highest potential. Also, there’s an expansive choice of coins, a few less-celebrated cryptocurrencies with high profit-sharing motivating forces.

In order to conduct our comparison of Binance Vs Kucoin. We have considered the following parameters:

1. Fee
2. Security
3. Trading Options
4. User Friendliness
5. Several Listed Cryptocurrencies
6. Support
7. Registration & Verification Process

Let us now understand each one of the above one by one.

1. Binance Vs Kucoin – Fees

Binance

The fees charged by Binance are among the lowest in the market at 0.1% (maker/taker) for the initial tier. The Fees reduces as your [30 days] transactions increase.

Although US customers on Binance US will pay a tiny bit extra, the fees are still cheaper than those you’d find on other top platforms. The maker/taker fee structure used by Binance has different rates depending on trading volume and the balance of Binance Coin (BNB). Higher volume transactions typically have lower fees. It normally offers a discount of 25% if you use BNB.

Users can also receive discounted rates for the following:

• Use of Binance coins (BNB) in transactions
• Referral bonuses
• Reach Very Important Person (VIP) status by trading a certain number of assets
• Other fees may also be charged to Binance users.

Kucoin

Investors ought to take after a layered expense structure for exchanging sets, where 0.1% is charged for the taker, and 0.1% is charged for the producer. To create crypto exchanges more reasonable, KuCoin has presented a level again exchanging expense markdown program. Additionally, the expenses diminish on the off chance that you exchange more.

Kucoin charges differently for Spot Trading, Futures Trading & Deposits/Withdrawal.

• Spot Trading Fees – For Spot Exchanging, separated from isolating expenses based upon exchanging levels(Kucoin terms these levels/slabs as VIPs). Kucoin has partitioned expenses based on different cryptocurrencies (specifically Class A, Class B, and Class C). Underneath is the chart for the expenses charged by Kucoin for distinctive Levels & Classes.
• Future Trading Fees – For Future trading, Kucoin has expenses based upon exchanging levels only.
• Deposit & Withdrawal Fees – Kucoin debits no fee while adding funds, whereas a certain amount is charged depending upon the type of cryptocurrency.

One more thing that makes KuCoin extraordinary is that 90% of the exchange expenses come back to the KuCoin community in the shape of Kucoin tokens (known as KuCoin Shares).

2. Binance Vs Kucoin – Security

Binance

Security is the most extreme concern for any cryptocurrency investor. Also, there have been numerous occasions of hacking as Centralized trades are defenceless.

While Binance.US hasn’t caused much controversy, the same can’t be said for its parent company Binance Holdings, the world’s largest cryptocurrency exchange. Binance has been scrutinized by several US regulatory committees, not least the CFTC.

Most concerning for crypto traders, however, is a 2019 hack in which criminals stole more than $40 million worth of BTC from Binance. Binance.US didn’t even exist then. It should also be noted that the hack took place at the parent company, not on Binance.US. Additionally, parent company Binance suffered another major attack in October 2022 which cost the platform more than $570 million in BNB. Binance and Binance.US were separate entities at this time and the Binance.US site was unaffected.

Binance.US scores highly on the security of its exchange. For example, cryptocurrency exchange security review site CER ranked Binance.US as one of the most secure exchanges as of October 2022, ahead of big names like Coinbase and Gemini.

Kucoin

KuCoin collaborates with Onchain Overseer to secure the crypto resources recorded on the trade. The stage moreover encourages protections given by Lockton against any hacking action. Advance, the stage gives a bounty program to moral programmers to report any escape clauses within the framework.

Some funds are put away in online wallets so that the clients can pull back stores online, whereas the rest lie in Cold Capacity. Although at some point back, KuCoin online wallets were hacked. But luckily enough, all the misfortunes were compensated by protections. Additionally, one commendable thing with KuCoin is that it was speedy to require activity and was straightforward approximately the complete situation.

3. Kucoin Vs Binance – Trading Options

Binance

Trading Options

Spot Trading 

It offers different sorts of spot trading like Market, and Stop Limit while keeping the interface simple. However, as a progressed financial specialist, you will require some more apparatuses like Trailing exchange, Stepping stool restraints, etc which Binance does not advertise for the time being. Having said that, as an unused speculator, you will not require more than what Binance offers. 

