Kucoin vs Binance | Which Exchange Is Cheaper To Use? 🤑

kucoin vs binance image
Jack Moreau
Nov 2023
7 min to read
Fact checked

Kucoin vs Binance are two of the most well-known exchanges in the industry. But when you pit them against each other, which one comes out on top? To figure this out, we've compared Kucoin and Binance across key categories like product range, trading fees, user experience and more!

Kucoin

+700 Cryptocurrencies

Spot, Margin, Perps, Bots

125X Leverage & Copy Trade

0.1%-0.3% Spot Trading Fees

Visit Kucoin
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.

Kucoin vs Binance: Comparison

Kucoin
Binance
OKX
Founded
2017
2017
2017
Registered
Seychelles
Cayman Islands
Hong Kong
Countries N/A
US, CA, CN
US, CA, UK, CN, ML, JP
US, CA
Users
20M
150M
20M
Cryptos
+700
+350
+350
Spot Fees
0.1%-0.3%
0.1%
0.08%
KYC Required
Yes
Yes
Yes
Best for
Altcoins & Perps
Great All Around
Spot & Futures trading
Rating
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

When it comes to comparing Kucoin and Binance, it’s hard to go wrong with either choice. Both exchanges offer a variety of features that are perfect for anyone looking to invest in cryptocurrencies. 

Both Kucoin and Binance are available in a large number of countries around the world with Kucoin available in over 200 countries and Binance offering support in over 180 countries.

However, there are some small differences between the two exchanges in terms of which countries they are available in.

Kucoin Exchange
Kucoin Exchange

For example, neither Kucoin nor Binance is available in the United States, Canada, the UK or China. This is likely due to the stricter regulations surrounding cryptocurrency exchanges in these countries. Overall, Kucoin has a slight advantage over Kucoin in terms of the number of countries it is available in. 

Binance exchange
Binance exchange

In terms of the number of cryptocurrencies, Kucoin finally gets to win one category. Kucoin offers 700 cryptocurrencies to Binance’s 350.

While you will find the most popular cryptocurrencies on both exchanges, Kucoin is your go-to exchange for the more hard-to-find and exotic altcoins.

Kucoin app
Kucoin app

Binance is the undisputed heavyweight champ of the world regarding the trading volume and no exchange comes close.

Binance 24-hour trading volume was over $6 billion compared to Kucoin’s $700 million. Why does liquidity and trading volume matter your ask? Higher liquidity translates to lower spreads which means better prices for users. 

For users that wish to use either Binance or Kucoin on mobile, both exchanges are available on Android and IOS where they have been downloaded millions of times and have over 4-star ratings.

Binance app
Binance app

Kucoin vs Binance: Signup & KYC

The signup process on KuCoin is also quick as users only need to provide an email and a password.

Unverified accounts can then buy and sell the same cryptocurrencies that verified accounts can which means that KYC is not mandatory on Kucoin.

For those that wish to increase their trading limits and leverage on Kucoin, they will have to pass KYC.

Kucoin KYC
Kucoin KYC

Basic verification can be approved by Kucoin in hours while a full KYC verification can take up to 2-3 business days.

On the other hand, creating a Binance account is equally quick and can take less than a minute. However, in order to access all the features of Binance, users must verify their account through KYC.

This process involves submitting personal information and documents such as country of residence, address and government ID.

Binance KYC
Binance KYC

So while KYC is not obligatory on Kucoin for all users, that is not the case as no users can signup and begin trading without providing KYC information and getting their account verified.

Kucoin vs Binance: Products and Services

In terms of product range, Kucoin offers basic spot and margin trading for over 700 cryptocurrencies with additional products such as futures trading, leveraged tokens, copy trading and trading bots.

Kucoin orderbook
Kucoin spot trading

The max leverage that users can take on Kucoin is 100X, 10X in terms of margin leverage and daily spot trading volumes tend to range between $500 million to $1 billion per day.

Kucoin also offers financial services like lending, borrowing, and staking opportunities which enable users to earn interest on their digital assets.

Kucoin staking
Kucoin staking

Kucoin has also expanded its offering with an NFT marketplace called Windvane where users can buy and sell popular NFTs. The user experience on Kucoin is pretty good overall with a wide variety of coins and products that are easy to navigate.

