FTX.US vs KuCoin: Which is the Best Exchange to Trade Crypto?
Welcome! Today we are sharing our exchange comparison of FTX.US, the US arm of trading platform FTX, and KuCoin, one of the world’s most popular and exciting cryptocurrency exchanges. Find out which exchange is best for you as a trader.
Fees
FTX.US Trading Fees
Before looking at the fee structure below, please be aware that FTX.US offers different trading fees to FTX, the parent platform.
As you can see, the maker fee starts at 0.10%, and the taker fee starts at 0.40%. The maker fees are on par with other exchanges, like KuCoin and Binance, but they are pretty high if we compare the taker fees. Users must trade over $100,000 in 30 days to reach the next tier.
Beginners may struggle to break through the $100k trade barrier at first, but over time, as they use their accounts more, they might get there. Unfortunately, there’s no other way to unlock discounted fees, as the FTT token, which is used on FTX.com, is not permitted in the US and cannot be applied on FTX.US.
KuCoin Trading Fees
The maker fee and taker fee are both 0.1% to start with, though traders can unlock discounted spot trading fees by opting to pay in KCS. KuCoin Shares is an exciting coin to hold, as you can also use them to earn dividends.
Users from LV 8 onwards can receive rebates instead of charges (see maker column above). This is because the exchange platform rewards those who bring large amounts of liquidity.
FTX.US vs KuCoin: KuCoin is more affordable and offers rebates to high-volume traders.
Sign Up & KYC Experience
FTX.US Onboarding
Here’s how to open an account:
- Go to FTX.US and click ‘Register’
- Sign up using your email address and password. Click on the ‘Click to Verify’ button and accept the terms of service
- The next page will ask you to set up Two Factor Authentication via Authy or Google Authenticator
- Submit your location
- To complete your KYC verification and access FTX.US services, click on your email address at the top of the page, and then click ‘Wallet’
- You should see an option to ‘Increase Withdrawal Limits’
- KYC 1 will ask for your name, place of residence, date of birth, and other personal details
- KYC 2 will require you to upload scans or photos of an identity document, proof of address document, a selfie, and information about where you source your funds
- Now just wait for approval – it could take as long as 3 days before you’re able to trade
Joining KuCoin
- Head to KuCoin.com and click ‘Sign Up’
- Provide your email address and password
- Click the activation link in your emails
- Set up Two Factor Authentication via Google Authenticator
KuCoin does not force you to do KYC checks, but you will remove certain limits and unlock different services if you do them.
- Click ‘Individual Verification’
- Provide your name and residential information
- Submit an ID document
- Wait for verification
FTX.US vs KuCoin: KuCoin is more straightforward and quicker.
Ease of Use & Feel of Website or App
FTX.US UX/UI
“Some things came naturally to FTX. For example, product design has always been a relative strength of ours and will likely continue to be. User interfaces and experience were way less obvious to us, though, and it’s taken us a while to develop our thinking on them.”
It’s interesting to know what exchanges go through when designing their platforms, but few are transparent about this process. FTX, however, has published an insightful blog about this topic, which you can read here.
This blog explains the feedback processes they go through, how they put themselves in the user’s shoes, and how they relentlessly ask and answer questions to get to the truth. Thanks to their detailed and meticulous approach, they have built one of the industry’s best exchanges in FTX. Since FTX.US is a mimicked version of that, with fewer services due to US regulations, it still offers the same impressive UX and UI.
FTX.US is available in 49 US states. Unfortunately, New York is the only ineligible state.
Using KuCoin
KuCoin is user-friendly, with great navigation, interfaces, and experiences on their website and mobile app (rated 4.0 on iOS and 4.3 on Android). In addition, the platform has been built to intuitively welcome users of all levels to advanced services, such as soft staking, crypto-mining, and P2P trading.
FTX.US vs KuCoin: Of course, FTX wins for its attention to detail.
Deposit Methods
Getting your funds into FTX.US
There are four deposit methods for KYC-verified users:
- Wire Transfer – 1% fee
- ACH Transfer – $0.50 per transfer
- Debit or Credit Card – ~3% per deposit
- Silvergate Exchange Network (SEN) – variable fees
Users can also deposit crypto into the exchange, just paying the mining fee to do so. Please note that there are only 22 supported cryptocurrencies on FTX.US.
