KuCoin Review: Detailed Guide on the KuCoin Exchange


Kucoin project

KuCoin Review: Detailed Guide on the KuCoin Exchange

KuCoin is recognised as one of the leading cryptocurrency exchange and competitors of the crypto exchange giant i.e., Binance. It officially started the business in the year 2017 with its founding team who is said to be associated with the blockchain since 2011. KuCoin’s founders are Micheal Gan and Eric Don. This exchange has gone through some remarkable changes in the past few years and came a long way to become a reliable and high-performance crypto exchange platform for clients based in several countries across the globe. Let us go through every aspect of KuCoin below;

What is KuCoin?

KuCoin is a crypto exchange platform that claims to be “The People’s Exchange” because it allows users to benefit from the exchange directly. It supports no fiat, operating as a crypto-to-crypto exchange. The platform is extensive and offers a wide range of assets satisfy crypto enthusiast’s portfolio. KuCoin has its cryptocurrency known as KuCoin Token(KCS) like Binance’s Binance Coin (BNB). Currently, KCS is valued at $7. This exchange is based in Seychelles and has recorded more than 8 million registered users.

What is KCS and What Key Benefits it can Bring to Users?

Based on the Ethereum blockchain, KuCoin Token are tokens belonging to the KuCoin exchange. This decentralised currency is available for buying directly from the exchange platform. The name suggests that it represents a share in the KuCoin’s vast crypto ecosystem. Holding KuCoin Token benefits exchange users by acting as a bonus. It can be your income from fees or decrease trading fees etc.

KuCoin Trading Fee Structure to be added and link: https://www.kucoin.com/vip/level

KuCoin recently added support for P2P fiat trading with its native ERC-20 token, KuCoin Token (KCS). This way exchange users could receive a portion of the trading revenue (as a dividend of the exchange) by holding the native currency of the platform. The existence of KuCoin Token and the following pro features are the reasons why millions of crypto traders love KuCoin.

Is KuCoin a Safe Exchange?

After the 2020’s hack incident raised a lot of questions about KuCoin exchange’s security measures, their team has accelerated efforts to protect clients’ funds. Since then, the KuCoin security team’s goal has been user privacy and asset protection through upgraded and improved mechanisms. Regularly, the security team runs many tests to check any possible vulnerabilities in the exchange’s defence. There is now a more secure option for accessing the exchange platform other than 2FA. A dynamic code such as Google Authenticator can now secure every login session in addition to 2FA for maximum security.

KuCoin users are also encouraged to follow protective measures such as the following to minimise threats:

  • Restricting login IP
  • An anti-phishing safety phrase
  • Using the 2FA or dynamic code to access

What are the Trading Services on KuCoin?

Tons of crypto assets are available to trade via KuCoin including many popular

Kucoin trading services

Altcoins but no fiat currencies. Some of the popular assets are BTC/USDT, ETH/USDT, XRP/USDT, DOGE/USDT, and DOT/USDT, etc. There is an option of isolated subaccount trading available on KuCoin. Below we have discuss each of the 7 types of trading available on KuCoin.

Spot Trading

  • This exchange is P2P spot trading compatible
  • Exchange spot trading is also allowed
  • 4 order types supported on KuCoin are:
    Market, Limit, Stop-Loss Market, and Stop-Loss Limit.

Altcoin trading

  • Altcoin trading is available both as spot and derivatives
  • The same 4 order types are supported when you trade altcoins on KuCoin.

OTC Trading

  • Those who have secured Level-2 KYC can indulge in OTC trading on KuCoin.
  • OTC trading desks lack features.
  • Minimum and maximum trade sizes vary with the user’s location.

BTC Futures Contract

  • The maximum order size is around 200 BTC
  • The minimum order size is around 0.001 BTC
  • Fees are based on volume and user’s KCS holding
  • Funding interval is kept every 8 hours
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Crypto Futures Trading

  • Other cryptos are also available for futures trading at a maximum of 1:100 leverage.
  • The most popular crypto futures is XBT/USD
  • As financial derivatives, crypto futures present risks for beginners.

Leveraged Trading

  • Popular leveraged coins are BCH3L (3x Long BCH), EOS3L (3x Long EOS), and BCH3S (3x Short BCH), etc.
  • It offers an improved return of investments for trading.
  • Leveraging is possible without paying principal.

Margin Trading

  • P2P lending and exchange-based margin trading is available
  • Support for margin lending for yield
  • 4 different order types to use and limit losses.

KuCoin Trading Bot (highlight product of KuCoin)

KuCoin Spotlight

KuCoin Staking

Pros

  • KuCoin exchange incorporates technology-driven products on its platform frequently.
  • One of the best things about this exchange is its high liquidity, efficient UI, and 24/7 customer support.
  • It has formed an expansive and helpful community of users over the years of continued service.
  • It supports spot, margin, leverage, futures, and P2P trading with the addition of staking and lending.
  • It is available for users in several countries active in crypto and blockchain activities such as UK, Europe, France, Russia, Turkey, Japan, India, etc.
  • The maximum leverage available is 1:100 with no minimum investment requirement.
  • KuCoin owns a crypto mobile trading app available for both iOS and Android devices.
  • Multiple account creation is supported on this exchange but via subaccounts only.
  • An affiliate program started in June 2019 where affiliates are rewarded like in referral programs.
  • There is a Testnet version that serves as a demo account for new users known as KuCoin Sandbox.
  • KuCoin recently launched its ETF and Trading bot v.1.0 with an upgraded matching engine.
  • Many attractive games and competitions are introduced where users can win significant prizes.

Cons

  • KuCoin has a complicated interface and absence of fiat and bank transfers.
  • KuCoin is restricted in some countries and states such as the US, …. and users in these regions are blocked to use its services due to regulation restrictions

How to register on KuCoin?

The registration process takes only a few minutes on KuCoin. If you are on a PC then you could be 10 minutes away from signing up with KuCoin and trading crypto from the comfort of your home. The following steps can help you get started with KuCoin;

kucoin registration

  1. Visit the official website of KuCoin and click on Sign up.
  2. Register for a new account with a new (preferably a separate) e-mail address.
  3. After filling in details in the registration form, a code would be sent for verification.
  4. After verifying your email address, you can choose a login password and accept Term & Conditions to proceed.
  5. Once everything is done, hit sign up and complete the registration process.

Fees, deposits, and withdrawals

KuCoin accepts crypto deposits via BTC, LTC, ETH, BCH, KCS, and many others. These deposits are free (except for the blockchain fees) and unlimited. Withdrawal options are supported via the same cryptos with an exception of fiat. The exchange limits withdrawal based on the user’s KYC level and trading volume.

In the case of fiat deposit and withdrawals, a 3rd party payment processor like Banxa and Simplex is used as a gateway. Bank wire is available for limited locations for fiat deposit currencies. Fees vary with location when you deposit fiat on KuCoin. Debit and credit cards are not supported for withdrawals. KuCoin charges competitive fees overall for trading and withdrawals that are usually 0.1% of the trade’s value.

Conclusion

Those who prefer an all crypto-based, high-quality, and regulated crypto exchange should go for KuCoin as it is a robust, industry-leading, and highly secure platform available for global crypto traders.

Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Stan Peterson
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
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Stan Peterson 207 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
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