Kucoin NFTs
Kucoin NFTs

As the leading global cryptocurrency exchange, Binance commands an impressive user base of more than 150 million, providing a broad spectrum of products to beginners, seasoned traders and large institutional clients.

Its primary feature is a comprehensive spot trading platform that facilitates the trading of a vast array of over 350 cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as stablecoins like USDT, USDC and BUSD.

Binance Spot Trading
Binance Spot Trading

Catering to traders who prefer to amplify their trading capacity, Binance offers margin trading with leverage options ranging from 3X to 10X, depending on the specific cryptocurrency.

For beginners keen on leveraging automated trading strategies, Binance features a vast selection of trading bots that provide thousands of strategies, covering a range of approaches from spot trading to Dollar-Cost Averaging (DCA), auto-investing, and rebalancing.

Binance Trading Bots
Binance Trading Bots

Expanding into more advanced trading arenas, Binance offers an extensive range of futures trading products, including perpetual contracts and options.

The platform boasts hundreds of USD-Margined futures contracts, ideal for traders who prefer to hedge against the volatility of cryptocurrencies by opting for settlements in stablecoins such as USDT or BUSD.

Binance Futures Markets
Binance Futures Markets

Additionally, Binance provides an extensive selection of coin-margined futures contracts, available in both perpetual and delivery formats which are settled in cryptocurrencies.

The options trading platform on Binance which incorporates built-in leverage, is a strategic tool for traders to hedge their portfolios. This platform features options on five key assets such asBTC, ETH, BNB, XRP, and DOGE, with an offering of over 700 contracts in total.

Binance Options Contracts
Binance Options Contracts

Binance's trading platform is also known for its feature-rich system complete with advanced charting tools for in-depth technical analysis and a variety of order types to aid in effective risk management.

The platform is notable for its high liquidity, ensuring that large trades can be executed efficiently without significantly affecting market prices.

As of the latest data, Binance has achieved the highest liquidity in the market, boasting over $60 billion in 24-hour trading volume across its spot and futures trading segments.

Binance Crypto Overview
Binance Crypto Overview

For users interested in generating earnings from their digital assets, Binance's Earn platform offers a wide range of options, including staking, savings, and liquidity farming.

This allows users to accrue interest on various cryptocurrencies, such as BTC, ETH, USDT, and USDC, with choices between flexible and fixed-term durations.

Binance Earn
Binance Earn

The Binance Launchpad presents opportunities for those inclined towards riskier investments, providing early access to emerging token projects.

The platform also caters to the growing NFT market with a dedicated section for the trading of NFTs on leading blockchains, including Bitcoin, Ethereum, and BNB.

Binance NFTs
Binance NFTs

Binance also accommodates larger private transactions through its OTC Trading service, tailored for both individuals and institutions looking to execute larger trades without market disruption.

Binance OTC
Binance OTC

Moreover, Binance has innovated within the blockchain space with the development of the Binance Smart Chain, a platform empowering developers to build DeFi applications and users to interact with non-custodial wallets.

Binance Smart Chain
Binance Smart Chain

Complementing this is the acquisition of Trust Wallet, a versatile Web 3 wallet, further enhanced to support a variety of features, including in-wallet trading and earning capabilities.

Binance Web 3 Wallet
Binance Web 3 Wallet

Recognizing the importance of robust security, Binance has implemented significant measures, such as the Secure Asset Fund for Users (SAFU), which serves as an emergency insurance fund.

Binance Proof of Reserves
Binance Proof of Reserves

Additionally, Binance employs a proof of reserves system, ensuring clients can confidently verify the complete accounting of their assets.

Kucoin
Binance
OKX
Spot Trading
Yes
Yes
Yes
Futures
Yes
Yes
Yes
Perps
yes
Yes
Yes
Margin
Yes
Yes
Yes
Options
-
Yes
Yes
OTC Desk
-
Yes
-
Copy Trading
Yes
Yes
Yes
Trading Bots
Yes
Yes
Yes
Staking
Yes
Yes
Yes
Lend & Borrow
Yes
Yes
Yes
NFTs
Yes
Yes
Yes
Web 3 Wallet
Yes
Yes
Yes
Debit Card
Yes
Yes
-
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Kucoin vs Binance Fees

When it comes to trading fees, Binance charges a spot maker fee of 0.1% and spot taker fee of 0.10%. And for those that wish to trade futures, Binance charges a maker fee of 0.02% and 0.04% for takers.

