Dive into this KuCoin Vs Binance review and pick any of the two that suit your trading level.
Are you seeking to invest in dozens of Altcoins along with the popular ones at a marginal profit and low trading fees?
Do you want to earn money passively by staking your assets and lending them on trustable, reliable, and globally expanded platforms? Are you a pro trader that might survive risks? Then, KuCoin and Binance can be satisfying platforms for you.
Grab clearer and more concrete data about the KuCoin and Binance fees and their work.
KuCoin vs Binance Reviewed
Besides, being the Business model same of both the platforms and arising from the same country China, there are many points where these two deviate significantly.
KuCoin and Binance have been the people’s choices from their evolution. KuCoin and Binance Come up with their coins that help in building a better portfolio in crypto and earning interests on assets.
Read this KuCoin vs Binance article till the end to know which exchange suits your requirements.
KuCoin vs Binance Compared
|Currencies Accepted||EUR, AUD, GBP, and RUB||USD, EUR, CNY, AUD|
|Trading Fees||0.0125% to 0.10%||0.10%|
|Daily Deposit Limit||No limits||$5,000|
|Deposit Method||Credit or debit card, Apple Pay, and Google Pay||Debit card, credit card, PayPal, Bank transfer|
|Built-in Crypto Wallet||Yes||Yes|
|Supported Devices||Web, iOS, and Android||Web, iOS, and Android|
|Security||Two-factor authentication||Two-factor authentication|
|Verification Speed||Several business days||Up to 15 minutes|
the KuCoin exchange is a widely used cryptocurrency exchange and a lending platform spread over +200 countries. KuCoin’s trading fee ranges from 0.0125% to 0.10% and it possesses over 600 digital currencies in the Exchange.
It is popular for its low trade fee and high control of crypto assets. Pro investors across the world are interested in trading at KuCoin because of its trading features, whereas beginners are tedious due to KuCoin’s negative reviews in the market.
In 2020, KuCoin faced a hacking attack and lost worth over 250 M assets. Though, it returned its user’s assets from the company’s assets and through recovery via law enforcement. Over 10M users are actively trading at KuCoin at present.
Does KuCoin Report To The IRS?
KuCoin is not licensed to operate in the U.S. so it is very unlikely for KuCoin to report to the Internal Revenue Service.
In the United States, Cryptocurrency is subjected to income tax, if you withdraw the cryptocurrency, it will go through the tax deductions.
But KuCoin can unveil its user data to governmental bodies if questioned to do so.
Does KuCoin Guarantee Lending?
Lending at KuCoin is profitable, whether the market trends upwards or downwards. Users can always draw daily interest between 0 to 2%. KuCoin also provides you with an option of Auto-lend.
If you can not have a constant eye on the market trends, auto-lend might be a satisfying option for the lenders.
KuCoin will fulfill the gap from its insurance fund, in case the borrower cannot return your assets.
KuCoin Pros and Cons
Besides the critical reviews about KuCoin on social networks because of the 2020 hacking attack, KuCoin provides various trading services that are not accessible to other platforms.
- KuCoin contains over 600 crypto assets
- Offers a low trading fee.
- KuCoin allows staking and lending on assets
- The trading bot launched by KuCoin kills volatility
- Mobile applications are available on Android and iOS operating systems.
- KuCoin is not licensed to operate in the United States.
- Poor users’ reviews repel newcomers in the crypto industry.
Binance is globally known and expanded across borders, cryptocurrency exchange, allowing its users to hold and trade their digital assets.
Crypto savvy funds, trades, and earns interests in digital currency. Containing over 600 virtual assets, Binance allows its users to build a nice portfolio and Public Persona
The trading fee at Binance is relatively low than the other competitive platforms. The reason behind the high liquidity of assets and low transactions and the trading fee is the large volume of the trades running every time.
You can earn passively by staking and lending your assets in the Binance account.
Who Owns Binance Australia?
Binance Australia is not only exchange, and a trading platform owned by Chengpeng Zhao but also a great crypto learning tool for traders and non-traders.
The Founder of Binance Chengpeng Zhao also founded the High-frequency trading software.
The Binance headquarters was initially established in China and later moved to other countries, followed by the regulations of the Chinese government.
Who Is Binance Australia’s Banking Partner?
Binance Australia partnered with WeMoney for the strategic Financial vigor for the Aussie traders. WeMoney is the Australians one of the high-rated wellness Apps that enriches Australians with trading techniques and tools.
Binance Pros And Cons
Binance is in the crypto market to enrich the individuals with the trading techniques and educate them all about the revolutionary currency, the Cryptocurrency.
There are many factors about Binance that people like in Australia and around the world and some features are of no use to them. Here are the pros and cons of the Binance marked by the users.
- Binance supports more than 600 cryptocurrencies
- You can trade at a very reasonable and affordable Binance fee that ranges up to 0.10%
- Mobile applications available for both ios and Android
- You can earn passive income by staking your assets.
- Binance uses its token BNB for trading, which is for easy trading and earns interest through it.
- The platform is under governmental regulations in some countries.
- The platform is not somehow user-friendly and may be difficult for beginners
KuCoin Ease Of Use
KuCoin gives its users a sophisticated as well as a simple platform. The level of complication depends on the user’s experience in trading and, in general.
For ease, KuCoin avails its user’s mobile applications for Android and iOS systems. Account opening is hustle free and not a matter of time.
