Kucoin vs Binance
Kucoin and Binance both follow a similar bitcoin exchange business model. They are both Bitcoin & Cryptocurrency exchanges that let you buy hundreds of altcoins that would otherwise be difficult to get your hands on. Binance and Kucoin are the largest crypto exchanges in the world based on trading volume.
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Binance vs Kucoin
In addition to simply buying and trading crypto, they have loads of additional services such as futures markets, crypto lending, trading bots, P2P marketplace, margin trading, referral programs, and more. Their trading fees both start at 0.1% with options to reduce this as you move up the trading tiers or hold their native cryptocurrency. Kucoin’s headquarters are in Hong Kong. The crypto exchange, which was founded in China, had to relocate due to a government crackdown on cryptocurrency. Both Kucoin and Binance have their own native cryptocurrency that users are rewarded for retaining. Binance uses its own blockchain and BNB crypto token. What is Binance Smart Chain Binance Coin BNB?
Kucoin’s business model is based on having a large number of crypto assets to choose from. If you’re looking for a crypto exchange to use, it’s a good alternative with an excellent safety record and a competitive cost structure. Binance is a cryptocurrency exchange situated in Hong Kong. Its business concept is quite similar to Kucoin’s in that it provides quick access to and trading a variety of crypto assets.
Binance does not require an ID for the lowest membership tiers.
You can keep your anonymity on Binance if you don’t need access to a higher level of membership. Binance is a famous cryptocurrency exchange platform with over 13 million customers. Kucoin and Binance have comparable business strategies and fee structures. Most traders would regard the two platforms’ asset selection, security, and customer support services to be equivalent. However, there are minor differences across the platforms, and you may discover that Kucoin or Binance better suits your needs.
Bitcoin trading Fees on both Kucoin and Binance start at 0.1 percent. As you progress through the trading tiers, the charge % reduces. Kucoin’s tier structure is more aggressive, with very low fees for higher-tiered users. Kucoin is the clear winner if you plan to trade huge volumes and progress through the tiers.
Kucoin’s token also pays out 50% of the exchange’s earnings in dividends. There are no deposit fees on Binance, and withdrawal fees vary according to the asset. The Binance token is used to pay the platform’s fees.
Binance’s fee structure is better than Kucoin’s if you plan to be a modest trader and stay in the lower tiers. Binance is the clear winner if you’re planning to use the futures market.
Its taker fee is higher than Kucoin’s. Assets Both services claim to have access to hundreds of altcoins that would otherwise be difficult to obtain. As a result, it should come as no surprise that both Kucoin and Binance provide a diverse range of assets. Binance has a total of 242 altcoins available. Kucoin accepts 179 different cryptocurrencies.
Although Binance leads due to sheer volume, the average crypto trader is unlikely to find Kucoin’s selection insufficient.
Binance allows users to trade using its own token as well as Tether. Kucoin allows users to trade their token and Tether, as well as NEO and BTC Cash. Kucoin’s flexibility is enhanced by its ability to trade in other tokens. Binance, on the other hand, has a competitive fee structure for deals performed with its coin.
When evaluating assets, keep your trading style in mind and select the platform that best suits your needs.
Authentication Two-factor authentication is available on both bitcoin exchange platforms. They have never been hacked and have an excellent security background. Binance has detected multiple phishing attempts due to its increasing user base. This isn’t meant to be a criticism of the platform.
Rather, it serves as a reminder to users to double-check that they are on the correct website at all times. If you suspect a scam, don’t give out your password or personal information. Make sure you implement two-factor authentication whenever you get the opportunity. Customer Service Kucoin’s customer assistance is lightning fast. There is a telegram support chat available 24 hours a day, seven days a week, with a quick response rate.
Binance provides customer support in the form of tickets. Although there is a lengthier wait time for requests, Binance’s customer service is still superior to that of most other crypto exchanges. The key difference between Kucoin and Binance is the automated trading and financing that Kucoin offers. Kucoin provides a free trading bot to all of its users. The bot can be used on both the regular trading and futures markets.
Binance does not have a native, free trading bot.
However, it does support third-party trading bots like CryptoHopper. Kucoin’s crypto lending platform is also more solid. It has built a marketplace that brings together lenders and borrowers who agree on an interest rate and a repayment schedule. Kucoin secures the marketplace by bringing stability and regulation to the process.
While Binance does provide cryptocurrency lending, you can only borrow from Binance. TakeAway Binance and Kucoin are two well-known cryptocurrency exchanges. They use a similar business plan and charge the same fees.
There are minor differences between the bitcoin exchange trading platforms, and you may discover that Kucoin or Binance is better suited to your needs. Binance may be a better option if you’re interested in obscure altcoins.
They have a larger selection of crypto assets than Kucoin. Binance’s fee structure is more competitive if you are a modest volume trader. Kucoin, on the other hand, is an obvious winner if you plan to trade significant volumes and progress through the tiers. Kucoin is a good fit if you like automated customer service and trading bots. Between these two debates, there is no apparent winner.
They’re both excellent and dependable platforms.
Binance offers the Binance Smart Chain which has lower Blockchain Transaction fees.