KuCoin, a cryptocurrency exchange based in Seychelles, has become popular among many traders worldwide. But if you’re searching for an alternative, what other options are out there?
This guide looks into exchange fees, security features, user interface, supported cryptocurrencies, customer support, and KYC requirements for a number of leading exchanges. If you’re in the United States and are looking for a KuCoin app alternative, this is for you.
- Why look for a KuCoin alternative?
- KuCoin vs. DOJ: Legal battle sparks concerns
- What are the 15 best KuCoin alternatives in 2024?
- 1. Coinbase
- 2. Uphold
- 3. BYDFi
- 4. Kraken
- 5. ApeX Pro
- 6. BingX
- 7. Cash App
- 8. Binance U.S.
- 9. Gemini
- 10. dYdX
- 11. Bitfinex
- 12. Crypto.com
- 13. Bitstamp
- 14. Bittrex
- 15. CEX.IO
- Factors to consider when choosing a KuCoin alternative
- Is KuCoin the best exchange?
- The best KuCoin alternative for you
- Frequently asked questions
Why look for a KuCoin alternative?
As of April 2024, new customers in the U.S. will be required to complete identification checks to use KuCoin. Such measures are not an issue for most traders. Some, however, may be looking to move to new platforms in light of the regulation.
Why KYC regulation is important in crypto
This Chainalysis crime report has analyzed the importance of KYC on centralized crypto exchanges. In 2022, over $23.8 billion worth of cryptocurrency was sent by illicit crypto wallets. That’s a 60% increase from 2021.
According to the report, “mainstream centralized exchanges were the biggest recipient of illicit cryptocurrency … because those exchanges are fiat off-ramps, where the illicit cryptocurrency can be converted into cash.”
As always, if you are still looking for a KuCoin alternative, be careful and always research any financial platform before sending your money for trading. Platforms that engage in illegal activities, such as money laundering, are a target for financial watchdogs and may go bankrupt or close down without notice.
KuCoin vs. DOJ: Legal battle sparks concerns
KuCoin’s legal tussle with the U.S. Department of Justice (DOJ) gives you another reason to consider switching to an alternative.
The DOJ announced on March 26, 2024, that it had indicted KuCoin and two of its founders for operating as an unlicensed money transmitter. The indictment accuses KuCoin of failing to register with the Financial Crimes Enforcement Network (FinCEN) and violating anti-money laundering (AML) regulations.
According to the DOJ, KuCoin is legally required to register as a money services business (MSB) with FinCEN. It further states that as an MSB, KuCoin must implement programs to identify and report suspicious activity potentially linked to money laundering or other financial crimes.
However, the indictment added, the exchange broke U.S. laws by processing billions of dollars in transactions from high-risk actors while willfully avoiding AML requirements.
This development could have serious consequences for KuCoin. For instance, its U.S. operations could be restricted, and user trust in the exchange could be shaken.
Investors react
Unsurprisingly, the news triggered a swift response from KuCoin users. Data from 0xscope reveals a substantial net outflow of cryptocurrency exceeding $1 billion within just 24 hours of the news.
Blockchain data analytics platform SpotOnChain provides further details on this movement. They reported that roughly $500 million had been specifically withdrawn from KuCoin’s Ethereum wallets shortly after the indictment. This withdrawal involved various cryptocurrencies, including 274 million USDT, 15,500 ETH, and significant amounts of ONDO, FET, and GHX.
KuCoin responds
KuCoin and its CEO, Johnny Lyu, were quick to respond to the news of the DOJ indictment. They acknowledged the ongoing regulatory matter and confirmed their legal team is investigating the details. Lyu further assured users that the exchange was operating normally and user funds were safe.
What are the 15 best KuCoin alternatives in 2024?
1. Coinbase
Many users find Coinbase to be a viable alternative to KuCoin in the U.S. due to its simplicity, reliability, and broad suite of features. Coinbase offers seamless buy, sell, and trade functionalities, along with the possibility to use crypto on a Visa debit card issued by them. It is recognized for its user-friendly interface, making it an easy choice for beginners and experienced traders alike.
Users commend Coinbase’s security measures and trustworthiness, making it one of the prominent crypto exchanges in the U.S.
The platform also offers reward programs where users can earn free crypto. Additionally, many have highlighted the platform’s efficient customer support, which they believe resolves issues promptly. However, for some users, mandatory KYC requirements will be considered a drawback.
2. Uphold
Uphold is a global digital asset trading platform that is popular for allowing you to take advantage of a diverse set of asset classes. Some of these include more than 250 cryptocurrencies, 4 precious metals, 27 fiat currencies, and a select offering of stocks depending on your location.
