Ease of use and low fees make KuCoin Crypto exchange a great choice for both beginner and advanced crypto investors, especially those who live outside the United States. Follow our informative Kucoin Review 2023 to decide if it is the correct trading platform to suit your needs.
Unfortunately, KuCoin Exchange is not licensed to operate in the U.S.
What are some of the benefits?
- Unique selection of tradable cryptocurrencies
- Low trading fees
- Margin and futures Trading
- Simple Trading Interface
What are Some of the Cons?
- KuCoin doesn’t have a license to operate in the US.
- Suffered a major hacking incident in 2020
Who Can Use Kucoin?
Why Choose Kucoin Crypto Exchange?
In this kucoin review, we’ve highlighted what makes Kucoin a top choice for cryptocurrency enthusiasts.
KuCoin charges low trading fees and supports trading in many different cryptocurrencies- including ones not found on other platforms. In other words, users have better access to a service that offers margin account trading, as well as trading fee discounts of up to 20%. Kucoin also has a fairly efficient customer support network.
As with any crypto-trading platform, you should take on significant risk as this is a new and volatile asset class. No matter what trading platform you choose, there’s going to be some degree of risk.
KuCoin offers investors a serious cryptocurrency exchange with a strong team, a large selection of valuable coins, and room to grow.
Disadvantages of Using Kucoin Crypto Exchange
Users who are based in the U.S. cannot complete KYC financial disclosures on KuCoin. These disclosures were made to prevent crime and money laundering.
Cryptocurrency exchanges often get hacked as well. For example, in 2020, KuCoin experienced a major hack and assets in the range of $280 million were stolen. Almost all of the stolen assets have been recovered and KuCoin as the onchain custodian compensated for the missing assets with its insurance.
Kucoin offers the following benefits:
- Competitive commissions
- Trading pairs with many altcoins
- Low withdrawal and trading fees
- High liquidity
Features of Kucoin
The crypto exchange, KuCoin, was originally founded in 2017. With an initial coin offering for the native token $KCS, it quickly became one of the world’s top 10 largest crypto exchanges by volume.
KuCoin is not licensed in the U.S., which means that users from the United States are prohibited from signing up for accounts. Outside of the US, KuCoin also has limits on the account levels that are available to you.
Kucoin Trading Fees
KuCoin wants to attract as many new investors as possible, so they offer generous discounts based on the investor’s trading activity. If investors pay with KuCoin’s KCS, they’ll be eligible for a 25% reduction in trading fees. If you trade a lot, then this can make a big difference to your bottom line.
When you place an order, you must designate whether you are buying or selling. KuCoin offers a maker/taker fee structure, meaning that the trading fees depend on your designated role.
Makers provide liquidity to an exchange by adding new orders that are then fulfilled, while takers, who fill existing maker orders, reduce the amount of liquidity.
The maker/taker trading fees on KuCoin varies based on the level of trading, and the “class” of coin being traded. Cryptos are sorted into these three classes: Class A, Class B, and Class C.
The most popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), are in Class A. For trading, a Class A coin and Level 0 is maker/taker range of 0.1%/0.1%, respectively.
Some obscure coins, like Love Coin (LOVE), are classified as Class B and have a maker/taker fee of 0.2%/0.2%.
Class C is filled with cryptocurrencies that most people have never heard of. These are coins like BURP and HIPUNKS, with less than $1 million in market cap.
Some cryptocurrencies require a withdrawal fee to be paid before they’re sent. For example, the current Bitcoin withdrawal fee on KuCoin is 0.0005 BTC, which amounts to about $10.12 USD at the time of this writing.
The fee for transferring coins depends on the specific coin, so make sure you check before you make your purchase if you intend to transfer them to another wallet or exchange.
Kucoin Exchange Security
KuCoin partnered with Onchain Custodian, a crypto asset security platform. In addition, Lockton (a private insurance brokerage) helps to keep the assets they custody in safe hands.
The platform offers standard safety measures, including verifying your identity and creating strong passwords. It also protects you from potential security breaches with anti-phishing phrases.
We recommend when not trading to always store your coins in a hardware wallet such as a Trezor. You can read our Beginner’s Guide to Trezor Wallet.
Registering a Trading Account with KuCoin Exchange
Simply sign up for KuCoin by entering your email address and password. Next, you can enter a verification code that KuCoin will send to you to activate your account. It’s also possible to sign up for KuCoin with your phone number.
