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What's your favorite altcoin exchange? To me, there are two that stick out.
are the two.
Both are well known names in the crypto world, with a long track record. In many ways, they are dissimilar. As a result, I decided to write a review that compared the two.
Disclaimer:
- I am not a registered investment, legal, or tax adviser or a broker/dealer, and all opinions expressed by me are from my research, for educational purposes only.
What exactly is KuCoin
KuCoin is a Singapore based exchange that began operations in Hong Kong in 2017 under the moniker "The People's Exchange."
Their goal was to provide an easy and secure platform for people all around the world to buy and sell a variety of digital currencies.
They've had a significant impact on the global crypto ecosystem, expanding their user base to over 8 million in just four years and serving one out of every four crypto investors.
KuCoin's Key Features and Benefits
KuCoin has grown to become one of the most popular cryptocurrency exchanges in the world, thanks to a diverse set of products and services. KUCOIN offers a number of features that distinguish from other exchanges.
Trade fees are as low as 0.1 percent, with reductions if you pay with KCS.
There are over 370 different cryptocurrencies to choose from.
Apps for iOS and Android are available.
With fiat currencies, you can buy cryptocurrency immediately.
Only a portion of the KYC process is required. Buy and sell bitcoin with ZERO fees on a peer-to-peer marketplace.
Margin and futures trading
Earn KCS as a KuCoin bonus
What kind of services does KuCoin provide
If you've spent any time researching the top crypto exchanges, you'll know that there are a lot of them, making it tough to choose one.
I hope that by going over the important services that KuCoin provides to its consumers, I can assist you in making your decision.
Over 370 different cryptocurrencies
KuCoin has one of the most diverse cryptocurrency portfolios among crypto exchanges, with over 370 different cryptocurrencies.
KuCoin is constantly adding new coins to their site, allowing you to be among the first to purchase the new cryptocurrency you've been looking into.
You must trade on the Market to gain access to the whole spectrum of 370+ coins. If you want to buy crypto with fiat money, you'll only be able to buy roughly 50 popular coins. You'll have to trade for the other coins on the market to get them.
USDT is a stable token tied to the US Dollar (it has the same value as USD) that may be used to exchange various coins.
This is practically the same as trading from USD to cryptocurrency. For example, if you want to buy MEM on KuCoin, you won't be able to do so using your credit card. Purchase USDT with your fiat currency first, then go to Market and purchase MEM.
KuCoin features a mobile app for iOS and Android smartphones, allowing you to trade wherever you are. The user interface is elegant, and it even features a trading bot that isn't available on the desktop version of the website.
KuCoin's app has over 1 million downloads on Google Play, with a strong user review rating of 4.5 stars from 13 000 reviews.
Borrowing and lending crypto
You may also earn interest on your crypto by lending it to others on the KuCoin platform. You can lend over 70 different cryptocurrencies and choose between terms of 7, 14, or 28 days. The daily interest rate is determined by the amount of interest charged.
The higher your interest rate, the more bitcoin you'll make, but if there are better rates on the market, it's less likely that someone will accept your offer. KuCoin is also a good place to go if you need to borrow cryptocurrency. Simply choose the coin you want to borrow, how much you want to borrow, and the appropriate daily interest rate.
Fees for withdrawing KuCoin
There is a fixed cost when you withdraw cryptocurrency from your KuCoin account, which varies based on the coin you are transferring. To get a complete list of KuCoin's cryptocurrencies as well as their withdrawal fees, click here.
Withdrawals in fiat currency are not possible with KuCoin.
Trading Fees for KuCoin
Fees for spot trading (buying and selling crypto) on KuCoin start at 0.1 percent, and you can get a 20 percent discount if you pay with KCS currency (Kucoin's token).
This works out to just 0.08 percent every trade.
What exactly is Binance?
Binance is the world's largest cryptocurrency trading platform. It is not especially user friendly because it provides a large number of trading options and features. Binance is anticipated to have a high learning curve for investors of all ability levels. Binance offers a comprehensive range of trading options via its desktop or mobile dashboards, including an excellent variety of market charts and hundreds of cryptocurrencies. Users can also choose from a number of trading choices, such as futures and options, as well as a number of other order types. Binance also provides a complete learning platform, an NFT platform, and other services in addition to its tools and capabilities.
Binance Key Features and Benefits
Binance is a decentralized cryptocurrency exchange based in China that was founded in 2017 by software developer Changpeng Zhao. While Binance is currently the world's largest cryptocurrency exchange by trading volume, it is also dealing with regulatory concerns in a number of nations. It is currently being investigated by US authorities on suspicions of money laundering and tax evasion. In addition, the site has been prohibited in a number of nations. Binance provides access to hundreds of cryptocurrencies to users all around the world. It's worth noting, though, that the worldwide Binance platform differs from its US version, Binance.us, which only supports about 60 coins.
Binance accepts a variety of cryptocurrencies.
On Binance's platform, you may trade over 365 different cryptocurrencies. It also accepts a number of fiat currencies, including the US dollar, euro, Australian dollar, British pound, Hong Kong dollar, and Indian rupee. Binance may offer anything from 50 to 591 cryptocurrency pairs, depending on your region. Binance Coin (BNB), VeChain (VET), Harmony (ONE), VeThor Token (VTHO), Dogecoin (DOGE), and Matic Network are among the cryptocurrencies accessible on the exchange (MATIC). Binance also accepts a variety of popular coins.
Experiential Learning
Binance has a number of trading tools available, including real-time charting with moving averages and exponential moving averages. Users can use the Binance app, the Binance website, or the Binance desktop app to make trades. Traders can also utilize the Binance interface to check the order book and price charts, as well as access their portfolios and transaction history. BINANCE also offers a number of order types, including stop orders, limit orders, stop limit orders, stop market orders, and trailing stop orders. You can also select from a variety of trading perspectives, including classic, margin, and OTC.
Customer satisfaction
Over 2,000 Trustpilot reviews give Binance a score of barely 2 out of 5 stars. Poor customer service and difficulties withdrawing funds are among the most common complaints. Despite the challenges that some users confront, some response is positive. Many Binance users have said that the platform has been a positive and relatively painless experience.
Binance has some of the lowest fees in the industry. Users in the United States will pay slightly more on Binance.us, although the costs are still cheaper than those on other major platforms. Binance has a maker/taker fee system, with costs varying depending on trade volume and BNB balance. In general, lesser costs apply to bigger volume trades.
Fee reductions are also available for the following services
Binance (BNB) coins are used in trading.Bonuses for referring others Binance users may also be subject to further fees if they achieve very important person (VIP) status by trading a particular quantity of assets.
Management of Accounts
Users can use a desktop browser or a downloaded desktop program to access their Binance dashboard. It also has iOS and Android apps available for download from the Apple and Google Play stores.
You can monitor charts, marketing trends, your portfolio, and your current and previous trades on Binance's dashboard. To manage your payment methods, go to your account page and add any credit/debit cards or bank accounts you want to use.
Making deposits and withdrawals is as simple as going to the "Spot Wallet," picking the asset you'd like to buy or sell, and following the on screen instructions.
Trading Fees For Both Exchange:
KuCoin: 0.08%
Binance: 0.10%
My hope is that after reading this, you will be able to decide which exchange to utilize, or both, if you like.
