KuCoin VS Binance 2022 – Fees, Security, Leverage Trading

KuCoin VS Binance 2022 – Fees, Security, Leverage Trading

In this article we compare KuCoin VS Binance 2022 in terms of trading fees, security features, leverage trading instruments. Also, we take a look at deposits and withdrawals and what countries are eligble to sign up and use these two crypto trading platforms.

What is KuCoin Exchange?

KuCoin was founded in 2017 by Johnny Lyu who is the CEO of KuCoin. The exchange has grown to be one of the largest crypto exchanges in the world in terms of trading volume and number of users.

KuCoin is headquartered and registered in the Seychelles probably because of the crypto friendly laws and regulations. However, their main base of operation is in Singapore.

In the beginning of 2022, KuCoin announced that they have reached the 10 million user mark.

According to KuCoin 1 of 4 crypto traders in the world have a KuCoin crypto account.

According to Coinmarketcap’s exchange listing by 24h crypto spot trading volume, Kucoin is in the 6th place of all crypto exchanges worldwide.

What is Binance Exchange?

Binance is the number of crypto trading platform according to Coinmarketcap in terms of spot trading volume.

This is due to it’s extensive number of features. Binance is not transparent about where the headquarters are situated, probably due to potential regulation issues. Binance has offices around the world but not a nominated headquarter. 

Binance was founded in 2017 by the developer and entrepreneur, Changpeng Zhao CZ.

Both Binance and KuCoin have chosen a non-regulatory way to become some of the world’s largest crypto exchanges. However, Binance is now facing problems with regulators all over the world and have done big changes to the platform and shown that they believe that crypto markets needs regulation to face mass adoption.

On large change was that Binance introduced mandatory KYC during the 2021 for large withdrawals. There are estimations that Binance lost 3% of it’s customers due to this change. Another smaller change was that they cancelled and delisted the stock tokens for Tesla and Coinbase due to requirements from the american SEC.

However, Binance is now talking to regulators all over the world and it seems they have taken the stance to collaborate to reach world mass adoption for cryptocurrencies.

Also, Binance is trying to build up a complete ecosystem and not only an exchange. Some examples are how they take stake or acquire Swipe, Trustwallet and Coinmarketcap.

KuCoin VS Binance Security Features

In the table below, we comapre KuCoin VS Binance account and login security features. First, we describe them one-by-one

2FA: Two Factor Authentication is an extra layer of protection used to ensure the security of online accounts beyond just a username and password. It can be setup via Google Auth, Phone or Security Key (e.g. Yubikey).

Trading Password: A separate password for execute trading

Whitelist IP: Only certain IP addresses can access the account

Whitelist withdrawal addresses: Withdrawals can only be made to preset addresses and it is a 24h delay to add a new address or change an existing.

Email phrase: Protect your account from phishing attempts and ensure that your notification emails are from Binance/KuCoin

Login phrase: Displayed in the login window when logging.

Withdrawal safety phrase: KuCoin tamper-proofing picture, the confirmation window will include the anti-phishing code you have set before

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Has KuCoin been hacked?

KuCoin crypto exchange was hacked in September 2020. In total, cryptocurrencies worth $281 million were stolen.

KuCoin managed to recovered around $204 million of the stolen crypto on the 7th of October the same year.

Also, exchange CEO Johnny Lyu early said any stolen customer funds would be “covered completely” by an insurance fund.

However, KuCoin did restore all deposit and withdrawal services in November 2020 of all tokens. 

Has Binance been hacked?

Binance did experience a major hack in 2019. All in all, 2% of all BTC were stolen which corresponded to more than 7000 BTC at the time of the hack.

Binance CEO,Changpeng Zhao CZ, early declared they would cover the incident “in full” and no user funds will be affected which also turned out to be true.

Binance and Kucoin KYC and Verification limits

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KuCoin VS Binance Country and Coin Support

Both Binance and Kucoin support many markets and many cryptocurrencies. As you can see in the table below, Binance supports more markets but KuCoin supports more altcoins. 

If you are about to trade small altcoins and find hidden gems to have the chance for the 100x, you probably want to have an account with KuCoin.

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KuCoin Supported Countries

Kucoin is not very clear about what contries are supported and what countries are restricted. From KuCoin’s terms and conditions, you can read the following

” KuCoin may not make the Services available in all markets and jurisdictions, and may restrict or prohibit use of the Services from certain jurisdictions (“Restricted Locations”).”

However, KuCoin doesn’t hold any US licenses so users from US might want to look at alternatives. However, at the same time KuCoin themselves say US citizens are not 

Binance Supported Countries

Binance doesn’t have a list with supported countries.