The platform sources liquidity from 26 different exchanges to help you find the best prices. Uphold also prides itself on its assets being 100% backed. A common saying that you will hear associated with the trading platform is that they never loan out your money.
Lastly, Uphold also has a flagship wallet. It offers multi-chain support and allows you to hold some of your favorite currencies like KAS. It is available on Android and iOS.
3. BYDFi
Based on user feedback, BYDFi is seen as an excellent alternative to KuCoin in the United States. Users emphasize the platform’s user-friendliness, low trading fees, and high-security level.
The platofrm features lan intuitive mobile app interface, generous giveaways, and a wide range of services as well as active customer support. BYDFi’s robust security measures, range of cryptocurrencies, and advanced trading features are also solid. The platform’s positive reputation within the crypto community further solidifies it as a reliable option for both new and experienced traders.
4. Kraken
Kraken is highly favored by many users as an alternative to KuCoin in the U.S. due to its reliability, swift customer service, and commitment to security and the ethos of cryptocurrency. Users note that the platform’s transaction processes are straightforward, fast, and user-friendly.
The platform offers reasonable fees and an appreciated pro edition, enhancing the trading experience for users. One of the prominent features appreciated by users is the ‘Global Settings Lock,’ which provides a tiered security system that remains effective even in the event of a password leak.
Users also reported efficient resolution of issues, like locating and crediting deposits made without a reference number.
5. ApeX Pro
Based on user testimonials, ApeX Pro is a potential KuCoin alternative in the U.S. Many praise its low fees, higher-than-average leverage, and the fact that trading can start without verification by simply linking a crypto wallet.
While it lacks some features, such as educational content and extensive staking options, users appreciate the platform’s active online community and responsive email support, despite the absence of live chat or ticket options.
ApeX Pro is one of the top non-KYC crypto exchanges.
6. BingX
Despite mixed exchange reviews, some users consider BingX as a preferred alternative to KuCoin in the U.S., focusing on its positive aspects. These include a lower fee structure compared to other platforms, fast and seamless withdrawals, and a user-friendly interface. BingX also offers unique features like copy trading, enabling users to emulate trades made by more experienced traders, thus offering opportunities for profit-making even for beginner traders.
It’s crucial to note that these positives come from the experiences of some users. Others have reported issues with hidden fees and customer service. In the world of crypto exchanges, individual user experiences can vary widely, and it’s always a good idea to research thoroughly before choosing a platform.
7. Cash App
Cash App is gaining traction as a suitable KuCoin alternative. Users highlight the application’s swift transactions, robust security measures, and intuitive user interface that simplify financial operations.
Cash App is well-liked for its customer service, with experiences of rapid dispute resolution and effective handling of fraudulent charges. Users also appreciate the straightforwardness of Cash App’s referral program, which allows them to earn bonuses when friends sign up using their referral codes. The ability to purchase bitcoin and make cryptocurrency transactions is another appealing feature for many users. Despite a few issues like delayed card replacements and associated fees, users seem generally satisfied with the services provided by Cash App.
8. Binance U.S.
The exchange reviews favor Binance U.S. as an alternative to KuCoin, citing its security, cost-effectiveness, liquidity, and user-friendly interface as major positives. The platform has an option for whitelisting and is recognized for its low trading fees, which appeal to those seeking capital gains through crypto trading.
Users appreciate Binance’s flat fee structure for off-exchange transfers, although some mention that the cost-effectiveness of this depends on the amount and type of cryptocurrency being transferred.
Moreover, the platform is strong on security and boasts and is considered one of the most reliable crypto exchanges. However, it’s important to note for those seeking KuCoin alternatives that this exchange requires users to complete the KYC process.
9. Gemini
Gemini offers a user-friendly platform and reliable customer service. Its straightforward buying process and fair fees make it accessible for both new and experienced users.
The platform has won user trust through its proactive customer service and regulatory compliance. Its efficient handling of transactions and continuous expansion of crypto offerings also add to its appeal. Users highlight the convenience of the Gemini credit card and appreciate its transparency.
10. dYdX
dYdX is another potent KuCoin alternative in the U.S. dYdX’s strong points include its focus on advanced crypto products like derivatives and its utilization of non-custodial decentralized exchange (DEX) technology.
dYdX is another non-KYC crypto exchanges, and accepts users from all over the world.
The platform, which operates on audited smart contracts on Ethereum, eliminates the need for trusted intermediaries, enhancing security.
Its user-focused initiatives, such as the implementation of a maker-taker fee structure and fee discounts based on holding size, make it attractive to a wide range of traders.
11. Bitfinex
Bitstamp is another one of the KuCoin alternatives in the U.S. and is often praised by users for its swift, efficient customer service, even outside standard business hours.
