KuCoin, a prominent global exchange, was charged under anti-money laundering laws by the Department of Justice in late March 2024. Many users are subsequently taking matters into their own hands and exploring KuCoin exchange replacements. In this article, we shed light on the top KuCoin alternatives users can turn to in 2024.
Methodology
For six months, the product teams at BeInCrypto conducted thorough testing on multiple exchanges. As such, we have pinpointed the top replacements for KuCoin, emphasizing the security measures employed by each. This process guaranteed that the platforms selected strongly emphasize securing user transactions and safeguarding against unauthorized entries and possible security incidents. Below is an overview of the reasons for their selection.
YouHodler
• Multi HODL
• Elliptic to execute the blockchain monitoring and risk assessment
• Biometric for all the devices that support face and fingerprint recognition
Binance
• Secure Asset Fund for Users (SAFU)
• Two-factor authentication (2FA)
• Whitelisting
• Data encryption
Kraken
• Email confirmations for withdrawals with self-serve account lock
• Robust device and session management tools
• Global settings lock
• SSL encryption to protect you when browsing Kraken
Coinbase
• User-friendly platform ideal for beginners
• Coinbase Earn allows users to earn crypto while learning about blockchain
• Insured cryptocurrency deposits
• A wide array of supported fiat currencies for easy deposits and withdrawals
• Advanced security features, including two-factor authentication and biometric login
Bybit
• Smart Trading system, allowing users to set take-profit and stop-loss in one click
• Insurance fund to protect traders from negative equity and bankruptcy.
• YubiKey authentication
• 2FA authentication
OKX
• OKX Wallet, a multi-purpose digital wallet for storing, trading, and managing blockchain assets
• DeFi Hub and NFT marketplace for exploring decentralized finance and non-fungible tokens
• Regular proof of reserves audits to ensure transparency and security of funds
• Semi-offline multi-signatures
Gate.io
• Margin, futures, and options trading with competitive leverage options
• GateChain, a proprietary blockchain focusing on asset safety and decentralized trading
• Third-party cloud security defense services
• Encrypted transport layer
To learn more about BeInCrypto’s verification methodology, follow this link.
- The top KuCoin exchange replacements
- 1. YouHodler
- 2. Coinbase
- 3. Bybit
- 4. OKX
- 5. Kraken
- 6. Gate.io
- 7. Binance
- KuCoin’s exchange replacements compared
- What happened to KuCoin?
- KuCoin’s response
- Why look for a KuCoin exchange replacement?
- Which KuCoin exchange alternative is right for you?
- Frequently asked questions
The top KuCoin exchange replacements
1. YouHodler
YouHodler is a compelling KuCoin exchange alternative. As well as functioning as a crypto swap and trading interface, the platform provides loans backed by cryptocurrencies with appealing loan-to-value rates. This approach enables users to gain liquidity without having to sell their cryptocurrencies. The major appeal of this crypto exchange lies in the opportunity to profit from possessing crypto assets.
Users can earn not just through loans but also via a YouHodler Interest Account. This method requires users to deposit their crypto into cold storage, where they earn weekly interest by not accessing these funds. Interest rates for supported stablecoins hover around 12%, while over 50 other tokens offer rates ranging from 2.5% to 11%.
- Investment tools like Multi HODL, catering to different investment strategies and liquidity needs
- Competitive interest rates
- Wide support for cryptocurrencies
- Lack of global reach in several countries, including the U.S.
Multi HODL tool
Security and compliance
High-yield savings accounts
2. Coinbase
Coinbase is one of the largest crypto exchanges in the world, with support in over 200 countries. The platform offers trading solutions for beginner, advanced, and institutional traders. Coinbase also has a subscription offering, Coinbase One, which offers no-fee trades and other benefits in exchange for a monthly fee of around $30.
- Robust security
- User-friendly interface ideal for beginners
- Offers a rewards program for earning crypto
- Mandatory KYC
Mobile app compatible with both Android and iOS
Advanced trading options available
Dashboard for tracking activity
Supports purchases using a debit card
3. Bybit
Bybit is a leading crypto derivatives exchange. The platform enhances trading experiences with a user-friendly interface and advanced charting tools, catering well to both novice and experienced traders. It ensures high liquidity and fast order execution, minimizing slippage and providing traders optimal trading conditions. This KuCoin exchange replacement also prioritizes security, implementing rigorous measures to safeguard users’ assets and personal information.
