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Kucoin vs. Binance: What’s the major Difference?
Cryptocurrency is a very lucrative long term investment because there is such a wide variety of strategies to implement. Are you of the class who are going to buy and hold for the long term profit? Are you more into or interested in crypto lending? Do you rather prefer to go margin trading for your profit? However the case may be, there us some good returns of Investment for everyone.
Depending on the strategy of your trading, you will require certain unique features from your crypto exchange whoever they may be. With so many exchanges out there and new ones coming up everyday, how do you decide and get to choose which one is the right fit for you and your trading habits and preference?
Kucoin and Binance are both two very well-established crypto exchanges currently available and used by many today. Even though both these exchange use a quiet similar business strategy in their operations and do have a similar fee structure, however, there are slight differences between these two platforms. You will after this article be able to find either Kucoin or Binance which will suit your specific needs just a bit better than the other.
Following the article flow, A O goes deeper into the details between Kucoin vs Binance so you can have a good knowledge of both and decide which exchange will be the very best choice for you.
A.O Article flow
Kucoin vs Binance full Overview
what are they?(Differences)
Kucoin vs Binance fees Comparison
Assets Comparison of both exchanges
Kucoin vs Binance Authentication
Comparison between both.
Customer Service Comparison
Final Thoughts
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1.Kucoin vs. Binance Overview
Like earlier mentioned, both Kucoin and Binance have quiet the similar business strategy. They are both large cryptocurrency exchanges which gives access to hundreds of altcoins in various categories that are otherwise usually quiet hard to purchase. They make the process a lot easier for the average Tom. They also both have a similar fee structure in place, usually beginning at around 0.1% and reducing this fee as you gradually move up your trading tiers.
Kucoin vs Binance both of these exchanges also each have a native in house cryptocurrency, and it’s users are very much rewarded for holding onto this coin especially for the long term. They also do provide quiet similar services, which includes a futures market for traders, crypto lending capacity, a P2P marketplace for traders to exchange crypto very easily, trading bots, and margin trading as well.
2.Kucoin vs. Binance-what are they?
Now, let’s look at them individually and also dive a little deeper into the differences between these two exchange platforms.
Kucoin is crypto exchange which is based in Hong Kong. Originating from China, this crypto exchange giant had to move over to Hong Kong after experiencing the government crackdown on cryptocurrencies in China.
Kucoin’s business model is quiet simple to the letter, it revolves around possessing a very broad variety of crypto assets that a user can use. Kucoin having a very good safety record and implementing a competitive fee structure in place, it is rather a very solid option when looking for a crypto exchange to use for your daily crypto activities.
What is Binance?
Binance is another crypto exchange based in the heart of Hong Kong. Again Its business model is quiet similar to the business model and operations of Kucoin, it provides good access and very easy and simplified trading across a wide range of crypto assets.
Binance usually does not require an ID for it’s lower membership sectors. One of the reasons why it’s good and growing fast is that if you have no need to access the higher levels of membership, you can just very easily maintain your anonymity on Binance.
With over 12.5 million users on Binance, inevitably it is a very popular cryptocurrency exchange platform and one that is very much trusted too.
Now What’s the noticeable difference between Kucoin and Binance?
Kucoin and Binance as earlier mentioned use a very similar business strategy in their operations and also have a similar fee structure as well. Most traders who actively trade using these two exchanges would find the variety of assets, scale of security, and the customer support of these exchanges quiet comparable.
However , there are slight differences between the two platforms, and you might discover that either Kucoin or Binance will very much suit your crypto personality and needs slightly better.
3.Fees Comparison
The trading fees for both start at around 0.1%. however, this fee percentage usually decreases as you move up the ladder to a higher trading tier.
KuCoin Fees
Kucoin has a more aggressive and robust fee tier structure in place, with very market competitive fees for higher-tiered users who trade frequently and have larger funds to trade with, so the larger the funds the lower the fees all in a bid to make the customer satisfied and loose barely anything to exchange fees. If you are going to use kucoin to trade large volumes and level up through it’s in house tiers, Kucoin is of no doubt a clear WINNER in this space. Kucoin also does offer good dividends ranging from 50% of the exchange earnings on its token. Which is quiet impressive.
Am sure by now you are wondering and asking yourself, A.O, isn’t Binance more used and popular than kucoin? So how come kucoin is a winner on higher tiered trading fees? Don’t worry, continue reading to find out why!
Binance Fees
Binance usually offers compketely zero deposit fees and withdrawal fees depend on the asset. This is what makes them standout. The Binance token is utilized in payment for fees on its platform. If after accessing your portfolio you decide or think you are going to be a small trader, won’t be scaling up anytime soon and you will remain at the low tiers, Binance’s fee structure is better than Kucoin’s. This is where they shine.
