Kucoin Review

Read this full review to find out how to use Kucoin, what are the Kucoin fees, how to register with Kucoin, how to make a deposit in Kucoin, how to trade Kucoin, and much more.

Main location: Seychelles

Company: Mek Global Limited

Web address: Kucoin.com

Daily volume: $694,010,422 USD

Exchange: Centralized

Transfer types: Crypto Transfer, Debit Card, Credit Card

What is Kucoin?

KuCoin is a cryptocurrency exchange that allows you to buy, sell and trade lots of different cryptocurrencies. Launched in August 2017, the exchange has over 200 cryptocurrencies, more than 400 markets, and has grown into one of the most colorful crypto hubs online. It offers bank-level security, slick interface, beginner-friendly UX, and a wide range of crypto services: margin and futures trading, a built-in P2P exchange, ability to buy crypto using a credit or debit card, instant-exchange services, ability to earn crypto by lending or staking via its Pool-X, opportunity to participate in fresh initial exchange offerings (IEOs) via KuCoin Spotlight, some of the lowest fees in the market, and much more!.

Additional Kucoin data

Although the exchange started operating in mid-2017, its founding team has been experimenting with blockchain technology since 2011. The platforms technical architecture was created in 2013, yet it took years of polishing to make it a seamless experience KuCoin is today.

Funds for KuCoin development were raised via an ICO, which lasted from August 13, 2017, to September 1, 2017. During that time, KuCoin issued its native KuCoin Shares (KCS) tokens, which are used to receive special offers, trading discounts, and a part of exchange profits. The crowdsale was a success, as KuCoin raised nearly USD 20,000,000 in BTC (at the time) for 100,000,000 KCS. The ICO price for a single KCS was 0.000055 BTC.

Today, the company's headquarters are in Seychelles. The company is said to employ over 300 employees worldwide.

KuCoin continues to grow its ecosystem in 2020. Amongst more important announcements was the launch of its Pool-X Liquidity Trading Market, as well as a one-stop exchange solution KuCloud. In February, the exchange also launched its instant exchange service. Besides, KuCoin has substantially increased the number of supported fiat currencies for crypto purchases via its “Buy Crypto” with a bank card option. On June 24, 2020, KuCoin announced that its P2P crypto marketplace supports sales and purchases via PayPal, as well as more convenient fiat payment methods.

Kucoin main features

Bank-level asset security. KuCoin uses many security measures, including micro-withdrawal wallets, industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments which oversee day-to-day data operations according to strict security standards.

Buy and sell 200 cryptocurrencies with low fees worldwide. As one of the top cryptocurrency exchanges, KuCoin supports a wide variety of crypto assets. In addition to the bonuses and discounts, it charges a 0.1% fee per trade and even small fees for futures trading.

Buy crypto with top fiat currencies, including USD, EUR, CNY, GBP, CAD, AUD, and many more. KuCoin lets you buy cryptocurrencies with fiat using its P2P fiat trade, credit or debit card via Simplex, Banxa, or PayMIR, or its Fast Buy service, which facilitates IDR, VND, and CNY purchases of Bitcoin (BTC) or Tether (USDT).

Intuitive and beginner-friendly platform. Excellent design and the robust trading platform make trading easy and enjoyable for everyone.

Non-custodial trading. In case you’re interested in ramping up your crypto security, KuCoin supports an ability for non-custodial trading directly from your private wallet, which is facilitated by Arwen.

Excellent customer support service that can be contacted 24/7 via its website, email, ticketing system, and other channels.

Kucoin main products

KuCoin Futures trading. It allows users to trade Bitcoin (BTC) and Tether (USDT) margined contracts with up to 100x leverage. It means that you can trade up to USD 10,000 worth of contracts with just USD 100 in your account.

