BingX vs KuCoin 2024: Features, Fees, and Security

Are you thinking about trading cryptocurrencies, then two popular platforms, BingX vs KuCoin, offer features for buying and selling digital currencies. But what sets them apart? Let’s explore the differences between BingX and KuCoin to help you make the right choice for your investments.

Key Takeaways:

  • BingX is best for crypto copy trading, whereas KuCoin is best for its advanced derivatives market like leverage tokens and margin trading.
  • Both platforms offer a wide range of cryptocurrencies, with BingX slightly edging ahead with support for over 750 coins compared to KuCoin’s 700.
  • Both BingX and KuCoin prioritize security with features like 2FA and cold storage, but BingX holds regulatory licenses in Lithuania and Australia, whereas KuCoin lacks regulatory approval.

BingX vs KuCoin: Overview

Features BingX KuCoin
Launched Date 2018 2017
Headquarters Singapore Seychelles
Best For Copy Trading Derivatives Trading
Supported Coins and Tokens 750+ 700+
Spot Trading Yes Yes
Trading Fees 0.1% maker/taker for spot trading0.02% maker and 0.05% taker for futures 0.1% maker/taker for spot trading0.02% maker and 0.06% taker for futures
Derivatives Market USDT-M and USDC-M perpetual futures, traditional futures USD-M and Coin-M perpetual futures, margin, leveraged tokens
Maximum Leverage 125x 125x
Margin Trading Yes Yes
Copy Trading Yes
Futures Contracts 255+ trading pairs 300+ trading pairs
P2P Trading Yes Yes
Earn Services Simple Earn and shark fin KCS staking, fixed and flexible savings, snowball, crypto lending
Trading Bots Grid trading only Grid, smart rebalance, martingale, DCA
Launchpad (new projects) Yes (Spotlight)
Security Measures 2FA, PoR data, address whitelisting, anti-phishing code, SSL/TLS PoR data, cold storage, 2FA, address whitelist, trading password, 71 BTC insurance fund
Licenses Lithuania and Australia
Mobile App Android and iOS Android and iOS

What is BingX?

BingX, launched in 2018, is a crypto trading platform serving over 10 million users in 100+ countries. The platform provides various services, including spot trading, futures trading, copy trading, P2P trading, and grid trading. The exchange also has advanced analysis tools and order types like Trailing Stop and Post Only orders. 

Besides crypto trading, it also offers forex, indices, commodities, and stocks. With a global footprint, the company operates offices in continents like Asia, Oceania, Europe, and South America.

In Lithuania, BingX is officially recognized as a financial service provider and is regulated by the FSIC for its crypto exchange operations. It also holds registration as a cryptocurrency exchange with the Australian Transactions and Reports Analysis Centre (AUSTRAC). Plus, the collaboration with the internationally renowned football club “Chelsea” indicates that BingX is a trustworthy and reliable exchange.

BingX also offers a simulated trading environment with demo funds. This helps in practicing your trading strategies and getting comfortable with the platform before depositing any funds. 

BingX also prioritizes security and claims to hold 100% of user funds in reserve, verified by Mazars. They offer a smartphone app for iOS and Android for trading anywhere. Their platform includes price analysis tools, a currency converter, and educational resources to help you learn more about crypto trading. 

Pros

  • The copy trading feature lets you automatically copy the trades of experienced traders
  • Futures trading with up to 125x leverage on certain perpetual contracts like BTC/USDT
  • Over 750 tradable cryptocurrencies, including popular coins and emerging tokens
  • Competitive platform trading fees and zero deposit fees
  • Wealth management feature to earn staking rewards

Cons

  • Advanced features like margin trading and options trading are not available
  • Lower trading volume and liquidity compared to exchanges like KuCoin and Bybit

Unlock exclusive rewards for new users with the value of up to 5,125 USDT on BingX by using referral code “HHZMEIT1” when signing up and enjoy a 10% trading fee rebate now.

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What is KuCoin?

KuCoin is another crypto platform that entered the cryptocurrency exchange market in 2017 and has grown into a global leader. Headquartered in Seychelles, it has over 30 million users across more than 200 countries, making it a major player in the crypto world. With its impressive trading volume of $1.6 billion per day, the exchange is best for high-volume traders with ample liquidity.

2 what is kucoin

Being known for its wide range of services, it offers spot trading, perpetual futures trading, margin trading, and a crypto trading bot. It also has leveraged tokens. KuCoin sets itself apart from other exchanges like Binance and Coinbase by offering a huge variety of cryptocurrencies, with more than 700 different ones at the moment. This means they have a lot more low-cap altcoins supported than just the most popular ones like BTC and ETH.