However, if you are going to be using the futures market, in this space, Binance is an undisputed clear WINNER. It has way better and competitive taker fees than Kucoin exchange.
4.Assets Comparison of both exchanges.
Both platforms do display access to hundreds of altcoins of various categories that are otherwise usually very hard to acquire. It should be a no brainier that both Kucoin and Binance have a wide choice of assets to satisfy even the thirstiest of trader.
Binance as an exchange alone offers up to 240 altcoins. Kucoin currently supports 175 altcoins and both exchanges are still growing with the addition of new altcoins. But in this field Binance again emerges as a clear WINNER with more to offer traders. However, even though binance takes a clear wins through sheer volume, it is very unlikely that the average crypto trader will find Kucoin’s selection lacking or short in any way.
When it comes to trading, Binance does offer the immense ability to trade through its native in house token and Tether as well. Kucoin also offers trading with its in house token and Tether, but the shine a little as they also allow trading with NEO and BTC Cash as well.
This simple ability for traders to conveniently trade in other tokens makes Kucoin just a little more flexible. However, Binance’s established fee structure on trades carried out with its native token is quiet competitive.
Considering the breakdown above, it’s very Paramount that when you are comparing your assets, you should put into good consideration your trading style, habit and volume as well to help you choose the platform that best matches your needs.
5.kucoin vs binance Authentication Comparison
For the best part, both platforms do have a two-factor authentication in place. They have a very good security record and have never been hacked in the past since establishment.
Binance, having a more robust and larger user base, has in the past reported several phishing attempts on the system. However, this is not a reflection on the platform itself. Rather, it is a good reminder to its users to endeavor to always check and double-check that they are visiting the correct, most accurate domain.
Do not , I repeat do not for any reason enter your password details and other vital information if you suspect a scam in any way. Make certain that you enable a two-factor authentication for your account every time you are given the chance to. Comply strictly with the set rules so you don’t fall victim to online hackers as this will a shortcoming on your part rather than binance as a exchange platform.
6.Customer Service Comparison
Kucoin has incredibly fast and responsive customer service. There’s even a 24-hour telegram support chat with a quick response rate on record.
Binance however being a more robust platform offers its customer services through tickets. Although there is usually a longer waiting time with these tickets, the customer service traders it users do receive from Binance is still a lot better than most other crypto exchanges out there.
The real big differentiating and separating factor between these two exchanges is how Kucoin has simply automated the process of trading and lending on it’s platform. Kucoin does offer all its users a free trading bot to make it easier for them to trade, they currently are running a no fee trade bonus on trades done with BTC and ETH to celebrate their anniversary. So it would be wise to register now and take advantage of this early. It would save you a lot on trading fees and costs. The bot functions across the regular trading market and on the futures market.
Although Binance does support third-party trading bots as well, it does not offer a native in house, free bot.
Kucoin also has a larger crypto lending platform in house as well. It has overtime created a robust marketplace that easily connects both lenders and borrowers who agree specifically on an interest rate to be paid and a time as well. Kucoin ensures it’s marketplace adds credibility, reliability and some strong level of regulation to the entire process.
While Binance also offers crypto lending in it’s platform, you can only lend from Binance itself and not from p2p.
7.Final Thoughts
Kucoin and Binance are two very well-established and well known crypto exchanges in the market. They however use a very similar business model and have a similar fee structure set in place. Most traders around the world would find the range of their assets present, the level of security, and customer support services available comparable between both platforms.
There are slight differences between these platforms, as elaborated above and you may find either of these exchanges will perfectly suit your needs slightly better.
When go with Binance is your Better Choice
If you deal with crypto or have a vested interest in obscure altcoins, Binance might be the better option for you. As an exchange they offer a lot more cryptocurrency assets than what Kucoin offers. However, consider this, If you are going to be a low volume trader, Binance’s fee structure is very much more competitive and will perfectly suit your demands.
When KuCoin shines as the Better Choice
On the other side, if you are going to be dealing with large funds or volumes and level up eventually through the tiers, Kucoin is without a doubt a clear winner in this field.
Also take into consideration this, if automated and fast customer service and trading bots are your soft spot or your thing, Kucoin is a very good fit. If you prefer waiting for an actual real human I stead of a bot to reply to your service ticket, then by all means Binance is definitely for you. If your a seasoned trader or just starting out but your strategy of trading solely depends on crypto lending, then Kucoin’s lending marketplace will definitely be a differentiating and plus factor for you.
Don’t forget, no matter which exchange you choose or prefer to use. you still get to pay tax on your cryptocurrency gains.
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There’s no perfectly clear winner between these two exchanges as they are both giant and very secure in their respective strengths.
These two platforms are both really good and reliable at best. You should take a glance and look at the interface of KUCOIN and BINANCE to have a first hand feel to see what seems to work best for you or which feels better for you.
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