- Educational learning sources
- Up to 100x leverage on cypto
- Advanced tools
- Not available in the U.S.
4. OKX
Founded in 2017, OKX ranks among the world’s largest crypto exchanges by trading volume and plays a significant role in the web3 ecosystem. The platform’s monthly proof-of-reserve publications are just part of the reason the exchange has gained the trust of over 50 million users worldwide.
- High liquidity
- Reliable trading app
- Extensive ecosystem
- Not accessible in the U.S. and Canada
- May be challenging to navigate
Transparency with publishing proof-of-reserve
TradingView integration
Trading bots
5. Kraken
Kraken is another strong KuCoin exchange replacement. The platform stands out for its top-notch security, competitive low trading fees, and substantial selection of crypto, catering well to both newcomers and seasoned traders alike. As of April 2024, the platform has never suffered a large-scale hack.
Kraken Pro’s advanced trading platform offers reasonable fees and access to a broad array of crypto trading markets. The fee structure decreases as trading volumes increase, making it an appealing option for seasoned traders.
- Relatively low Bitcoin (BTC) withdrawal fees
- Advanced trading features are suitable for experienced traders
- 24/7 customer support availability
- Unavailable in all U.S. states
- No futures trading in Canada
Accessible for Android and iOS users
Around the clock customer support
NFT marketplace
One-stop shop facilitates spot trading, margin trading, futures trading, over-the-counter trading, staking, perps
6. Gate.io
Gate.io supports trading for 1,400+ cryptocurrencies and offers a variety of trading options, including spot, margin, futures, and options. The platform provides advanced financial services such as lending, staking, and liquidity mining, allowing users to earn investment returns. Additionally, Gate.io hosts an NFT marketplace for trading and investing in digital collectibles and offers 24/7 customer support to address user inquiries promptly. Its mobile app, available for iOS and Android devices, facilitates trading on the go.
- Spot trading
- Margin trading
- NFT trading and minting
- Trading bots
- Limited fiat currency support
Educational resources
Spot trading
Low trading fees
P2P
7. Binance
Binance is a top choice among KuCoin exchange replacements, offering security, cost-effectiveness, extensive liquidity, and ease of use. Its low trading fees attract investors from all over the globe.
The platform’s clear fee structure for outbound transactions further enhances its appeal, varying by the type and quantity of cryptocurrency. It’s important to note that while Binance provides access to over 350 cryptocurrencies worldwide, its U.S. variant is limited to 46 states and features a smaller array of options.
- Multiple trading options
- Low fees
- The U.S. version is more limited
Web3 wallet
Spot and margin trading
Educational resources
Diverse set of crypto
KuCoin’s exchange replacements compared
| Exchanges | Availability | Cryptos | Payment methods |
| YouHodler | 110+ | 60 | Visa, Mastercard, SEPA, and Swift bank transfers |
| Binance | 100+ | 600+ | Bank transfer, debit card, credit card, in-person cash payments, etc. |
| Kraken | 190 | 220+ | Apple pay, Google pay, Visa, Mastercard |
| Coinbase | 200+ | 240+ | Apple Pay, Google Pay, Visa, SEPA Transfer, PayPal, etc. |
| Gate.io | 100+ | 1,400+ | Visa, Mastercard, Apple Pay or Google Pay |
| OKX | 100+ | 320+ | Visa, Mastercard debit and credit cards |
| Bybit | 160+ | 100+ | Visa, Mastercard and Google Pay payments are supported |
What happened to KuCoin?
On March 26, a U.S. federal prosecutor charged two KuCoin founders, Chun Gan and Ke Tang, with violating anti-money laundering (AML) laws. Specifically, the charges claim the company misled at least one investor about its operations in the U.S. Furthermore, the platform is accused of failing to register with U.S. government entities or to maintain a sufficient anti-money laundering program. The DoJ claims the platform did not implement procedures to verify the identities of its clients, as required by U.S. law.
KuCoin’s response
While KuCoin has not directly responded to the allegations (as of April 5, 2024), the company has issued a statement to its customers alongside an enticing airdrop offer. KuCoin announced a $10 million token airdrop in an attempt to retain customers and hold on to any goodwill.
Johnny Lyu, CEO of KuCoin, also directly expressed his thanks to users for their trust over the years and spoke of the company’s commitment to security and compliance.
