Comparing Kucoin vs Binance in terms of fees shows very similar results
Cryptocurrency is believed by many to be the “future” of currency. That’s because cryptocurrencies are “decentralized” meaning that they are not controlled by a central bank or government. This in turn makes them more democratic, more private, and less susceptible to the whims of those in power. Cryptocurrency also has the power to fuel “algobusinesses” – essentially allowing money to be invested and withdrawn with no human oversight.
But this isn’t just hypothetical philosophising! Cryptocurrencies like Bitcoin and BNB are out there in circulation and they already pose many exciting advantages for those willing to give them a try. In fact, those that pioneer in this field and invest in cryptocurrency can potentially make huge amounts of cash by investing and selling wisely. There are opportunities to be made here that simply don’t exist for traditional trading.
The question? Where and how do you get started with Bitcoin? If you’re in the market for a site that will let you buy and sell cryptocurrencies like this, then you have come to the right place.
In this post, we are going to be comparing Kucoin vs Binance and exploring what makes them worth considering for your next investment. These are both trading platforms/exchanges that provide excellent rates, great user interfaces, and a slew of useful features.
The Basics
So, what do you need to know about Kucoin vs Binance? Why are we comparing these two cryptocurrencies specifically? The answer is that both Binance and Kucoin are highly popular Asian exchanges. In fact, these are two of the most popular Asian exchanges available.
A Bit More About Cryptocurrency
Before we dive into Kucoin vs Binance, we should first take another look at cryptocurrency. By better understanding how it works and what it does, it becomes easier to understand the differences between these two exchanges and why you should use them.
Cryptocurrency is the future currency and economics. In fact, the blockchain (the technology that controls the distributed ledger) is very likely to end up being one of the most influential and transformative pieces of technology in the world. Some pundits suggest that the blockchain will have a bigger impact than even AI or the internet itself.
But without getting too philosophical, all you need to know is that bitcoin and altcoins are here to stay. And they still offer a fantastic way to generate income and profit.
The only problem? It’s confusing. And to be honest, just a little scary. Fortunately, bitconnect cryptocurrency has a solution that opens the doors to the masses.
Cryptocurrency is digital currency. This is currency that is based not on a real-world commodity like gold or silver but rather created digitally as a result of complex algorithms.
You don’t really need to know all that, but basically know that the basis of cryptocurrency is a global ledger called a blockchain, which records every single transaction and ensures there is a permanent record that can’t be tampered with. This system is hacker-proof because edits to the system will be rejected by the larger network.
Cryptocurrency is ‘generated’ through a mining process that requires a lot of computer power. The total number of any given currency that can be mined though is capped, meaning that the value will increase over time as supply diminishes and meaning that inflation will never be an issue.
For these reasons, cryptocurrency is safer than regular ‘fiat currency’. It also offers a lot of opportunity seeing as it can be mined seemingly from ‘nothing’ and it has the potential for large growth thanks to its limited supply and lack of inflation.
On top of all that, cryptocurrency is more flexible, more private and in many ways more ‘powerful’. The volatile market also makes a lot of opportunity for those able to act quickly by buying and selling.
Binance
Now let’s get into the meat of our Kucion vs Binance comparison.
What is Binance?
Binance gets its name from the words “Binary” and “Finance” making it a portmanteau. This is a “purely crypto exchange” which means that it isn’t possible to trade fiat currencies at all. So if you were planning on also buying some GBP or USD, then you won’t be able to do that here.
This may seem like a limitation,but it also means that Binance is an extremely focussed and efficient system that isn’t bogged down with other distractions. It’s this fact, as well as a powerful matching engine, that allows Binance to sustain 1,400,000 orders per second! That’s extremely quick and makes this one of the fastest exchanges you can find anywhere on the web right now.
The site is also growing rapidly in terms of popularity. The exchange has well over 7 million users right now.
While you shouldn’t judge a trading platform by the number of users, this can give you some insight into the reputation and reliability of the platform. Firstly, with that many users, Binance is held accountable and must deliver a solid service. Secondly, you know that if the service were extremely sub-par, then those users wouldn’t still be signed up!
