If you are a newbie who is just getting into the crypto world and are now looking for the best way to start investing and trading a wide variety of coins, you definitely need the best exchanges to help you out.
To find such an exchange, you should read some comparison reviews – in this particular article, we will be comparing KuCoin versus Binance. Then, what are Binance and KuCoin?
The two platforms managed to make many achievements and made them increasingly popular as crypto exchanges in Indonesia.
While they share some similarities, the two also have a lot of differences – this means that crypto enthusiasts who may like KuCoin may not necessarily like Binance, and vice versa.
But don’t worry – once you know the comparison criteria that are often used, and set high standards, we can examine and analyze both cryptocurrency exchanges, and see which one is the best fit for you.
KuCoin vs Binance, Comparison Criteria
First of all, in order to make an objective comparison of KuCoin versus Binance, we need to have some aspects that will act as the main guideline, right?
Well, everyone will certainly have their own beliefs about the “essential features” of a top-tier cryptocurrency exchange, there are a number of overarching aspects that are essential for any and all exchanges to be legit and reliable.
For this article, we will use five aspects – security, ease of use, price, supported coins, and the number of users.
Although there are still several other very important aspects used to consider the advantages of a crypto exchange, without these five aspects, a crypto exchange review will not be able to be rated optimally! If you understand, let’s learn more about the effectiveness of these aspects.
Basically, cryptocurrency exchange security systems rarely cause much trouble. This aspect is something that isn’t even “important” for a great exchange to have – it’s mandatory.
This is also true in this KuCoin versus Binance comparison. While both exchanges may be somewhat popular among crypto enthusiasts.
It is very important that you always check the security aspects of any crypto exchange you wish to use so that you don’t fall into the trap of using a platform that is insecure and vulnerable to hacking attempts.
Ease of Use.
After understanding the importance of the security aspect, the usability aspect of the exchange maybe a little, well… not TOO important.
However, I encourage you to keep it in mind – if you have chosen a particular cryptocurrency exchange platform, you may intend to spend a lot of time learning it, trading it, and making some great deals.
You might want the platform to be easy to use, and allow you to quickly and easily navigate and access certain areas (pages) right? When it comes to crypto prices, there can be a lot of technical confusion – if you’re a beginner, it’s easy to get lost while using it! Always keep those points in mind in this KuCoin versus Binance comparison!
If you are looking for your first cryptocurrency exchange site, and just want to “test your lead”, then fees will be an important factor to consider.
However, if you are already an experienced crypto trader, and are trying to maximize your profits as much as possible, then fees will be a very important aspect when choosing one of several crypto exchanges!
When comparing KuCoin versus Binance, there are a lot of interesting things worth discussing – the two platforms, although both are known to be the ones that offer the lowest fees to their users, they still have their differences.
Number of Coins Supported
Cryptocurrencies have become a very popular topic. Although there are still misconceptions about crypto being linked to some illegal activities that are still being carried out by some people (most of which are supported by sites like Silk Road).
Most people are starting to understand that blockchain technology is an important invention for the future. That way, even novice cryptocurrency traders now have a preference for buying and trading several different coins, apart from Bitcoin!
With this in mind, it’s important to remember that the top-ranked exchanges will give you similar possibilities – the platforms in this KuCoin versus Binance comparison are no exception!
Number of Users
The number of active users on a crypto exchange platform can actually provide a lot of information about the site itself.
If a crypto platform has a lot of users, you can be relieved that the company behind the platform has done something right – maybe offer very low fees?
Or maybe offer the most advanced security features? Whatever the case, a high number of users usually means that there’s a lot of trading going on – if you’re trying to find the most competitive price for a cryptocurrency, the pricing aspect is a great feature to consider.
This feature is definitely an aspect to watch out for in KuCoin versus Binance comparisons!
Once again – although there are many other features that are more effective in determining the advantages of a cryptocurrency exchange when looking at some of the comparison reviews of KuCoin versus other Binance on the internet, it seems that these five aspects are used more specifically!
KuCoin vs Binance, Comparison
Like other articles discussing the two giant crypto exchanges, this comparison of KuCoin versus Binance will also follow the same pattern. So that the discussion is clear and consistent, we will discuss the aspects in order, so that the security aspects of these two platforms will be discussed first.
When comparing KuCoin versus Binance in terms of security, you should know that both platforms have been rated quite safe, for a long period of time.
However, there has been a recent change. At least for one of the platforms.
Binance is, to date, seen as one of the most secure exchanges in the crypto industry. The platform offers everything from two-factor authentication, to several official device list formations and learning resources on the topic (i.e. how to avoid things like phishing) to its users.
On the other hand, KuCoin has some problems. KuCoin was considered a secure platform for some time, but in September 2021, there was a very serious security breach.