Recently, on March 26th and 27th, some users experienced longer-than-expected wait times during the withdrawal process. As “People’s Exchange,” we feel a deep sense of responsibility for this inconvenience and would like to sincerely apologize.
To express our profound gratitude for your support and patience KuCoin will launch a special airdrop event totaling 10 million USD in KCS and BTC. We hope that through this initiative, we can express our gratitude for the support of our loyal users. Thank you for your understanding and support. KuCoin will continue to strive for higher quality and safer services, growing together with you.
Johnny Lyu, KuCoin CEO: KuCoin
This airdrop earmarked $8.95 million for those who experienced withdrawal congestion between March 26, 22:00, and March 28, 00:00 (UTC+8) amidst the challenges unique to decentralized platforms. The allocation amounts, ranging from 5-200 USDT, depend on the duration of the withdrawal delay.
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The exchange has issued token vouchers to the recipients, exchangeable on a 1:1 basis for BTC/KCS within a week, embracing the flexibility and user empowerment central to decentralized exchanges. These vouchers can be claimed through the KuCoin APP under “My Coupons.”
Why look for a KuCoin exchange replacement?
The allegations against KuCoin demonstrate the importance of choosing platforms that enforce stringent security measures and operate transparently. By exploring KuCoin alternatives, users are protecting their assets, as indicated by the withdrawal delays experienced by users following the news. When trading or buying volatile asset classes such as crypto, it’s imperative you have full trust in the platform you are using and your ability to access your funds. Statistics from April 3, 2024, show that despite airdrop incentives, daily trading volume and market share of Kucoin have dropped 284% and 50%, respectively, according to crypto data solutions firm Kaiko. According to these figures, many users have already found a KuCoin exchange replacement that works for them.
Which KuCoin exchange alternative is right for you?
When searching for a KuCoin exchange replacement, you’ll find that many platforms have diverse offerings and cater to different needs in the crypto market. The KuCoin competitors listed in this guide provide everything from innovative financial solutions to enhanced security, ensuring that every trader and investor can find a match that suits their priorities. As you explore these possibilities, ensure you pick the option that meets your personal requirements.
Frequently asked questions
Binance, Coinbase, Kraken, Bybit, OKX, and Gate.io are some examples of KuCoin contenders, each offering unique features and services. Binance and OKX attract users with their high liquidity and wide range of trading pairs. Coinbase is preferred for its user-friendly platform and strong regulatory stance, making it a safe choice for U.S. traders. Kraken, known for its security and extensive fiat currency support, along with Bybit and Gate.io, offers competitive trading options and financial products.
Choosing between KuCoin and Binance depends on your trading needs and preferences. Binance offers a broader range of cryptocurrencies and trading options, making it suitable for people seeking variety and high liquidity. Its advanced features and competitive fees make it a preferred choice for novice and experienced traders. KuCoin, while providing a wide selection of assets and services, might appeal to those looking for specific altcoins or unique financial products unavailable on Binance.
Yes, you can still use KuCoi. KuCoin’s user-friendly platform and community-focused approach make it a favorable option for many. However, it’s essential to consider the regulatory environment in your country as this may affect access to certain features or services on the platform.
Binance typically offers some of the lowest trading fees among the mentioned exchanges. Its fee structure is designed to benefit users with higher trading volumes and those holding its native BNB coin. Bybit and OKX also offer competitive fee schedules, especially for futures trading. However, fee structures can vary based on the type of trading activity, so reviewing each platform’s fees regarding trading is vital.
Choosing a secure cryptocurrency exchange involves researching and comparing the security measures and regulatory compliance of platforms like Coinbase, Kraken, and Binance. Coinbase and Kraken are known for their strict adherence to regulatory standards and robust security protocols, making them highly trusted among users. It’s essential to look for features such as two-factor authentication, cold storage for funds, and insurance policies. Reading reviews and checking the exchange’s history regarding security breaches can also provide valuable insights.
Decentralized exchanges (DEXs) offer benefits such as increased privacy, reduced risk of hacking, and autonomy over one’s funds. DEXs operate without a central authority, giving users control over their private keys and, consequently, their assets. They also provide access to a broader range of tokens, including early-stage projects not listed on centralized exchanges. However, DEXs might need more liquidity, user-friendly interfaces, and customer support that centralized platforms provide.
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