Just as the cryptocurrency market expanded, reaching over 420 million users, so did the number of crypto exchanges, going over 500. However, there are still many voids and shortcomings that new platforms come to fill and solve.
In this article, we will discuss the main differences between BYDFi and KuCoin, 2 of the most popular crypto exchanges: BYDFi and KuCoin. Thus, according to their main features, fees, and more, let’s decide who is the winner.
BYDFi vs KuCoin – Overview
What Is BYDFi?
BYDFi was initially launched as BitYard, in 2020 and is a crypto trading platform developed for worldwide crypto investors, be they beginners or experts. According to Forbes Advisor, BYDFi is among the best crypto apps and exchanges of 2023 as one of the most useful crypto exchanges for beginners.
BYDFi has developed a mobile app available on both Android and iOS. Furthermore, the crypto exchange is available on all Windows and MacOS devices.
What Is KuCoin?
Founded in 2017, KuCoin is a crypto exchange based in Seychelles. KuCoin has become one of the largest exchanges on the market, with over 20 million users.
KuCoin allows users to buy, sell, and trade various cryptocurrencies, and, along with multiple basic trading options, investors can use margin, futures, and P2P (peer-to-peer) trading. Furthermore, KuCoin offers users the option of lending or staking crypto in order to earn rewards on the platform.
BYDFi vs KuCoin – Supported Currencies
Both exchanges support various cryptocurrencies, including the most popular ones. However, let’s see which one wins the trophy for most cryptocurrencies supported.
Currently, BYDFi supports approximately 400 cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Polygon (MATIC), and Solana (SOL). KuCoin, on the other hand, supports over 700 cryptocurrencies, among them also being the widely used ones that we previously mentioned.
In what concerns fiat currencies, both BYDFi and KuCoin accept multiple options for users who aim to deposit funds in fiat, including currencies such as EUR and GBP, which are the most common. However, while KuCoin does not support USD, BYDFi also supports this fiat currency, thus offering users a wider fiat portfolio.
BYDFi vs KuCoin – Fees
Both BYDFi and KuCoin have pretty low trading fees, but let’s see what percentages each platform charges.
BYDFi
BYDFi has specific trading fees for each type of trading:
- Spot Trading: 0.1%-0.3%;
- Lite Contracts: 0.05%;
- Leveraged Tokens: 0.2%;
- Direct Conversions: 0.1%-0.15%;
- Perpetual Contracts (Coin-M and USDT-M): 0.06% for the taker and 0.02% for the maker.
KuCoin
KuCoin has trading fees ranging from 0.005% to 0.1%, depending on users’ tier levels. Traders can also get trading fee discounts based on their KuCoin Token (KCS) balance.
BYDFi vs KuCoin – Security
BYDFi and KuCoin constantly ensure that users’ assets are safely stored and that investors can have a secure experience on the platform.
Regarding BYDFi, the security is pretty strong, as the platform has developed multiple wallets that are stored online to keep the digital assets safe. Furthermore, the crypto exchange is regulated by the US MSB (Money Services Business), the Financial Regulatory Authority, AUSTRAC (Australia’s Transaction Reporting and Analysis Center), and the Business Administration of Singapore. Unlike KuCoin, BYDFi is available for US citizens.
KuCoin, on the other hand, has also developed various features that keep the platform far from fraudulent activities. KuCoin offers KYC verification and multi-factor authentication, and one of the greatest security features is encryption. Besides, KuCoin offers users the option to set a distinct password for trading activities. This password is set in addition to the regular login credentials and is required whenever a user aims to make a trade or withdraw assets.
However, KuCoin was subject to a major attack on September 25, 2020, when hackers managed to steal almost $280 million worth of crypto from the platform. The stolen funds included BTC, ETH, USDT-ETH, XRP, LTC, USDT, Stellar, and ERC-20 tokens.
BYDFi vs KuCoin – Availability and User Base
At the moment, KuCoin has around 20 million users, while BYDFi has over 500,000 active users. Both crypto exchanges are available in hundreds of countries.
One of the main downsides of KuCoin is that the platform is not available in the US. Of course, users can create a KuCoin account, but it will remain unverified, as they will not be able to complete the KYC process. Currently, KuCoin is not licensed to operate in the United States. However, the platform is available almost worldwide, with small exceptions, besides the US.
In what concerns BYDFi, the crypto exchange is also available almost all over the world. The platform is currently unavailable in China, Pakistan, Bangladesh, Kazakhstan, Syria, Afghanistan, Iraq, Yemen, and Iran. As we mentioned before, BYDFi is regulated by many authorities, and the fact that the platform is available for US citizens is a great advantage.
BYDFi vs KuCoin – Deposits and Withdrawal Methods
Both crypto exchanges allow users to deposit fiat in their accounts. However, BYDFi and KuCoin do not enable the fiat withdrawal feature.
When it comes to BYDFi, the platform has a pretty straightforward deposit method. Users have to select the currency they want to deposit, and they are then required to make the deposit to a given address. The withdrawal process is also quite easy to follow. Traders have to select the crypto they want to withdraw, enter their address, the amount of crypto, and the fund password.
In what concerns KuCoin, the deposit and withdrawal methods are different for the website and the app. Other than that, the processes are as straightforward as in BYDFi’s case.
BYDFi vs KuCoin – Usability
KuCoin and BYDFi ensure that they offer a positive user experience. Both crypto exchanges have web platforms and mobile or desktop apps; the features developed are valuable and easy to use.
BYDFi’s app is available on Android, iOS, MacOS, and Windows devices. The app is intuitive and perfect for beginners and experienced traders. Customer support is also well-developed. BYDFi is available in 10 languages, and the account setup can be quickly completed.
KuCoin’s sign-up process is also simple and can take up to a few minutes. After creating an account, users can choose to complete the KYC process to get access to higher daily withdrawal limits and other useful features. However, some users report problems with customer support and state that the withdrawal and deposit processes can sometimes take more work to complete. Other traders say that the platform is not as safe as it may seem, as their assets randomly disappeared from their accounts.
BYDFi vs KuCoin – Support
When it comes to crypto exchanges, customer support is extremely important. Traders should be able to contact the team behind a crypto exchange whenever they have a problem related to their assets or transactions. BYDFi and KuCoin are aware of that and try to keep up with users’ requests.
BYDFi provides customer support via email, but there is no phone support, which may be a downside for many crypto investors. However, BYDFi offers quick responses to the requests received via email.
In what concerns KuCoin, the platform offers multiple options for customer support, but users cannot directly contact someone from the KuCoin team via phone or email. Still, KuCoin offers a support page that can be helpful when looking for information regarding various KuCoin-related processes.
BYDFi vs KuCoin – Verdict
Crypto exchanges have become increasingly popular among crypto investors, just as cryptocurrencies in general have. These days, users are looking for crypto exchanges that can assure them their assets are safe and there is no risk when trading on those platforms.
Both KuCoin and BYDFi are great crypto exchanges. They have user-friendly interfaces and have launched apps available on multiple operating systems. While one platform may have some advantages that the other doesn’t, it is the same with downsides, too.
It is important to keep in mind that while KuCoin is a bigger exchange, BYDFi seems to be a little bit safer, considering the fact that KuCoin was subject to a hack in 2020. Furthermore, BYDFi is available for US citizens, while KuCoin cannot operate in the US just yet.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Source: https://coindoo.com/bydfi-vs-kucoin/