Kucoin vs Binance | Which Exchange Is Best In 2023?
7 min to read
Introduction: When it comes to cryptocurrency exchanges, there are a few that stand out from the rest. Kucoin and Binance are two of the most well-known and respected 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 10 key categories. Read on to see how they stack up against each other and who ultimately has the advantage.
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. However, there are some small differences between the two exchanges in terms of which countries they are available in.
For example, neither Kucoin nor Binance is available in the United States or China. This is likely due to the stricter regulations surrounding cryptocurrency exchanges in these two countries.
Besides this, Binance is also not available in Malaysia, Japan, UK, Thailand and Ontario (Canada). Overall, Kucoin has a slight advantage over Kucoin in terms of the number of countries it is available in.
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.
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.
When it comes to security, both Kucoin and Binance have implemented a number of measures to ensure the safety of user funds. Both exchanges keep the vast majority of funds in cold storage (offline) and only a small percentage is held in hot wallets for day-to-day trading.
In terms of platform security, both exchanges use all the latest security features such as Two-Factor Authentification (2FA), Phone & Email verification, Anti-Phisihing codes, Withdrawal whitelists and much more.
Both Kucoin & Binance were also hacked in the past, they did however both handle those events professionally and no users lost any funds. Truth be told, it’s tricky to pick a winner in this category.
Kucoin vs Binance: Signup & KYC
Kucoin and Binance actually have very similar user interfaces that are both packed with features. Their websites are easy to navigate but can be a bit intimidating to a novice without previous experience with cryptocurrency exchanges.
The signup process is quick and simple with both exchanges with Kucoin having slightly less stringent KYC requirements to get started.
Kucoin vs Binance: Products and Services
As mentioned previously, both Kucoin and Binance offer a wide variety of features. Both exchanges offer popular products and services such as spot, futures, margin and options trading.
The only product that Kucoin offers that Binance does not is Trading Bots. On the other hand, Binance has a few additional products that Kucoin does not like Binance Cards, Options Trading and Fan Tokens. While Binance offers a few additional features, these really are two exchanges that provide a superb set of services!
When it comes to fees, Kucoin and Binance both charge a 0.1% fee on all spot trades. Both exchanges offer discounts to users based on trading volumes and number of BNB (Binance) or KCC (Kucoin) tokens they hold. Trading is also cheaper if you use the native BNB and KCC tokens when trading. The one difference is that Kucoin charges a slightly higher taker fee (0.06% vs 0.04%) for derivatives trading.
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.
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.
Like all centralized exchanges, Binance and Kucoin both offer the option to withdraw funds via cryptocurrencies and fiat currencies. If we begin with cryptocurrencies, below we have created a table with the withdrawal fees for a set of popular cryptocurrencies.
In this table, we can clearly see that withdrawing crypto with Binance comes at a cheaper cost than Kucoin. In regards to fiat withdrawals, Binance once again provides both more and cheaper options across the board than Kucoin.
While it was a close contest, Binance proved to be the clear winner across most the categories. 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.
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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.