KuCoin VS Binance 2022 – Fees, Security, Leverage Trading

KuCoin VS Binance 2022 – Fees, Security, Leverage Trading

In this article, we review two of the top Bitcoin and altcoin trading sites, KuCoin VS Binance 2022, in terms of 

  • security features
  • countries and coins supported
  • deposit and withdrawals
  • leverage trading instruments
  • trading fees
  • customer support
  • leverage trading

Also, we look at deposits and withdrawals and what countries are eligible to sign up and use these two crypto trading platforms. 

Not what you are looking for? See our article Binance VS Bybit.

No Financial Advice, Information only. Do your own research. 

Cryptocurrencies are high-risk investments.

We earn an affiliate commission for marketing these sites

What is KuCoin Exchange?

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

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

At the beginning of 2022, KuCoin announced it had reached the 10 million user mark.

According to KuCoin, 1 of 4 crypto traders worldwide 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 one crypto trading platform according to Coinmarketcap in terms of spot trading volume. Binance offers a wide variety of great futures where Binance margin trading and Binance locked staking are just to mention two great features.

The number one spot is due to Binance’s vast number of features. Binance is not transparent about where the headquarters are situated, probably due to potential regulatory 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 worldwide. It has made significant changes to the platform and shown that they believe crypto markets need regulation to meet mass adoption.

One significant change was that Binance introduced mandatory KYC during 2021 for large withdrawals. There are estimations that Binance lost 3% of its customers due to this change. Another minor change was that they canceled and delisted the stock tokens for Tesla and Coinbase due to requirements from the American SEC.

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

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

KuCoin VS Binance Security Features

The table below compares the 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. 2FA can be set up via Google Auth, Phone, or Security Key (e.g., Yubikey).

Trading Password: A separate password for executing trading

Whitelist IP: Only specific 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 one.

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

Crypto Trading Platform Reviews Binance
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Has KuCoin been hacked?

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

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

Also, exchange CEO Johnny Lyu 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 for all tokens. 

Has Binance been hacked?

Binance did experience a significant hack in 2019. All in all, 2% of all BTC were stolen, corresponding 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 would be affected, which also turned out to be true.

Binance and Kucoin KYC and Verification limits

Crypto Trading Platform Reviews Binance
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KuCoin VS Binance Country and Coin Support

Both Binance and Kucoin support many markets and many cryptocurrencies. The table below shows that Binance supports more needs, 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.

Crypto Trading Platform Reviews Binance
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KuCoin Supported Countries

Kucoin is not very clear about what countries 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 the use of the Services from certain jurisdictions (“Restricted Locations”).”

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

Binance Supported Countries

Binance doesn’t have a list of supported countries.

However, the first thing you must do when signing up is enter your current residence location.

Some countries are missing, like Singapore, China, North Korea, Iran, Russia, and the USA. 

However, there is a substantial list of countries, including not very crypto-friendly countries like Nigeria, 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 deposits, 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 for up to $ 1 million.

Binance Fiat Deposit

Binance has the standard fiat deposit methods (SEPA, SWIFT, CARD). Also, they offer card deposits at a meager fee compared to other platforms. Binance has 1.8% for card deposits, while the standard is 3-4% here.

Crypto Trading Platform Reviews Binance
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Both Binance and KuCoin offer 3rd party deposits and a P2P trading platform. Here, you can find rare deposit options like PayPal, Apple Pay, Perfect Money, and more. However, this comes at a price that is usually very high.

We recommend SEPA or SWIFT deposits since they are free. 

KuCoin VS Binance Supported Fiat Withdrawal Methods

Crypto Trading Platform Reviews Binance
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For fiat withdrawal options, Binance is superior to KuCoin. Binance can be an excellent fiat on-ramp and off-ramp, while KuCoin can be a great altcoin trading platform. 

KuCoin VS Binance Trading Fees

Both KuCoin and Binance offer among the lowest crypto spot trading fees among all available crypto exchanges.

In addition, both platforms offer the lowest crypto derivative trading fees.

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

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

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

KuCoin VS Binance Spot Trading Fees

Both Binance and KuCoin offer low trading fees starting at 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 more extensive. 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 trading fees if you sign up with a referral code.

The graph below shows 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 considered class A in this comparison. Class B and C have a smaller number of cryptocurrencies, which 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 outstanding 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 personal or needs a special resolution for any other reason, you need individual 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 personalized help. 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 understand they don’t make any money here. However, a chat is preferable to a ticket system since you can expect to solve your problem within an hour or similar. A ticket system usually takes 24-48 h for one reply, and that reply probably has additional questions for your concern.

KuCoin VS Binance Leverage Trading

Both Binance and KuCoin is offering crypto trading 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. An excellent way to start trade leverage. See Binance leveraged tokens explained.

Read more about Binance margin trading or Binance futures trading

Crypto Trading Platform Reviews Binance
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For more information regarding leverage trading platforms, see our article about the best crypto leverage trading platforms.

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.
Crypto Trading Platform Reviews Binance
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