OKX vs KuCoin: Which is the Better Exchange in 2024?

OKX vs KuCoin is a common comparison for many traders who are looking for a reliable crypto exchange platform. Both OKX and KuCoin are well-established and popular exchanges that offer a wide range of products and services, such as spot, margin, futures, and perps trading, as well as staking and lending to earn interest. However, some key differences between them may influence your decision. 

In this guide, we will compare OKX and KuCoin on various aspects, such as fees, supported cryptocurrencies, payment options, security, and trading features. 

Key Takeaways:

1. OKX and KuCoin are among the best cryptocurrency exchanges that offer a range of trading features, including leverage trading, earning passive income through staking and lending, and using crypto trading bots.
2. OKX stands out from KuCoin due to its lower spot trading fees (0.08% vs. 0.1% maker fees) and lower futures fees (0.05% vs. 0.06% taker fees).
3. KuCoin stands out due to its larger selection of cryptocurrencies (over 750), often featuring newer and more niche coins, whereas OKX offers a smaller but well-curated list (over 350), often focusing on more established, higher market cap coins.

OKX vs KuCoin: Overview

What is OKX?

Established in 2017, OKX began its crypto journey under the name OKEx. After several successful years, the crypto exchange underwent a rebranding in January 2022, becoming OKX.

OKX appeals to traders of all levels by offering a wide array of trading tools. At its core, the exchange provides spot trading, where users directly buy and sell cryptocurrencies. Additionally, experienced traders can utilize margin trading, futures trading, options trading, and perpetual swaps to execute more sophisticated strategies with the potential for higher gains (and higher risks).

It stands out through its robust trading engine, designed to handle high volumes without compromising on order execution speed and accuracy. OKX serves a global user base, with availability in over 100 countries. The exchange prioritizes user experience, offering a user-friendly interface, multi-lingual support, and educational resources within its dedicated “Learn” section. Read our full OKX exchange review.

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What is KuCoin?

KuCoin is a cryptocurrency exchange where you can buy, sell, and trade many kinds of digital assets. It started in 2017 and has more than 750 cryptocurrencies, such as Bitcoin, Ethereum, KuCoin Token, SHIB, DOGE, and others. The platform also has many features and services, like spot trading, crypto derivatives, KuCoin trading bots, leveraged tokens, staking, margin trading, and lending services.

KuCoin Exchange is good for users because it is secure, easy, and fast. It also offers low fees, high liquidity, and 24/7 customer service. The exchange claims to have over 27 million users from over 200 countries and regions, making it one of the most popular crypto places in the world. KuCoin also has a strong security system, which uses encryption, multi-layer account protection, and proof of reserves.

It is not only a digital asset trading exchange but also a supporter of Web 3.0. KuCoin has many blockchain projects, such as KuCoin Labs, Spotlight, and KuCoin NFT. Read our full KuCoin review for a more detailed overview.

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OKX vs KuCoin: Features Comparison

1. Margin and Futures Trading

Margin trading, allowing crypto traders to borrow funds to amplify potential returns (and risks), is a staple offering on both OKX and KuCoin. OKX boasts an intuitive margin trading interface with flexible leverage options. You’ll find support for both cross-margin and isolated-margin modes, alongside portfolio margin for more advanced strategies. 

OKX’s futures markets offer contracts on a multitude of cryptocurrencies, with the option of USDT or coin-margined settlement, appealing to varied strategies. You can use up to 100x leverage for BTC and ETH pairs and up to 50x for other coins.

KuCoin similarly provides extensive margin and futures trading capabilities. Their margin trading interface is streamlined and user-friendly, with the same isolated and cross-margin options.

KuCoin’s futures section excels with perpetual contracts, along with the unique inclusion of crypto futures ‘Brawl’ (battle) mode, gamifying the trading experience. You can choose from USDT-margined or coin-margined contracts, depending on your preferences. KuCoin offers a higher leverage of up to 125x for Bitcoin and Ethereum and up to 100x for other coins and tokens.

2. P2P Trading

Peer-to-peer (P2P) trading empowers users to transact directly with each other on their own terms. OKX includes a comprehensive P2P marketplace equipped with various payment methods, including popular global options and local bank transfers. 

It supports 110 fiat currencies, 6 cryptocurrencies, and 1100+ payment methods. This makes it attractive for users looking to easily convert between fiat and crypto. The platform employs robust escrow mechanisms and merchant verification to bolster marketplace security.

KuCoin similarly boasts a well-established P2P marketplace known for its wide array of supported fiat currencies (over 30) and 70+ payment methods. Like OKX, KuCoin prioritizes safety with measures like KYC verification and dedicated customer support for dispute resolution.

3. Options Trading

OKX is the best options trading platform. They offer a simplified options trading mode, making it easier to get started with “calls” and “puts”. Alongside this, a more professional mode grants experienced traders granular control. OKX options only cover common digital currencies like Bitcoin and Ethereum.

On the other hand, KuCoin does not offer options trading.

