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Top 5 Competitors Challenging KuCoin in 2024

7 mins
Updated by May Woods
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On March 26, 2024, KuCoin and its founders were charged with violating U.S. anti-money laundering laws by failing to vet customers. The Department of Justice’s scrutiny of the popular CEX has prompted many users to seek alternatives. As such, this guide highlights leading KuCoin competitors, each with unique benefits for traders and investors.

Methodology

What is KuCoin?

KuCoin was established in 2017 and is considered one of the top crypto exchanges offering a diverse range of digital assets and crypto for trading. The platform is known for its extensive selection of coins, competitive fees, and ease of use. However, in 2024, the U.S. Department of Justice accused KuCoin of money laundering violations and dealing with billions in questionable funds. This situation has led the crypto community to explore KuCoin alternatives, including other centralized and decentralized crypto exchanges. 

Top 5 KuCoin competitors

KuCoin alternatives are swooping in at this opportunistic moment. Here’s a quick round-up of some of the top KuCoin competitors in 2024.

1. Coinbase

Best for new traders
Type
CEX
Pairs
525
Trading fees
0% – 0.3%

2. Gate.io

Best trading pair variety
Type
CEX
Pairs
1000+
Trading fees
0.1%

3. OKX

Best for demo account
Type
CEX
Pairs
500+
Trading fees
0.1% (no deposit fees)

4. Kraken

Best for security
Type
CEX
Pairs
600+
Trading fees
0.26%

5. Binance

Best for derivatives
Type
CEX
Pairs
184
Trading fees
0.10%

KuCoin allegations in 2024

The U.S. Department of Justice (DOJ) directly accused KuCoin, a well-known cryptocurrency exchange, of violating anti-money laundering (AML) laws on March 26th, 2024. The charges allege that KuCoin facilitated billions of dollars in suspicious or illegal transactions, possibly aiding money laundering and the financing of terrorism. This significantly tainted KuCoin’s reputation, shifting perceptions among users and the global financial community.

The allegations pointed to a possible neglect of essential regulatory compliance measures critical for legal operation in the global financial market. In an appeal for customer loyalty, KuCoin published a letter from its CEO, Johnny Lynn, apologizing to customers for withdrawal delay times following the news and offering a sweetener in the form of a KCS and BTC airdrop. Lynn did not directly mention the criminal charges.

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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.

Letter from Johnny Lynn KuCoin CEO: KuCoin

How do KuCoin competitors stack up?

PlatformKey featuresTrading feesOverall BeInCrypto rating
CoinbaseCrypto learning rewards, strong stablecoin ecosystem, professional tradingBetween 0.05% and 0.60%4.7/5
OKXStaking and mining, DeFi and NFT marketplace, multi-currency digital wallet0.1% (no deposit fees)4.8/5
KrakenFutures and margin trading, real-time market analytics0.26%4.6/5
Gate.ioInitial Exchange Offerings (IEOs), investment earning programs 0.2%4.6/5
BinanceSmart Chain integration, crypto payments and transfers, educational resourcesBetween 0.00% and 0.01%4.7

User feedback and market perception

How do users rate their respective exchanges? Trustpilot reviews highlight the significance of user experiences in assessing each platform’s strengths and areas for improvement.

Users regularly commend Binance for its comprehensive crypto offerings and robust trading features, though many suggest improving customer service. Coinbase earns praise for its intuitive design and strong security measures, albeit with some concerns over transaction fees.

OKX review on Trustpilot: Trustpilot
OKX review on Trustpilot: Trustpilot

Gate.io‘s extensive token selection and proactive customer support stand out, though its user interface may intimidate beginners. Kraken is lauded for its stringent security protocols and reliable trading, with room for improving customer support speed. Finally, OKX distinguishes itself for its responsive customer support and diversity of trading options.

Which platform is right for you?

Binance, Coinbase, Gate.io, OKX, and Kraken stand out as solid KuCoin competitors, each with distinct advantages. Binance offers deep market liquidity and low fees, appealing to many traders. Coinbase is user-friendly and highly regulated, making it a secure choice for newcomers and seasoned investors. Gate.io features many altcoins and innovative financial products, catering to users seeking diversity. OKX provides advanced trading and a robust derivatives market ideal for experienced traders. Kraken emphasizes strong security and a wide selection of fiat-to-crypto trading pairs, prioritizing safety and ease of use.

When considering these alternatives, consider security, compliance, fees, and user reviews to select a platform that meets your unique needs.

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Ish Bautista
With over 6 years of marketing, content, and editing experience, Ish boasts a diverse background. Previously, she's lived in one of the startup centers of the world: Tel Aviv. Ish has navigated the realms of Business Intelligence, publishing, and even gaming. When she's not immersed in editing tech pieces or exploring new AI tools, you'll find Ish honing her combat skills. She previously worked with crypto start-ups and holds a deep appreciation for the sustainability aspect of blockchain...
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