In the last year, Binance has been a dominant force in cryptocurrency trading. With a low trading fee and high liquidity, it is often the first stop for new traders. KuCoin, on the other hand, offers a more traditional approach to trading with lower fees and higher trading volumes. Will Binance continue its dominance or will KuCoin steal some of their market share?
Binance is a cryptocurrency exchange that has been growing in popularity over the past year. In 2021, it was announced that KuCoin will be partnering with Binance to create a new crypto trading platform. Read more in detail here: binance vs kucoin fees.
With cryptocurrencies continuing to gain popularity among the general public as well as multibillion-dollar corporations, there is increased interest in the exchanges that enable all of that buying, selling, and trading. We’ve arrived to a new age when consumers must pick between Binance and KuCoin, as companies have long debated the benefits of selling their goods on Amazon or eBay. So, which of these crypto-native markets is the most popular?
Since their inception, digital tokens have come a long way. Complex instruments and products, such as derivatives in the form of futures contracts or leveraged cryptos, are now available on exchanges. There are also other types of financial services that cryptocurrencies have aided in the development of, such as staking. Given the recent expansion of the crypto-based financial system, exchanges like Binance and KuCoin must go beyond a basic peer-to-peer system.
Traders and investors are also looking for simpler methods to convert their fiat money into cryptocurrencies. Could you make the purchase with only a swipe of your credit card, PayPal, or Apple Pay? Just to utilize them, how much would it cost you in fees? Furthermore, what are the additional benefits you receive by joining up with Binance or KuCoin, which are incentives you can’t obtain anywhere else? To find out which exchange provides the best value for your money, read our Binance vs KuCoin comparison.
Table comparing Binance and KuCoin
Main Differences Between Binance and KuCoin
Even though they both provide a wide range of services for traders and investors, we can see that there are some minor differences between Binance and KuCoin based on what we’ve seen so far in our Binance vs KuCoin comparison. To begin with, Binance is a lot bigger exchange since it has a much higher number of users across the globe, resulting in significantly higher total trading volumes. KuCoin, on the other hand, may be more appealing to many consumers due to its reduced platform costs.
What Is Binance and How Does It Work?
Binance, which was founded in 2017, is by far the biggest cryptocurrency exchange in terms of both userbase (upwards of 13 million at the time of writing) and daily volume. For many individuals across the world, it has become the de facto marketplace for buying, selling, and exchanging digital goods.
Since then, they’ve quickly extended their offerings, including supplying extremely complicated and profitable goods or services to investors and traders, as well as developing their own ecosystem to supplement the Binance exchange.
How Can Binance Help You Invest and Trade?
Although not as comprehensive as some other exchanges, Binance offers a wide range of markets in addition to the spot market to its customers (i.e. peer-to-peer or order-book style buying and selling). For starters, Binance offers a large selection of derivates, such as futures, for traders to pick from. The USD-M and Coin-M Futures, in particular, enable customers to trade futures contracts with up to 125x leverage that are margined with the US Dollar and cryptocurrencies, respectively.
Traders who want more exposure without taking on a lot of risk may use Binance’s leveraged tokens, which provide long and short options with up to 4x leverage that they can gamble on without risking liquidation.
Regular margin trading with leverage is always a popular alternative, as is stock tokens, which are a fresh new addition since our Binance versus KuCoin article. These are traditional equities that can be traded with cryptocurrency pairings.
Users should be able to trade equities such as Tesla, Microsoft, Apple, Coinbase, and MicroStrategy without needing to own the underlying stock. Binance is also expanding its platform to include newer, riskier financial products.
Staking and yield farming, pooling your tokens into a liquidity pool, or acquiring quick crypto-backed loans, among other profitable possibilities, are frequently found with decentralized financial protocols.
What Does Binance Have to Offer?
For the sake of our Binance vs KuCoin comparison, it’s important to consider not just what kind of fundamental trading these exchanges provide to its customers, but also how being a member of the ecosystem may help them in other ways, such as offering a top-notch crypto wallet.
It would be negligent of us not to include Binance’s native currencies, BUSD and Binance Coin (BNB). Apart from expanding the number of possible trade pairings, BUSD and BNB provide a lot more value to Binance consumers.
To begin with, BUSD is an excellent USD-pegged stablecoin for transferring non-volatile value inside Binance without incurring the high and fluctuating gas costs associated with stablecoins based on other blockchains. While we’re here, it’s worth noting that Binance has its own blockchains, the Binance Chain and the Binance Smart Chain, which both support smart contracts (BSC). Both have established themselves as significant competitors to Ethereum in terms of new dApps and smart contracts development.
Binance’s BNB tokens have risen to record highs as a result, and are currently the third-largest token by market valuation, behind only Bitcoin and Ethereum. There are many reasons for consumers to purchase and retain BNB, such as the fact that it may save you up to 25% on trading costs.