Bitfinex has earned a reputation for its prompt, helpful support team, trustworthiness, and robust platform. Although it has faced some controversies, users feel that the platform’s transparency and ability to weather adversity contribute to its reliability. The platform’s security, low trading fees, and thorough human-led KYC verification also stand out as positives. However, some users have mentioned the length of the verification time as a potential area for improvement.
12. Crypto.com
Crypto.com offers a user-friendly platform with several trading options and attractive yields. Despite occasional delays due to network congestion, users find the service reliable for transfers and fiat deposits and withdrawals.
The mobile app’s simplicity and safety measures are positively reviewed, and it’s been recommended for new users willing to learn about crypto investing. While customer service may not be the fastest, users find it helpful and proactive. However, reduced yields and slightly higher fees have been noted. As with any platform, personal experiences vary, and thorough research is advised.
13. Bitstamp
Bitstamp has been praised as one of the reliable KuCoin alternatives in the U.S. thanks to its excellent customer service, including the rare opportunity to interact with human support representatives.
Users highlight its trustworthy and efficient withdrawal and deposit system, making transactions smoother. The platform’s thorough KYC and compliance procedures are also appreciated for their contribution to maintaining financial security and trustworthiness. Bitstamp’s low fees and technical support availability, even on weekends, further enhance user experience. Despite a somewhat lengthy verification process, users believe it’s a necessary step for a safer trading environment.
14. Bittrex
Users praise Bittrex for its security features, ease of fiat deposits and withdrawals, and trusted platform, despite an initial learning curve. Simultaneously, Bittrex is also recommended for its prompt transactions, security, and a vast range of available coins.
However, some users note Bittrex’s slow customer service response time and potentially complicated account verification process.
15. CEX.IO
CEX.IO has emerged as a noteworthy KuCoin alternative in the US. Notable positives include an intuitive interface, prompt and direct withdrawals to bank accounts, and an excellent track record for the safety of customer funds.
The platform also offers low trading fees and unique features, such as a robust crypto staking program. While some users have suggested improvements in customer service responsiveness, the overall user experience has been reported as highly satisfactory, making CEX.IO a recommended choice for many.
Factors to consider when choosing a KuCoin alternative
Regardless of what KuCoin alternatives you will land on for crypto trading, consider the following key factors:
- Authenticity and security. Research the legitimacy and security protocols of the platform, including its measures against fraud and scams like pump-and-dump schemes.
- Payment. Different platforms accept different payment methods, from bank transfers and PayPal to credit cards and cryptocurrency. Ensure the exchange supports a method convenient for you.
- Supported tokens. Exchanges vary greatly in the number of cryptocurrencies they support. Ensure your desired cryptocurrencies are supported.
- Type of exchange. Consider if you prefer trading platforms (like Binance or Coinbase), P2P exchanges (like Cointal), or cryptocurrency brokers (like AvaTrade), as each operates differently.
- Fee structure. Understand the exchange’s fee structure, including any discounts available for using the platform’s own tokens or for holding a certain amount of tokens.
- User interface and experience. An intuitive interface and satisfactory user experience can greatly enhance your interactions with the platform.
Depending on your needs, you should research and consider all these topics. Don’t hesitate to try out several exchanges to find the best fit for you.
Is KuCoin the best exchange?
People often praise KuCoin for its competitive fees, its wise variety of supported cryptocurrencies, and unique features such as margin trading. However, KuCoin may not suit everyone, especially U.S.-based users looking to avoid KYC regulation.
Prior to the new regulations as of July 2023, KuCoin was often classified as a non-KYC crypto exchange because, being unregulated in the U.S., it couldn’t perform standard financial industry Know Your Customer (KYC) disclosures.
It’s important to reiterate again that the purpose of KYC is to help prevent criminal activity and money laundering. However, the practice, in some senses, contradicts some of the ethos of crypto, which many see as being about true decentralization and privacy. Note that even with efforts to secure the platform, hackers have targeted KuCoin, stealing over $280 million in assets in 2020. Potential users must assess these considerations in line with their personal trading needs, risk tolerance, and regulatory comfort.
The best KuCoin alternative for you
The diversity and quality of KuCoin alternatives available to U.S. crypto traders are extensive. From mainstream exchanges like Coinbase, Binance US, and Kraken to peer-to-peer platforms and all the way to emerging decentralized exchanges such as ApeX and dYdX (non-KYC crypto exchanges), there is an alternative that fits every user’s unique needs and preferences.
However, factors like ease of use, variety of supported tokens, robust security measures, advanced trading features, and customer service should be your priority when choosing a platform. It’s essential to conduct your own due diligence before settling on your preferred platform.
Frequently asked questions
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