Keeping your crypto funds safe is a top priority for KuCoin. They use the best technology around to encrypt and store your crypto, just like banks do. The exchange also has a whole team of security experts constantly on guard to fight off any hackers. 

To be extra transparent, KuCoin shows proof-of-reserve (PoR) data that they actually have 1:1-backed funds. If you ever have any questions or problems, KuCoin’s customer service is available around the clock, 24/7. They even have a support team who can help you in over 20 different languages.

Pros

  • It offers trading features like margin trading, futures contracts, and P2P fiat trading
  • Advanced earn services like dual investment, shark fin, snowball, and crypto lending
  • 700+ cryptocurrencies for trading, one of the largest selections of altcoins and new tokens
  • NFT launch platform for digital art lovers
  • Mobile app for easy on-the-go trading

Cons

  • It does not offer a copy-trading feature
  • Not available for the US crypto traders

BingX vs KuCoin: Key Features Compared

BingX Copy Trading

BingX offers a copy trading platform that allows users to participate in the crypto market even with limited experience. The platform has an impressive community of over 17,000 elite traders with a proven track record. These traders share their strategies and positions, enabling copiers to automatically mimic their trades. This approach can be particularly beneficial for beginners who are still developing their own trading skills.

BingX highlights the success of its copy trading system with 51 million USD+ in copier earnings. This cumulative figure suggests that many users have profited by following the trades of experienced individuals on the platform. Furthermore, BingX reports over 600 million total orders executed through copy trading. 

You can easily select your master trader based on the following historical performance data such as 30-day ROI, PnL ratio, Win ratio, Average profit, etc.

3 bingx copy trading

Note: KuCoin does not offer a dedicated copy trading platform. Instead, it offers a variety of automated trading bots like grid bots, DCA bots, martingale bots, and more.

Derivatives Trading (Leverage)

BingX offers “Perpetual Futures” contracts, which means they don’t have an expiry date and can be held indefinitely. It lets you choose between two margin types: USDT-margined (using Tether, a stablecoin) or Coin-Margined (using actual cryptocurrency). 

The exchange also has Standard Futures with fixed expiry dates, which might be simpler for beginners to understand. BingX offers high leverage, up to 125x, which can significantly amplify your returns.

4 derivatives trading

Similar to BingX, KuCoin provides a wider variety of derivative products. They also have two main categories: USDT-Margined Contracts and Coin-Margined Contracts. It also has a maximum of 125x leverage and supports 300+ futures contracts.

Unlock exclusive rewards for new users with the value of up to 5,125 USDT on BingX by using referral code “HHZMEIT1” when signing up and enjoy a 10% trading fee rebate now.

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KuCoin also offers a “Futures Bonus” program with trial funds and coupons, which can be helpful for beginners to try out derivatives trading with less risk. Another interesting feature is “Leveraged Tokens”, which track the price movements of a cryptocurrency with a built-in multiplier, like BTC3L/USDT (3x Long Bitcoin). This can be a simpler way to gain leveraged exposure to a particular coin.

5 crypto futures trading

KuCoin is also a popular crypto exchange for margin trading, where you borrow funds directly from the exchange to increase your buying power on spot trades.

Winner: KuCoin is a clear winner with advanced derivatives tools like leveraged tokens and margin trading features.

BingX vs KuCoin: Supported Cryptocurrencies

When it comes to variety, both BingX and KuCoin offer a vast range of coins and tokens. KuCoin boasts a staggering 700 cryptocurrencies, while BingX isn’t far behind with over 750 coins. This means you’ll find all the major players like Bitcoin, Ethereum, and stablecoins like USDT readily available on both platforms.

But what truly sets these exchanges apart is their embrace of innovation. Both actively list new and popular altcoins, including those making waves in the exciting frontiers of DeFi (Decentralized Finance), the Metaverse, and even Real-World Assets (RWAs).

Winner: BingX offers slightly more coins compared to KuCoin (750 vs. 700)

BingX vs KuCoin: Fees

BingX Fee Structure

The fees you’ll pay on BingX depend on the type of trading you do. Here’s a breakdown:

  • Spot Trading: BingX charges a flat fee of 0.1% for both makers and takers. This means you’ll pay the same fee regardless of whether you add liquidity to the order book (maker) or remove liquidity by taking an existing order (taker).
  • Perpetual Futures: Makers are charged a lower fee of 0.02%, while takers pay a slightly higher fee of 0.05%.
  • Standard Futures: Standard futures contracts have a different fee rate than perpetual ones. Here, you will charged a fee of 0.045% per trade. This fee is only charged while closing the order.

