Last Updated on February 15, 2024 by Ben
KuCoin Review
Kucoin is a cryptocurrency exchange that has been gaining popularity in recent years. Kucoin aims to provide traders and investors with “a robust set of professional trading tools” while maintaining an easy-to-use interface for beginners. Its primary goal is to satisfy users who aren’t interested in complicated interfaces or learning how to use advanced trading features – it wants you to focus on making money.
What is KuCoin?
KuCoin is a famous name in the crypto field as it managed to establish itself among top cryptocurrency exchanges for all sorts of operations. Launched in August 2017, this one-stop-shop has over 200 cryptocurrencies and more than 400 markets with an unsurpassed level of colorfulness online.
This is an impressive platform for anyone looking to explore a variety of crypto trading options because it provides extensive integrated technical features.
It also supports different languages, currency codes, and displays charts in the interface, and even has beginner settings for users who want to learn more about how the platform works.
KuCoin History and Background
KuCoin has been operating for a relatively short time, but it was founded by an experienced team of blockchain enthusiasts. In 2013 they created the technical architecture that would eventually be found Kucoin in mid-2017. It took years to polish and perfect their product into what is today’s seamless experience.
Funds for their development were raised through an Initial Coin Offering (ICO), which lasted from August 13, 2017, to September 1, 2017. When the company was first created, they issued their own tokens. People can use their shares to get special offers, trading discounts, and a part of the exchange’s profits.
The company’s crowd sale was a huge success. They raised 20 million dollars in bitcoin for 100 million KCS. The ICO price for a single KSC was 0.000055 bitcoins.
Today it is headquartered in Seychelles. At last count, they have more than 300 employees.
The platform has undergone some significant upgrades since the beginning of 2019. In February, they revamped their interface and added new features such as advanced order types, a more user-friendly API system to connect with other platforms on the market. They have made some big moves in June, including launching KuMEX and now rebranding to Kuxa Futures. Later in the year, they introduced their margin trading with up to 10x leverage!
This is a cryptocurrency exchange that has grown its ecosystem in 2020 with more announcements such as Pool-X liquidity trading market and one-stop solution KuCloud. In February, they also initiate its instant exchange service.
Besides, it has added a new way to buy cryptocurrency. This way is with a bank card. The company announced on June 24, 2020, that its P2P crypto marketplace supports sales and purchases with PayPal. Other ways to pay are more convenient for people who do not have cryptocurrency.
This is a leading cryptocurrency exchange. As of today, it provides services in most countries around the world, including Turkey, India, and Japan, among many others.
This trading website is translated into 17 different languages, including English, Russian, South Korean, Dutch, Portuguese, Chinese, and Vietnamese.
How KuCoin Works?
KuCoin is a place where you can buy, sell, and store many different kinds of cryptocurrencies. You can do this on their website or with their mobile app. If you invest in one of their tokens (KCS), then you will get discounts and rewards for using the site.
Your account verification process is optional, which means people can trade crypto with just an email address. However, suppose you want to use advanced features like 2-factor authentication or limit your daily withdrawal amount. In that case, you’ll need to verify it by providing a government-issued ID and proof of residency in the U.S., something Americans may not be able to do because of the strict cryptocurrency regulations that were set out last year.
The exchange offers you two options. You can either keep your crypto assets directly on the their platform or connect a third-party wallet and trade from there. This permits people to keep control of their cryptocurrency without going through the trouble of transferring it between wallets every time they want to make trades.
KuCoin Features
KuCoin is a cryptocurrency exchange that has grown in popularity. It now serves one out of every four people who hold cryptocurrency worldwide.
It has developed an impressive suite of crypto services, including the fiat onramp, passive income services such as staking and lending, futures and margin trading exchange, IEO launchpad for crypto crowdfunding, peer-to-peer (P2P) marketplace, non-custodial trading, and much more.
It has other good features. These include:
- Buy and sell over 200 cryptos with low fees worldwide. They provide a wide variety of cryptocurrencies and charge only 0.1% per trade, which is one of the lowest in the industry! Even for futures trading, it doesn’t charge any extra fees making this possible within your budget.
- Buy crypto with top fiat currencies, including USD, EUR, GBP, CNY, AUD, CAD, and many more. KuCoin has an easy way to buy cryptocurrencies with fiat. You can either trade using their P2P system, get a credit card or debit card through Simplex, Banxa, or PayMIR and use it for Bitcoin purchases via the Fast Buy service.
- Excellent customer support service that you can call 24/7 via its email, website, ticketing system, and other means.
- Bank-level asset security. It has taken many precautions to ensure the safety of its data. They use a multi-level encryption system and have an internal risk control department that oversees day-to-day operations according to strict security standards.
