If you’re someone who recently got into crypto, and are now looking for the best ways of how to start investing and trading different coins, you’ll need a top-notch exchange to help you out. In order to find such an exchange though, you should look at some comparisons - in this specific article, we’ll compare KuCoin VS Binance.
Both of the platforms in question have managed to make some pretty decent names for themselves. While having some similarities, both of them are also quite different, still - what this means is that the same people who might love KuCoin aren’t necessarily going to be fond of Binance, and the other way around.
Worry not, though - once we figure out the comparison criteria, and set the bar high, we’ll be able to check out and analyze both cryptocurrency exchanges, and see which one of them might suit you best.
Table of Contents
KuCoin VS Binance: Comparison Criteria
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Well, while every single person is going to have their own beliefs on what the “essential features” of a top-tier cryptocurrency exchange are, there are some overarching aspects that are, either way, crucial for any and all legitimate and reliable exchanges.
For this article, we’re going to look at five - security, ease of use, fees, supported coins, and user count. While there are, admittedly, some other aspects that are very important for any crypto exchange, without these five, there’s truly no chance of redemption! Having said that, though, let’s take a closer look at why that might be the case.
- Security. The security aspects of a cryptocurrency exchange is, thankfully, a no-brainer in the vast majority of cases. It’s something that’s not even “essential” for a proper exchange to possess - it’s absolutely mandatory. Thing’s aren’t at all different in this KuCoin VS Binance comparison, either - while both exchanges might be rather popular in some designated circles of crypto enthusiasts, it’s super-important that you’d always check out the security aspects of any crypto exchange that you plan to use, lest it would prove to be unsafe and prone to hacking attempts.
- Ease of Use. After security, the exchange’s usability aspects might seem a bit, well… Let’s just say, not AS important. However, I urge you to think about it - if you’ve chosen a cryptocurrency exchange platform for yourself, you probably intend to spend a lot of time on it, trading and making some great deals. You’d probably want that platform to be both easy to use, and allow you to navigate and access some specific areas (pages) in a fast and straightforward manner, right? When it comes to crypto prices, there are many confusing technicalities, as it is - if you’re a beginner, it’s easy to get lost in them! Do keep this in mind in this KuCoin VS Binance comparison, too!
- Fees. If you’re looking for your first cryptocurrency exchange site, and just want to “test the waters”, then fees are going to be an important factor to consider. However, if you’re already an experienced trader, and seek to max-out your profits to the fullest extent possible, then fees are going to be an absolutely crucial aspect of choosing between a few different crypto exchanges! When it comes to the Binance VS KuCoin rates, things are actually quite interesting - both platforms, while being widely-accepted as offering the lowest fees for their users, are still rather different.
- Supported Coin Count. Cryptocurrencies have become a very popular topic. While there’s still the false notion of crypto being associated with some illegal activities lingering around among some people (that’s mostly thanks to things like Silk Road), most people are starting to understand that the blockchain technology truly is a thing of the future. With that, even beginner cryptocurrency traders are now seeking to purchase and trade some different coins, other than Bitcoin! Given that this is the case, it’s important that a top-rated exchange would provide you with such a possibility - the platforms in this KuCoin VS Binance comparison are no exception!
- User Count. The number of active users on a crypto exchange platform can actually tell you a lot about the site itself. If there are many people using the exchange, you can be sure that the company behind it is doing something right - perhaps the fees are very low? Or maybe it offers state-of-the-art security features? Whatever the case might be, a high user count does usually mean that there’s a lot of trading going on - if you’re trying to find the most competitive prices for your crypto coins, this is a great feature. Definitely something worth looking out for in the KuCoin VS Binance comparison!
Again - while there are surely more features that are going to make up a great cryptocurrency exchange, glancing at some other KuCoin VS Binance comparisons left online by the users of the two platforms, it would seem that these specific aspects do come up rather often!
KuCoin VS Binance: The Comparison
As with any other article where I talk about two giant crypto exchanges, this KuCoin VS Binance comparison will follow a specific pattern, too. For the sake of clarity and consistency, we’re going to take it from the top, and talk about the security aspects of both of these platforms first.
As far as this KuCoin VS Binance comparison goes, both of the platforms in question have been considered to be quite safe, for the longest time.
That said, things changed recently. At least for one of these platforms.
Binance, to this day, is seen as one of the most secure exchanges on the market. It offers its users everything from two-factor authentication, all the way to some authorized device list formation and educational resources concerning the topic (i.e. how to avoid things like phishing).
KuCoin, on the other hand, has some issues.