A large number of crypto assets (Bitcoin, ERC-20 tokens, etc.) are transferred from KuCoin’s hot wallets – in other words, crypto theft syndicates have taken place.
Although KuCoin assures its users that all lost coins will be compensated by KuCoin exchange insurance, this fact is still a major factor to consider.
In terms of security, this comparison of KuCoin versus Binance is won by Binance because this platform is really a safer alternative.
Ease of Use
The ease of use factor of a cryptocurrency exchange site can be measured in various ways. However, in most cases, you’ll want to review some of the specific aspects of the platform.
For example the ease of navigating the menus, the simplicity of the deposit and withdrawal processes, and – of course – the ease of use of the trading interface.
Admittedly, Binance isn’t the easiest platform to use – any KuCoin versus Binance user comparing the two will tell you the same thing.
While the Binance platform does have several different types of interface designs for beginners and advanced users, the display itself can still be quite confusing, especially once you get into Binance’s leveling system (account levels – different fees and trade amounts, etc.).
On the other hand, KuCoin is one of the simplest exchanges out there! Their slogan “The People’s Exchange” is pretty well attested to – KuCoin’s interface is easy to navigate, the site itself is simple, and the trading process is also relatively quick and easy.
In this case, KuCoin seems to be the easiest alternative to use!
The prices of these two exchange platforms are actually very attractive!
Because, basically, the two platforms in this KuCoin versus Binance comparison offer the most affordable fee terms in the industry!
Binance is a platform that has an unlimited number of daily trades, assuming you have reached the top level of your account.
Binance’s withdrawal fees stay at 3.50% (with a minimum amount of US$10), and trading fees can go as high as 0.1% – that’s amazing!
Thus, believe it or not, when it comes to Binance versus KuCoin rates, KuCoin actually has a much more affordable fee!
With KuCoin, crypto trading fees go up to 0.05% – a very low price! Withdrawal fees are priced around 0.1% – 35 times lower than on Binance!
In short, while both crypto exchanges offer some really great benefits in terms of price, KuCoin wins this battle!
Number of Coins Supported
As mentioned earlier in this KuCoin versus Binance comparison, the topic of cryptocurrencies has become a very popular topic over the past few years.
This can be seen by observing the development of the crypto market itself – there are currently around 7000 different altcoins available for you to invest in! An incredibly large number of coins!
One thing that’s important here is that people are starting to highlight the technology and core use cases behind some of these coins, and not just figuring out Bitcoin or Ethereum prices.
That way, newcomers to the crypto world have even started to dare to invest using special coins! However, in order to do so, you will need to use an exchange that supports multiple cryptocurrencies as well as crypto trading pairs.
Binance has more than 150 types of cryptocurrencies available for its users to use, while KuCoin has more than 210 types of coins. An incredibly large number of coins!
While KuCoin does have more crypto trading options, most people won’t actually use the 150 coins that Binance has to offer! In short, for the issue of the superiority aspect of crypto exchanges judging by the number of coins supported, both platforms have been able to handle it quite well.
Number of Users
The final number that we should highlight in this comparison of KuCoin versus Binance is the number of active users registered on both sites.
Let me tell you beforehand – KuCoin lost badly to Binance in this rating.
The number of KuCoin users is only around 1 million. Binance has nearly 14 times more active users than KuCoin – almost 14 million!
So what does all this mean for most cryptocurrency enthusiasts? Well, actually there are some important things.
Firstly, if you choose Binance as your primary cryptocurrency exchange, you can be sure that not only will you be able to trade different cryptocurrencies, but that all your trades will be processed effectively, meaning you won’t have to wait weeks for them to process. a trade offer.
Well, the long trading process doesn’t actually happen on KuCoin, but when compared to Binance, well… it turns out that Binance is really the most popular alternative for this aspect.
In addition, with such a large number of users, it is evident that Binance really cares about its customers as well as the safety of their assets, and is already using some of the top-level security features. Well, that is an additional point to keep in mind!
To wrap up this KuCoin versus Binance comparison, one question remains – which of the two platforms compared in this review would be the best choice for you?
Well, there’s almost no doubt that Binance has met the wants and needs of most crypto enthusiasts who are looking for the best crypto trading. With KuCoin, things are a little more difficult to handle.
Binance offers incredibly affordable fees, is very secure, and also allows you to trade and exchange a large number of cryptocurrencies.
The only problem with this platform is that the system is a bit confusing – this will probably have a big impact on those who have never dealt with a crypto exchange before.
KuCoin is very easy to use, and has a much more affordable fee, and provides more different crypto assets to exchange when compared to Binance.
That said, the platform is far from secure – a recent hack attests to security issues occurring on the KuCoin platform.
In the end, the choice is yours – whether it’s Binance versus KuCoin rates, asset counts, or other features of the two platforms mentioned in this article, I truly hope that you can make the best decision for your own sake. Good luck!