Review of Binance, KuCoin, and COSS.IO

in #cryptocurrency7 years ago (edited)

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I've been trying out new exchanges over the past couple of months so here are some of my thoughts about them. Please note they're currently centralised exchanges, each controlled by one company just like Poloniex, Bittrex, and many others. So it's recommended that you only park small sums of funds in these exchanges. Don't count my word on it, but they might transform these exchanges into decentralised ones in the future, so that's something to take note of.

There are a number of decentralised exchanges already like Bitshares. They're safe, but suffering from the lack of trading volume and liquidity for the most part. That's for another post. The reason why I'm sharing this is because I think their centralization to decentralization (again, big maybe) is the smarter move for transitioning everyday users and network activities into adopting the technology.

The special thing about Binance, KuCoin, and COSS.IO is that they've their own cryptocurrency as well. Let's check them out! It's also a good time for me to share my referral links for these exchanges since I've never got any referrals before my whole life!

1. Binance - Exchange The World

Possibly the fastest growing exchange in the industry. At first, I didn't really like the user interface but I've gained an appreciation of the exchange over time as I start to understand their approach to building out the world's best cryptocurrency exchange.

So far, the user experience has been second-to-none. Quick and responsive user-actions and exchange-feedback makes all the difference. Just about every button you click on the exchange operates at lightning speed from inserting and cancelling orders, to trade-pair switching and fund withdrawals. They've a high-performance engine in place that's capable of processing more than 1 million transactions per second.

The exchange is also very pro-active in running trading competitions and giving out Lambos to the top traders, essentially doing all they can to attract capital and activity on their platform. Now they're one of the leading exchanges in record time with the highest trading volumes. Expecting to see them grow really huge in the future. Hopefully they'll remain secure enough until their decentralisation phase.

They also have the lowest trading fees in the game at 0.1%. The Binance tokens (BNB) can used to reduce and pay for trading fees by 50% in the first year, with discounts halving each year until 0% discount at the 5th year of operation. There are other use-cases for the BNB on the Binance platform and that includes crowdsale participation, access to advanced features, and staking (perhaps in the future when they plan to decentralise).

Here's my referral link for Binance: https://www.binance.com/?ref=11593586

2. KuCoin - The People's Exchange

First noticed this exchange when people are spamming all about it in Telegram channels a few months ago. They seem to have the same modus operandi as Binance although the exchange doesn't have the same high-performance engine. The UI is better one eyes with smooth edges and all, but at the cost of browser rendering speed.

Regardless, it's still a great and growing exchange. They've even added Raiblocks recently with a whole load of other coins, running trading competitions and all just like Binance. Their trading fee is also at a competitive rate of 0.1% with referral modifiers.

As for KuCoin Shares (KCS), it's a departure from Binance's BNB token away from savings. KCS is all about profit sharing (at 50%, with a decaying rate every year) from trading fees in the network. Just get KCS on the exchange and leave them in your wallet. You'll accumulate fractions of all sufficiently-traded cryptocurrencies on the platform every 24-hours, every single day. This is awesome because it's a great diversification tool.

Here's my referral link for KuCoin: https://www.kucoin.com/#/?r=1vy16

3. COSS.IO - Crypto-One-Stop-Solution

This is a far more complex project with many moving parts other than a simple exchange. However, COSS.IO has so far been operating one of the worst exchanges I've ever used. It's slow and terribly designed at its current state. I hope they have good plans to focus on getting a great exchange up and running first before everything else they wish to achieve.

The only redeeming factor at the moment is its relatively cheap COSS token and a great potential if the developers learn from the teams in Binance and KuCoin. The COSS token is also similar to KuCoin's as it shares 50% of the trading fees (and to my understand, the ratio will be maintained at 50% throughout the project's lifetime, unlike KuCoin's decaying profit-sharing ratio).

Trading fees being at 0.2% is also not as competitive as the rates in Binance and KuCoin, but not a bad deal for a profit-sharing exchange. As for the COSS token payout from profit-sharing, the process is a little more complicated than KuCoin's and you don't actually get to own a diverse range of traded coins. On COSS, you'd have to convert them to Ethers. It's a weird design choice, in my opinion. It's also based on weekly payout that unfortunately has a more cumbersome process than KuCoin's.

Regardless, the price of the COSS token under $50m being 10-30 times lower than BNB and KuCoin is reflective of its current state. Until their exchange is able to handle trading volumes of more than $1-2 million, I'm not expecting any growth in this coin. High risk, high potential I guess. So far I have feeling they're not moving fast enough. Now that I'm stuck with some COSS tokens, I really do hope they continue to improve and make strides in their roadmap.

Here's my referral link for COSS.IO: https://sso.coss.io/api/invite/PN91PSNK71Z

Conclusion

Performance and satisfaction by rank:-

  • Binance (Exchange 5/5; BNB token 5/5). High-growth potential but makes it likely to be targeted for exploits.
  • KuCoin (Exchange 4.5/5; KCS token 5/5). High-growth potential but makes it likely to be targeted for exploits.
  • COSS.IO (Exchange 2/5; COSS token 3/5). Low token price compared to BNB and KCS. Could grow upon improvement.

At time of writing, it seems all 3 projects have plans for transitioning into decentralized exchanges, so again, might be worth noting this information. I hope Steem gets listed on these exchanges at one point, especially Binance.

