Kucoin vs Crypto.com: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

Both exchanges prioritize the security and safety of their users' funds. Crypto.com stores 100% of customer funds in cold storage, ensuring a high level of security. KuCoin also employs multiple security measures, including dynamic multifactor authentication. Both exchanges have measures such as two-factor authentication and withdrawal confirmations to protect user accounts.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

KuCoin has been banned from operating in Ontario, Canada. The Ontario Securities Commission (OSC) imposed a fine of $2,000,000 on KuCoin, along with investigation costs, for operating in the province without complying with the OSC's regulations.

Crypto.com has demonstrated its commitment to regulatory compliance in Canada by signing a pre-registration undertaking with the Ontario Securities Commission (OSC). This milestone achievement establishes Crypto.com as the first global crypto exchange to adhere to the OSC's regulations, providing residents in Ontario and other Canadian provinces with a trusted platform to utilize Crypto.com's services with confidence.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

While both exchanges have some drawbacks in terms of customer support, Crypto.com has received mixed reviews on platforms like Trustpilot, with some customers expressing dissatisfaction with withdrawals and customer service. On the other hand, KuCoin's customer support reputation was not specifically mentioned in the provided information.

Conclusion

Both KuCoin and Crypto.com offer a range of services and features for cryptocurrency enthusiasts. However, considering the provided information, KuCoin stands out as the winner due to its wider range of available cryptocurrencies and advanced trading features. It is important to note that Crypto.com has its own strengths, such as its robust security measures and unique features like staking and crypto Visa cards. Ultimately, the choice between the two exchanges depends on individual preferences and specific needs.

When comparing Kucoin to Crypto.com, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.

We recommend choosing Kucoin over Crypto.com for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin nor Crypto.com meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.