If you want to spend your BUSD, BNB, or other tokens, Binance has teamed up with VISA to develop a debit card that offers 8% cashback, no fees, and can be used at over 60 million shops across the globe.
What Are Binance’s Deposit and Withdrawal Options?
In our Binance vs KuCoin comparison chart, we hinted at more comprehensive alternatives for you. We can see that, in addition to cryptocurrency, Binance provides a variety of deposit and withdrawal alternatives to its customers.
After all, having a simple and quick method to convert your tokenized assets into physical fiat currency is always a plus. You may use your Mastercard or VISA credit or debit card on Binance, which is a popular choice.
Bank transfers and payment services such as PayPal are also accepted. It’s worth noting that various fiat currencies have distinct deposit and withdrawal possibilities. The US Dollar, Euro, British Pounds, Australian Dollars, Canadian Dollars, and more than 40 other fiat currencies are available on Binance.
In comparison to most other crypto exchanges, this is very amazing. Customers in the United States, however, must select the US-only Binance. The exchange is in the United States.
How Much Do Binance Fees Cost?
Looking at the fees in our Binance vs KuCoin comparison, Binance’s website has a detailed breakdown for each asset. Withdrawals may vary, but deposits are always free.
Given its enormous scale, Binance charges very low trading costs compared to other exchanges, as seen in the aforementioned comparison table. However, you may be eligible for further discounts, such as a 25% discount for holding BNB tokens or a 20% discount for referral rewards.
Review of Binance
Overall, we can conclude that Binance is an excellent all-in-one platform that provides users with not only a large number of trading pairs and apparently limitless volume to trade against, but also a wide range of alternative marketplaces and investment products. That’s not to mention the very profitable tokenomics of its native coins and the immense value of being a member of the ecosystem. The main drawback is is, particularly for beginners, Binance may be intimidating.
- Cryptocurrencies were supported by a wide number of trading pairs, with highly liquid trading volumes.
- There are many marketplaces and investment options available (leveraged tokens, stocks, futures, staking, liquidity pool, etc.).
- Easy fiat on-ramp and off-ramp due to a wide range of deposit and withdrawal choices, including more than 40 currencies.
- Trading and withdrawal costs are very cheap when compared to other major exchanges.
- BNB and BUSD tokens provide a wealth of usefulness and advantages, such as fee reductions and price appreciation.
Cons of Binance
- For new or casual users, the user interface and many kinds of services available may be confusing.
What Is KuCoin and How Does It Work?
KuCoin, which is headquartered in China and was established in 2017, is one of the world’s biggest cryptocurrency exchanges, with over 8 million members globally. Despite not being as famous as Binance, KuCoin is a popular option among traders and investors, with one-in-four crypto users claiming to have selected KuCoin. Although some of its most well-known features and services are similar to those found on Binance, KuCoin has its own set of unique features and an ecosystem created specifically for its customers.
What Are the Different Ways to Trade and Invest in KuCoin?
Some of KuCoin’s services are comparable to Binance’s as of this Binance vs KuCoin comparison. KuCoin seems to provide basic spot markets through a traditional order book or a peer-to-peer exchange. However, KuCoin, like Binance and many other exchanges, is developing new products to meet the requirements of traders and investors looking for new methods to profit from their holdings.
KuCoin offers two methods to interact with their futures markets: a Lite version and a Pro version.
Users that upgrade to the Pro edition will get access to the complete array of trading tools as well as 100x leverage. This is true for futures contracts that are margined in either individual (COIN) or USDT cryptocurrencies.
Regular margin trading with up to 10x leverage is allowed, and KuCoin users may also trade leveraged tokens. Although the selection is less than on Binance, traders may bet long or short with up to 3x leverage without exposing themselves to substantial danger or risk of liquidation.
KuCoin’s USP is its native automated trading bot support, which allows traders to optimize their earning potential. Binance could only offer third-party bot programs access to its API, but on KuCoin, you may create your own bot from a variety of pre-made techniques, such as grid patterns and portfolio rebalancing, or create entirely new ones. You may trade with more than 100 different tokens automatically 24 hours a day, 7 days a week with up to 10 bots running at the same time.
What Does KuCoin Have to Offer?
So far, while comparing Binance vs. KuCoin, it seems that KuCoin has its own unique set of services. There are no tokenized stocks, but there is built-in trading bot integration with over 1.6 million bots worldwide. Apart from that, KuCoin mostly follows Binance’s lead in terms of offers. You can earn a passive income by borrowing or lending your otherwise idle assets on KuCoin, or you might be interested in a wide range of investment products.