4. Web3 Portal

OKX champions its embrace of Web3 with a dedicated Web3 portal built directly into the platform. This portal provides a gateway to discover decentralized applications (dApps), access the OKX wallet to manage your digital assets with non-custodial control, and even try your hand at NFT minting and explore NFT marketplaces.

KuCoin also has a dedicated Web3 Wallet available as part of its ecosystem. This wallet empowers users to interact with decentralized applications, manage NFTs, and engage in the broader Web3 landscape. However, their Web3 integration feels slightly less embedded into the core exchange experience compared to OKX.

5. Trading Bots

Some of the most popular OKX trading bots include grid bots, DCA bots, and signal trading bots. Grid bots are a popular strategy for volatile markets, as they automatically buy and sell an asset at regular intervals within a specified price range. 

DCA bots, or dollar-cost averaging bots, are another popular strategy, as they enable users to invest a fixed amount of money into an asset at regular intervals, regardless of the price. Signal trading bots allow users to copy the trades of other successful traders.

OKX also offers many other bots such as Slicing bots, Arbitrage bots, and Moon grid bots.

Meanwhile, KuCoin also offers many automated bots including spot and futures grid, smart rebalance, and DCA bot. It also offers other unique trading bots such as Spot Martingale and Infinity grid.

OKX vs KuCoin Fees

Trading Fees

Both OKX and KuCoin use a tier system where they charge different fees for makers (those who add liquidity to the market) and takers (those who remove liquidity). They also offer “zero fees” for P2P trading, where you trade fiat currencies directly with other traders.

For spot trading, OKX charges a 0.08% maker and 0.1% taker fee, whereas KuCoin charges a flat 0.1% for both maker and taker orders. However, they also have different fee reductions based on various criteria, such as trading volume, OKB or KCS holdings, and VIP levels. 

For instance, at level 5, OKX users can get a 0.06% maker fee and 0.06% taker fee, while KuCoin users can get a 0% maker fee and 0.07% taker fee. Users can also use OKB or KCS tokens to pay fees and get an extra 20% off.

For futures trading, the base fee is 0.02% for makers on both platforms. However, OKX charges a lower taker fee of 0.05% compared to KuCoin’s 0.06% taker fee. Similar to spot trading, both offer up to a 20% fee discount depending on the OKB and KCS holdings. 

For more details, you can check out the full OKX fees and Kucoin fees details here. 

Deposit and Withdrawal Fees

OKX and KuCoin do not charge any fees for deposits or internal transfers, but they do charge fees for on-chain withdrawals, which are also known as gas fees. These fees are used to pay miners who process transactions on the blockchain. The fees vary by asset and are subject to change based on market conditions. 

Winner: OKX (OKX has lower spot maker fees and futures taker fees compared to KuCoin).

OKX vs KuCoin: Security

Both OKX and KuCoin have clearly invested substantial effort into developing robust security measures for their platforms. They share many core security features such as:

• Advanced encryption systems
• Multi-signature and offline storage for asset protection
• Real-time risk monitoring
• Standard 2FA options
• Security awareness features to help users protect themselves

One of the most important aspects of security is how the exchanges store the user assets, especially the ones that are not in use. Both OKX and KuCoin use a combination of cold and hot wallets to store the user’s assets, with different levels of security and accessibility. 

Cold wallets are offline crypto storage devices that are resistant to remote hacking and require physical intervention to access funds.

OKX stores over 95% of user assets in cold wallets, and only a small fraction (5%) in hot wallets for daily operations. KuCoin does not disclose the exact percentage of user assets stored in different types of wallets, but claims to have a secure storage system that uses multiple layers of encryption and multisig technology. Both exchanges also use trusted computing environments and 24/7 monitoring systems to ensure the safety of user assets.

Another important aspect of security is how exchanges protect user accounts and data from unauthorized access or misuse. Both OKX and KuCoin offer a range of security features and tools to help users secure their accounts and data, such as login password, email verification, phone verification, Google Authenticator, anti-phishing code, and IP restriction.

Security Breaches (Hacks)

Both OKX and KuCoin have, unfortunately, experienced security breaches in the past. OKX in 2023 and KuCoin in 2020.

In December 2023, the OKX DEX suffered a hack resulting in a loss of around $2.7 million in cryptocurrencies. The vulnerability stemmed from a proxy admin contract upgrade. This upgrade allowed the hacker to compromise the contract’s private key. OKX took swift action to secure the remaining user funds and revoked permissions for the compromised contract. 

Similarly, in 2020, KuCoin faced a significant hack that resulted in a substantial loss of over $275 million in various cryptocurrencies. Hackers gained control of private keys for several hot wallets on KuCoin’s platform.

KuCoin worked closely with other crypto exchanges and law enforcement agencies to track the stolen funds. A significant portion of the funds were successfully recovered. The exchange also implemented major security overhauls and established an insurance fund to safeguard user assets in the event of future breaches.

Is KuCoin Reliable?

Yes, KuCoin is a reliable and trustworthy crypto exchange with various safety measures such as 2FA, fund password, withdrawal address whitelisting, and insurance funds. 