Margin trading with up to 10x leverage. Another cool feature of KuCoin is their margin trading, which currently allows you to long or short 36 USDT, BTC, and ETH denominated market pairs with up to 10x leverage. The pairs include top cryptocurrencies like Bitcoin, Ethereum, Litecoin, XRP, EOS, ATOM, Dash, Tron, Tezos, Cardano, and others.

P2P fiat trade. KuCoin P2P marketplace is another convenient service provided by KuCoin. Here, you can buy and sell cryptocurrencies like USDT, BTC, ETH, PAX, and CADH directly to and from other merchants. The P2P marketplace supports various payment methods, including PayPal, Wire transfers, Interact, and other popular payment methods using most popular fiat currencies like USD, CNY, IDR, VND, and CAD.

Fast buy feature. KuCoin Fast Buy feature allows traders to buy and sell BTC, USDT, and other cryptocurrencies using IDR, VND, and CNY fiat currencies. It’s great for quick and low fee crypto purchases using payment methods like WeChat, Alipay, bank cards, and other fiat payment methods.

KuCoin Lend. Earn interest on your digital assets by lending them out for the funding of margin accounts. The loans last for either 7, 14, or 28 days, and you can earn up to 12% annualized interest rate from your holdings. At the moment, the lending service accepts USDT, BTC, ETH, EOS, LTC, XRP, ADA, ATOM, TRX, BCH, BSV, ETC, XTZ, DASH, ZEC, and XLM cryptocurrencies.

Pool-X. Pool-X is a next-generation proof-of-stake (PoS) mining pool - an exchange designed to deliver liquidity services for staked tokens. It lets you earn high yield for PoS cryptocurrencies like EOS, TOMO, ZIL, ATOM, KCS, XTZ, ZRX, IOST, TRX, and many others.

Soft staking. As a part of Pool-X, soft staking lets you earn rewards for holding coins and tokens. You can get up to15% annual yield, with extremely low minimum deposits.

KuCoin Spotlight IEO platform. Here, you can invest in new hot crypto projects vetted and supported by KuCoin. The launchpad has already funded 7 IEOs, namely, Tokoin, Lukso, Coti, Chromia, MultiVAC, Bitbns, and Trias.

Non-custodial trading with Arwen. KuCoin also lets its users trade on the exchange in a non-custodial manner, which is excellent for security-minded traders. To use this feature, you need to download and install the Arwen client, which is available for Windows, macOS, and Linux-powered devices.

KuCoin Security

As of July 2020, there haven’t been any reported KuCoin hacking incidents. The exchange brings about a compelling mix of security precautions on both system and operational levels. System-wise, the exchange was constructed according to finance industry standards, which grant it bank-level data encryption and security. On the operational level, the exchange employs specialized risk control departments that enforce strict rules for data usage.

In April 2020, the exchange announced a strategic cooperation with Onchain Custodian, a Singapore-based crypto custody service provider, which is taking care of KuCoin’s crypto assets. Besides, the funds in custody are backed by Lockton, which is one of the largest private insurance brokers.

On a user side of things, you can maximize your KuCoin account security by setting up: Two-factor authentication, Security questions, Anti-phishing safety phrase, Login safety phrase, Trading password, Phone verification, Email notifications, Restrict login IP (recommended when keeping at least 0.1 BTC).

What Are KuCoin Shares (KCS)

KuCoin Shares (KCS) are Ethereum ERC-20 tokens that can be used exclusively on the KuCoin exchange. In total, 200,000,000 KCS were issued via a crowdsale, of which nearly 90,000,000 are in circulation. Every quarter, KuCoin uses 10% of its profits to buy-back and burn KCS tokens until there are only 100,000,000 of them left. KCS holders get the following benefits:

- Receive daily cryptocurrency dividends which amount to 50% of the collected trading fees.

- Get a trading fee discount.

- Can trade in additional trading pairs, including BTC, ETH, LTC, USDT, XRP, NEO, EOS, CS, GO.

- Customer support fast-pass.

- Receive exclusive KCS holder perks and offers.