Interface
One of the best features that Binance has going for it, is a highly efficient and intuitive interface. You’ll find it’s simply to navigate the site and make the actions that you want to make and you can also see a lot of useful data at a glance. That includes things like currency pairs, graphs and charts showing your trade history, your order book. This is all arranged in such a way that you can see all that data at a glance without needing to switch between views and windows.
Service
Crucial when using any trading platform is that you get a high quality of service that you can rely on. Should things go wrong, you need to know you can get customer support quickly. Thankfully, Binance is excellent in this regard and treats its clients extremely well.
BNB
Binance has its own coin called BNB. This is based on the Ethereum blockchain and you can use BNB to pay for all of Binance’s fees, such as exchange fees and withdrawal.
BNB started with a total supply of 200,000,000 coins and each quarter the company buys back BNB to destroy them. The aim is to eventually buy back 50% (100 million BNB). This ensures that BNB increases in value.
BNB is well regarded and is even accepted on some other trading platforms. This gives some indication as to the size and influence of Binance – which should be encouraging for all those considering signing up.
Fees
Another great thing about Binance is that it has very minimal fees. You will pay no fee at all for depositing and there is only a 0.1% trading fee. For every coin, there is a minimum requirement for withdrawal and here, different fees apply. For example, the minimum withdrawal for NEO is 1 and the fee here is zero.
On the whole, the fees are extremely fair and low compared with the competition.
Kucoin
This article is focused on Kucoin vs Binance, so it’s time to take a look at the competition!
Kucoin was reportedly founded by a number of “blockchain enthusiasts” who had previously proved themselves at other sites like Ant Financial and GF Securities.
The mission of Kucoin is to bring users digital asset transactions and exchange services with a high level of safety and convenience.
Kucoin is ranked at 26 globally in terms of trading volume, making it one of the larger exchanges and a great place to get started.
Interface
Kucoin has a great interface that looks modern and is a pleasure to use. You can quickly see all of the data you need at a glance on the trading screen, which includes candles, order book, trade history and more. You can then easily buy and sell currencies with just a few clicks.
In terms of safety, Kucoin has added Google Authenticator for every transaction. This slows the process down, but it adds that promised layer of additional security that is increasingly important. This demonstrates the company’s commitment to its mission statement, and shows that this is a site you can trust.
Fees
Comparing Kucoin vs Binance in terms of fees shows very similar results. These are very fair fees, though are potentially slightly simpler to follow, which is a big advantage. Specifically, Kucoin has a 0.1% trading fee, no deposit fee, and different fees for withdrawing different currencies. NEO is free to withdraw, as is GAS. BTC withdrawal incurs a fee of 0.001BTC.
KCS
KCS is “Kucoin Shares” and is a token that is used by the Kucoin Cryptocurrency Exchange Platform with a supply of 200 million. Again, the company uses a buy-back disposal strategy with the target being 100 million.
KCS is also based on Ethereum and thus supports all Ethereum wallets. However, it is somewhat less known than BNB.
Kucoin vs Binance Conclusion
So, which is better? Kucoin or Binance?
Of course, there is never a straightforward answer in these types of debates. Each exchange has its unique advantages and disadvantages and which is ultimately best will depend on your own preferences and trading style. Suffice to say that But while cryptocurrency is undoubtedly a big deal, the question that many are asking, is what type of cryptocurrency they should bet on.
We’ve all heard of bitcoin, but this is actually only one form of cryptocurrency among many. These alternatives not only offer a great alternative to Bitcoin but also serve as a useful insight into the different types of cryptocurrency and how and why they vary.
Fortunately, both Kucoin and Binance offers a huge range of different currencies to trade and makes it easy to find different ones and work between them. However, whereas Binance offers 267 trading pairs, Kucoin only manages 253. What’s more is that Binance is bigger with a larger trading volume and a 50% discount on transaction fees when you use BNB.
For all these reasons, Binance has potential to be the more powerful and appealing of the two platforms. However, they are both great choices and the question will really come down to personal preferences regarding the interface etc.
While Kucoin vs Binance is a valid comparison, the truth is that we are fortunate to have multiple strong contenders like this that have an established history of great set of features.
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