Kucoin vs Binance: Crypto, Fees, KYC Exchanges Difference

Crypto traders have many exchanges to choose from when looking for a place to buy and sell digital assets. Two of the most popular exchanges are Kucoin vs Binance. In this post, we'll compare these two exchanges in terms of features, fees, and KYC requirements. Let's get started!


Kucoin

binance

Type of exchange

Сentralized

Сentralized

Year founded

2014

 2017

Registration country

Seychelles

Cayman Islands

Trust Score (Coingecko)

10

10

Cryptocurrencies / trading pairs

1261

1458

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures, Margin trading, P2P

Fees

0.1%

0.1%

(0.075%  option for BNB holder)

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$905 401 871

$13 265 105 972

Advantages and disadvantages of Kucoin

Pros:

  • KYC is not required
  • Ability to buy from card
  • Higher leverage (up to 100x)
  • Own KCS token
  • Mining pool and cloud mining
  • KuCoin Chain (KCC) blockchain ecosystem

Cons:

  • Not quite a quality localization of the interface

KuCoin Review Summary 

92% Overall

We have analyzed key features of KuCoin based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
92%
Trustworthy
89%
Usability
95%
Fees

Advantages and disadvantages of Binance

Pros:

  • Bot for grid trading
  • Good reputation and high reliability
  • Bot for automated trading
  • There is a purchase from the cards
  • Your own decentralized wallet
  • Higher leverage (up to 100x)
  • Own BNB token

Cons:

  • KYC is required

Binance Review Summary 

92% Overall

We have analyzed key features of Binance based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
92%
Trustworthy
95%
Usability
90%
Fees

About Kucoin Exchange

KuCoin exchange was founded in Hong Kong in 2017 as a service for exchanging Kubi cryptocurrency. Later the service was transformed into a full-fledged cryptocurrency exchange. Today it is one of the largest centralized platforms for cryptocurrency trading. KuCoin exchange features spot and futures markets. At the time of writing, KuCoin is among the top 10 exchanges by trading volume on the spot and futures markets, according to CoinMarketCap and CoinGecko rankings.

More than 50 fiat currencies are supported on KuCoin. Depositing a trading account is possible via debit and credit cards, as well as through the exchange's P2P platform. Withdrawals are available to a cryptocurrency wallet or through P2P.

About Binance exchange

Binance is the world's largest centralized crypto exchange by many parameters, from the number of users and supported countries to trading volume on the spot, futures market. As of September 2022, Binance is at the top of the trading list with a 4.5x advantage over other exchanges by daily trading volume. The company also has a decentralized exchange and its own blockchain

This company was founded by Changpeng Zhao, who is widely known for his success in cryptocurrency. He was able to start it in a number of different jurisdictions. Binance has a limited selection of cryptocurrencies and coins compared to their other platforms, but they do have many available tools for learning to trade & monitor your portfolio. For example, with the Binance USD platform you will find a lot more trading tools like P2P trading and NFTs.

Comparative analysis of Kucoin and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

Kucoin offers:

  • Mining pool
  • IEO
  • NFT market

Binance offers: 

  • Trading bot
  • NFT market
  • IEO Launchpad
  • Binance Academy

Available countries

Kucoin and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your Kucoin and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on Kucoin and Binance.

Available Cryptos and Tokens

Kucoin currently supports 1268 trading pairs and 715 coins. 

Binance supports 357 trading pairs and 1466 coins.

Regulation

There is no information about the Kucoin regulation and the corresponding license.

The most popular crypto exchange has changed jurisdictions several times during its existence, and there have been many rumors about it (Caymans, Malta, Singapore, Seychelles). The platform is actively recruiting regulatory staff and working towards licensing in major states.

At the moment, the legally independent Binance US platform for the US is fully legal. A list of licenses and regulators for each state is here.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

KuCoin has the ability to trade cryptocurrency, withdraw up to 1 BTC per day without verification, use leverage for futures up to 5x. It is not possible to use fiat. However, KYC procedure is implemented, it can be passed by those who want to remove restrictions and increase withdrawal limits.

Verification is obligatory on Binance. Any potential client must understand that without providing information about his identity he will not be able to perform any actions on the platform.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

Kucoin:

  • Spot - 0.1% / 0.1% (maker/staker)
  • Futures - 0,02 % / 0,06 %

Binance:

  • Spot: 0.1% / 0.1% (maker/staker)
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account

Owners of KCS and BNB tokens, respectively, can reduce these fees with them. In addition, fees are reduced for large traders with large monthly trading volumes.

Account security

It is very important to protect your account from possible intrusion from the outside. Both platforms have simple but effective security mechanisms for this purpose.

Kucoin and Binance both offer two-factor authentication: SMS or email confirmation, and a password for further protection.

Passive earn on exchanges

KuCoin Earn provides products with flexible and fixed terms, high-yield stocks, staking (including Eth 2.0), and Polkadot auctions.

Binance Earn features: Floating rate deposits, Fixed Rate Deposits, Dual Currency Investments, DeFi-stacking, PoS cryptocurrency stacking, BNB Vault yield aggregator, ETH 2.0 steaking, Fixed stacking
Liquidity farming, DOT slot auctions.

In general, both exchanges have a great choice for passive erning.

Which to choose - Kucoin or Binance

Binance's leading position on the cryptocurrency market can easily be explained by the large number of opportunities and benefits the company offers its clients. It is advisable for beginners to start with it, as there is a lot of support tools, tips and training for beginners here.

KuCoin, however, has a significant advantage, which is that it is not necessary to pass KYC. Therefore, supporters of anonymity are more likely to opt for KuCoin.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

Likewise, you should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is KuCoin a good exchange?

Yes, Kucoin is an excellent exchange, which is suitable for both experienced traders and beginners.

Are KuCoin fees high?

KuCoin fees are competitive when compared to other exchanges. The fee schedule is as follows: 0.1% for trades, 0.01% for deposits, and 0.2% for withdrawals. There are no deposit or withdrawal fees for cryptocurrencies. For example, if you trade a cryptocurrency worth $100, your fee would be $0.10 (0.1%).

Is KuCoin a trusted exchange?

KuCoin is an up-and-coming cryptocurrency exchange that has enjoyed a rapid rise in popularity. It has a strong reputation for security and boasts a wide range of coins and tokens available for trade. While it may not be as well-known as some of the more established exchanges, KuCoin is gaining a faithful following among traders who appreciate its user-friendly interface and diverse selection of altcoins.


Is KuCoin safe for US citizens?

Unfortunately, at this time, KuCoin is not available to US citizens.


Why is Binance not good?

Binance is frequently criticized for its high fees. While it's true that Binance charges higher fees than some other exchanges, there are also a few reasons why this might not be such a bad thing.
For one, the higher fees help to offset the costs of running a large exchange. Binance is one of the biggest cryptocurrency exchanges in the world, and it takes significant resources to maintain such a platform. The higher fees also help to encourage users to trade actively on the platform, which adds to its overall liquidity.
Another potential benefit of Binance's high fees is that they may actually help to discourage market manipulation.

Conclusion

Choosing a cryptocurrency exchange is essential when it comes to safeguarding your funds. Many users have become wary, but with the right practice, precautions can be taken and you won't have to worry about your holdings being lost. We have briefly covered the main indicators that can make it easy for you to decide which platform you should use. This includes features, fees, payment methods, and more. But it's really up to you to determine how to allocate your assets.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Comparison of other exchanges

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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