Welcome to this post, where we are going to see a comparison between one of the main exchanges, KuCoin and Binance.
We are going to focus on the most relevant aspects that most users look at when choosing between one platform or the other, and not so much on every detail of each one.
If you would like to see a more detailed guide to these platforms, you can find it on our website here. With that said, let’s get started.
One of the most common things to look at and worry about are the commissions. And these are very similar in both KuCoin and Binance, where we find commissions of 0.10% usually for buying and selling cryptocurrencies on both platforms.
Except on KuCoin, where some pairs have commissions of 0.20 and 0.30% for buying and selling.
Regarding the other deposit and withdrawal fees, the fees are very similar on both platforms, and you will hardly notice any difference. So in this category, I would consider it a draw.
The security of the platform is another very relevant factor. In this case, Binance has more regulation and more security, being the #1 exchange in the world. It is a platform that has sought more regulation in different countries and provides maximum security to its users.
KuCoin is also a very secure platform, but it is not at the same level as Binance, as it is not such a large exchange. Both exchanges are located in countries with low regulation, but have branches in different regions.
So, in this category, Binance would win.
Deposits and Withdrawals
The ease of depositing and withdrawing your money from the platform is another relevant factor. Binance being the easiest platform to make deposits and withdrawals of your profit or loss to your bank account.
KuCoin has improved a lot in terms of deposits, but sometimes the fees are higher, and it is still difficult to withdraw money directly from KuCoin to your bank account without any prior steps. So here Binance wins again.
When to use each one
Although we could compare more aspects, let’s go to what we consider most important. And that is when to use KuCoin, and when to use Binance.
After using both platforms for a long time, my recommendation is to use Binance as the main exchange, for a reason that we will now see.
The time to use KuCoin is to buy cryptocurrencies that are not listed on Binance and you want to be able to buy and sell, while using a reliable exchange with low fees.
The other use of KuCoin, is for people who are afraid that Binance will be based in their country and will start reporting to tax agencies, as it is regulated in that country and has a head office. It is possible that tax agencies will ask for reports from users in that country.
KuCoin does not appear to be placing branches in other countries or seeking to be so regulated, so it is more unlikely that there will come a time when it will report to tax agencies in the country if they are not the ones asking for a specific person’s information.
These are the moments of when to use KuCoin and when to use Binance. If you don’t have an account with either of them, you can create one just below.