The Binance Exchange is a leading cryptocurrency exchange established on the 17th of January 2017 in Hong Kong. It is a specialized exchange that focuses on trading in altcoins. Binance allows crypto-to-crypto trade in more than 500 cryptocurrency and virtual tokens. These include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own cryptocurrency Binance Coin (BNB). In 2018, the company relocated its office to Malta, EU, in the wake of China’s strict policies for the crypto exchange business.
Binance Coin (BNB)
The Binance Coin (BNB) is Binance’s internal token. It’s utilized to facilitate the trading of crypto via Binance. Binance exchange. It was first introduced as the initial coin offering (ICO) in July 2017. Binance provided twenty million BNB tokens to angel investors, 80 million tickets to its founding team, and the final 100 million tokens to diverse participants of an ICO process.
Nearly half of the money raised through the ICO process was destined to fund Binance marketing and branding and marketing. At the same time, the other third was employed to develop Binance’s platform Binance platform and make the essential improvements to the Binance ecosystem.
Binance coin price prediction is based within the Ethereum blockchain, based on an ERC 20 standard, and capped at 200 million BNB tokens. In the first quarter of 2021, one BNB is worth about $650. It’s the third-most-popular blockchain-based token according to market value, which is around $3.6 billion.
What is the BNB Coin For?
Outside of beyond Binance exchange, Binance Coin also has a number of possibilities, including the capability to:
- Pay with credit cards
- Make payment to make travel arrangements (on certain websites)
- Purchase virtual gifts
- Process payments
- Put money into
- Loans and transfers can be made.
- Donate to a charity
Pros and Cons of Binance
- The fees are low compared to other exchanges
- 25% discount on trading fees when you pay fees with Binance Coin (BNB)
- Educational resources available
- The process of identifying verification
- Tax statement portal that can help prepare crypto tax statements.
- Not available in all states.
- $10 minimum trade
- Sites can be difficult to navigate
- The lack of security information is a significant issue.
- A history of regulatory scrutiny
- Limited customer support options
What is Kucoin?
Kucoin is located in Hong Kong. It was founded in China. The cryptocurrency exchange had to change its location following the crackdown by the government on cryptocurrency.
Kucoin’s business model is based on having a broad range of cryptocurrency assets available to use. With a strong safety track record and reasonable fees, it’s an excellent choice if you are searching for a cryptocurrency exchange.
What’s the Difference?
kucoin vs binance use a similar approach to business and an identical fee structure. Most traders will discover the selection of assets, levels of security, and customer service identical between both platforms. There are minor differences between the platforms, and you may discover that Kucoin or Binance is suited to your needs a little better.
- Fees Comparison
Kucoin and Binance fees start at 0.1 percent. The percentage of fees decreases as you advance to a higher tier of trading.
- KuCoin Fees
Kucoin is more aggressive in its classification system, which comes with reasonable fees for those who are higher-tiered. If you plan to make large-scale trades and move up the levels, Kucoin is a clear winner. Kucoin offers dividends that are 50% of trading earnings from its token.
- Binance Fees
No deposit fees on Binance and withdrawal charges are contingent on the assets. Binance tokens are used to pay for the expenses of the platform. If you believe you’re likely to be a minor trader and you’re in the lower tiers of Binance, its fees are better than Kucoin’s. If you plan to utilize the market for futures, Binance is a clear winner. It has a lower taker rate than Kucoin.
Kucoin and Binance have been around for a long time and are well-established cryptocurrency exchanges. They have an identical business approach and use the same fee structure. Most traders will appreciate the variety of assets, levels of security, and customer support services similar between the two platforms. There are a few minor differences between the platforms, and you could find that Kucoin or Binance is suited to your needs a little better.