How Do KuCoin Shares (KCS) Work?. Most importantly, KuCoin users earn part of the daily exchange profits by staking KCS. These payments directly reflect the success of the exchange in terms of transaction and trade volume. The more trading fees the platform collects, the larger is the daily rewards pool. The amount of paid dividends is proportional to the KCS one holds. Another perk of KCS tokens is the ability to get a trading fees discount. You have to get at least 1000 KCS for a 1% discount, while the maximum discount is 30% for 30,000 KCS. The system takes a snapshot of users KCS holdings every day at 00:00 (UTC +8) to calculate the applicable discount rate.

How To Get KuCoin Shares (KCS). KuCoin Shares (KCS) can be acquired only in the KuCoin exchange. The simplest way is to purchase them via the order book.

KuCoin Fees

KuCoin offers some of the lowest fees among altcoin exchanges. Its fee structure is relatively straightforward and easy to understand.

First and foremost is KuCoin spot trading fees. Here, every deal is subject to the fixed 0.1% fee. The costs tend to decrease based on your 30-day trading volume or KuCoin Shares (KCS) holdings, which entitle you to the additional trading fee discount. Besides, you case use KCS tokens to cover some of your trading fees with KCS Pay.

The KuCoin Futures trading fees also come with floating 30-day trading volume or KuCoin Shares holdings based tier discount system.

How to use Kucoin?

Next we show you how to use the Kucoin exchange, how to register, how to deposit your cryptocurrencies, how to make withdrawals from your earnings and more.

How to register in Kucoin?

- To register a new account with KuCoin, you will first need to visit their official homepage. After that, click on “Sign Up”, which is at the top right-hand side of the screen.

- Then you can choose to register with a cell phone number or email (it is advisable to do it with email to avoid future problems).

- Then you must put your email and click on “Send Code”, a code will be sent to you so you can register. We will also have to put our secure password and accept the terms and conditions.

- Finally, to get your account open, you need to confirm your email address by clicking on the link that KuCoin sends to you.

And that’s it, you now have an account at KuCoin!. At this point, you can deposit some coins and start trading straight away.

How to Deposit Funds at Kucoin

Kucoin gives you the possibility to deposit cryptocurrencies in various ways, whether purchased with a debit or credit card, sending cryptocurrencies from an external wallet, or doing P2P trading. Next we will make a tutorial with each of the options.

Pay with Credit/Debit card :

- Kucoin allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. To do this navigate to the “Buy Crypto” tab and select “Credit/Debit Card”.

- You will then be required to enter the purchase amount of the desired cryptocurrency and whether you will be paying with the US dollar, euro or any other accepted fiat currency. You must also choose the payment method such as visa or martercard, Sepa or others that appears to him as a method in his country.

- You must accept the terms and conditions and click “Confirm”.

- Then it directs you to the provider's platform to place your email and cell phone to maintain contact, you must click “Confirm” to buy.

- Then you must enter your credit or debit card data and billing data so that the purchase of your cryptocurrencies can be made effective. Finally you must click on “Confirm”.

- Once all of the required steps have been completed, the newly purchased cryptocurrency should reach your Kucoin wallet within 10-40 minutes, depending on the blockchain network.

Deposit with a cryptocurrency :

You can also make a deposit of cryptocurrencies by sending funds from a external cryptocurrency wallet into your Kucoin account.

- In order to do this, go to your dashboard and click on the option “Deposit”.

- To make the deposit, you must first select which cryptocurrency you want to deposit and in which account you want to deposit it (recommended to choose Main Account), then you must accept the terms and conditions and click “Continue”.

- Next you will see your unique deposit address, which you must copy. The easiest way to do this is to click on the automatic copy icon to the right of the deposit address.

- Now you need to go to your external cryptocurrency wallet and transfer the number of Bitcoins you want to send to your Kucoin account. It is very important that you send the coins to the correct Kucoin deposit address. Make sure you double-check the address after copy and pasting it.

- Once that’s complete, wait for the transaction to process and you’ll be ready for trading.

