KuCoin vs Binance – Which is the best crypto exchange
Finding a cryptocurrency exchange to use when they are available by the dozen is one of the hardest things to do. There are so many options and so many variations in the options that it is almost impossible to zero down on one, but finding one that you are used to, trades all the coins you want to and are comfortable with using is imperative.
The world’s best cryptocurrency exchange may not be one you can use and finding one that fits your needs and requirements is important for your digital assets to be safe and for your own peace of mind.
Today let us take two Asian exchanges; KuCoin and Binance. Both hailing from China and compare what they have to offer to their users. The factors that we are going to be discussing and comparing further down in this article are the following;
- User Experience
- Transaction Fees
- Coins Listed
A good exchange combines the four of these essentials and provides their users and customers with a safe contraption of them without compromising on any of the other.
KuCoin is an exchange that is based out of China. The exchange like many other exchanges that operate from the country moved to Hong Kong after the Chinese crypto crackdown in search of more favorable regulation and law enforcement support.
The exchange was founded by a team of very enthusiastic blockchain programmers with vast experience and expertise in the field. During their initial days, the company ran the refer-a-friend campaign, but had to stop it because of the unexpected flood of new users.
At the time of writing, KuCoin is ranked at the 44th place of best exchanges on the basis of 24 hour volume ranking with a comfortable $32,062,106 USD.
Binance is probably one of the fastest growing exchanges that the cryptocurrency world has seen. It took them only 6 months to go from a newly launched exchange to the number one exchange based on 24-hour-volume rankings.
The exchange slashed transaction fees, making them next to zero and attracted the business and loyalty of a very large cryptocurrency community. It is and has been ranked the first best exchange in terms of 24-hour-volume on coinmarketcap for a very long time now with a whooping $1,339,874,333 USD.
KuCoin or Binance?
Now, as stated above the factors that determine whether an exchange is good or bad is its ability to provide a simple and straightforward user experience without compromising on security, available coins and transaction fees.
Let us take a closer look at what these exchanges do to provide these features to their users.
- User Experience
KuCoin has a very clean user interface and uses a combination of blues and whites alternatively is very easy on the eyes. The user interface is also pretty straightforward, it has large buttons that are well labelled and easily legible. KuCoin offers a high performance platform that can do about 1 million transactions per second and the underlying technology is as recent as possible.
But when it comes down to user experience, it is has been noticed by a lot of users that the response time after a click is not as fast as it should be and some browsers have noticed a visible lag in their computers while on the site.
Binance is said to be the father of KuCoin. In the sense that KuCoin is a lame reproduction of Binance with more or less the same embellishment. The one complain everybody has about Binance’s user interface is that it is a little hard on the eyes because of the light colour on a black background combination.
However, for what Binance loses in its design, it makes up for with its lightning-fast response rates to clicks and queries.
Binance – 1 | KuCoin – 0
- Transaction Fees
Transaction fees are a very huge determining factor when it comes to deciding which exchange you should choose to use. This is usually where the exchanges make their revenue. Transaction fees can be charged on making crypto-fiat or crypto-crypto pairs, withdrawals, deposits, storing, etc.
In this section, Binance takes away most of the doubt being the first exchange in the world to bring the transaction fees to 0.1% per trade while its competitors charge around 0.18% per trade. Binance was also the first exchange not to charge any transaction fees for depositing assets into your wallet.
KuCoin offers the same transaction fees structure as Binance. But KuCoin token holders can redeem more than half of their transaction fees back into their accounts. Charging around 0.001 for Bitcoin withdrawal, 0.01 for Ethereum, etc.
But since Binance was the first to bring down transaction fees and subsequently followed by KuCoin and other exchanges, in this particular section the scores are tied.
Binance – 2 | KuCoin – 1
When it comes to security both exchanges have taken the same precautions. In that they both have two-factor authentication in place and both provide very highly vigilant security options. However, in the past Binance has been hacked and breached summing up a potential loss of almost $45 million USD.
Interestingly, KuCoin is an exchange that has the same precautions in place and has managed to remain hack-free. And that is an important factor because remaining hack-free is a sure shot way of proving that your security is in place.
Which is why KuCoin out does Binance in this particular section.
Binance – 2 | KuCoin – 2
- Coins Listed
Currently, both the exchanges offer a large variety of coins. Binance has its own native token too; called the Binance Token.
At the time of writing, Binance offers its customers 372 active coin markets from which they can pick and choose which they would like to buy, sell and trade. While KuCoin on the other hand offers only 362 active coin markets to buy, sell and trade from.
KuCoin falls short by 10 coin markets and hence this round goes to Binance.
Binance – 3 | KuCoin – 2
From the brief analysis of the four factors, i.e; user experience, transaction fees, security and coins listed, of both exchanges it is clear that Binance is the better exchange. However, KuCoin is not far behind in most aspects. It fell back massively on its market volume, with a gap of 43 exchanges between it and Binance and also in the number of coins listed.