Difference Between Kucoin and Binance: Which is Better?

At Finance de Demain, we love to compare products, services and of course cryptocurrency exchangers. This gives us the opportunity to learn more and question what we think is best. This is why we want to focus on the case of Binance and KuCoin in this article.

If you are someone who has recently gotten into crypto and is now looking for the best ways to start investing and trading different currencies, you will need a top-rated exchanger to help you. However, to find such an exchanger, you need to look at some comparisons.

In this specific article we will compare KuCoin VS Binance. However, you can also create a Kucoin account, PayBis account or a BitMART account. Let's go !!

🥀 What to know about these exchangers?

The two platforms in question have managed to make quite decent names for themselves. Although they have some similarities, they are also very different. But that means the same people who might love KuCoin will not necessarily like Binance, and vice versa.

Binance

A little history, Binance was established in 2017 and is led by Changpeng Zhao or CZ. It has quickly become one of the biggest and best-known cryptocurrency exchanges in the world. Best known for its rapid adoption of new user-centric parts and features.

Today, there are three separate Binance exchanges, with the original, then the Binance T-Shirt and Binance US. The latter was opened after regulations forced Binance to ban US users from using the Binance main.

Kucoin

KuCoin was also launched in 2017 and rose to fame during the same Bitcoin and cryptocurrency bull run. The founders of KuCoin are Johnny Lyu and Michael Gan.

It shares some similar traits with Binance and what shaped KuCoin to become so popular, mainly due to the very rapid adoption of new altcoins, providing easy ways to trade. Finally, he owns his own cryptocurrency shares KuCoin which has attracted many to his exchange.

Similar to Binance, all you need to create an account and use KuCoin is an email address. And the entire KuCoin registration process takes less than 2 minutes. Same thing with the KYC part, you do not need to carry out any KYC checks with KuCoin, unless you want to increase the amount you withdraw, then the amount of futures trading leverage and Fiat to Crypto trading limit.

🥀 Comparison criteria

For this article, we will look at five elements of it. security, ease of use, fees, supported currencies and number of users. While there are certainly a few other aspects that are very important to a crypto exchange, without these five there really is no chance of redemption! That said, let's take a closer look at why this might be the case.

Security

The security aspects of a cryptocurrency exchange are fortunately obvious in the vast majority of cases. It is something that is not even “essential” for a good exchanger to have. It is absolutely mandatory. Things are no different in this KuCoin VS Binance comparison either.

Although both exchanges may be very popular in certain designated circles of crypto enthusiasts, it is very important that you always review the security aspects of any crypto exchange you plan to use.

Ease of use

After security, the usability aspects of the exchange might seem a bit, well… Let's just say it's not SI important. However, I invite you to think about it, if you have chosen a cryptocurrency exchange platform for yourself. You probably intend to spend a lot of time on it, negotiate and make big deals.

You probably want this platform to be both easy to use and to allow you to navigate and access certain specific areas (pages) in a quick and easy way, right?

When it comes to cryptocurrency prices, there are many confusing techniques out there, because if you're a beginner, it's easy to get confused! Also keep that in mind in this KuCoin VS Binance comparison!

Expenses

If you are looking for your first cryptocurrency exchange and just want to “ test the waters fees will be an important factor to consider. However, if you are already an experienced trader and looking to maximize your profits as much as possible, fees will be an absolutely crucial aspect of choosing between a few different crypto exchanges.

When it comes to Binance VS KuCoin fees, things are quite interesting. The two platforms, while widely accepted as offering the lowest fees for their users, are still quite different.

Number of coins supported

Cryptocurrencies have become a very popular topic. Although there is still a misconception that cryptocurrencies are associated with certain illegal activities that persist most people are beginning to realize that blockchain technology is really a future thing.

With this, even newbie cryptocurrency traders are now looking to buy and trade a few different currencies, other than bitcoin ! Since this is the case, it is important that a top exchanger gives you this possibility. The platforms in this KuCoin VS Binance comparison are no exception!

Number of users

The number of active users on a crypto exchange can tell you a lot about the site itself. If there are a lot of people using the exchange, you can be sure the company behind it is doing something right, maybe the fees are too low? Or maybe it offers state-of-the-art security features?

Either way, a high number of users usually means there are a lot of transactions going on. If you're trying to find the most competitive prices for your cryptocurrencies, this is a great feature. Definitely something to consider in the KuCoin VS Binance comparison!

🥀 KuCoin VS Binance: the comparison

Now, let's proceed to the actual comparison of the two exchangers.

