KuCoin vs Binance: Read this before choosing? [Important]

Cryptocurrencies have been an attractive investment and one of the fastest-growing digital assets. With a $3 Trillion market, it becomes difficult to ignore such a rising trend. There are several trading platforms across the board, each with its attractions.

Here’s a basic comparison of KuCoin vs Binance.

FeaturesKuCoinBinance
Ease of UseBeginner FriendlySuitable for Beginners and Advanced Users
Platform CoinsKuCoin TokenBinance Coin
Supported Currencies4546
Supported Languages1934
Methods of PaymentCredit Card,
Peer-to-peer,
Apple Pay
Bank Transfer,
Peer-to-peer,
Third-Party Apps
KYC- TypesNo-KYC: 1 BTC daily limit,
Verified: 100 BTC daily limit
Required: 2 types of KYC. $50k Daily Deposit,
$200k Daily Deposit
Fees0.05% on Trade,
Withdrawal fees depend on coins
0.1% Trading Fees
Trading FeaturesMargin, Futures,
Anonymous Trading
Margin, Futures, Options
Mining FeaturesBitcoin, Bitcoin CashBitcoin, Bitcoin Cash, Ethereum, Litecoin
Financial FeaturesCrypto Lending Lock-in DepositsCrypto Loans, Binance Earn (Lock-in Deposit), Liquid Swap
Customer SupportCall-Mail
No live support
Call-Mail
Live Chat
Twitter/Reddit
AppsiOS/ AndroidiOS/ Android
Promotional OffersTrading Competitions, Challenges, Tasks, LotteryNot any significant.

KuCoin vs Binance: Trading Features

Binance has both simple and complex trading user interfaces for various users. It supports margin trading, options, and futures on multiple coins. KuCoin has a single trading interface for all types of users. It supports futures trading but not in options. KuCoin also supports margin trading. In addition, KuCoin has a noteworthy feature of Anonymous Trading.

Binance App
Binance

Read our KuCoin Review to know more.

Binance vs KuCoin: Financial Features

The Lock-in Feature of both platforms lets users create a fixed deposit and earn interest on locked-in cryptocurrencies. The feature is called Binance savings and KuCoin staking. In addition, both platforms support crypto lending facilities. 

Also read, Top 5 Binance Trading Bots

Binance vs KuCoin: Mining Features

Binance has a mining pool for miners called Binance Pool. It supports mining in Bitcoin, Bitcoin Cash, Ether (Ethereum), and Litecoin. KuCoin also has its own mining pool known as KuCoin Pool. It supports Bitcoin and Bitcoin Cash.

KuCoin vs Binance: Supported Currencies

The Binance and the KuCoin platforms support all major currencies like US Dollar, Chinese Yuan, GB Pounds, Australian Dollar. Binance supports 46 currencies, and KuCoin supports 45 currencies.

KuCoin vs Binance: Supported Languages

These platforms support major languages such as English, Chinese(Simplified), Spanish, Polish, Turkish, Russian, Hindi, etc. However, Binance supports more languages at 34 while KuCoin only supports 19.

Supported Languages
Supported Languages

Read our Binance Review to know more.

KuCoin vs Binance: Methods of Payments

Customers can use Peer-to-Peer transfer on both platforms. Binance has lately added bank transfers via the SWIFT system. It also supports transfer via third-party apps like WazirX, Coinbase, etc. KuCoin supports Apple Pay as well as credit-card-based payment.

Kucoin Payments
KuCoin

KuCoin vs Binance: Fees

Binance has a flat rate of 0.1% on the transaction amount. It has a 9 level VIP program with many benefits for trading, such as trading futures at 0.02% for Level-9 VIP traders. On the other hand, KuCoin asks for a 0.05% fee on trading. The KuCoin withdrawal fees are based on types of coins.

Binance vs KuCoin: Customer Support

Both platforms support calling and email facilities for consumer complaints. Binance also has a FAQ page and a general help page. It also supports live chat and takes complaints via Reddit and Twitter. KuCoin has no live chat support.

KuCoin vs Binance: Pros and Cons

KuCoin

ProsCons
Anonymous Trading.Low User-Base.
Various Promotional Features.No Option Trading.
Only two coins can be mined(BTC/BTC Cash).

Binance

Pros Cons
Easy execution of the trade.Delay in service.
Separate Interface for Seasoned and New Traders.

Conclusion

Binance has a much broader user base at 13.5M users, whereas KuCoin has 1M. One unique aspect of KuCoin is that it supports anonymous trading. Binance supports much wider trading as well as mining facilities than KuCoin. It is also much more prominent in size and advanced tools for traders. However, KuCoin having a single and straightforward user interface is more suitable for beginners. It also has a lottery and challenging tasks, which are often popular among young users with less money.

Which platform should I choose if I wish to learn the most?

You can select Binance as it has more advanced tools and offers more learning than, KuCoin.

Which platform to choose if I do not want to commit a considerable amount of money?

You can start using KuCoin and then switch to Binance because KuCoin offers no KYC account, which would be better to keep you anonymous till you decide to trade or invest more.

Are both platforms safe enough? What about hackers?

Yes, both platforms are of reputed companies, and as long as you do not physically hand over your ID and Password, there is very little to worry about. Often companies segregate their funds into hot(online) and cold(offline) wallets to deal with hackers.

Can I mine using the Binance Pool and KuCoin Pool? What do I need?

Yes, you can mine using the Binance and Ku Coin pools as long as you have the required processing power. For mining, you need GPUs and cheap energy. Further details for mining are available at the respective websites.

Which of the above are decentralized exchanges?

Binance has a decentralized HQ, which means it has no single base of operations. KuCoin is based in Singapore. 

Also read,

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Dhirendra Chandra Das