Kucoin and Binance are very popular crypto exchanges that provide a platform for you to buy, sell, and invest in various cryptocurrencies and altcoins that are otherwise difficult to purchase. Both giants are known for their various offerings, such as futures and options trading, derivatives, P2P marketplaces, margin trading, and spot trading. Should you use Binance or Kucoin? Is Binance better than Kucoin, or is the reverse the case? Also, what other alternative exchanges can you use instead of these two? The answers you seek are right here in this article; you should keep reading.
Main differences between Kucoin and Binance
| Kucoin | Binance | |
| Supported cryptocurrencies | 600+ | Lesser number |
| Trading fees | Relatively low | Much lower |
| Discounts | Up to 20% when paying with KCS. | Up to 25% for BNB holders. |
| Native token | KCS | BNB |
| Minimum trades | Varies, 0.1 USDT for dollar-pegged assets. | $10 |
| Trading password | Available | Unavailable |
Kucoin vs. Binance: Features and capabilities
Features and capabilities of Kucoin
- Numerous cryptocurrencies: Kucoin supports more than 600 cryptocurrencies on its platform. This ranges from the most popular cryptos such as BTC and ETH to the least popular ones. It also supports stable coins and altcoins.
- P2P trading: You can easily buy crypto from fellow Kucoin users and sell your crypto to other Kucoin users on the platform.
- Trading password: Kucoin requires you to set up a trading password different from your login password that you’ll use to authorize every trade.
- Crypto lending: Kucoin offers a marketplace that supports crypto lending among users at a dynamic interest rate determined by the market.
- Additional features: Kucoin offers additional features such as margin trading, spot trading, and futures.
- Trading bots: Kucoin’s trading bots are available on both Desktop and Mobile. The bots run on the cloud and are free.
Features and capabilities of Binance
- Cross Collateral feature: Binance users can use their own crypto as collateral against another crypto they want to borrow.
- P2P: Binance lets you buy crypto from and sell crypto to fellow Binancians on the Binance P2P marketplace.
- Binance Leaderboard: This shows a ranking of the top traders on Binance and is visible to every Binance user. It ranks traders in terms of most followed, top trending, and featured traders.
- Binance Battle: Here, trading is gamified as Binance traders compete against each other to determine which trader is the most profitable over a certain period.
- NFT Marketplace: Binance has an inbuilt marketplace where you can discover, buy, sell, and trade NFTs, digital arts, in-game assets, and digital collectibles.
- Binance Mystery Boxes: Binance offers mystery boxes containing various NFTs and digital assets as rewards to users in select countries who have completed their Binance KYC.
» MORE: Which Is Better for You, Bittrex or Binance?
Kucoin vs. Binance: Pricing
Kucoin pricing
Deposit fees
- Crypto (Free)
- Fiat (Unavailable)
Withdrawal fees
- Crypto (Depends on the cryptocurrency)
- Fiat (Unavailable)
Purchasing fees
This depends on the payment method and channel.
Spot trading fees
The starting price is 0.1% and varies depending on the crypto and quantity; you get a 20% discount when paying with KCS.
Binance pricing
Deposit fees
- Crypto (Free)
- Fiat (Depends on method and currency.)
Withdrawal fees
- Crypto (Determined by the blockchain network)
- Fiat (Depends on method and currency)
Spot trading fees
The starting price is 0.1%, and you can get up to a 25% discount using BNB.
» MORE: Binance vs Coinbase: Which Is Best For You?
Reasons to choose Kucoin over Binance.
Kucoin supports more cryptocurrencies than Binance; hence, you have more crypto options at your disposal.
Kucoin has a more robust, reliable, and regulated lending platform than Binance.
Kucoin can be used by all US residents, whereas Binance.us is not available in some US states, such as Texas, New York, and Vermont.
Kucoin is more secure than Binance, which has suffered multiple security issues and breaches in the past. Traders on Kucoin have to set up a trading password different from their login passwords to strengthen security; this is not available on Binance.
Reasons to choose Binance over Kucoin.
Binance charges lower fees than Kucoin.
Binance offers up to a 25% discount when you pay using BNB, whereas Kucoin offers only a 20% discount for payments made with KCS.
Binance offers a wider range of deposit methods and channels for customers than Kucoin.
Binance.us is the safer option for people in the US because Kucoin is not legally licensed to operate in the US.
Binance’s native token (BNB) has a higher market cap than Kucoin’s, making it a better investment option.
Binance supports fiat deposits and withdrawals, whereas Kucoin only accepts crypto deposits and withdrawals.
» MORE: What’s Better for You, Binance or BlockFi?
Similarities between Kucoin and Binance
Both exchanges let you keep your coins in your account or transfer them to your own wallet.
They both use the tiered maker/taker pricing model.
They both support crypto staking.
They both have their native cryptocurrencies and mobile apps.
Both exchanges support spot, P2P, and futures trading.
» MORE: Between Binance and Webull, which is better for you?
Kucoin and Binance alternatives
- Coinbase: Coinbase has the second-highest trading volume and a much simpler UI than Binance and Kucoin, supports over 150 cryptocurrencies, and provides an insurance policy against loss from theft.
- Bittrex: Bittrex supports many cryptocurrencies, multiple order types, relatively low fees, and excellent security features.
- Gemini: Gemini lets you instantly make a deposit from your bank account and start trading immediately. It also offers more trust and security than Kucoin and Binance.
- Bitfinex: Bitfinex supports over 170 cryptocurrencies and is good for both beginners and advanced traders.
» MORE: Uphold vs Binance: Which Is Better For You?
Kucoin vs. Binance: Final verdict
There are a lot of things to consider in making your final decision. For instance, while Binance has lesser fees and higher discounts, Kucoin offers better security. Also, while Binance offers a wider range of deposit/withdrawal channels, Kucoin offers more cryptocurrencies and altcoins. US residents should also consider the fact that the licensed Binance.us isn’t available in all states, whereas the unlicensed Kucoin is. Also, if you care about aesthetics, ease of use, and intuitive UI, you may want to check out the two exchanges first. Ultimately, these factors will determine which exchange is best for you.
» MORE: Bybit vs. Binance: Which Is Better For You?
FAQ
Is Kucoin safe?
Yes, it is. Kucoin provides excellent security measures, including micro-withdrawal wallets, dynamic multi-factor authentication, and multilayer encryption. In addition, according to the Kucoin website, Kucoin has one of the most sophisticated security technology and is constantly upgrading its security measures to ensure the safety of users and their accounts.
Does Binance charge deposit fees?
No, it does not charge any fees for crypto deposits; however, you may or may not be charged for fiat deposits depending on the currency and method.
Can I trade on Kucoin without verification?
Yes, you can trade without verification on Kucoin. However, KYC verification gives you trading and withdrawal limits and access to more features.
Is Binance the same as Binance.us?
No, it isn’t. Binance.us is a sister company to Binance formed after the ban of Binance in the US. Binance.us has limited products and services offerings compared to Binance. However, like Binance, Binance.us offers low trading fees, advanced trading tools, and many cryptocurrencies.
Are Kucoin bots free?
Yes, you can use Kucoin bots for free; the only fees you get to pay are the normal trading fees on Kucoin’s trading platform.