Security

The two platforms in question were considered quite safe, for a very long time. That said, things have changed recently. At least for one of these platforms. Binance, to date, is considered one of the safest exchanges in the market. It offers its users two-factor authentication.

KuCoin, on the other hand, has some problems. While the exchanger had been considered relatively secure for some time, in September 2021 a major security breach occurred. A large number of crypto assets (Bitcoin, ERC-20 tokens, etc.) were stolen.

While KuCoin assures its users that any lost coins will be compensated by the exchange's insurance, this is still an important factor to consider. So, from a security point of view, Binance really is the safest alternative.

User-friendly

The usability factor of a cryptocurrency exchange can be measured in different ways. However, in most cases you will want to take a look at some specifics of the platform – how easy it is to navigate its menus, whether the deposit and withdrawal processes are quick and easy, and well sure, how easy it is to use, which is to use the real trading interface.

Admittedly, Binance is not the easiest platform to use. Any KuCoin VS Binance user comparison will tell you the same. Although the platform has a few different interface setups for beginners and advanced users, it can still be quite confusing, especially once you enter the brand leveling system (account levels: different fees, amounts exchange, etc).

KuCoin, on the other hand, is actually one of the simplest exchangers out there! This is where their motto “The people changercomes into play pretty well. KuCoin's interfaces are easy to navigate, the site itself is straightforward, and the trading processes are also relatively quick and easy.

In this regard, KuCoin seems to be the alternative the easiest to use!

Transaction fees

The transaction fees of the two exchange platforms are very attractive! Binance allows an unlimited number of daily transactions, assuming you reach the top level of your account. Withdrawal fees remain at 3,50% (with a minimum amount of $ 10) and trading fees go down to 0,1% that's great !

That said, believe it or not, when it comes to fees, KuCoin actually has even better rates! With KuCoin, trading fees go up to 0,05% – it's very low! Withdrawal fees are also approximately 0,1% – 35 times less than on Binance!

So, in summary, while both crypto exchanges offer very big fee advantages, KuCoin takes the lead here, quite emphatically !

Number of coins supported

This can be seen by looking at the market itself. There are currently around 7000 different altcoins available for you to check out and invest in! It's a crazy number !

The good thing here is that people have started researching the technology and key use cases behind some of these coins, and not just the price of Bitcoin or Ethereum.

However, with this, even newcomers to crypto might want to start investing in some fairly specific coins! However, to do this you will need to use an exchange that supports a wide range of cryptocurrencies and cryptocurrency trading pairs.

Binance has over 150 different cryptocurrencies available to its users, while KuCoin has over 210. That's a lot of parts!

Number of users

The final number we should consider in this comparison is the actual active user account on both sites. However, let me tell you in advance: KuCoin has nothing compared to Binance.

The number of KuCoin users is around one million. Binance has nearly 14x more active users – almost 14 million ! What does this mean for the average cryptocurrency enthusiast? Well, a couple of things.

First of all, if you choose Binance as your main cryptocurrency exchange, you can be sure that not only will you be able to trade different cryptocurrencies, but also that all your exchanges will be transparent, in the sense that you will not have to. Wait weeks for a commercial offer to be processed.

Granted, that's not the case with KuCoin either, but when placed close to and compared to Binance, well… let's just say that Binance really is the most popular alternative here.

On top of that, with such a large number of users, it's obvious that Binance really cares about its customers and the safety of their assets. This using top-notch security features. Just one more point to note!

🥀 User Reviews – Binance vs. KuCoin

The final chapter of this detailed KuCoins vs Binance cryptocurrency exchange review comparison will be to get an idea of ​​the general user reviews I can find.

I want to know more than what others say

To know what they complain about and what they like. Of course, I'm aware that most people complain about a brand instead of complimenting it. So I will find more negative reviews than positive ones. But I'm doing this more for fun and to get an idea rather than to present the full picture of user reviews.

Here's what people think of Binance:

Out of 332 reviews on Trustpilot, Binance has a score of 2,7 *. It's pretty bad. But I soon noticed that there were a lot of spam reviews. In fact, I think the 7/10 are fake reviews, giving Binance a bad review instead of a positive one. I would ignore the Trustpilots review score as many of the reviews were fake.

But people who seem authentic in general on Trustpilot like:

• The number of features available, such as staking and borrowing
• Good trading volume
• The number of trading pairs

And they don't like:

• The difficulty of trading sometimes
• Problem contacting customer support

That's all but before you leave, here's how transfer cryptos from Coinbase to Leger Nano.