KuCoin has also added a strong security system for user accounts by working with PCI DSS and CyberSource CCXT. This includes a system to control risk through APIs and round-the-clock checks to spot any strange activities. They also show their dedication to being transparent by having PoR (Merkle Tree Proof of Reserve audits) that let you check the exchange’s reserve assets.

Winner: Tie (Both exchanges are highly secure with various safety measures).

OKX vs KuCoin: Supported Currencies

Both OKX and KuCoin boast an impressive selection of supported cryptocurrencies. Currently, OKX supports over 350 coins and tokens, along with 500 trading pairs. KuCoin, on the other hand, supports over 750 digital assets and offers over 900 trading pairs.

KuCoin takes a slight edge in sheer numbers with a larger variety of tokens available. Also, KuCoin is well-known for being an early adopter of newer, smaller-cap cryptocurrencies, sometimes offering access to exciting projects before they hit larger exchanges. 

This distinction means that if you’re focused on well-established coins and tokens, OKX might hold the advantage. However, if you’re an investor interested in the potential of emerging altcoins, KuCoin tends to take the lead.

Here are some popular cryptocurrencies available on both exchanges:

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Solana (SOL)
4. Polkadot (DOT)
5. Cardano (ADA)
6. Tether (USDT)
7. Chainlink (LINK)
8. Dogecoin (DOGE)

Winner: KuCoin (Kucoin supports more cryptocurrencies than the OKX exchange (750 vs 350)).

KuCoin vs OKX: Mobile App

Both OKX and KuCoin offer well-designed and functional mobile apps for iOS and Android devices. The apps generally mirror the features you’d find on their desktop counterparts, allowing you to trade, manage your portfolio, deposit and withdraw, and access other exchange functionalities on the go.

In terms of user experience, both OKX and KuCoin’s apps receive positive reviews. They have intuitive interfaces and are generally reliable. However, there are some subtle distinctions. OKX often gets slightly higher praise for its streamlined design and ease of navigation. KuCoin’s app can sometimes feel a bit more cluttered, especially for newer traders.

Overall, hands-on experience will help you decide which interface best suits your trading style and preferences.

Conclusion: Which is Better?

Throughout this article, we’ve taken a deep dive into OKX vs KuCoin, two popular cryptocurrency exchanges. Both platforms boast a wide range of assets, features, and competitive fees. They also place a strong emphasis on security, a must for any trader in the crypto space.

So, which is ultimately better? The answer depends on your individual needs. KuCoin might have the edge if you’re after an incredibly diverse range of coins and features like Futures Brawl. OKX, on the other hand, could be the better choice if you seek a platform with slightly lower fees, a more beginner-friendly interface, and touch more regulatory oversight complying with the Virtual Financial Asset Act.

FAQs

Is KuCoin a good exchange?

Yes, KuCoin is a widely respected cryptocurrency exchange with a strong reputation. It lists over 750 cryptocurrencies, providing traders and investors with a vast marketplace of options including smaller, less-common coins. The exchange maintains highly competitive trading fees (0.1% maker/taker), especially if you choose to pay those fees using its native KuCoin Token (KCS).

KuCoin also offers margin trading, futures trading, staking, and even cryptocurrency lending, appealing to experienced traders. The exchange is available in over 200 countries and territories. It has one of the most sophisticated security technologies and maintenance teams in the world, and regularly publishes audits on its Proof of Reserves.

Does KuCoin require KYC to withdraw?

Yes, KuCoin does mandate KYC (Know Your Customer) requirements. This aligns with increasing regulations in the cryptocurrency space aimed at preventing money laundering and other illicit activities.

However, you can still withdraw up to 30,000 USDT per day from the exchange without completing KYC, if you hold funds on the exchange. But to deposit funds and use other services such as P2P trading or buying and selling cryptocurrencies, you need to complete basic KYC.

Where is KuCoin located?

KuCoin’s headquarters are located in Seychelles. However, as a global exchange, KuCoin operates without a single centralized location and serves its worldwide customer base online.

Does OKEx require KYC?

Yes, OKEx does require KYC (Know Your Customer) verification to comply with anti-money laundering regulations and to ensure the security of its platform. This process helps protect both users and the exchange itself. The basic verification requires the submission of personal information, including your name, country of residence, and a government-issued ID number. Level 1 has lower daily and cumulative withdrawal limits.

Is KuCoin available in the US?

KuCoin is currently not licensed to operate as a cryptocurrency exchange in the United States. However, US residents can still access the platform for certain features like basic buying, selling, and trading of “already-owned” crypto assets.

Is OKX available in the US?

No, OKX is not available to residents of the United States. Cryptocurrency exchanges face a complex regulatory landscape in the US, with varying rules across different states. Due to these regulations, OKX has chosen not to operate within the US market.

If you’re a US resident interested in cryptocurrency trading, consider these reputable exchanges that operate within the US:

• Coinbase
• Kraken
• Binance.US (a limited version of Binance)