Reading: KuCoin vs. Binance.US: Why New Crypto Investors Should Pass on Both. Here’s What to Look for Instead
But if you ’ re a crypto investor who thinks KuCoin or Binance.US makes sense for your scheme, here ’ s what you should know about these two crypto exchanges .
Before You Start
No topic where you buy it, cryptocurrency is a highly explosive, inquisitive investment. only invest in crypto what you ’ ra cook to lose, and make certain you have early fiscal priorities in place first : save money in an emergency fund, put up to retirement savings, and pay off any high-interest debt balances .
Side-by-Side Comparison
| KuCoin | Binance.US | |
|---|---|---|
| Good for | Advanced traders who want access to altcoins not available elsewhere | Active trading with low fees |
| Coins | 600+ cryptocurrencies | 80+ cryptocurrencies |
| Fees | Tiered maker/taker model, up to 0.3% depending on coin and level. Get a 20% discount when you pay fees with KCS. | Tiered maker/taker model. 0.1% spot fee. Can get a 25% discount on your fee if you hold BNB |
| Wallet storage | Keep coins on the KuCoin exchange or transfer to your own wallet | Keep coins in Binance.US account or transfer to your own wallet |
| Security features | Various features, including restricting log-in, two-factor authentication, offers security tips | Claims to keep assets in cold storage, two-factor authentication |
| Additional features | • Staking • Margin trading • Trading bot • Crypto lending |
• Staking • Tax portal |
| Minimum trades | Based on the cryptocurrency, with 0.1 USDT the minimum for dollar-pegged assets | $10 |
Pros and Cons: KuCoin vs. Binance.US
| KuCoin | Binance.US | |
|---|---|---|
| Pros | • Access a large number of coins • Free USDT on sign up • Advanced trading options, including margin • Discount for using KCS for fees |
• Low fees • Trading fee discount for using BNB • Tax statement portal • Identity verification process |
| Cons | • Not licensed or regulated in the United States • You might need to have crypto already to use KuCoin • Difficult to navigate for beginners • Poor reviews on TrustPilot |
• Not available in Hawaii, Idaho, New York, Texas, or Vermont • Limited customer services • History of regulatory issues • Security information not readily available |
Wallet Offerings
Both KuCoin and Binance.US offer the option to store coins on the exchange using a blistering wallet. You can besides transfer your coins off the exchanges to an external wallet.KuCoin doesn ’ thyroxine volunteer information on an inner wallet, but you can connect your own crypto wallet to the substitute and use that to send and receive coins. Binance.US besides doesn ’ thyroxine put up data on an internal wallet, rather suggesting that you use Trust Wallet, which is owned by Binance .
Security
On its home page, KuCoin says it has the “ most sophisticated security engineering and maintenance team, and is constantly promote our security systems to ensure the safety of user assets and accounts. ” It ’ sulfur difficult to find details, but the site offers insight into tools you can use to secure your report, including two-factor authentication and restricting your login IP. KuCoin has done well by users when the switch over was hacked. In a 2020 incident, hackers stole users ’ private keys, grabbed $ 250 million in crypto, and tried to sell the coins on decentralize exchanges. KuCoin claims users were made hale for the larceny, with a combination of law enforcement and indemnity coverage. additionally, KuCoin says it took steps to reduce the chances of a duplicate. Crypto exchanges Coinbase and Crypto.com have besides suffered hacks, and have likewise reimbursed users and tone security protocols. Binance.US mentions a commitment to best practices for security on its home page, without a lot foil about its methods. BAM trade Services, the U.S. spouse for Binance.US, is registered with the Financial Crimes Enforcement Network ( FinCEN ), and Binance.US is a DBA under the BAM registration. The larger Binance covered customer losses to security incidents in the past, but there ’ s no guarantee this would apply to Binance.US losses. Binance has faced previous regulative issues, and Binance.US is under probe by the Securities and Exchange Commission regarding ties to the global company ’ south CEO and two trade firms that buy and sell on the platform. A spokesperson emailed us on behalf of Binance.US after our original 2021 review and stated that they operate individually, with Binance.US licensing trademarks, software, and wallet engineering from the larger caller. We reached out to KuCoin and Binance.US for gossip about these issues and for more information, but received no response. We ’ ll update this review if KuCoin or Binance.US gets back to us.