- Futures and Margin Trading. Short or long, your chosen crypto with up to 100x leverage.
- Earn cryptocurrency. Explore their variety of crypto products, including crypto lending, staking, soft staking, and how to earn bonuses with KCS.
- Intuitive and beginner-friendly platform. The design of this trading platform is excellent and easy to use.
- Non-custodial trading. In case you want to trade with your own private wallet, KuCoin can help. They allow you to trade without a custodian who is facilitated by Arwen.
Fees
You can put off paying fees on KuCoin by trading more or exchanging at least 1,000 KCS. The maker/taker fee starts at 0.1% and gets lower the higher you level up. You’ll even get a reduction in your fees if you opt to use KCS as payment for your services instead of other forms of currency like USD or EUR.
When you buy and sell bitcoin, the exchange may charge a fee. The highest fee is 0.1%. But the exchanges also charge withdrawal fees and deposit fees, which could be higher.
With KuCoin, you can deposit for free if you’re depositing crypto. However, to make a fiat (traditional) money deposit, your account will need to be verified, which costs money. You’ll also want to pay attention to the service type of payment as it determines how much is deposited into your account.
To convert U.S. dollars into USDT, the fees can be anywhere between 1% and 3%. When we converted 500 USD to USDT using Google Pay at the time of this writing, our fee was around $15 per transaction.
Withdrawal fees are different for every cryptocurrency.
Getting Started with the KuCoin
Signing up and getting started is a simple process. In contrast to Western exchanges, they do not operate by strict federal regulations. The main difference between KuCoin and other places is that you don’t have to spend much time getting started. You won’t have any sensitive information given to the wrong people, either.
How to open a KuCoin account (step-by-step)
- Step 1: Go to KuCoin.com in order to access the registration page, then navigate over to the top right-hand corner, where you will find a link that says “Sign Up.”
- Step 2: After registering, you will have the choice to sign up by email or mobile device. If you want to register with your email, choose “Email” and put in your email address and a new password that you have never used before. You will not need to give any personal information when you register.
- Step 3: When prompted, indicate your acceptance of the site terms of service and click “Sign Up.”
- Step 4: In order to activate your account, Kucoin will send you an email or text message with a link that you need to click in order for the activation process to be complete.
Pros and Cons
Pros
- Offers a wide range of crypto.
- No verification is required.
- An early adopter of promising new coins.
- Additional features and benefits offered by KCS.
Cons
- Sometimes KuCoin’s website will have some problems during high traffic.
- It’s based in Seychelles, meaning it may not comply with local regulations for investors depending on where they live.
Alternatives
Coinbase
Star Rating
Coinbase is an American company that was started in 2012. It is the largest cryptocurrency trading platform in the U.S., but it is also among the top crypto exchanges in the world by liquidity, traffic, and trading volume, according to CoinMarketCap.com.
Apart from crypto brokerage, Coinbase has also been developing custodial services for institutions to store cryptocurrencies in a safe and sound manner. It offers its own stable coin, USD Coin (USDC), that is tied directly to the U.S dollar as an alternative way of storing one’s assets. Coinbase became the first U.S. crypto trading company to be listed on a U.S. exchange in April, and its value was around $86 billion at the time.
If you want to use a website to trade with other people, you can either use Coinbase or Coinbase Pro. This is a better website because it includes the ability to make different kinds of trades and many more options. You can also get a free digital wallet for both the iOS and Android platforms from this website.
Binance
Star Rating
Introduced in September 2019, Binance.US is now among the ten largest cryptocurrency exchanges by trading volume, according to CoinMarketCap – a market research website that tracks and monitors crypto exchanges across the globe.
The U.S.-based Binance exchange features a whopping 50-plus virtual currency and is second to none when it comes to its selection of crypto-to-crypto trading pairs, offering more than other popular exchanges in the country. The 0.1% fees are also lower than what’s charged by many competitors.
The founder of Binance, Changpeng Zhao, has extensive experience with high-speed trading. He developed the software system for matching orders in China before starting his own company to match trades on a global scale.
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Voyager
Star Rating
Voyager is a leading crypto trading and investing provider, giving you access to over 50 tokens and coins. Buy, sell or swap assets using Voyager’s simple mobile platform available as a free download for iOS and Android users.
When you invest through Voyager, not only will your crypto investments be protected from commissions, but they can also earn interest. In addition to these features, their customer service is unmatched and always ready to help with any issues that may arise.
Though the broker could do more to help its customer service, it is a good option for both beginner and seasoned investors.
Conclusion
KuCoin believes that in the future, everyone will be interested in cryptocurrency. It’s a bold prediction and one we’re excited to think about as it rings true with how technology is changing our world every day. Cryptocurrency has already begun disrupting traditional banking systems by offering an alternative way for people to store money.