Margin Trading

Margin trading empowers speculators to use their exchange by borrowing stores. For case, case you have got $100 and you need to enter an exchange. At that point, Binance can loan cash to you for a little commission and use this $100. Let’s say you select use of 3x then with Binance’s reserves presently you’ll be able to enter into an exchange esteemed at $100×3 i.e. $300. 

Additionally, this multiplies any benefit by 3 you make on the exchange. Be that as it may, in case you lose at that point Binance’s calculation naturally squares the exchange so you don’t endure misfortunes over and over your beginning fund(less borrowing commission). Binance permits both cross and confined-edge exchanging.

Options Trading 

Alternative exchanging gives investors a choice to purchase or offer a crypto resource at the pre-agreed cost. There is no commitment to purchase or offer as the case may be. In any case, in either case, the financial specialist has got to pay a fee to Binance for entering into the course of action.

Futures Trading 

Binance Future Exchanging permits you to purchase or offer a crypto resource at a future cost. Independent of the show cost, the buyer and vendor enter into a shared understanding to buy/sell the resource at a concurred future cost.

Products offered By Binance

1. Staking – Investors can pool their cryptocurrency into the Binance staking pool. This guarantees investors much better returns compared to solo staking
2. Liquidity Mining – Regularly irreplaceable with Liquidity Cultivating, finance professionals can earn interest or rewards by adding liquidity to liquidity pools with Binance.
3. Mining Pool – Binance also offers cryptocurrency mining pools for speculators who need to lend their hash rate.
4. BNB safe. – BNB is a yield aggregator. Investors can participate in Launchpools, Savings, Defi staking and other projects that use BNB to earn rewards.
5. Dual Investment Plan – Dual Investment, as the name suggests, includes two currencies. You must deposit currency by subscribing to the plan and receive returns in both currencies.
6. Auto Invest – With the Auto Invest program you earn a detached income from continuous buildings. You must honestly choose the cryptocurrency you want to contribute and plan the deal. You can recover cryptocurrency at will.

Kucoin

Trading Options

Spot Trading Options 

Due to the ubiquity of Kucoin, it appreciates client certainty and thus liquidity. The highest Liquidity was followed up to $500 Million with the littlest bid-ask spread. Hence, to coordinate this tall liquidity Kucoin employs a profoundly proficient coordinating motor. 

This motor can support over 1 million exchanges per moment without any overload. You can moreover take good things about Edge exchanging at Ku Coin. Presently, Kucoin provides 10x use. This means that you just can enter an exchange with 10 times the money that you just have. And there you go with your pool to utilize your Coins and cash to exchange them.

Thus, your benefit will increase 10 times. However, if you confront a loss, Kucoin’s calculation closes the exchange based on your investment so you don’t lose past your speculation. Edge exchanging is something that’s not prescribed for beginners because it is unsafe.

Future Trading Options 

Kucoin permits 100x use within the case of Future Exchanging. It includes a very advanced interface when it comes to Prospect exchanging.

 Kucoin includes a partitioned area for different choices related to FutureTrading. Typically where it exceeds the expectations over most of the other Centralized Cryptocurrency Exchanges. Apart from Exchanging, it moreover grandstands competition for speculators exchanging prospects, rewards, Arbitrage, Protections stores & Chance Constraint.

Products: Kucoin

KuCoins Pool

 Kucoin brags about a Smart pool that permits investors to pool their computing assets with KuCoinfor mining cryptocurrencies. Also, the charge for partaking within the pool for mining is exceptionally good.

 This is where it gets to be exceptionally appealing to financial specialists. Financial specialists can anticipate higher rewards compared to solo mining.

Pool-X (Staking Pool) 

Comparable to the mining pool specified over, KuCoin too contains a staking pool. The establishment of this is often the same which maximizes returns. The financial specialists stake their cryptocurrencies with KuCoin and increase their chances of getting rewards if KuCoin’s hub gets chosen.