Binance Ease Of Use
There are simple and complex platforms on Binance for beginners and advanced users, depending on the user’s comprehension level. Compared to many other exchanges, Binance charges a relatively low fee.
Mobile applications are accessible to Android iOS users as well. Account opening is not a hustle but a matter of seconds.
KuCoin vs Binance Ease Of Use Winner
KuCoin and Binance are accessible worldwide. Both are rich in cryptocurrencies and allow easy trading.
For novice users, both platforms are a little tricky if it is considered. Binance has 65 digital assets for the United States Users. on the other hand, there is KuCoin, which is not operable in the United States. This makes us declare Binance a winner.
KuCoin offers an affordable fee to its users. However, payment methods may vary.
- Deposit fee- KuCoin does not charge a deposit fee from its users.
- Trading fee- the trading fee at KuCoin is very low than the competitive exchanges. It ranges from 0.125% to 0.10%
- Withdrawal Fee–withdrawal fee is subjected to the platform’s performance and varies according to the assets in question.
Binance accepts negligible fees at the cost of tens of services.
- Deposit fee- Binance does not charge on crypto deposits. It accepts the fiat currencies for deposits.
- Trading fee- using BNB coin for transactions will reduce the actual fee by 25%, otherwise, you will pay a lower fee of about 0.1%.
- Withdrawal fee- withdrawal is not fixed, however. They will charge you according to the market performance.
KuCoin vs Binance Fees Winner
KuCoin and Binance, both the platforms are charging negligible rates than many other platforms in the market.
But, in comparison to these two platforms, it is obvious that Binance is charging a lower fee than KuCoin. And KuCoin does not accept the fiat currencies at the time of deposits.
KuCoin comes with a set of several features that work effectively.
The profitable features of KuCoin include the Trading Bot, the Lending, and the staking.
The trading Bot eases trading for you and prevents you from keeping an eye constantly.
The lending and staking are so forth for passive income.
There are many features that Binance comes with. Binance features include spot trading, Margin, and P2P trading for advanced traders.
The Binance mobile application is user-handy and removes the hustles for newbies. The BNB token of Binance reduces the transaction fee by 25%. You can earn money via the Binance earn and through staking.
KuCoin vs Binance Features Winner
KuCoin and Binance are capped with useful features. Either it is the marginal, spot, and P2P trading or the fee structures both go hand in hand.
Whereas, KuCoin offers one step because of its trading Bot, which they say is the Robo-advisor.
KuCoin is protected through industry-level protection and two-Factor authentication. It also processes KYC operations. Once in 2020, KuCoin went through a major hack and faced the loss of worth 280 M assets.
Afterward, to protect the assets, it added Multi-factor Authentication and multilayer protection.
The Binance exchange secures the user’s assets offline in cold storage that prevents it from hacking.
The Binance exchange security team has open eyes on all the withdrawals, password change attempts, and two–factor authentication. Binance customers’ data through KYC and end-to-end encrypts it.
To strengthen Binance, it received an ISO 27001 certificate following the hack.
KuCoin vs Binance Security Winner
KuCoin and Binance have survived one successful attempt at hacking. After that, they tightened the security and protection layer to never go again through the security breach.
In which, Binance more secured it by ISO 27001 certificate. Binance is the easy winner in this case.
KuCoin Customer Support
KuCoin support center offers many ways of customer service on the website.
- Users are expected to submit a form through the KuCoin’s website, and later they mail their users. They claim to provide help within 24 hours. But, customers reported that it takes time.
- A live chat box is given on the website to contact its customer support team.
Binance Customer Support
Binance customer support is the same as many other cryptocurrency exchanges, but, Binance provides help as soon as possible. It provides support via tickets which are easily accessible.
It also provides a chat box to answer the customer’s call in the least time as much is possible. Binance provides support via its Twitter account as well.
KuCoin Vs Binance Customer Support Winner
As both the platforms are there for customers working 24/7 and providing aid and help. It may take time to reach out to individual customers.
But what customer services they are providing, Binance is much dedicated to providing aid. Awe have known it from the customer’s reviews. Binance reaches out to the customers without taking as much time as KuCoin.
Binance vs KuCoin Deposit Methods
KuCoin and Binance accepts deposit through various methods, these methods are such as
Bank Transfers, credit, debit cards, and cryptocurrencies as well. Binance supports ACH, SWIFT, PayID, and iDEAL.
On the other hand, KuCoin supports PayPal Apple Pay and Skrill.
KuCoin vs Binance Supported Coins
KuCoin and Binance have the same number of coins supported. So we can not claim for anyone to be a closely the winner. Both the exchanges support over 600 coins for trading and exchanging.
KuCoin vs Binance – Conclusion
We have seen from the very basics about the fundamentals and functioning of KuCoin and Binance.
Both the platforms are not very distinct from each other and have the same business strategies. But, somehow, in particular, they succeed and proceed from each other
In this KuCoin vs Binance Comparison, we came up to you after the tremendous research that depicts Binance to be the Winner.
And particularly Binance has won the race easily, whether it be the customer support system or the platform interface. Binance shows diversity on the platform in every tool that it provides to its customers.
Both platforms have suffered from a hack in the past and they have moved on too. After the hard breathing attack on both the systems, they tightened their hands-on security tools.
Binance now is providing much strong security features than KuCoin and is building trust again.