How to Placing a trade in Kucoin

Kucoin offers us an intuitive interface to do our operations, and it is very easy to use for new users in the crypto world as well as for more experienced users.

- First we go to the top bar and select the “Trade” option and click on “Spot”

- When entering the trade panel, we go to the section of other cryptocurrencies and we will look for the currency that we deposit to make the trade, we will also look for the pairs that interest us to make the change. For example, if we want to exchange Bitcoin, we will look for pairs by their codes such as BTC/USDC, BTC/DAI, etc.

- After you have chosen the pairs you want to trade, you will click on them and it will direct you to the trading screen of the chosen pairs.

- Below is a chart showing the market information for the pairs you chose, along with the entire order book and trading market. But we will focus on the buying and selling section found in the lower right corner of the panel.

- To create a buy or sell order in Kucoin we can do it in 4 different ways; such as Limit order, Market order, Stop-Limit order and Stop-Market order.

For this example we will choose the BTC/DAI pairs.

Sale example.

- Limit Order : We go to the Limit order tab and set the price (in DAI) at which we want to sell the BTC and the amount we want to sell, then we will click on “Sell BTC”.

After that, your limit order will be placed on the Order book.

You can scroll left to view and manage your open orders. The limit order will only execute if the market price reaches your limit price. If the market price doesn’t reach the price you set, the limit order will remain open.

Purchase example.

- Market Order : We go to the Market order tab and in this case we only establish the amount of DAI that we want to spend to buy BTC and press the "Buy BTC" button.

After that, you will see a confirmation message on the screen, and your market order will be executed.

Since market orders are executed right away, your market buy order will match the cheapest limit sell order available on the order book.

Sale example.

- Stop-Limit Order: We go to the Stop-Limit order tab and we will establish the stop price and the Limit price (in DAI) together with the amount of BTC that we want to sell, finally we will click on “Sell BTC”.

When you click “Sell BTC”, a confirmation window will appear. Make sure everything is correct and press Place Order to confirm.

After placing your stop-limit order, you will see a confirmation message.

You can scroll left to view and manage your open orders.

Note that the stop-limit order will only be placed if and when the stop price is reached, and the limit order will only be filled if the market price reaches your limit price. If your limit-order is triggered (by the stop price), but the market price doesn’t reach the price you set, the limit order will remain open. This means that the stop-limit order will become a limit order to buy or sell at the limit price (or better).

How to make a withdrawal in Kucoin

After having learned how to trade Kucoin, now we will show you how to withdraw our profits from Kucoin easily.

- To make a withdrawal, go to your dashboard and click on the “Withdraw” option.

- When entering this page, you must first select the cryptocurrency you want to withdraw and then you will be shown a box to complete your withdrawal information.

- Next, you must enter the destination address of the cryptocurrency you chose, you must also choose the transfer network (always choose the same network of the cryptocurrency you chose) and finally you must enter the amount you want to withdraw.

- Finally, after having placed all the requested data, click on “Confirm” and wait for the transaction to complete.

- Kucoin withdrawals are processed in 30 minutes, but depending on the network it may take longer. On some occasions, Kucoin makes manual withdrawals, this is done to improve the security of its assets and prevent theft.

Final Conclusions

KuCoin is an ambitious and innovative player in the crypto space. The exchange has experienced significant growth since its inception in 2017 and is now amongst the top industry’s players in terms of security, reliability, service quality, and features. As such, the exchange is best suited for both new and experienced traders who want exposure to popular as well as less-known small-cap crypto tokens and assets.

KuCoin is a fast exchange where trades are executed quickly. As a result, you will always get the best price when buying and selling. Both depositing and withdrawing money is very easy and processed quickly.

KuCoin is an exchange that is mainly for its customers and wants to make trading in crypto coins as accessible as possible. They do this by having customer service available 24/7 and not setting any limits. We have traded on this exchange and we can say that KuCoin is safe.