While the exchange had been considered to be relatively safe for quite some time, in September of 2020, a major breach of security happened. A huge number of crypto assets (Bitcoin, ERC-20 tokens, and so on) were transferred out of the exchange’s hot wallets - in other words, they were stolen.
While KuCoin does assure its users that all of the lost coins will be compensated by the exchange’s insurance, this is still a major factor to consider. Security-wise, as far as this KuCoin VS Binance comparison goes, Binance truly is the safer alternative.
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Ease of Use
The ease of use factor of a cryptocurrency exchange site can be measured in many different ways. In most cases, though, you’d want to take a look at a few specific aspects of the platform - how easy it is to navigate its menus, whether the deposit and withdrawal processes are quick and simple, and - of course - how easy it is to use the actual trading interface.
Admittedly, Binance isn’t the simplest platform to use - any user KuCoin VS Binance comparison out there is going to tell you the same. While the platform does have some different interface designs for beginners and advanced users, it can still be pretty confusing, especially once you get into the leveling system that the brand has in place (account levels - different fees, trading amounts, etc.).
KuCoin, on the other hand, is actually one of the simpler exchanges out there! This is where their slogan “The People’s Exchange” comes into play quite nicely - KuCoin’s interfaces are simple to navigate, the site itself is straightforward, and the trading processes are comparatively fast and easy, too.
In this regard, KuCoin does seem to be the easier-to-use alternative!
So, the fees of the two exchange platforms in question - this is actually very interesting!
You see, both of the platforms in this KuCoin VS Binance comparison offer some of the best fees in the industry!
Binance has an unlimited amount of daily trading, assuming you reach the top level of your account. The withdrawal fees linger at 3,50% (with a minimum amount being $10), and the trading fees go up to 0,1% - that’s superb!
That said, believe it or not, as far as Binance VS KuCoin rates are concerned, KuCoin does actually have even better fees!
With KuCoin, the trading fees go up to 0,05% - that’s super-low! The withdrawal fees are also around 0,1% - 35 times lower than on Binance!
So, in short, while both crypto exchanges offer some truly great benefits as far as fees go, KuCoin does take the lead here, rather adamantly!
Supported Coin Count
As mentioned earlier on in the KuCoin VS Binance comparison, the topic of cryptocurrencies has become a very popular one over the past couple of years.
This can be seen by observing the market itself - there are currently around 7000 different altcoins available for you to check out and invest in! That’s an insane number!
The great thing here is that people have started to look into the technology and core use cases behind some of these coins, and not only at the price of Bitcoin or Ethereum.
With that, though, even complete newcomers to the topic of crypto might want to start investing in some rather niche coins! In order to be able to do so, though, you’ll need to utilize an exchange that supports a wide range of cryptocurrencies and crypto trading pairs.
Binance has over 150 different cryptos available for its users to check out, while KuCoin possesses over 210. That’s a great number of coins!
While KuCoin does have more crypto trading options, most people are never going to utilize the 150 offered by Binance! In any case, as far as coin variety goes, both platforms have it sorted out quite well.
The final number we should look into in this KuCoin VS Binance comparison is the actual active user count on both of the sites.
Let me tell you in advance, though - KuCoin ain’t got nothing on Binance here.
KuCoin’s user count ranges around the 1 million mark. Binance has almost 14 times as many active users - close to 14 million!
What does this mean for the average cryptocurrency enthusiast? Well, a couple of things.
First of all, if you choose Binance as your main cryptocurrency exchange, you can rest assured that you won’t only be able to trade different cryptocurrencies, but also that all of your trades are going to be effective, in the sense that you won’t need to wait for weeks for a trade offer to process.
Now, admittedly, that’s also not the case with KuCoin, but when placed near and compared with Binance, well… Let’s just say that Binance truly is the more-popular alternative here.
On top of that, with such a huge number of users, it’s evident that Binance truly cares about its customers and their asset security, and employs some top-tier security features. Just an additional point to keep in mind!
Well, it’s almost undoubtable that Binance should suit the wants and needs of most people who are going to give the platform a chance. With KuCoin, things are a bit more difficult.
Binance offers amazing fees, is very safe, and also allows you to trade and exchange a huge number of cryptocurrencies. The only issue with the platform is that it’s a bit confusing - this may especially be the case for those who’ve never dealt with a crypto exchange before.
KuCoin is super-simple to use, and has even better fees and more different crypto assets to exchange than Binance. That said, the platform is far from being as secure - the recent hack showcased this pretty well.
Ultimately, the choice is up to you - whether it be Binance VS KuCoin rates, asset count, or any other feature of the two platforms mentioned in this article, I truly do hope that you were able to make the best decision for yourself. Good luck!