After you sign up for an account, you have the opportunity to enter some security settings. These include identity verification for logging in or making transactions, a trading password, and anti-phishing safety phrases. Once your security settings are complete, you’re ready to start trading crypto.
How to Join Kucoin Crypto Exchange
In the next few paragraphs we will show you step by step how to join Kucoin Exchange and get your account activated. There are many other exchanges out there but after doing research, Kucoin Exchange is one of the most reputable with the best security, quick processing times and a great user interface.
Introduction to Kucoin
Kucoin is a cryptocurrency exchange that was launched in September 2017. The Kucoin team is composed of former employees of Alibaba, Ant Financial, GF Securities, and Youbit. The exchange is headquartered in Hong Kong.
As of March 2021, Kucoin had over five million registered users from more than 100 countries. The trading volume of the exchange was US$3 billion.
The main features of Kucoin are its safety, security, and insurance fund. The platform uses an advanced encryption technology that assures the security of user information and funds. Moreover, it has a strict anti-money laundering (AML) policy and Know Your Customer (KYC Verification) procedure to ensure its Kucoin users’ compliance. Lastly, it has an insurance fund that protects against any hacking attempts or system failures. All in all, its a reliable place to buy crypto.
How to Sign Up
In order to sign up for Kucoin, you will need to provide your email address and create a password. You will then be asked to verify your email address. Once you have done so, you will be able to log in and begin using the exchange.
If you would like to use Kucoin‘s 2FA feature, you will need to download the Google Authenticator app and add Kucoin to it. This will provide an additional layer of security for your account.
Once you have logged in, you will be able to deposit funds into your account and start trading. Kucoin offers a variety of deposit methods, including credit/debit card, bank transfer, and cryptocurrency.
How to Deposit Funds
Assuming you already have Bitcoin or Ethereum, you can simply send it to your relevant wallet on Kucoin. To do this, go to the Assets page on the Kucoin website and click the “Deposit” button next to the currency you wish to deposit. This will generate a unique address for you to send your funds to. Once the transaction is confirmed, the funds should appear in your Kucoin account within a few minutes.
If you don’t have any Bitcoin or Ethereum, you can still deposit fiat currency (USD, EUR, etc.) into Kucoin. To do this, go to the “Fiat & Loan” page on the website and click on the “Deposit” button next to the currency you wish to deposit. You will then be given instructions on how to wire transfer your funds into Kucoin’s bank account. Once the transaction is confirmed, the funds should appear in your Kucoin account within a few days. Fees will vary for this type of deposit.
How to Trade on Kucoin
To trade on Kucoin, you must first create an account and deposit funds into your account. Once you have deposited funds, you can browse the markets and choose which assets you would like to trade.
When you have found the asset you would like to trade, you can place an order to buy or sell that asset. Your order will be matched with another order from another user and the trade will be executed.
Once the trade is executed, the assets will be transferred into your account and you can withdraw them at any time.
Conclusion
Joining Kucoin is simple and straightforward, especially if you already have an account with another cryptocurrency exchange. With that said, there are a few things to keep in mind before signing up for Kucoin, such as making sure you have a strong understanding of how the platform works and being aware of the trading fees associated with each transaction. Overall, Kucoin is a great option for those looking to trade cryptocurrencies.
What Cryptocurrencies Can I Buy on Kucoin?
Kucoin offers a wide range of cryptocurrency products and services — with 2000+ different traded pairs.
When it comes to crypto exchanges, KuCoin is one of the best. Kucoin supports more than 600 coins and offer a user-friendly interface that is straightforward and packed with information, making it easy for investors of all experience levels to find the coins they want. The most popular coins on KuCoin include: Bitcoin, Ethereum, Dogecoin and others
You can find a full list of cryptocurrencies available on KuCoin here.
Licenses in the U.S.
The major drawback for KuCoin is their lack of US licensure, which leads to many downsides. Not the least of these is the inability for US-based customers to complete KYC verification.
KYC verification would give the company access to U.S. cryptocurrency markets – a market worth $5-6B. This new audience would also make Kucoin‘s services more secure for U.S.-based investors.
For some international Kucoin users, Binance.US might be a better option. If you’re a U.S. user, you won’t have the same protection as international Kucoin users, since you can’t complete KYC verification.
Conclusion
We hope you’ve enjoyed our comprehensive Kucoin Review 2023 and have learned all about the Kucoin platform. If you are looking to buy crypto, do some margin trading or look at futures, then Kucoin should definitely be on your shortlist of cryptocurrency exchanges to try.
