KuCoin or Bitfinex – which is better for UK traders 2024? Compare KuCoin and Bitfinex in this detailed breakdown of their platforms, features and fees.
Kucoin is a crypto exchange that offers trading on 1000+ tokens as well as leveraged trading opportunities via futures and perpetual swaps. This exchange has a slick trading platform that supports robots, allowing traders to implement automated strategies. Other attractive features include a demo account, flexible funding methods and DeFi features like staking and mining.
Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.
Pros
Wide list of tokens with 1000+ cryptos including many low-market-cap tokens
Good range of DeFi products as well as Web3 features including an NFT marketplace
Well-known and reputable in the crypto world
Leverage available via crypto derivatives
Possibility to earn interest on crypto by staking
Good customer service
Low trading fees
Despite a steep learning curve, the Bitfinex trading platform delivers for experienced traders, featuring a comprehensive charting package with 12 timeframes, plus margin trading and various order types.
Bitfinex boasts excellent liquidity across its crypto trading pairs, reducing the likelihood of slippage and ensuring efficient order execution, particularly for large volume trades, making it reliable for frequent traders.
After bolstering its roster, Bitfinex now offers access to over 180 cryptocurrencies, from Bitcoin and Ethereum to emerging altcoins with high levels of volatility that may appeal to traders.
Bitfinex is well-suited to algo traders, facilitating automated trading through its Honey terminal and API integration, enabling traders to program trading strategies efficiently.
Cons
Like many crypto firms, Kucoin is unregulated
Crypto exchanges are often riskier than trading through a crypto broker
The proprietary platform can feel complex compared to better-known terminals
Limited educational resources
Fiat withdrawals are not possible
Despite enhancing its security measures with two-factor authentication, Bitfinex still hasn’t escaped its dogged history of major security breaches and regulatory fines.
Like many crypto exchanges, Bitfinex operates in a regulatory grey area, which may pose risks for traders, especially compared to trusted crypto trading platforms like eToro.
Although Bitfinex has removed its $10,000 minimum deposit, making it more accessible to newer traders, the fee system remains complicated, with various factors such as trading volume and token holdings influencing fees, potentially leading to confusion.
Testing reveals inadequate support, especially for active traders, with response times of 12 hours via email and a frustrating user experience with no live chat integrated into the trading platform.
For occasional crypto traders and investors prioritizing simplicity, platforms like eToro, Gemini, or Kraken are superior options.
Bitfinex provides a mobile application that mirrors the full functionality of its web platform, facilitating seamless crypto trading on the move. The app also includes a Lite Mode for a simplified trading experience, presenting a more user-friendly interface for trading, staking, and lending cryptos, requiring just a few taps. The app is downloadable from both Apple’s App Store and Google’s Play Store, though app store ratings demonstrate a superior user experience on iOS devices.
iOS App Rating
4
Android App Rating
3.5
Margin Trading
Yes
Yes
MetaTrader 4
No
No
MetaTrader 5
No
No
cTrader
No
No
AlgoTrader
No
No
OmniTrader
No
No
TradingView
No
No
Autochartist
No
No
eSignal
No
No
Trading Central
No
No
STP Account
No
No
ECN Account
No
No
DMA Account
No
No
MAM Account
No
No
PAMM Account
No
No
LAMM Account
No
No
Demat Account
No
No
AI / Machine Learning
No
No
Robo Advisor
No
No
Negative Balance Protection
Yes
No
Market Maker
Yes
No
P2P Trading
Yes
Yes
Spot Trading
Yes
Yes
Auto Trading
Yes
Yes
Copy Trading
Yes
No
Copy Trading Platform
Kucoin offers copy trading via automated bots with low fees and instant deposits. The service will appeal to beginners new to crypto trading. Users can choose a suitable trader in the marketplace and select 'copy' to start mirroring positions.
Social Trading
Yes
No
Trade Signals
Yes
VPS Hosting
No
No
Tournaments
Yes
No
Demo Competitions
No
No
Ethical Investing
No
No
Custodial Account
No
No
Guaranteed Stop Loss
No
No
Inactivity Fee
$5
Islamic Account
No
No
Account Currencies
USD
EUR
GBP
BRL
USD
EUR
GBP
JPY
TRY
Cryptocurrency
With well over 1000 crypto assets available, Kucoin offers a great degree of flexibility. It is excellent to see an extensive range of tokens, as this allows traders to search for lesser-known tokens with a high upside. The crypto futures and perpetual swaps are also good additions to the roster, tradeable with 1:10 leverage.
Bitfinex provides access to an exceptional variety of crypto assets, encompassing over 180 tokens. In addition to spot trading, the platform supports perpetual swaps trading, enabling traders to engage in margin trading on crypto assets with leverage up to 1:10. With digital tokens frequently listed and delisted, Bitfinex provides diverse opportunities to participate in the dynamic cryptocurrency market.
