There are two crypto exchanges that everybody should know about. Kucoin and Binance are two giants in the cryptocurrency space with millions of users and a wide variety of services, products, and cryptos to trade.
However, when comparing the two Tier-1 exchanges, you will notice some key differences. In this guide, we will expose everything that you need to know about Kucoin and Binance. At the end of this Binance vs Kucoin comparison, you will know exactly which exchange is the right choice for you and you can make an informed decision when it comes to selecting the right crypto exchange.
One thing right away: If you are from the United States, neither of the two exchanges will work! Binance and Kucoin do not allow US customers. For US crypto traders, we recommend Bitunix.
Kucoin vs Binance At a Glance
If you are looking to buy small altcoins on the spot market, Kucoin is the best option for you as they support many new cryptos that are not yet listed elsewhere.
However, if you are seeking the best experience for day traders, Binance is a lot better due to the available cryptos on the futures market, lower fees, better liquidity, and more advanced trading features. Furthermore, Binance offers more products compared to Kucoin. Lastly, Binance appears to be the more secure exchange.
We will start this Binance and Kucoin comparison off with a table so that you can compare the key measures immediately
Binance Quick Overview
After its 2017 inception, Binance swiftly became the leading cryptocurrency platform. The largest centralized crypto exchange in the world with more than 30 million members, significant liquidity, and a daily trading volume of more than $50 billion. A large number of day traders are based on Binance, which has over 386 traded cryptocurrencies, cheap fees, and great liquidity.
Numerous products are available on Binance, including spot and futures trading, staking, lending, margin trading, P2P and OTC trading, FIAT trading, FIAT deposits and withdrawals, a cryptocurrency Visa card, crypto loans, gift cards, bot trading, and an NFT marketplace, among others.
KuCoin Quick Overview
Kucoin was launched in 2017 and is now one of the largest crypto exchanges in the world with over 20 million registered traders. One of the key selling points of Kucoin is the wide variety of tradable assets compared to their competition. With over 800 cryptos to choose from, fair fees, and comprehensive crypto services, Kucoin is a great choice for many crypto enthusiasts.
Aside from trading, Kucoin users can enjoy various earn products such as staking, mining, lending, and more.
Kucoin vs Binance Sign-Up and KYC Process
Signing up on Binance and Kucoin is very similar and straightforward. You can simply use your email or phone number and choose a strong password. Verify your email or phone number with the 6-digit code from your inbox and you are done with the account sign-up process.
Where the two exchanges differ are the KYC requirements. Binance requires you to fully verify your account with personal information (ID, Passport, or Driver’s License), while you can start trading on Kucoin right away. Just note that verifying your identity comes with many benefits on Kucoin and Binance as it increases your withdrawal limits and also gives you full access to the platforms.
The verification process on both platforms takes just 15 minutes and is usually approved after a few hours.
Trading on Kucoin and Binance
Spot Trading
Over 380 different cryptocurrencies and nearly 1700 different trading pairings are available on the Binance spot market. Binance supports trading pairs in BUSD, USDC, and TUSD as the settlement currencies for spot trading pairings in addition to the market standard USDT which leads to a high number of trading pairs. Binance even offers FIAT trading pairs, including BTC/EUR, BTC/GBP, BTC/USD, and others.
In terms of available cryptos, Binance is slower with listing new projects compared to other exchanges. Therefore, you will only find the most reputable cryptocurrencies on the platform.
For both makers and takers, the Binance spot trading fees are 0.1%.
Kucoin on the other hand offers a whopping 860 cryptos on the spot market across 1537 different trading pairs, majorly settled in USDT. With spot trading fees of 0.1% for makers and takers, Kucoin offers the same fee structure as Binance.
When comparing the spot market, we came to the conclusion that Kucoin is the best option. The fees and the interface are pretty similar, but the key factor here is the available cryptocurrencies. Kucoin is one of the best choices when it comes to buying cryptos on the spot market and Kucoin has many “hidden gems” to offer with a lot more upside potential (but also risk) compared to major cryptos that everybody already knows about.
Futures Trading
Binance has a daily trading volume of $50 billion in the futures market. Binance even reached a 24-hour trading volume high of $160 billion during the bull market. On the futures market, there are 259 different cryptocurrencies available to pick from, including all of the major ones. The maker fees start at 0.02% and taker fees at 0.04%.
With up to 125x leverage, a hedge mode, and an advanced interface, Binance offers a great place for crypto day traders.
Kucoins’ 24-hour derivatives trading volume ranges between $2 and $3 billion and you can trade over 180 different cryptos. In terms of fees, Kucoin is priced at 0.02% for makers and 0.06% for makers. The maximum leverage for day traders is 125x.
As Binance offers more cryptos, lower fees, and better liquidity, it is clearly superior to Kucoin in terms of futures trading. So if you are an active day trader that wants to utilize the power of leverage, Binance is the way to go. Furthermore, Binance has better liquidity and a better futures trading interface with more advanced features and order types.
Kucoin vs Binance Fees
Trading Fees
The spot fees for Binance start at 0.1% for makers and takers. When holding the BNB token, you can reduce your fees by 25%, leaving you with 0.075% fees on the spot market.
Kucoins spot fees also start at 0.1% for makers and takers. When holding the KCS token, you can reduce your fees by 20%, leaving you with 0.8%. This makes Binance slightly cheaper on the spot market.