Binance also offers lower trading fees for those with monthly trade volumes exceeding $1 million or holding at least 25 BNB tokens.

Binance spot fees
Binance spot fees

Similar to Binance, Kucoin also charges a spot trading fee of 0.1% for both makers and takers. For futures trading, the fees are 0.02% for makers and 0.06% for takers which is just slightly higher than Binance.

And once again, similar to Binance, Kucoin also offers discounts for high volume traders or for those that hold at least 1000 KCS tokens.

Kucoin spot fees
Kucoin spot fees

Kucoin
Binance
OKX
Spot (mkr)
0.1%-0.3%
0.1%
0.08%
Spot (tkr)
0.1%-0.3%
0.1%
0.10%
Futures (mkr)
0.02%
0.02%
0.02%
Futures (tkr)
0.06%
0.04%
0.05%
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Kucoin vs Binance: Deposit Methods

Both Kucoin and Binance provide support for a large variety of fiat deposit methods and fiat currencies. This includes fiat deposits via Bank Transfer, Credit Cards, P2P Trading, and Third-Party payment providers. 

Binance fiat deposit
Binance fiat deposit

While both exchanges provide a wide range of options, in this category, Binance is the clear winner with free and seamless Bank Transfers and cheaper Card deposit fees. You can deposit USD with SWIFT free of charge and EUR with SEPA for only 1 EUR.

Kucoin
Binance
OKX
USD
Debit/Credit card
Bank Transfer, SWIFT
-
EUR
Debit/Credit card
VISA, MC, SEPA
-
GBP
Debit/Credit card
VISA, MC
-
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Kucoin vs Binance: Withdrawal Methods

Binance offers multiple methods for people to withdraw their fiat currencies. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).

Binance fiat withdrawals
Binance fiat withdrawals

They do charge a 1.8% withdrawal fee for fiat withdrawals with Visa and MasterCard, but offer a 1 EUR withdrawal fee with SEPA and free bank withdrawals with many other fiat currencies.

On the other hand, Kucoin allows for the withdrawal of fiat currencies like EUR using SEPA. To withdraw using this method, users will be charged a fee of 5 EUR.

Kucoin fiat withdrawals
Kucoin fiat withdrawals

When it comes to cryptocurrency withdrawals, the fees charged by Kucoin are 0.001 BTC for Bitcoin, 0.01 ETH for Ethereum, and 0.01 SOL for Solana.

Kucoin
Binance
OKX
USD
-
Bank Transfer, SWIFT
-
EUR
SEPA
Sepa, Bank Card
-
GBP
SEPA
Bank Card
-
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk
Kucoin
Binance
OKX
Bitcoin
0.001 BTC
0.0002 BTC
0.0002 BTC
Ethereum
0.01 ETH
0.0008 ETH
0.0014 ETH
Solana
0.01 SOL
0.008 SOL
0.008 SOL
USDT (ERC-20)
5 USDT
3.2 USDT
3.8 USDT
Signup
Kucoin
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Is Kucoin better than Binance?

While it was a close contest, Binance proved to be the clear winner across most the categories.

Binance offers more product and services than Kucoin while Kucoin offers over 700 cryptocurrenciecs which is twice as many offered by Binance.

On the other hand, Binance is the more liquid exchange with means that spreads are lower which leads to lower trading costs.

And speaking of trading costs, both Binance and Kucoin offer 0.1% for spot makers and takers with additional discounts being an option for high volume traders.

Now does this mean that you should never use Kucoin and only use Binance?

Of course not, no matter how big an exchange is or gets, there will always be discrepancies between the exchanges in terms of the cryptocurrencies and services that they offer. 

In this case, as Kucoin offers more cryptocurrencies than Binance, it makes it a great choice when you want to buy some hard to find altcoins.

Kucoin

+700 Cryptocurrencies

Spot, Margin, Perps, Bots

125X Leverage & Copy Trade

0.1%-0.3% Spot Trading Fees

Visit Kucoin
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.

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