Binance versus Kucoin: Which Exchange is Better? Fees, Safety & More

Choosing a cryptocurrency exchange is difficult, especially when so many options are available. Two such options that we’ll consider are the popular cryptocurrency exchanges Binance and Kucoin. However, instead of reviewing these separately, we’re going to put them head to head – Binance versus Kucoin – and help  determine which one is the right cryptocurrency exchange for you.

The purpose of this article isn’t to denounce or endorse one exchange over the other. The goal here is to present the information available and compare these two cryptocurrency exchanges to one another. We’ll provide what we have, but in the end, it’s up to you to determine which exchange works best for you.

Kucoin

Kucoin is a cryptocurrency exchange that originated in China, however, due to government crackdown, moved to Hong Kong. Like many other exchanges in Hong Kong, Kucoin is enjoying steady growth. When the exchange created an affiliate program offer that encouraged users to have others join, Kucoin had to temporarily close due to the overwhelming influx of new members.

Image result for kucoin

Fees

Kucoin charges fees of 0.1% for each transaction performed on its exchange. However, if you have Kucoin tokens, you have the potential to use the Kucoin dividend system to receive half back on your transactions. We’ll discuss this momentarily.

Withdrawal fees are set on an asset by asset basis – official withdrawal fee breakdown here.

Asset Support

Currently, Kucoin’s exchange supports nearly 180 trading pairs. This is few than its counterpart, Binance, however, Kucoin supports trading pairs with Bitcoin Cash, NEO, and Kucoin tokens.

How to buy Electroneum (ETN) on Kucoin exchange

Security

From a security perspective, Kucoin has done its due diligence and currently remains hack free. This is partly thanks to its two-factor authentication. Additionally, there is no evidence that either the exchange or individual accounts have been hacked.

Specific Currencies Exchange

Kucoin and Binance both offer and support their own cryptocurrency tokens. With Kucoin, you can use the tokens to receive dividends of up to 50% of the earnings the exchange makes. These are paid out periodically but are a great way to earn a little back on your investment.

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Investors of Kucoin’s token are also eligible to receive a lower transaction fee than the standard rate. According to an article written by Fela Oparei, holders of the Kucoin cryptocurrency can expect to earn $0.73 a year per Kucoin. While that may not be a lot, the expectation is that the currency will continue to grow, and as a result, will continue to increase in value.

Customer Service Quality

Kucoin is well-known for its incredibly quick and effective customer support. As a member of the Kucoin exchange, you’ll have access to 24-hour telegram chat support. Additionally, the exchange provides very fast turnaround on issues or support requests that they receive.

Is Kucoin Safe?

Development for the Kucoin cryptocurrency exchange started in 2011. It was created and built to support world finance standards. As mentioned previously, Kucoin employs two-factor authentication, along with additional security layers to make its platform robust and safe. Kucoin might be new to the cryptocurrency exchange industry, but you should have no qualms about whether or not they’re providing a safe environment for users.

Trade Order Types

According to Kucoin’s help site, the exchange only offers limit order trading. Stop/loss orders are not being offered at this time.

Mobile Platform Support

Kucoin offers mobile applications for both iOS and Android. You can download the app from Kucoin here. While there are always improvements that can be made to any application, Kucoin does a great job of providing a solid interface for its users.


Binance

The Binance cryptocurrency exchange started in mainland China, however, due to stringent laws in China, relocated to Hong Kong. Since then, the exchange has seen immense growth and a rise in popularity. So much so that the exchange had to put a temporary hold on new signups to give the site time to adjust. This is still the case as Binance currently only allows a few new users to join each day.

Signing up with Binance doesn’t require an ID.  If, however, you want to enroll in a higher membership level, you’ll have to have an ID. For the majority of users on the exchange, the basic account level should suffice.

Image result for binance

Fees

Just like Kucoin, the fees for using Binance as your exchange of choice are 0.1% for each trade. Binance charges no deposit fees while its withdrawal fees vary based on the asset. For example, some of the larger currencies like Litecoin and Ethereum have a fee of 0.01 per withdrawal. Check out the Binance fee schedule here.

Comparatively, other exchanges may charge up to 0.18% for withdrawals.

Asset Support

For most experienced traders, Binance offers plenty of assets. However, it does not offer the most of any exchange out there. As long as you’re trading in the top 100 cryptocurrencies, you’ll be fine. Additionally, Binance offers Binance coin, Bitcoin, and Ethereum trading pairs.

