Binance.com, the world’s fastest growing cryptocurrency exchange, stopped accepting new user registrations on January 4th. This decision was made by the Binance team after the service was either slow or down for maintenance most of the previous day. The huge amount of users that the platform had gained in such a short time caused the servers to crash under the incredible load. It’s hard to fault Binance for this though; the service grew from 2 million to 3 million users in only 8 days – an average of 125,000 new registrations each day. Binance are currently upgrading their servers to handle their newly-found popularity, but had to disable registrations in the meantime to keep the site functional.
Currently, it is unknown when the exchange will reopen registrations. Many new investors are unhappy with this policy, as Binance is known to be one of the best exchanges in terms of cryptocurrencies available, fees, and usability. So, until Binance upgrades its servers and reopens its doors, what is the next best cryptocurrency exchange to use in the meantime?
KuCoin is a relatively new, but promising, cryptocurrency exchange. KuCoin and Binance are similar in the way that no verification is required to trade or withdraw your cryptocurrencies. So if you have already bought your Bitcoin from Coinbase, you can easily start trading on KuCoin today.
Some key differences between KuCoin and Binance are the fees and the selection of coins available. The trading fee on Binance, when using BNB tokens, is 0.05%, whereas KuCoin charges a flat rate of 0.1%. Both fees are relatively small in comparison to other exchanges, but this might be something to keep in mind if you plan on making lots of trades. As well as the fees, the cryptocurrencies available on each exchange are quite different. Binance lists many popular coins that are not available on KuCoin, such as Ripple XRP, Tron TRX, Stellar XLM, and Verge XVG. On the other hand, KuCoin lists a lot of smaller coins that Binance doesn’t, and so it’s a good platform to look for up-and-coming cryptocurrencies.
While Binance closing registrations temporarily may be disappointing for all of the eager new cryptocurrency investors out there, it doesn’t mean you can’t trade! Sign up for KuCoin in the meantime and try it out, you may even find some hidden gems that aren’t available on Binance. Have fun trading, and good luck!