You might fare better if you look into an exchange that ’ mho more heavily regulated in the United States and is more extroverted with its security measures .
Cryptocurrencies Available
KuCoin offers entree to more than 600 cryptocurrencies, and Binance.US offers more than 80 cryptocurrencies, which is a relatively low number compared to other exchanges excessively. KuCoin ( KCS ) and Binance.US ( BNB ) both offer native coins that can help you save on trade fees. BNB has a much higher market cap than KCS and could be a better investment on its own, plus it ’ mho easier to secure a discount rate in fees with it since just holding BNB is enough. With KCS, you need to specifically use the mint to pay the fee in order to see the deduction. If you want to use U.S. decree currency on KuCoin, you need to convert your decree currency to Tether ( USDT ), a stablecoin pegged to the U.S. dollar. U.S. dollar prices on the exchange are denoted in Tether .
Fees
Both KuCoin and Binance.US use a tiered maker/taker mannequin for fees. When person places an club that isn ’ thyroxine fulfilled immediately, they are considered a maker as they are contributing liquid to the commute. When person places an order that is matched immediately, they are considered a taker. In general, taker fees are higher than maker fees at each tier. Both KuCoin and Binance.US charge lower fees when you have a higher tier, denoted by monthly trade volume. But while KuCoin offers competitive fees, they ’ re hush not american samoa first gear as the fees charged by Binance.US. additionally, you ’ ll see a bigger tip discount rate of 25 % as a BNB holder compared to the 20 % rebate offered to KuCoin traders paying with KCS. Binance.US has a top fee of 0.10 %, while fees at KuCoin range up to 0.3 %, depending on the class of crypto asset and your tier .
Staking, Credit Cards, Other Options
Both KuCoin and Binance.US offer you the casual to earn money by staking when you hold assets on the rally. KuCoin besides offers a suite of products for growing your crypto wealth. This includes gross profit trade, which is when you transact on the exchange using borrowed funds, and the prospect to enter a raffle and win more coins. You can besides earn interest by lending your crypto to early investors on the platform. KuCoin offers a trade bot that helps you automate your trades, including investing smaller amounts on a unconstipated basis ( known as dollar-cost average ) and automating trades in which you buy broken and sell high. One of the chief issues with KuCoin is that it can be difficult to use U.S. decree currency on the exchange. Plus it ’ randomness unregulated, so it ’ south even riskier. You can purchase certain coins, like Tether ( USDT ), Bitcoin ( BTC ), Ethereum ( ETH ), and PaxGold ( PAX ) using Fast Buy. You ’ ll need to verify your identity, after which you can link your bank card. then you can use decree money to buy back cryptocurrency coins so you can trade on the commute. It ’ s a carousel way to use U.S. decree currentness to participate on the KuCoin exchange, but please note that U.S. residents still can not register to use the exchange. Binance.US provides straightforward advance tools for active voice traders, including real-time chart and an nonprescription trade portal site so you can match orders with other traders without going through an mediator. Binance.US besides offers a tax portal vein designed to help you better report your crypto earnings and transactions to the IRS. ( You might besides want to check out a crypto portfolio tracker for the same function. ) The larger Binance offers helpful data and tools that can be used to learn more about cryptocurrencies and blockchain engineering .
How to Decide Between KuCoin and Binance.US
As mentioned, we recommend you look into other exchanges such as Coinbase, Gemini or eToro. KuCoin and Binance.US are more allow for intermediate to gain cryptocurrency users than beginners, and they each come with approachability or regulation issues .
Pro Tip
Compare fees, security, and your goals to choose a cryptocurrency exchange. KuCoin international relations and security network ’ triiodothyronine licensed in the U.S., therefore if you ’ rhenium looking for a modicum of U.S.-based regulation, Binance.US will be your option. however, Binance.US isn ’ t presently available in Hawaii, Idaho, New York, Texas, or Vermont. If you ’ re more concern in using cryptocurrencies as a manner to grow wealth, KuCoin offers a variety show of choices for growing your crypto portfolio.
Leave a Comment