Investing in tokens with variable locking periods and extremely high returns, staking, and other equally appealing investments are examples of these. KuCoin, like Binance, has joined a growing number of rival exchanges in developing native utility cryptocurrencies that traders and users can use to gain extra benefits and incentives, as well as savings on their trading costs. KuCoin’s KCS tokens are currently equal to Binance’s BNB tokens in usage.
Holders of KuCoin’s KCS tokens enjoy a number of advantages, including a 20 percent reduction in trading costs. Its benefits include the ability for KCS holders to receive monthly dividend payments as an incentive for staying with the KuCoin exchange, as well as access to extra services not available to non-holders, such as transactional mining. Holders may also vote on which new coins will be listed on KuCoin in an ICO (initial coin offering) (IEO).
What Are Binance’s Deposit and Withdrawal Options?
When it comes to deposits and withdrawals, not all exchanges are created equal. Some markets, for example, exclusively allow cryptocurrency deposits and withdrawals, while others may be very limited in terms of how you may deposit and withdraw money. Fortunately, as we saw in our Binance vs. KuCoin comparison, KuCoin makes this procedure simpler than others. It provides users with a wide range of options for depositing money into their KuCoin accounts.
Credit and debit cards (VISA or Mastercard) are once again one of the most popular options for consumers in a variety of different currencies. Alternatively, they may use PayPal to make a bank transfer. Apple Pay is also enabled, making crypto purchases and deposits much simpler. Unfortunately, only deposits into KuCoin and not withdrawals are supported by fiat. As a result, if you’re searching for a fiat off-ramp, you may have to depend on another exchange.
How Much Do KuCoin Fees Cost?
In our Binance vs KuCoin comparison, KuCoin stands out since it has one of the lowest fees of any exchange, particularly when compared to Binance. Deposits are free, and withdrawals vary depending on which crypto asset is used. But, when it comes to trading costs, KuCoin may occasionally offer you negative discounts even if you don’t have any KCS tokens (in other words, they give you money in exchange) for specific transactions, depending on your membership level.
Review of KuCoin
To summarize our views on KuCoin, we can now more clearly identify the differences between it and its competitors. However, what KuCoin lacks in terms of trading volume or the variety of goods and services it offers, it makes up for in terms of how inexpensive it is to trade on it.
In addition to the additional discounts and profits, you may be able to persuade them to pay you simply to trade if you own KCS tokens. The one significant disadvantage is that users are unable to withdraw funds from KuCoin using fiat currency.
- There are many trading pairs available, as well as listed tokens and enough liquidity for trading volumes.
- There are many marketplaces, investment possibilities, and instruments to choose from (leveraged tokens, futures, staking, lending, etc.)
- Native support for building automated trading bots that trade 24 hours a day, seven days a week and consistently optimize earnings.
- Even lower trading costs (which are occasionally refunded in incentives) than other exchanges.
- KCS tokens provide a variety of advantages and usefulness to users, including fee reductions and the possibility for future price gain.
Cons of KuCoin
- There is no possibility for withdrawing fiat money.
Conclusion: Binance vs. KuCoin
Now it’s time for our Binance vs KuCoin comparison to see which of the two exchange behemoths is the true champion. Binance or KuCoin: who will come out on top? Given what we’ve learned so far, there are many reasons for us to hand up the throne to Binance.
As a trader or investor, you have a variety of options for betting and investing to make a livelihood, all of which are supplemented by a large variety of cryptocurrencies and trading pairs to experiment with.
Binance offers a lot of activities you can do and make money from, from forecasting the future price of a cryptocurrency to trading equities. The Binance ecosystem as a whole is extremely appealing, even to casual users who don’t care about any of it. Imagine being able to buy BNB tokens and riding them to the moon, or using your cryptocurrency as a debit card that you can swipe and spend in millions of stores all over the globe. KuCoin, on the other hand, isn’t far behind.
We regret that KuCoin does not allow users to withdraw into fiat-only bank accounts, since this may be a deal-breaker for some. However, there’s a lot to be said about what KuCoin has been able to do and provide to you as a whole. Binance offers a plethora of methods to earn money, and KuCoin includes native automated trading bot support to alleviate the burden of playing the market. In summary, with either transaction, you receive a lot for your money.
The kucoin vs binance volume is a comparison of the two exchanges, KuCoin and Binance. It was created to show which exchange has higher trading volumes and also gives a prediction on whether or not KuCoin will beat Binance in 2021.
Frequently Asked Questions
Is Binance legit 2021?
Binance is a cryptocurrency exchange that has been in operation since 2017.
Is Binance and Kucoin the same?
Binance and Kucoin are not the same. Binance is a cryptocurrency exchange while Kucoin is a decentralized exchange.
Which is better Binance or Binance us?
Binance is a cryptocurrency exchange while Binance US is the United States branch of the company.
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