Kucoin vs Poloniex 2023 [Which Will Make You Rich Overnight]
Are you trying to find the best crypto exchange out there? You may have encountered both Kucoin and Poloniex during your research, but with so many exchanges, it cannot be easy to decide which is right for you.
In this blog post, we'll compare Kucoin vs Poloniex in detail, highlighting their advantages and disadvantages so you can decide which platform to use.
What Is Kucoin?
Kucoin is a secure cryptocurrency exchange that allows users to buy, sell, and trade Bitcoin, Ethereum, and over 700 altcoins. Founded in 2017 in Singapore by Michael Gan and a team of cryptocurrency experts, KuCoin has become one of the top 3 crypto exchanges with over 20 million registered users worldwide.
The Kucoin platform offers a variety of features, such as spot trading, margin trading, futures trading, staking products, index tracker product, and more.
The KuCoin mobile app makes it easy for users to access their accounts on the go and start trading quickly. With its user-friendly interface and low transaction fees, KuCoin is an excellent choice for new and experienced traders.
How To Make A Kucoin Account?
Are you looking to get started trading on KuCoin? Making an account is easy and only takes a few minutes. Here's how to do it:
- Go to the KuCoin website.
- Click on the "Sign Up" button in the top right corner of the page
- Enter your email address, create a password, and click "Create Account."
- Check your email for a verification code from KuCoin and enter it in the box provided
What Is Poloniex?
Poloniex is a cryptocurrency exchange platform that allows users to buy, sell, and trade Bitcoin (BTC), Ethereum (ETH), TRON (TRX), Tether (USDT), and other altcoins. It is one of the world's largest and most popular crypto marketplaces, providing a liquid market for passionate investors to access.
The Poloniex exchange offers a secure platform with advanced trading tools like margin trading and lending. The Poloniex mobile app is available on both Google Play and the App Store, allowing users to trade. Poloniex has an active blog and social media presence where they share news about their products and services.
How To Make Poloniex Account?
Getting started on Poloniex is easy. Here's how you can make the most of the exchange:
- Create an account: Go to the Poloniex website and click “Sign Up” in the top right corner. Enter your details, create a secure password, and click “Create Account.”
- Activate 2-Factor Authentication: Enable 2-Factor Authentication in your account settings to keep your account secure.
- Transfer funds: Before trading on Poloniex, you must transfer some crypto or fiat currency into your account wallet. You can do this by clicking on “Deposit/Withdrawal” under the Wallets tab in your account settings.
- Start trading: Once you have transferred funds into your account, you can start trading by selecting “Exchange” from the top menu bar and picking a trading pair from the list of available options.
Kucoin Vs Poloniex
Choosing the best cryptocurrency exchange can be overwhelming, as many options are available. Two popular exchanges are Kucoin and Poloniex, which offer various trading pairs, competitive fees, and other features that make them attractive to new traders. So which one is right for you?
Kucoin's multi-level security system includes two-factor authentication (2FA), security questions, and suspicious login monitoring. Kucoin uses industry-standard cold storage technology to keep most user funds offline, making them less susceptible to hacking.
Kucoin also runs a bug bounty program, which rewards users for identifying vulnerabilities in the platform's code, helping to keep it secure.
Poloniex also offers strong security measures such as two-factor authentication, email notifications for account login attempts, and encrypted data storage.
Poloniex also requires users to complete a Know Your Customer (KYC) verification process before trading. Poloniex uses the latest industry-standard cold storage technology to secure most user funds.
The number of trading pairs an exchange offers can influence its popularity among traders. Poloniex provides a broader range of trading pairs, including Bitcoin, Ethereum, and Litecoin. Kucoin offers fewer trading pairs but still provides a decent selection of popular cryptocurrencies.
Kucoin charges a flat fee for deposits, trading, and withdrawals, while Poloniex charges a 0.125% maker or taker fee and doesn't charge for deposits.
Kucoin's fees are based on the amount of cryptocurrency you're trading. For example, if trading between 2-10,000 coins, the fees range from 0.07%-0.09%. If you're trading between 20,000-500 coins, the fees range from 0.05%-0.08%.
Poloniex also offers discounts to users who hold their native token (KCS) on the platform and trade with it regularly. The discounts range from 10%-50% depending on how much KCS is held in your account at any time.
Poloniex has 280 trading pairs in supported cryptocurrencies, while Kucoin has 437 pairs available for trading. Poloniex has a 7-day volume of USD 30 billion, while Kucoin's 7-day volume is USD 1 billion.
Advanced traders may require specialized trading tools to enhance their trading experience. Poloniex offers advanced trading tools, including margin trading and lending, stop-limit orders, and other technical analysis tools. Kucoin also provides advanced trading tools like Margin trading, Futures, Spot and others but not as extensive as Poloniex.