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Binance is my favorite, I rarely go to Britrex anymore or any other exchanges unless Binance just doesn't offer a specific pair. I have been meaning to sign up for Kucoin since they have a lot of new coins that aren't on Binance, I'll use your referral link.

Thanks, much appreciated! You might be the 1st person to give me ref bonus. Never used any of these things before lol (other than genesis mining a long time ago).

And yup, Bittrex has been slowing down. Still a pretty impressive exchange though but plenty of the coins are not as desirable as the ones found on Binance, imo.

Hey Kevinwong how are you doing? I hope your friend @terrybrock is doing great.

That's what I think, I have used other exchanges but always end up disapointed when I compare to Binance lol.

You should definitely sign up. I invested little and am already getting some coins on Kucoin.

I signed up, only bought 3 Kucoin shares though, I think I need more for the profit shares as I haven't seen any yet. It's been more than 5 days since I signed up, think something is going on their end that's just not working correctly, Since none of my coins show up in the Bonus section, but they do in the asset wallets.

Binance is best no doubt.. i never tried kucoin .... i will try this also..thanks @kevinwong ... i need advice about copytrack which is under pre ICO ...what is your views about that ...please tell me if you have some time..thankyou

Is copytrack still under presale? I thought it's over. I think it'll be pretty good, although personally I don't believe much in copyrights and intellectual property.

binance has an awesome mobile app

coss... I dumped all my coss after they announced FORCED KYC for everyone. that's a no-go in crypto in my opinion.

i can withdrawal and didnt do KYC

Oh yeah that's a bummer. I got some COSS stuck in there.. well unless there's a lot of $$$ i won't bother with the KYC til then..

I can't find Binance app for iOS!

COSS is Still runner up. Don’t be fooled by the beta stage at this moment and the site barely holding up now due to all the attention and people trying to get in. This project still has to make the first big jump that KuCoin and Binance already made.

No doubt, if they focus on making their exchange performance better and come up with a roadmap to scale the operations. I've some COSS as well, so here's to hoping it improves :)

I've been using Binance for the last couple of months and I would say that I have no problems with the services other than the frequent suspension of coins during periods of "high congestion." I hope they beef up security measures and decentralize the exchange.

Oh do they frequently suspend? I don't trade so it's not something I noticed. Just buy and exit the exchange lol. Definitely would be nice to have a safe place to trade without worries.

well, I don't actually trade that often. I'm looking to build up a portfolio of coins and my coins are currently on the exchange. Getting a hard wallet to transfer all the tokens into cold storage. Better to be safe than sorry especially with incidents like Mt Gox.

Some helpful info here, thanks. In our local exchanges, they mostly only support Bitcoin and Ethereum. I have a few mates who are working via Binance and Kraken to buy alt coins.

I'll click on your Binance referral link when signing up as I need a Binance account in any event.

Thanks! Yeap most local exchanges usually only deal with the top coins, so far BTC and ETH.

Binance is just a charm, super fast and reliable. Since switching from bittrex and poloniex, I've never looked back! Also, 2 weeks ago they've added Stop Loss feature. Brilliant!

They're doing a lot of things right. Let's hope they've got good security measures in place as they're trading around $10 billion in volume now.

Agreed on Binance. And they have drawings, featured coins and more. Their Challenge/response for logging in is much better than a Captcha to boot.

Where is the Stop Loss feature on Binance mobile app? Can't see it.

Actually I use the desktop version so not sure. But on the market when you place order it has tabs like "market order" and "limit order" so you can switch there. You have to make an order with condition, but I assume you are familiar with that.

Found it on desktop. Thanks

I also considered to choose between Bittrex and Binance. I finally choose Binance as it was much easier to start. Based on the fact that Bittrex has reached enormous traction the last months/weeks new users don't seem to be that welcome anymore.

The only negativ aspect of Binance: The interface is not very intuitive - so a lot of space for improvement

Positive aspect: Lot of altcoins are available, ICO LaunchHub for new coins gives the possibility to be an early bird sponsor on a quite convenient way

Bittrex is extremely slow now. Painful to use..

time to switch :)

Couldent even sell tron @ binance when it peaked last time dropped 30% b4 i could even type in the amount :) unusable! KuCoin is supreme :)

Great read! I use Binance, though I find it frustrating that most of the very low value shitcoins are not there, and in order to invest in those I have to resort to sketchy places like livecoin :D

Lol cryptopia is pretty good for mini cap shitcoins as well :)

I was actually looking for an undervalued coin to invest in and Coss might be it. ( I'm not going big on it just a small amount).
Again, awesome comparison, these kinds of post are incredibly useful.
I've being waiting for several months in order to get in during a major dip but so far I've missed them. Do you think I should wait some more ( Kucoin looks very nice at the moment) ? just lookin for ideas, I know it is not investment advice etc....

BNB and KCS coins are pretty damn insanely priced now. Well I'll say wait. Not sure if the BTC madness will be back again or not. Historically, it most likely will.. Ethos is a pretty good alternative too, and probably will end up better than both of these. It's pretty expensive now though, even without any product to show. COSS is the cheaper shitcoin xD.. although it looks like it's beginning to brekaout now.

Thanks man, I appreciate the advice. There are so many coins it's hard to pick a undervalued one. I'm going to try Cross out, see what happens, shitcoin or not , we shall see:)