However, the first thing you have to do when you sign up is to enter your current location of residence.

Here, some countries are missing like Singapore, China, North Korea, Iran, Russia and USA, for example. 

However, there is a substantial list of countries including not very crypto friendly countries like Nigera, Algeria, Bangladesh, Colombia, Egypt, Indonesia, and Morocco.

 

See Full list

Andorra, United Arab Emirates, Afghanistan, Antigua and Barbuda, Anguilla, Albania, Armenia, Angola, Antarctica, Argentina, Austria, Australia, Aruba, Åland, Azerbaijan, Bosnia and Herzegovina, Barbados, Bangladesh, Belgium, Burkina Faso, Bulgaria, Bahrain, Burundi, Benin, Saint Barthélemy, Bermuda, Brunei, Bolivia, Caribbean Netherlands, Brazil, Bahamas, Bhutan, Bouvet Island, Botswana, Belize, Canada, Cocos Islands, Central African Republic, Congo, Switzerland, Côte d’Ivoire, Cook Islands, Chile, Cameroon, Colombia, Costa Rica, Cape, Verde, Curacao, Christmas Island, Cyprus, Czech Republic, Germany, Djibouti, Denmark, Dominica, Dominican Republic, Algeria, Ecuador, Estonia, Egypt, Western Sahara, Eritrea, Spain, Ethiopia, Finland, Fiji, Falkland Islands, Micronesia, Faroe Islands, France, Gabon, United Kingdom, Grenada, Georgia, French Guiana, Guernsey, Ghana, Gibraltar, Greenland, Gambia, Guinea, Guadeloupe, Equatorial Guinea, Greece, South Georgia and the South Sandwich Islands, Guatemala, Guinea-Bissau, Guyana, Hong Kong, Heard Island, Honduras, Croatia, Haiti, Hungary, Indonesia, Ireland, Israel, Isle of Man, India, British Indian Ocean Territory, Iceland, Italy, Jersey, Jamaica, Jordan, Japan, Kenya, Kyrgyzstan, Cambodia, Kiribati, Comoros, Saint Kitts and Nevis, South Korea, Kuwait, Cayman Islands, Kazakhstan, Laos, Lebanon, Saint Lucia, Liechtenstein, Sri Lanka, Liberia, Lesotho, Lithuania, Luxembourg, Latvia, Libya, Morocco, Monaco, Moldova, Montenegro, Saint Martin, Madagascar, Marshall Islands, Macedonia, Mali, Myanmar, Mongolia, Macau, Martinique, Mauritania, Montserrat, Malta, Mauritius, Maldives, Mexico, Malaysia, Mozambique, Namibia, New Caledonia, Niger, Norfolk Island, Nigeria, Nicaragua, Netherlands, Norway, Nepal, Nauru, Niue, New Zealand, Oman, Panama, Peru, French Polynesia, Papua New Guinea, Philippines, Pakistan, Poland, Saint Pierre and Miquelon, Pitcairn Islands, Palestine, Portugal, Palau, Paraguay, Qatar, Réunion, Romania, Serbia, Russia, Rwanda, Saudi Arabia, Solomon Islands, Seychelles, Sweden, Saint Helena, Slovenia, Svalbard and Jan Mayen, Slovakia, Sierra Leone, San Marino, Senegal, Somalia, Suriname, São Tomé and Principe, El Salvador, Saint Maarten, Swaziland, Turks and Caicos Islands, Chad, French Southern Territories, Togo, Thailand, Tajikistan, Tokelau, Timor-Leste, Turkmenistan, Tunisia, Tonga, Turkey, Trinidad and Tobago, Tuvalu. Taiwan, Tanzania, Ukraine, Uganda, Uruguay, Uzbekistan, Vatican City, Saint Vincent and the Grenadines, Venezuela, British Virgin Islands, Vietnam, Vanuatu, Wallis and Futuna, Samoa, Kosovo, Yemen, Mayotte, South Africa, Zambia

KuCoin VS Binance Deposits and Withdrawals

Here, we will compare KuCoin and Binance deposit and withdrawal options and fees.

KuCoin VS Binance Supported Deposit Methods

In the table below, you will find all the available deposit methods for KuCoin and Binance.

Kucoin Fiat Deposit

You can buy USDT, ETH and BTC with a VISA/Mastercard via the “Fast Buy” feature in KuCoin. However, the fees are not transparent and when we tried to use this feature we received this message

“No proper quotation was found, please modify your order amount/quantity to obtain your payment method”.

SEPA is the preferred payment method for Kucoin for EU users. Kucoin offers SEPA deposits for free and is possible up til $ 1 million.

