If you’re new to cryptocurrency and seek the best ways to start investing and trading different currencies, you’ll need the assistance of a reputable exchange. To locate such an exchange, you should look at some comparisons – in this post; we will compare KuCoin VS Binance.
Both of the platforms in issue have established a solid reputation for themselves. While they have certain similarities, they are also highly distinct, which means that the same people who like KuCoin may not like Binance and vice versa. But don’t worry; after we figure out the comparative criteria and raise the bar, we’ll be able to check out and study both bitcoin exchanges to discover which one is better for you.
Criteria for comparing KuCoin VS Binance
So, first and foremost, let us begin. To have an objective KuCoin VS Binance comparison, we’ll need specific characteristics to serve as the key talking points, right? While everyone has their ideas on what “important qualities” of a top-tier cryptocurrency exchange are, there are several broad aspects that are, in any case, critical for any genuine and dependable exchanges.
This article will focus on five factors: security, usability, fees, supported currency, and user count. While there are undoubtedly other critical factors for every crypto exchange, without these five, there is no prospect of redemption.
The KuCoin VS Binance Comparison
This KuCoin VS Binance comparison will follow the same structure as every previous post in which I discuss two massive cryptocurrency exchanges. For clarity and consistency, we’ll start at the beginning and discuss the security features of both of these systems.
In terms of this KuCoin VS Binance comparison, both platforms have been relatively safe for the longest time. However, things have lately altered for at least one of these platforms. Binance is also one of the most secure exchanges on the market. It provides its customers with everything from two-factor authentication to creating an approved device list and training resources on the subject.
KuCoin, on the other hand, has a few problems.
While we consider the exchange to be generally safe for quite some time, a severe security breach occurred in September 2022. Many cryptocurrency assets were moved out of the exchange’s hot wallets, implying that someone stole them.
We may judge a cryptocurrency exchange site’s ease of use in various ways. However, in most situations, you’ll want to look at a few critical platform components. Features include how easy it is to navigate its menus, ease of deposit and withdrawal processes, and how easy it is to use the actual trading interface.
To be sure, Binance isn’t the most accessible platform to use; any user KuCoin VS Binance comparison would tell you that. While the platform includes several interface styles for beginners and expert users, it may still be somewhat complicated, especially once you get into the brand’s leveling system.
KuCoin, on the other hand, is one of the most straightforward exchanges available! Their tagline “The People’s Exchange” comes into play pretty beautifully – KuCoin’s interfaces are simple to browse, the site itself is simple, and the trading operations are relatively quick and uncomplicated. In this aspect, KuCoin appears to be the most user-friendly option.
So, the costs charged by the two exchange platforms in issue – this is fascinating. Both platforms in this KuCoin VS Binance comparison, you see, have some of the most affordable fees in the business. If you achieve the highest level of your account, you have an infinite quantity of daily trading. The withdrawal costs remain at 3.50 percent (with a minimum of $10) while the trading fees rise to 0.1% – excellent.
Believe it or not, when it comes to Binance VS KuCoin prices, KuCoin has lower costs. Trading costs with KuCoin rise to 0.05 percent, which is relatively cheap. Withdrawal costs are also under 0.1 percent, which is 35 percent cheaper than Binance. So, while both crypto exchanges provide some genuinely fantastic perks in terms of costs, KuCoin takes the lead here.
In the KuCoin VS Binance comparison, cryptocurrencies have grown in popularity over the last several years. This can be noticed simply by looking at the market – there are presently about 7000 distinct cryptocurrencies available for you to investigate and invest in! That’s an incredible figure!
The good news is that people have begun to investigate the technology and critical use cases underlying some of these coins, rather than just the price of Bitcoin or Ethereum. However, even total newbies to the issue of cryptocurrency may wish to begin investing in some pretty obscure coins! To do so, though, you’ll need to choose an exchange that offers a wide selection of cryptocurrencies and crypto trading pairings.
Binance offers over 150 different cryptos for its customers, whereas KuCoin has over 210 coins! While KuCoin has more crypto trading possibilities, most users would never use the 150 given by Binance! In any event, when it comes to currency diversity, both platforms have currency diversity.
The final metric to consider in our KuCoin VS Binance comparison is the total number of active users on both sites. But let me warn you ahead of time: KuCoin has nothing on Binance. KuCoin has around one million users. Binance has approximately 14 million active users. What does this imply for the typical bitcoin fan?
To begin with, if you pick Binance, you can be confident that you will be able to trade various cryptocurrencies and that all of your transactions will be effective and safe. Now, admittedly, this is not the case with KuCoin, but when compared to Binance, let’s just say that Binance is the more popular option here.
Furthermore, with such a large user base, it is clear that Binance genuinely cares about its consumers and their asset protection and utilizes several top-tier security mechanisms. Just another thing to think about!
KuCoin VS Binance: Final Verdict
To conclude our KuCoin VS Binance comparison, one question remains: which of the two platforms will be the better option for you? Binance, on the other hand, will almost certainly meet the expectations and needs of the majority of users who will give the platform a try. Things are a little more complex with KuCoin.
Binance has cheap costs, is highly secure, and lets you trade and exchange various cryptocurrencies. The platform’s sole flaw is a little complicated, which may be especially true for folks who have never dealt with a cryptocurrency exchange before. KuCoin is much easier to use than Binance and provides a broader range of crypto assets to trade. However, the platform is far from safe – the current attack demonstrated this rather clearly.
Finally, whether it’s Binance VS KuCoin pricing, asset count, or any other characteristic of the two platforms described in this post, I genuinely hope you were able to make the best option for yourself.