Lucky Raffling 

At some point back Kucoin presented a lottery on its stage. Where financial specialists can win and gain cryptocurrencies by taking part in the occasion. A bit like ordinary lottery tickets, you buy a specific cryptocurrency lottery ticket and win that cryptocurrency within the lottery.

KuCoin Trading Bot 

If you have gone through a few times within the cryptocurrency field, I am beyond any doubt you have listened to KuCoin’s Trading bot. Therefore, as the title proposes, the bot computerized your exchanges. Subsequently, it essentially screens the market for your sake. Also, it aims to embrace exchanges as per your chosen procedure.

With the KuCoin Exchanging bot (Kucoin’s Network bot Exchanging), you will be able to make your bot screen spot markets, prospects markets, and a long-term speculation portfolio (Savvy Rebalance). Subsequently, it spares some of your time and enhances your productivity.

4. Kucoin Vs Binance – User Friendliness

Binance

Binance may be an exceptionally user-friendly stage. It includes a basic and consistent plan of its Site and application. It targets progressed clients with its ‘ Pro Version ‘ and modern clients with its ‘ Lite Version ‘.

The lite form permits clients to purchase and sell their crypto resources without much bother rapidly. It is reasonably basic to utilize indeed on the off chance that you do not have any earlier contributing encounter.

You can switch to the Pro version with a single click once you have mastered the fundamentals of investing through the Lite Version. Additionally, it gives you the flexibility to switch back to the Lite adaptation whenever you want. The site, in any case, has as it were one adaptation but it’s beautifully simple to get it and investigate through.

Kucoin

The platform is simple to use particularly for new investors. Subsequently, the reason is the belief system of the originators to make it a People’s Trade.

The stage employs diverse wallets for exchanging, and withdrawal/deposit purposes. It can be a little befuddling for clients at first, but once you begin exchanging routinely; KuCoin is the foremost user-friendly stage. The platform employs distinctive wallets for exchanging, and withdrawal/deposit purposes. It can be a little confusing for clients at first, but once you begin the exchange frequently; KuCoin is the foremost user-friendly platform. 

5. The number of listed Cryptocurrencies

Binance

The good thing about Binance is that it may be an exceptionally imaginative stage. It doesn’t as it were to enhance its features but moreover records imaginative ventures. 

You’ll expect Binance to list new and innovative cryptocurrencies on its stage, each presently and after that.

Binance has propelled its possess coin called the Binance Coin (BNB), which first utilised the Ethereum blockchain. And afterwards moved to its local Binance Keen Chain. Several cryptocurrencies presently utilize the Binance Shrewd Chain.

It has recorded over 383 coins and bolsters 46 Fiat monetary standards. This figure is amazing as few centralized trades have recorded more cryptocurrencies than Binance. 

Further, Binance has guaranteed that individuals from many nations can purchase cryptocurrencies utilizing their native/fiat money.

Kucoin

KuCoin is likely one of the foremost dynamic centralized cryptocurrency trades regarding posting. At the point of composing this article, KuCoin has more than 782 currencies counting all well-known coins such as Bitcoin, Dogecoin and Ethereum, etc.

Presently we have the reason as to why it is the Number 1 cryptocurrency trade for Altcoins. Kucoin gives support for over 48 fiat monetary forms. Counting USD, AED, EUR, INR, etc. Also, it can be fabulous as numerous other trades do not give back for so numerous fiat monetary standards.

6. Binance Vs Kucoin – Support

Binance

Further, Binance has guaranteed that individuals from a huge number of nations can purchase cryptocurrencies utilizing their native/fiat money.

Binance is quite active on Twitter. It shares useful insights, tutorials, and guides on its YouTube channel for its users. Here are the handles:

• Twitter
• Telegram

Kucoin

KuCoin could be a user-friendly stage, and it comes with a long list of support highlights. The center is to supply specialized bolster to all the clients, particularly tenderfoots since unused speculators discover it troublesome and specialized to contribute to cryptocurrencies.

• Twitter
• Telegram

7. Registration & Verification Process – Binance Vs Kucoin

How to Register at Binance

Binance has a simple process to register

Step 1:

After you press on the interface, you may get a screen as shown underneath. You will be able either enlist along with your email address (preferable) or Portable number. Be beyond any doubt that in either of the cases, you will get an OTP to total the creation of the account. We will be utilizing the e-mail address in this walkthrough.