Both KuCoin and Poloniex are cryptocurrency exchanges that offer rewards to their users. However, the types of rewards and the terms and conditions for earning them differ between the two platforms.
KuCoin offers several different types of rewards, including:
- KuCoin Bonus: This is a daily bonus that users can earn by holding KuCoin Shares (KCS) in their accounts. The bonus amount is calculated based on the amount of KCS held and the total trading volume on the platform.
- Referral Bonus: Users can earn a percentage of their referrals' trading fees when they sign up using their referral link.
- Invitation Bonus: Users can earn KCS by inviting new users to the platform.
- Trading Rewards: KuCoin occasionally runs trading competitions and rewards top traders.
Poloniex also has its own rewards program, which includes zero fees for staking crypto funds. If you want to use Poloniex for staking, you can earn without having your crypto funds locked up. Poloniex offers a loyalty program called "Poloniex Plus."
Users can earn rewards based on their trading volume and time as platform members. The rewards include reduced trading fees, priority customer support, and early access to new features.
The user interface of an exchange can also impact a trader's experience. Both exchanges offer intuitive interfaces, with Kucoin providing a more modern and user-friendly interface than Poloniex.
KuCoin has a reputation for quickly listing new and promising coins, which can attract a lot of trading volume and liquidity. KuCoin has implemented measures to ensure high liquidity, such as incentivizing market makers to provide liquidity to their trading pairs.
Poloniex has been in the cryptocurrency exchange market for longer and has a more extensive selection of trading pairs, which can attract more experienced traders.
Poloniex has also established partnerships with several liquidity providers, which helps to ensure that trading pairs remain liquid even during periods of high volatility.
Trading volume is a crucial factor that affects the liquidity of the exchange. Both exchanges have decent trading volumes, but Poloniex has a higher trading volume than Kucoin.
Investments And Trading Options
KuCoin offers over 300 trading pairs, including major cryptocurrencies such as Bitcoin, Ethereum, and many altcoins. It offers several investment options, including staking, soft staking, and margin trading. KuCoin offers trading tools such as stop-loss, limit, and market orders to help traders manage their positions.
Poloniex offers many trading pairs, including many altcoins unavailable on other exchanges. Poloniex also offers margin trading and lending, which can be used to increase trading leverage or earn interest on cryptocurrencies. Poloniex offers several trading tools, such as stop-loss orders, take-profit orders, and trailing stop orders.
Customer support is essential when it comes to resolving any issues or concerns. Both exchanges offer support through email and live chat. However, Kucoin also provides phone support, while Poloniex has a more extensive knowledge base.
Regulation And Compliance
KuCoin is headquartered in Seychelles, known for its business-friendly regulatory environment. The exchange has stated that it operates under a "self-regulatory" model and takes measures to ensure compliance with applicable laws and regulations.
However, the exact regulatory framework that KuCoin operates under is unclear, as Seychelles does not have specific laws or regulations related to cryptocurrency exchanges.
Poloniex is based in the United States and is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB). The exchange is also licensed to operate in several states, including New York, which has some of the strictest cryptocurrency regulations in the country.
Poloniex has stated that it is committed to complying with all applicable laws and regulations and has implemented strict KYC/AML procedures to prevent money laundering and other illicit activities.
FAQs Regarding Kucoin Vs Poloniex
Are Kucoin And Poloniex regulated?
Kucoin and Poloniex are regulated exchanges that comply with the laws and regulations of the countries in which they operate.
Is Poloniex Available In The USA?
Yes, Poloniex is available to residents of the United States. It is one of the most popular cryptocurrency exchanges in the US and supports many different cryptocurrencies.
Can I Trust Kucoin?
Yes, Kucoin is a reliable and trustworthy cryptocurrency exchange. It employs multiple layers of security to protect users’ funds, including two-factor authentication and cold storage of digital assets.
What Are The Fees For Trading On Kucoin?
Kucoin charges a 0.1% trading fee for both the maker and the taker.
What Are The Fees For Trading On Poloniex?
Poloniex charges a 0.125% trading fee for both the maker and the taker.
Kucoin and Poloniex are reputable cryptocurrency exchanges that offer their users a wide range of trading options. While both platforms have similarities, there are also some differences to consider when choosing between them.
Kucoin may appeal more to those who prioritize lower trading fees and a more comprehensive selection of cryptocurrencies, while Poloniex may be more suitable for those interested in margin trading. With this Kucoin vs Poloniex comparison in mind, users can choose the best exchange for their needs.
Ultimately, it is up to the individual user to determine which exchange meets their specific needs and preferences. Regardless of which exchange you choose, it's crucial always to do your research and practice safe trading practices to protect your funds and investments.