Binance Fiat Deposit

Binance has the normal fiat deposits methods (SEPA, SWIFT, CARD). Also, they are offering card deposits to a very low fee compared to other platforms. Binance has 1.8% for card deposits while standard is 3-4% here.

 

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Both Binance and KuCoin is offering 3th party deposits and a P2P trading platform. Here, you can find more rare deposit options like PayPal, Apple Pay, Perfect Money and much more. However, this come at a price that is usually very high.

In the end of the day, we recommend SEPA or SWIFT deposit since they are free. 

KuCoin VS Binance Supported Fiat Withdrawal Methods

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For fiat withdrawal options Binance is superior to KuCoin. Binance can be a great fiat on-ramp and off-ramp while KuCoin can be a great altcoin trading platform. 

KuCoin VS Binance Trading Fees

There are several different trading fees charged when you are trading and you better understand them before you sign up and start execute trades.

First, there are both taker and maker fees for most different forms of trading.

The trading fees most people will paying is the spot trading fee but there a lot of other different trading fees like

  • Margin Borrow Interest Rate
  • Futures Trading Fee

KuCoin VS Binance Spot Trading Fees

Both Binance and KuCoin are offering very low trading fees starting at a 0.1% maker and taker fees for spot trading.

KuCoin and Binance have a tier system (VIP levels for Binance) where you get lower trading fees if

  1. Your 30-day average trading volume is larger. Also, you can get a higher Tier level, or VIP status, by holding their native coin in your trading account which is Binance Coin BNB for Binance and KuCoin Token (KCS) for KuCoin exchange.
  2. You can also reduce your trading fees by paying them in the native coin. For Binance you will get -25% and for Kucoin you will get -20%
  3. For both Kucoin and Binance you will get -20% off all fees if you sign up with a referral code.

In the graph below, you find the spot trading fees for Binance and Kucoin. All trading fees in the table are based on numbers 2 and 3 above (You pay the fees in the native coin and use our referral code to sign up).

Note: Kucoin has divided its listed cryptocurrencies into classes A, B, and C. There are also different trading fee schedules for A, B, and C. We have only taken class A into account in this comparison. Class B and C have a smaller number of cryptocurrencies and they are not very common to trade but it’s important to note this.

Conclusion: If you trade large volumes or hold large amounts of the KCS coin you will get very good maker trading fees on Kucoin. Otherwise, they have very similar trading fees, especially taker fees.

Kucoin VS Binance 2022 Spot Trading fees with referral code rebate and native coin discount

KuCoin VS Binance Customer Support

Both KuCoin and Binance, as all internet services, try to get yourself to find the answer to your questions in their FAQ.

However, if the question is of personal character or need a special resolution for any other reason you need a personal customer support.

  • KuCoin is offering a ticket system within the application (Not possible to contact support if you are not a customer)
  • Binance is offering a bot chat where you can get personal help as well. However, the bot must fail a couple of times before you are offered the option to chat to customer service and talk to a human. 

All new internet services have questionable customer support since they have understand they don’t make any money here. However, a chat is preferable of a ticket system since you can expect to solve your problem within maximum an hour or similar. A ticket system usually takes 24-48 h for one reply and that reply probably just have additional questions for your concern.

KuCoin VS Binance Leverage Trading

Both Binance and KuCoin is offering instruments for leverage trading.

Margin Trading: Trade the spot price with leverage

Futures trading: Futures are not trading at the spot price. These are agreements to buy/sell the underlying asset in the future, often at a predetermined date. If there is no expiration date, these are often called perpetual futures.

Leveraged tokens: A simplified way to trade leverage trading. A good way to start trade leverage. See Binance leveraged tokens explained .

Read more about Binance margin trading or Binance futures trading 

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KuCoin VS Binance Features

Both Binance and KuCoin are offering more features than only trading in their exchanges and crypto ecosystems. Here, we have listed some of the key features.

  • Binance/KuCoin Earn: Different opportunities to earn passive income when you are not using your crypto for trading
  • Binance Launchpad: Give you the possibility to support early projects
  • Binance Card: Crypto VISA debit card where you can get up to 8% cashback
  • Binance/KuCoin P2P trading: A peer-to-peer marketplace where you can find where odd payment methods for buying crypto.
  • KuCoin Lending: Lend your crypto to leverage traders for a certain interest rate
  • KuCoin Trading Bot: Automate your trading strategies with this user-friendly interface. Read more about the Kucoin trading bot and the trading strategies.
  • Kucoin BurningDrop: Similar to a launchpad where you can stake USDT/ETH/KCS to support early projects and find new crypto gems with great potential.
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