Step 2:

Create your account simply by clicking on the “Create Account” after you have entered your details.

Step 3:

The platform will show a swipe puzzle screen. You have to swipe the puzzle to its position for the framework to move forward with the enrollment.

Step 4:

Once done, check your mail address for an email from Binance for your 6-digit affirmation code. You’ll regularly expect it within 10 minutes.

Step 5:

Following, glue this Confirmation Code within the box. The stage will naturally move forward after fruitful confirmation. Your email/mobile is presently enlisted with Binance. Following is the verification process.

Step 6:

Tap on the “Verify” button to confirm your subtle elements. It’s essentially the KYC that the Binance exchanges require from its speculators. You’ve got to total the Confirmation prepared to execute at Binance.

Kucoin

The confirmation handle of KuCoin is exceptionally basic, but it is viable. The stage screens each application sometime recently a client is confirmed.

Depending upon the nation you’re required to display the Know Your Client (KYC) points of interest to the Trade like international id, Government Distinguishing proof confirmation, etc.

There are three diverse levels of confirmation, it might take 1to 3 days to total the entire verification handle. Nonetheless, this can be because KuCoin reviews each application with points of interest. Also, the client is informed through mail once the method is total.

Binance vs Kucoin – Tabular Comparison

	BINANCE	KUCOIN
Features	Cryptocurrency trade, margin trading, subordinates, alternatives, NFT commercial center, forecast advertise, Win, utilized tokens, and P2P.	Cryptocurrency exchange, margin exchanging, subordinates, alternatives, exchanging bots, Gain, utilized tokens, P2P.
Crypto Assets Supported	383+	782+
Native Token	BNB	KCS
Security	High	High
Verification	Yes	No verification is required for limited trading, whereas users need to provide KYC for higher volume trading.
Fiat Currency Support	46 fiat currencies are supported through various integrations and P2P marketplaces.	48 fiat currencies are supported.
Withdrawal Method	Bank Transfer, PayPal, Credit Card/ Debit Card.	Sepa Bank Transfer, Debit card and Credit Card, P2P, Apple Pay.

Conclusion

There are tons of cryptocurrency trades that you simply can utilize to purchase and sell cryptocurrency. Be that as it may, there is, as it were, a number that stands out from the swarm. 

KuCoin is a great trade to utilize because it has low fees and has gotten to over 500 diverse cryptocurrencies. The drawback is that they are not authorized within the United States, so clients within the US should consider other alternatives.

 Binance is another cryptocurrency trade with moo costs and a great client interface. Both trades are secure and secure to utilize, and the choice on where to purchase your crypto will likely come down to which trade offers the coin you need, the lowest expenses, or any other interesting include they may have.

Both platforms give loan services, where clients can borrow cash and utilize cryptocurrency resources. They both support borrowing a few cryptos, counting BUSD and USDT, and the interest rates are decided by the time you make the loan.

Another feature worth saying is that Binance permits clients to purchase NFTs at their Binance NFT Commercial center. Shockingly, it is outlandish to buy NFTs on KuCoin. In any case, KuCoin reported in January 2022 that it would be giving an NFT stage before long.

KuCoin and Binance have direct interfacing, making them simple to use for apprentices. Henceforth, both Binance and KuCoin have a versatile app that permits for a more helpful get-to-your-user interface – indeed, when on the go.

FAQs

Why Choose KuCoin Over others? 

KuCoin is no question one of the foremost investor-centric cryptocurrency trades! Moreover, the platform is one of the foremost imaginative and industry-leading stages of all the accessible choices.

Pros of KuCoin –

• Speculations begin from moo store sums, and there are no withdrawal and trade expenses charged.
• Persuasive security features.
• A wide choice of cryptocurrencies is accessible for ventures counting the recently discharged cryptocurrencies.

Cons of KuCoin –

• Despite the tall highlights and accessible cryptocurrencies, the exchanging volume is comparatively moo! It leads to liquidity issues for the speculator, particularly when exchanging modern coins.
• The framework sometimes slacks amid high-traffic periods.