Binance Versus Kucoin Exchange — Which is Better?
Cryptocurrency trading and investment requires you to select the right exchange platform. With the numerous strategies available such as margin trading, buying and holding, crypto lending and so on. Your selection of a cryptocurrency exchange largely depends on definite attributes that go well with your chosen strategies.
Choosing the right cryptocurrency exchange might be confusing as there are many of them out there. Binance and Kucoin are two well accepted exchanges in the cryptocurrency space. While Binance is the largest cryptocurrency exchange in the world by trading volume, Kucoin, on the other hand possesses a stunning 11 million users around the globe.
What might get you more confused in choosing between Binance and Kucoin is the fact that both of them are almost similar in their mode of operations in business as well as their fee structure, which starts at 0.1%. Binance and Kucoin also have their native cryptocurrency, while users are rewarded for holding them.
You also have access to over a hundred altcoins on Binance and Kucoin, which are difficult to acquire, alongside other amazing features such as margin trading, crypto lending, futures markets, trading bots, and a host of others on both platforms.
There are still differences between Binance and Kucoin that will suit your strategies.
So which is better between Binance and Kucoin?
We have to go into detail to determine which is better between Binance versus Kucoin. Hence, for us not to beat around the bush, results from a thoroughly based comparison analysis show that Binance has a better user experience with a higher general score of 9.8 while Kucoin is scored generally at 8.6. Moreso, Binance does not charge high fees to purchase crypto using fiat currency, and you can withdraw your fiat currency from the exchange, whereas you cannot perform this sort of transaction on Kucoin.
However, taking a deeper look into Binance versus Kucoin, we shall compare from the angle of an average cryptocurrency trader using the following factors that differentiate them. They are as follows:
Assets Availability and Trading
The need to think about your trading style when comparing asset availability and trading pattern of Binance and Kucoin cannot be overemphasized.
Binance and Kucoin have a wide range of altcoin, which are difficult to acquire in other exchanges. Binance supports 242 altcoins, while Kucoin offers 179 altcoins. The average crypto trader may do well with Kucoin minimal selection of altcoins.
Kucoin is more flexible in the aspect of trading assets as you can trade with Tether, NEO, BTC Cash and its token, while Binance provides the ability for you to trade on only its token and Tether.
Level of Authentication and Security
Binance and Kucoin have never been hacked and brag on good security with the two-factor authentication being supported.
However, you should be careful if you decide to with Binance, as there are numerous phishing attempts. You should be sure you are visiting the right platform and avoid entering your password if you suspect a scam while you utilize the two-factor authentication.
Active Customer Service
Binance customer service can be contacted through tickets and have a longer waiting time, though still better than most crypto exchange platforms.
While Kucoin, on the other hand, has a quick response rate with a 24-hour telegram support chat.
Fees Structure
Both Binance and Kucoin fees start at 0.1% and decrease as you move up to a higher trading tier. Kucoin is your best bet if you will trade large volumes and level up through the tiers while they offer 50% dividends from the exchange earnings on its token.
Binance, on the other hand favours the small trader that remains at the low tier due to the friendly fee structure. Moreso, Binance is better if you will use the futures market due to their better taker fee.
Automated Trading Bots and Lending System
Binance does not offer an automated native free trading bot. You can as well integrate your own trading bot from a third party. They also offer crypto lending only through their platform.
Kucoin, on the other hand offers a free trading bot to all its users that can trade automatically on the regular trading and futures market. They also have a lending marketplace where lenders and borrowers connect and agree on an interest rate and time of payment.
Concluding Note
Binance and Kucoin are two incredible exchange platforms that are reliable, so there is no one that is better than the other. Your choice between Binance versus Kucoin all boils down to your wants and strategies in cryptocurrency trading and investment.
For instance, Binance is your sure plug if you have an interest in unknown altcoins as they have more than Kucoin. Their fees are also friendly if you are going to be a small volume trader. If you want to speak to a live person while contacting customer care, then just go with Binance.
On the other hand, Kucoin will be better for you if you will trade in large volumes while you up your levels through the tiers. If you don’t mind automated customer service and engaging trading bots for your trades and strategy depending on crypto lending, then Kucoin may be the right fit for you.
You can go ahead and visit both platforms to experience their interface. That may also help you choose rightly.