BingX offers lower fees for VIP traders on both spot and futures trading. It provides discounts to the high volume traders. Here are the BingX spot fees for VIP traders: 

VIP Level 30D Total Trading Vol. (USDT) Maker Fee Taker Fee
Regular User 0.1% 0.1%
VIP 1 ≥ 1,000,000 0.035% 0.06%
VIP 2 ≥ 2,000,000 0.02% 0.05%
VIP 3 ≥ 4,000,000 0.015% 0.045%
VIP 4 ≥ 6,000,000 0.0125% 0.0375%

For futures trading, BingX offers a similar tiered VIP program that rewards users with progressively lower trading fees based on their trading activity or asset holdings. 

To qualify for VIP 1, the lowest tier, you need to maintain a minimum of either 10 million USDT in trading volume or 50,000 USDT in asset value over a set 30-day period. VIP 1 members benefit from reduced maker and taker fees, with makers enjoying a rate of 0.014% and takers paying 0.04%. As you climb the VIP tiers, these fees continue to decrease, offering significant cost savings for active traders.

You can read the full BingX futures fee structure here.

Unlock exclusive rewards for new users with the value of up to 5,125 USDT on BingX by using referral code “HHZMEIT1” when signing up and enjoy a 10% trading fee rebate now.

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KuCoin Fee Structure

Similar to BingX, Kucoin also has a tiered fee structure for spot trading based on your 30-day trading volume. The base fee for both makers and takers is 0.1%. However, you can significantly reduce these fees in two ways:

  • Trading Volume Discounts: Kucoin rewards users with lower fees as their trading volume increases over 30 days.
  • KCS Token Discount: You can enjoy an additional 20% discount on your trading fees by paying them in Kucoin’s native KCS token.

Here are the KuCoin spot fees:

VIP Level 30D Total Trading Vol. (USDT) Maker Fee Taker Fee
Regular User 0.1% 0.1%
VIP 1 ≥ 3,000,000 0.09% 0.1%
VIP 2 ≥ 6,000,000 0.075% 0.09%
VIP 3 ≥ 13,000,000 0.065% 0.085%
VIP 4 ≥ 35,000,000 0.045% 0.065%

KuCoin futures fees start with 0.02% maker and 0.06% taker. And, there are also discounts for KCS holders and large-volume traders.

Check out the full KuCoin exchange’s fee structure here.

BingX and KuCoin: Deposit and Withdrawal Fees

You won’t typically incur fees from BingX or KuCoin for depositing cryptocurrencies. However, the blockchain network itself might charge transaction fees, and both exchanges have no control over these. It’s a good idea to check the estimated network fees before making a deposit.

However, BingX and KuCoin charge withdrawal fees that vary depending on the specific cryptocurrency. Here is the general comparison (withdrawal fees at the time of writing).

Cryptocurrency Network BingX Withdrawal Fees KuCoin Withdrawal Fees
Bitcoin BTC  Network 0.000319 BTC 0.0012 BTC
Ethereum ERC-20 0.0029 ETH 0.005 ETH
USDT TRC-20 1 USDT 1.5  USDT
Solana Solana network 0.008 SOL 0.01 SOL

Winner: BingX and KuCoin have similar spot fees, but BingX charges lower fees for futures takers (0.05% vs. 0.06%). BingX also has lower fees for VIP traders and lower withdrawal fees than KuCoin.

BingX vs KuCoin: Security

Both BingX and KuCoin offer a range of features to safeguard your digital assets:

  • Two-Factor Authentication (2FA): Both BingX and KuCoin offer mandatory 2FA for logins and withdrawals. This adds extra security by requiring a time-sensitive code alongside your login password.
  • Cold Storage: Both exchanges claim to store the majority of user funds in secure cold storage wallets. This step reduces the risk of online hacking attempts.
  • Anti-Phishing Measures: Both platforms have anti-phishing measures to protect you from fraudulent websites mimicking the exchange. You will receive your anti-phishing code in each email received from their official website.
  • Withdrawal Protection: BingX offers a function allowing you to set deposit, withdrawal, and position size limits to mitigate potential losses. KuCoin also offers withdrawal address whitelisting and offers a “Trading Password” for added security when placing trades or withdrawing funds.

BingX and KuCoin Licenses

BingX currently holds two important regulatory licenses:

  • BINGX EU UAB is a registered financial service company in Lithuania and is regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange.
  • BINGX GLOBAL PTY LTD is registered as a Digital Currency Exchange (DCE) provider under the Australian Transactions and Reports Analysis Centre (AUSTRAC).

On the other hand, KuCoin does not hold a regulatory approval license in any jurisdiction.

KYC Requirements

KYC verification helps prevent unauthorized access and impersonation attempts, making user accounts more secure. Both exchanges have mandatory KYC requirements for depositing and trading cryptocurrencies. However, you can withdraw funds without ID verification.

