Binance. Two of the most well-known cryptocurrency exchanges, US and KuCoin, are renowned for having some of the lowest trading fees in the market. Choosing the right exchange may be challenging and will rely on your specific requirements, including the coins you want to trade, the level of customer assistance offered, and how much you are ready to spend in fees.
US, often known as Binance, is the American branch of the greater Binance company. Here is how Binance and KuCoin stack up against some of the key criteria for traders.
Binance clearly outperforms KuCoin in terms of trading expenses, particularly for taker orders, despite KuCoin’s cheap pricing. Additionally, you may save an additional 25% on trading costs if you pay with BNB, Binance’s own coin.
This is how it goes: If you want to conduct a new $10,000 transaction and you’ve already performed $25,000 worth of trades over the past 30 days, KuCoin will charge you 0.16 percent ($16) for a maker order or 0.26 percent ($26) for a taker order. For any order type, Binance will charge 0.10 percent ($10); but, if you pay using BNB, the fee drops to $7.50.
Binance vs. KuCoin: Supported Cryptocurrencies
With more than 175 currencies accessible as of June 2022 on KuCoin, compared to more than 100 on Binance, KuCoin has the advantage in terms of the amount of coins that can be traded on each exchange. But at any exchange, you shouldn’t have any problem finding the most well-liked currencies.
If you truly want to trade a lot of different currencies, KuCoin or another exchange like Coinbase, which has access to 158 coins, would be a better choice. However, Binance or KuCoin should be acceptable if all you want to do is trade the biggest cryptocurrencies, including Bitcoin and Ethereum.
Binance vs. KuCoin: Staking Rewards
Staking is a feature that both Binance and KuCoin’s systems provide. Investors in cryptocurrencies have the opportunity to profit from staking incentives by backing the currency during the verification process. The exchanges deduct any fees before depositing any revenue you have generated into your account. At the moment, neither Binance nor KuCoin levy staking fees.
While Binance offers staking on seven currencies, KuCoin presently offers staking on 13 coins with plans to add more in the future. In contrast to Binance, KuCoin enables staking on Ethereum, therefore if you want to stake Ethereum, one of the most widely used cryptocurrencies, you must choose KuCoin as your crypto exchange.
Fees for Deposits and Withdrawals: Binance vs. KuCoin
Since ACH transactions made in U.S. dollars are free of deposit or withdrawal fees, Binance has the edge here. Binance doesn’t charge for deposits on wire transfers, but it does for withdrawals for domestic wires, which cost $15. KuCoin’s fees fluctuate, however they may be anywhere from free and $10 for deposits and $4 and $35 for withdrawals.
KuCoin vs. Binance: Customer Service
Customer service is sometimes inadequate on cryptocurrency exchanges, which is unfortunate given their rapid expansion. Only inquiries or issues will be accepted from Binance customers through support tickets. Support through phone, email, or chat is not available.
KuCoin stands out in this regard by providing hundreds of qualified experts who are available to respond to inquiries through chat around-the-clock, every day of the week (even on major holidays). Additionally, KuCoin provides round-the-clock phone help, which is excellent for more complicated inquiries that are difficult to articulate in paper.
In the End
Binance has the cost advantage, which is the main issue for many crypto dealers. Binance was recognised by Bankrate as the best cryptocurrency exchange for beginners because to its low trading fees.
KuCoin users won’t be far behind though. While the exchange’s fees are competitive with those of other exchanges, it has an edge in terms of the variety of cryptocurrencies it offers and the quality of its customer support.
In the end, you’ll have to make a choice based on whatever features are most important to you before picking which exchange to use.