Deposit methods on KuCoin
With KuCoin, fiat currencies cannot be deposited, as there are no fiat wallets.
There are 450 different cryptocurrencies you can deposit.
FTX.US vs KuCoin: FTX.US breezes this round.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on FTX.US
FTX.US has no brokerage service for retail customers, so users will need to deposit fiat currency first and trade it on the crypto exchange.
Institutional customers and businesses can request the FTX.US OTC service as long as they are willing to spend big bucks. No minimum spend is explicitly expressed; however, the industry average is around $25,000.
Purchasing crypto on KuCoin
This is where KuCoin shines. First of all, there is the KuCoin’ Fast Buy’ store, which allows users to buy Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with the following currencies:
- Australian Dollar
- Bangladeshi Taka
- Indonesian Rupiah
- Canadian Dollar
- US Dollar
- Philippine Peso
- Indian Rupee
- Vietnamese Dong
The ‘Buy Crypto’ section of the KuCoin website is also very flexible, thanks to their partnerships with liquidity providers Simplex and Banxa. This allows users to purchase more than 40 cryptocurrencies using a debit or credit card (Visa/Mastercard), SEPA (for Euros), and Apple Pay.
On top of this, there is the KuCoin P2P platform, which introduces even more payment methods for users to apply when buying crypto (USDT, BTC, ETH, KCS, USDC) directly from each other, such as:
- Bank transfer
- PayPal
- Interac
- POLi
- iDEAL
- WeChat Pay
- AliPay
- PayMIR
FTX.US vs KuCoin: KuCoin has many great options for purchases.
Trading Experience
Trading with FTX.US
Unfortunately, FTX.US is a shell of the crypto exchange that FTX.com is. This is due to US regulations, which make it very hard for the platform to offer perpetual futures contracts, derivatives, leveraged tokens, tokenized stocks, or volatility index trading. As a result, you won’t find any advanced trading products here, but you will be able to enjoy spot trading with 22 cryptocurrencies and 46 trading pairs. In addition, if you have over $100,000 worth of assets, you will also be able to enjoy margin trading.
Despite the limited services, this is a top-rated crypto exchange in user interfaces and simple day trading.
Trading with KuCoin
Spot trading on KuCoin is very enjoyable due to the huge number of coins listed on their exchange. With 450 cryptocurrencies to enjoy, this is more than Binance, Huobi, FTX, Coinbase, and essentially all of their rivals (aside from Gate.io). There are also around 900 trading pairs, so you can search for different pairings to help you buy and sell your coins.
Experienced traders can also enjoy leveraged trading up to 100x for incredible levels of risk on a platform with a high daily trading volume and excellent liquidity. You’ll also find derivatives in the form of futures contracts and leveraged tokens.
FTX.US vs KuCoin: KuCoin is the best crypto exchange in this comparison when it comes to trading.
Reputation and Security
FTX Reputation
Unlike KuCoin, FTX has never been hacked, giving it a gold star reputation for security. This exchange comparison has seen these two narrowly outdo each other on several points, but FTX’s popularity is constantly growing regarding reputation. This is partly due to the excellent stewardship of its founder, Sam Bankman-Fried (SBF), who also manages SushiSwap and Alameda Research. FTX is incorporated in Antigua and Barbuda, with an HQ in Hong Kong, and has a global presence. To navigate around complex trading regulations in the US, SBF and his team launched FTX.US in 2017.
For personal security, traders can be comforted using the exchange, as they have the option to whitelist IPs and addresses, and their funds are protected by a $200m insurance fund and defenses from Chainalysis.
The word on KuCoin
In September 2020, KuCoin was hacked for almost $300m worth of crypto, an utter disaster. Fortunately, they recouped 84% of the funds and returned the rest to customers, but their reputation was tarnished massively, especially with new coin projects looking for a place to list.
Fortunately, KuCoin’s reputation is on the mend, and they continue to welcome new users, especially those who want to trade without KYC restrictions.
FTX.US vs KuCoin: FTX.US has a fast-growing and positive reputation.
FTX vs KuCoin: Which of these crypto exchanges wins?
This exchange comparison wouldn’t be complete without a winner. We are choosing KuCoin because, despite the advanced trading products, diverse coin selection, KYC-free trading, and more, it is still US-friendly.
