ByBit and KuCoin and two popular cryptocurrency exchanges you can use to buy, sell, and trade your favourite cryptocurrencies. ByBit and KuCoin offer perpetual contracts which allow you to use leverage while trading different cryptocurrencies. This can be a quick way to make (or lose) money. In this article, we’ll look at ByBit vs KuCoin and the key differences between the two exchanges.
ByBit Vs KuCoin Overview
ByBit is a derivatives exchange founded in 2018. ByBit’s headquarters are in Singapore, and they offer services to over 100 different countries. ByBit is known for its deep liquidity, which allows traders of all sizes to quickly enter and exit trades. If you trade with large size, ByBit’s liquidity is an attractive feature. ByBit offers a quick sign-up process, but new regulations require more detailed customer information upon registration.
KuCoin Overview
KuCoin is a popular cryptocurrency exchange based in the Republic of Seychelles. KuCoin was founded in 2017 and offers its services to over 200 countries. KuCoin has a wide variety of cryptocurrency assets available to trade, including smaller altcoin markets. The sign-up process on KuCoin is quick, and anyone can use the platform without uploading their driver’s license or personal documents.
Fees
Fees are an important factor to consider when choosing an exchange. Most exchanges charge fees when you open a position and when you withdraw your money from the exchange.
On ByBit, trading fees range between 0.075% to 0.25% of your position. The fees depend on which crypto asset you trade. The withdrawal fees on ByBit also depend on the cryptocurrency you want to withdraw. In general, the fees are low.
KuCoin charges fees between 0.1% and 0.2% of your position. Again, the fees are determined by the asset you’re currently trading. There are no fees to deposit assets on KuCoin, but withdrawal fees will depend on which cryptocurrency you want to withdraw.
ByBit Vs KuCoin Security
Let’s look at the security features offered by Kucoin first:
KuCoin allows you to activate 2-factor authentication, limiting who can enter your account. Any login attempts or withdrawal attempts require 2-factor authentication, which provides a high baseline level of security for your account.
According to the KuCoin website, all user funds are stored in cold storage – meaning funds are NOT in a wallet connected to the internet. KuCoin’s website also claims they execute routine security audits to maintain the safety of the platform. KuCoin also has a Security Fund, which is designed to protect users in the event of unexpected losses.
ByBit also allows you to activate 2 Factor authentication for account logins and withdrawals. ByBit also stores user funds in cold storage for extra security. ByBit’s website says they conduct regular security audits and updates to maintain the security of the platform. ByBit also has an insurance fund designed to protect users against unexpected losses.
Keep in mind, no matter how secure an exchange appears, the reality is the money is only yours once it’s in a wallet that you control. Exchanges can hold funds for all types of reasons, including suspicious behaviour, lack of account information or anything else they decide is fishy. For these reasons, it’s ideal to keep as little money as possible on centralized exchanges.
The Withdrawal Process On ByBit:
- Log in to ByBit and navigate to the “Withdraw” section.
- Select the cryptocurrency you want to withdraw and enter the withdrawal address.
- Make sure the address and blockchain are correct (for example, Avalanche P chain is different from Avalanche C Chain)
- Enter the amount you want to withdraw and confirm the transaction.
- You may have to confirm your withdrawal with 2-factor authentication or email confirmation
- Withdrawals are usually available within a few minutes to a few hours, but network congestion can cause delays of up to 24 hours or more.
The Withdrawal Process On KuCoin:
- Log in to KuCoin and click on “Withdraw”
- Select the cryptocurrency you want to withdraw and enter your desired wallet address.
- Make sure the address and blockchain are correct
- Enter the amount you want to withdraw and confirm the transaction.
- KuCoin may ask you to confirm the withdrawal via two-factor authentication or email confirmation.
- KuCoin usually processes withdrawals within 30 minutes, but it may take longer, depending on network congestion.
ByBit vs KuCoin: Which Is Right For You?