BingX unverified users have a daily withdrawal limit of 50,000 USDT, while verified users enjoy a significantly higher limit of 5,000,000 USDT.

On the other hand, if you haven’t completed KuCoin KYC verification, your withdrawal limits will vary depending on how much basic information you’ve provided. The range falls between 0 USDT and 30,000 USDT per day.

Once you successfully complete KYC verification, you’ll unlock significantly higher withdrawal limits. You’ll be able to withdraw up to 999,999 USDT per day for regular trading and 500,000 USDT per day for peer-to-peer (P2P) trading. 

Winner: Both BingX and KuCoin are highly secure exchanges with various safety measures like 2FA, PoR data, anti-phishing code, cold storage, and withdrawal whitelist. However, BingX is a licensed exchange in Lithuania and Australia, whereas KuCoin does not.

BingX and KuCoin: Deposit Methods

Cryptocurrency deposit is the primary deposit method for both exchanges. You can transfer cryptocurrencies you hold in other wallets or exchanges to your BingX or KuCoin account. They support deposits through various blockchain networks like TRC 20, ERC 20, BEP 20, Ripple network, and more.

BingX has partnered up with “Legend Trading” to allow you to deposit regular money (fiat) into your accounts. The fiat currencies you can use are the Swiss Franc (CHF), Euro (EUR), Japanese Yen (JPY), and Australian Dollar (AUD). This is a good option if you want to transfer money from your bank.

Here are some other fiat currency deposit methods on BingX:

  • Visa and MasterCard (3D secure only)
  • Google Pay
  • Apple Pay

On BingX, you can also deposit or withdraw funds using P2P trading. The platform allows you to use more than 30 different fiat currencies, like US dollars (USD), Euros (EUR), Indonesian Rupiah (IDR), and Philippine Peso (PHP). It also works with almost 300 different payment methods so you can find one that works for you.

Unlock exclusive rewards for new users with the value of up to 5,125 USDT on BingX by using referral code “HHZMEIT1” when signing up and enjoy a 10% trading fee rebate now.

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Similar to BingX, KuCoin also supports a variety of payment methods:

  • Bank Transfer
  • Credit and Debit Cards
  • Apple Pay
  • Banxa
  • Simplex

KuCoin also has a P2P marketplace that supports funding methods including Bank Transfer, Wise, Paypal, Zelle, Skrill, etc. The P2P market has over 100 payment methods. You can add up to 10 methods simultaneously.

Winner: Both platforms support a variety of payment methods like bank cards, Apple Pay, Google Pay, and more.

Conclusion: BingX vs KuCoin, Which is Better?

To sum up BingX vs KuCoin, both crypto exchanges are good options for trading cryptocurrencies, but they have different strengths. BingX stands out for its advanced copy trading feature and lower fees for futures trading. It also offers a user-friendly interface and is licensed in Lithuania and Australia, showing commitment to regulation. 

On the other hand, KuCoin excels in its derivative market, including leveraged tokens and margin trading. It also has a dedicated NFT platform.

FAQs

Is KuCoin reliable?

Yes, KuCoin is a reliable crypto exchange trusted by over 30 million users around the world. It implements strong security measures like 2FA (two-factor authentication), cold storage, and advanced encryption. Additionally, KuCoin uses Proof of Reserves (PoR) data to back up its claims on how much cryptocurrency it holds.

However, there are a couple of things to keep in mind. KuCoin is not available to users in the United States. Also, in 2020, they unfortunately experienced a major hack where hackers stole around $275 million worth of cryptocurrency. Despite this incident, KuCoin was able to recover almost all of the stolen assets and compensate users through their insurance. Currently, it holds 71 BTC in its insurance funds.

Is BingX a good platform?

Yes, BingX is a good platform for both beginners and experienced crypto traders. They offer a user-friendly interface that’s easy to navigate. It also takes security very seriously. They use cold storage to keep most of their user funds safe and their solvency is audited by a trusted third-party company called Mazars Group. 

Another advantage of BingX is that it’s licensed in Lithuania and Australia. This shows a commitment to following regulations set by these countries. It also offers features that cater to different trading styles. You can easily buy and sell cryptocurrencies with fiat currency or explore more advanced features like futures trading, copy trading, and grid trading.

Which is good for beginners, BingX or KuCoin?

BingX cryptocurrency exchange is a better choice for beginners with its friendly user interface and focuses on beginner-friendly features like demo trading, copy trading, and buying crypto with fiat currencies. KuCoin might be a better fit for experienced traders with its wider range of advanced features like the derivatives market and margin trading.

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