Executing a buy order at market price on Binance.

Security

Just like Kucoin, Binance provides two-factor authentication support. Ideally, this would be a standard for all cryptocurrency exchanges. Unfortunately, that’s just not the case. Binance has encountered no hacks, which is good to know since most exchanges are almost always under attack.

Keep in mind, however, that Binance has encountered some issues that might give a reason for concern. For instance, the exchange has seen a growth in the number of phishing sites that show up when users try to find it. Unfortunately, this is a continuing problem in the world of cryptocurrency. Ultimately, it’s not the fault of Binance, however, it’s something to consider when selecting them as your exchange of choice.

Specific Currencies Exchange

Similar to Kucoin, Binance offers its own cryptocurrency token (BNB coin). You can use your Binance tokens to pay for any fees you may encounter using the Binance cryptocurrency exchange. For instance, if you need to pay for withdrawals, listing fees, or exchange fees, you can use your Binance tokens to do so.

Customer Service

Binance provides better customer service than most other exchanges. The exchange gives you multiple methods for bringing issues to their attention. The primary method Binance employs is a ticketing system, which is a nice way to ensure that your issue is seen by Binance’s customer support team.

Is Binance Safe?

Even though Binance is one of the biggest exchanges available on the market, there are several unknowns that may give users pause. For instance, Binance has yet to release an official statement on how the funds on its exchange are secured. However, Binance does have a loyal group of users, and currently, there is no reason to think that the exchange doesn’t take its security seriously.

Trade Order Types

Binance offers three types of trade orders on its exchange: Limit Order, Market Order, and Stop-Limit Order. Limit Order is a request to sell or buy currency at a certain price or better, where a Market Order seeks to buy or sell at the current price. Lastly, Stop-Limit Orders execute a buy or sell when the limit price reaches the stop price.

Platform Support

Like Kucoin, Binance offers mobile apps for both Android and iOS. You can download the applications here. Additionally, beneath the QR code, Binance offers walkthrough articles for users that require additional information or guidance during the installation process.

Binance also has a desktop application – see our Binance desktop app guide.


Binance vs Kucoin: Comparison Table

 BinanceKucoin
Two Factor AuthenticationYesYes
Fees0.1% - but lower if using BNB coin0.1% - receive further benefits if you hold KCS coin
Asset SupportAll major cryptocurrencies supportedAll major cryptocurrencies supported
Customer SupportTicketing support system24 hour chat support
Platform SupportBrowser, iOS, AndroidBrowser, iOS, Android
Trading OptionsLimit Order, Market Order and Stop-Limit OrderOnly Limit Order

Kucoin exchange icon

  • Access Over 150 Cryptos.
  • Trade In Your Native Language: A translated version of the exchange is available in 🇺🇸 🇨🇳 🇵🇹 🇳🇱 🇩🇪 🇪🇸 🇷🇺 🇯🇵 🇫🇷
  • 24/7 Live chat support.
  • Low trading fees.

Choosing Kucoin Over Binance?

Need a helping hand getting setup? Read our comprehensive Kucoin guide.


Binance sq logo

  • Access over 100 cryptos.
  • Email language support for: 🇺🇸 🇨🇳 🇯🇵 🇰🇷
  • Offers mobile & desktop apps.
  • Low trading fees.

Choosing Binance Over Kucoin?

Want to be shown all the steps to create your account? Read our detailed Binance guide.


Which One is Right for You?

If you’re looking at simply what each exchange has to offer, and the pros and cons of each, it’s difficult to choose between the two. Kucoin has great security and 24-hour live customer support. By comparison, Binance is the world’s largest cryptocurrency exchange but you may have to wait a few hours before you get a response from Binance’s ticketing system. Both provide access to a diverse range of cryptocurrencies and trading options.

From an overall perspective, both cryptocurrency exchanges have a lot in common with one another and have very supportive and enthusiastic users. Choosing between the two will more than likely come down to your own requirements and preferences, along with what you’re looking for in a cryptocurrency exchange.

Further Reading At TotalCrypto.io
1) Still Not Decided On Which Exchange Is Correct For You? Check Out Our Detailed Best Exchange Guide Where We Put 9 Top Exchanges Head To Head.

2) Have You Chosen Binance & Want To Know How To Get Their iOS App? We Have You Covered.

3) Are You Using A Desktop & Do You Want A Lag Free Experience When Trading Cryptocurrencies On Binance? You Need To Consider Downloading The Binance Desktop App.

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