Binance and Kucoin are two of the most popular cryptocurrency exchanges. In spite of their similar business model and fee structure, each platform is slightly different. You’ll probably discover that Kucoin or Binance is a better fit for your needs than either of the other two. Our detailed comparison of Kucoin and Binance will help you choose the best exchange for your needs.
In December 2020, Hong Kong’s top cryptocurrency exchanges selected Kucoin cryptocurrency brokers to be among top ones, allowing them to better serve their customers. In a short time, kucoin broker have created a platform that offers over 30 digital currency possibilities, such as Bitcoin, to their customers. Furthermore, there are a wide variety of payment methods and gateways available with KuCoin.
Kucoin Vs. Binance: The Difference
In terms of business strategy and fee structure, Kucoin is very similar to Binance. The asset selection, amount of security, and customer support services of the two platforms are comparable to most traders. Kucoin or Binance may be better suited to your needs, but there are minor differences between the platforms.
Comparison Of Fees:
Kucoin fees vs binance are very close. Both start with a 0.1 percent cutoff.It gets cheaper as you move up through the trading tiers.
In Terms Of Kucoin Fees:
Kucoin has a more aggressive tier structure, with very challenging fees for higher-tiered account holders. If you plan to trade in large volumes and progress through the tiers, Kucoin is the clear winner. Kucoin also gives dividends to token holders equal to 50% of the money it makes from its token exchange.
Binance Fees:
Binance does not charge any fees for deposits or withdrawals, which are based on the asset. Fees on the Binance platform are paid with the Binance token. As a small or medium-sized trader, Binance’s fee structure is superior to Kucoin’s. Binance is the clear winner in the futures market. Its taker fee is higher than Kucoin’s.
Comparative Analysis Of Assets (CA):
Both platforms have hundreds of altcoins that are otherwise unavailable. Kucoin and Binance both offer a wide variety of assets as a result of this fact. Up to 242 altcoins are supported by Binance. Kucoin is able to accept 179 different coins. The average crypto trader probably won’t find Kucoin’s selection to be too limited, despite Binance’s larger trading volume.
Tether and Binance’s own tokens can both be used to transact. In addition to Kucoin’s own token, you can also trade Tether, NEO, and BTC Cash. To make Kucoin more versatile, it can trade other tokens. Binance’s token trade fees, on the other hand, are competitive. It’s important to keep in mind how you trade when comparing different assets
A Comparison Of Authentication:
Both platforms are compatible with two-factor authentication. In terms of security, they’ve never been hacked at all. Because of its large user base, Binance has reported a number of phishing attempts. No, this isn’t a slam on the system. Instead, it’s a friendly reminder to users to make sure they’re on the right website. Passwords and other personal information should never be entered into a website if you have reason to believe it’s a scam. Take advantage of the opportunity to enable two-factor authentication.
An Evaluation Of Customer Service:
Customer service at Kucoin is second-to-none. Telegram support is available around the clock, with a response time of less than a minute. The ticket system is used by Binance to assist its customers. A longer wait time for tickets does not detract from the quality of Binance’s customer service. Kucoin has automated trading and lending, whereas Binance has manual trading and lending. A free trading bot is available to all Kucoin users. Trading on both the regular market and the futures market is possible with this bot.
Third-party trading bots are supported by Binance, but the company does not provide a free, built-in trading bot. In addition, the crypto lending platform on Kucoin is more robust. There is a marketplace where lenders and borrowers who agree on an interest rate and a time frame can meet. Kucoin adds stability and some degree of regulation to the market. Despite the fact that Binance does offer crypto lending, you can only lend through Binance.
Final Words:
They’re two of the most popular cryptocurrency exchanges out there. Their business model and fee structure are very similar. The asset selection, level of security, and customer support services of the two platforms are comparable to most traders. Binance or Kucoin might suit your needs more than the other platforms, but there are minor differences between them.
When Is Binance A Better Choice?
This is a good option for people who are interested in trading obscure altcoins. When compared to Kucoin, they offer a greater variety of digital assets. If you only plan to trade small amounts, Binance’s fee structure is more reasonable.
When Is Kucoin A Better Option?
Kucoin, on the other hand, is the clear winner if you intend to trade in large volumes and advance through the tiers. If you like automated customer service and trading bots, Kucoin is a good choice. For those who don’t mind having to wait for an actual person to respond to their service ticket, we recommend Binance. As a lending marketplace, Kucoin’s lending marketplace will set it apart from the competition. Remember that even if you use a different exchange, you must still pay taxes on any cryptocurrency gains you make.
There isn’t a clear winner in this debate. One can’t go wrong with either one of them. Take a look at both user interfaces and make a decision based on which one you prefer.