On the futures market, Binance fees start at 0.02% maker and 0.04% taker. Those are some of the lowest rates in the whole crypto space. For BNB holders, the fees can be reduced by 10%, leaving you with 0.018% maker and 0.036% taker.
Kucoins futures trading fees start at 0.02% maker and 0.06% taker. This is the industry standard and a fair rate. Unfortunately, there are no fee discounts for KCS holders on the futures market.
In terms of trading fees, Binance is the cheaper option for spot and futures. With higher discounts, you can save more money when trading on Binance compared to Kucoin.
Deposits and Withdrawal Fees
Crypto deposits are free of charge on both platforms.
If you want to purchase cryptos on Kucoin and Binance via credit card, you can expect fees between 2-5% depending on your FIAT currency and the selected payment method. The cheapest way to deposit FIAT to both exchanges is bank transfers, which are fixed at a $1 fee.
Crypto withdrawals also depend on the coin and network you choose, so we recommend you check that out manually. One of the cheapest and most reliable options is sending USDT with the TRC20 network which costs $0.50-$1 and takes only a few minutes.
FIAT withdrawals on both exchanges are $1 for bank transfers.
In terms of deposit and withdrawal fees, there are no notable differences between Kucoin and Binance. Both exchanges offer crypto deposits and withdrawals, as well as FIAT deposits and withdrawals. In terms of withdrawal limits, Binance is the better option due to the high threshold of over $2 million worth of FIAT withdrawals per day at level 2 KYC.
Products and Services
When comparing features and services aside from trading, you will notice that Binance offers a way more comprehensive repertoire of products. In the Binance Earn section, you can access passive income products such as mining, automated trading, DeFi staking, dual investments, ETH staking, and more. Furthermore, you can receive crypto loans and even apply for the Binance debit card where you can send your cryptos to and use them for online and offline purchases. For NFT enthusiasts, Binance even has a fully functioning NFT marketplace.
Kucoin offers similar products but on a smaller scale. You can get access to lending, earning, and mining. When it comes to NFTs, Kucoin has integrated a service called “Fractional NFTs”. This is different from a real NFT marketplace. Instead of buying the full NFT, you purchase fractions (hence the name) of the art piece. This is a great feature for people with a low account balance, as it gives you partial access to high-priced NFTs while not having to pay the full price for them.
Security
Safety and security are key factors when choosing a crypto exchange. Binance has never been hacked and has a security fund, called SAFU, worth over $1 billion. Unfortunately, Kucoin has been hacked before, and over $125 million was stolen.
Both exchanges provide full proof of reserves, meaning that customer funds are backed 1:1 on the platforms. You can also secure your Binance and Kucoin account with additional security layers such as 2-factor authentication (Google Authenticator), SMS verification, email verification, an anti-phishing code, withdrawal whitelists, and more. On Kucoin you can even add a trading password.
As Kucoin has been hacked, the point for security goes to Binance. Also, the SAFU fund from Binance is a big deal.
Customer Support
Binance offers 24/7 customer support via live chat. From experience, we can tell that the Binance staff is always knowledgeable and well-informed. That way, your queries can be solved quickly and efficiently. The average response time is 3 minutes.
Kucoin also offers 24/7 live chat support on the website. The response time is 5-10 minutes and the support is helpful, but slower compared to Binance. Alternatively, you can submit a ticket via email. This stretches the support process out and solving your queries can take some time.
The winner for customer support is Binance, as the staff is very professional, well trained, and has a great response time.
Final Thoughts
Binance and Kucoin are certainly both top choices for crypto traders. However, Binance has proven many times that they are the market leader for a reason. The overall products, features, and services on Binance beat Kucoin. With lower fees, more futures trading pairs, higher liquidity, and more passive income products, Binance offers a comprehensive crypto experience.
The only part where Kucoin clearly beats Binance is when it comes to buying small-cap altcoins on the spot market. Kucoin is the leading crypto exchange for new listings with a lot of upside potential. However, for trading, we do not recommend Kucoin. This is really just for buying cryptos on the spot market and holding them for the long term. If you want to actively trade, we highly recommend you use Binance.
If you want to learn more about the top 10 crypto exchanges for day trading, we have made a full guide for this which you can check out here!
FAQ
Is Kucoin or Binance better for trading?
For active traders, Binance is the better option due to lower fees, higher liquidity and superior features.
Is Kucoin Or Binance more secure?
Binance is more secure as the exchange has never been hacked. Kucoin was hacked and lost over $125 million. Also, Binance has a $1 billion security fund called SAFU to protect customers.
Is Kucoin or Binance more beginner friendly?
Kucoin is more beginner friendly and easier to navigate. As Binance has a lot more features and products, as well as more advanced trading options, the platform can be confusing for new traders.
Does Kucoin or Binance have lower fees?
Binance has lower fees and even offers higher fee discounts when holding the BNB token. With 0.02% maker and 0.04% taker fees on the futures market, Binance is cheaper compared to Kucoin with 0.02% maker and 0.06% taker fees.
Does Kucoin or Binance have more coins?
Kucoin has more than double the amount of coins compared to Binance on the spot market. With over 800 cryptos on the spot market, Kucoin is among the top exchanges in terms of supperted cryptos. However, on the futures market, Binance supports more coins.
