Quick question for you: What’s your favourite altcoin exchange?
For me, there are two that standout. These are Binance and KuCoin. Both pretty established names in the space with a long track record.
However, they do differ in many respects. Some of these differences may be a deal breaker for some traders. So, I decided that it was high time that I did a video that compared the two.
In the video, I will be comparing them based on:
1️⃣ Background: Who is behind the exchanges, where are they based and how long have they been operating?
2️⃣ Security: How safe are your coins and have they ever suffered hacks?
3️⃣ Asset Support: What Crypto can you by over here?
4️⃣ Fiat Support: What currencies can you fund your account with?
5️⃣ Fees: What are the trading fees here and deposit / withdrawal fees?
6️⃣ Trading Interfaces: Simplistic or Advanced? Functional or Cluttered?
7️⃣ Customer Support: Will you be pulling your hair out, or will you have someone to talk to?
8️⃣ Other Features: Lending, NFTs, trading software and more
My hope is that after you watch this video, you are able to make the best decision about which exchange to use (or both if you prefer).
As always, I also have few hints and tips that you may want to consider to streamline your trading experience!
⛓️ 🔗 Useful Links 🔗 ⛓️
► Kucoin 10 million users: https://finance.yahoo.com/news/kucoin…
► Where is Binance based: https://www.coindesk.com/markets/2020…
► Binance agreement with Dubai: https://www.binance.com/en/support/an…
► How Kucoin responded to hack: https://news.bitcoin.com/kucoin-boss-…
► Binance deposit fees: https://www.binance.com/en/support/fa…
► Kucoin trading fees: https://m.kucoin.com/vip/fee
► Binance trading fees: https://www.binance.com/en/fee/schedule
❓ Who is Binance & Kucoin?❓
Kucoin popped on the scene in 2017 – around the same time Binance did. The exchange is incorporated in the Seychelles. However, their main base of operations is in Singapore. Also, Kucoin recently passed the 10 million user mark, which makes it one of the largest crypto exchanges out there. In terms of Binance it is not clear where exactly the headquartered. However, they do have offices and staff scattered around dozens of countries. Being the largest crypto exchange means that you are the biggest target for regulators. Binance has unfortunately been in a little bit of regulatory trouble with China, Japan, Italy, Malaysia, Thailand, the Cayman islands, the United Kingdom to name a few. All that led to problems with withdrawals and Binance having to make sweeping changes to their Know Your Customer procedures.
🔒 Security 🔒
Neither exchange has a spotless record when it comes to hacks with each having had one major hack since they opened their doors to the public. In both cases, there were no users out of pocket in the end – what you want to see. Both exchanges have advanced user account security features. I dive into more detail about that in my vid!
🌎 Country & Coin Support 🌎
Both exchanges haven’t made it easy to discern which countries are actually supported. I get into the countries where you can’t use these exchanges from within the video. On the crypto support side of things, Kucoin has 580 crypto available whereas Binance gives you access to around 420!
💵 Deposits & Withdrawals 💵
Kucoin offers deposits via third party providers and they allow you to deposit using Visa, Mastercard and Apple Pay. However, fees are pretty damn high. Binance supports a wide range of fiat currencies. However, the only way I would recommend depositing is via bank deposit. SEPA withdrawal fees on Binance cost a mere 80 cents and Faster payment withdrawals only set you back £1.50.
📊 Trading Fees 📊
Binance and Kucoin offer some of the cheapest trading fees out there. I’ve also been able to secure special deals for both.
📈 Trading Interfaces 📈
Both trading panels are some of the best you’ll find out there in the cryptoverse.
🎧 Customer Support 🎧
Binance is one of the only exchanges out there that actually offers a form of live chat. Yes, it might take a while for those support agents to get back to you – but it is a nice touch. Kucoin on the other hand offers a support bot, which funnels you to support articles. If you cannot solve your problem you’ll be asked to fill in a form and the support team will get back to you over email.
🤔 Other Features 🤔
Both exchanges offer you a lot more features than just trading. Check out my vid to learn about the other cool stuff on offer over there!
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome