What is KuCoin?
KuCoin is a globally recognized exchange, with over 6 million users across different countries. The exchange lists more than 600 cryptocurrencies and assets that you can trade on it.
KuCoin offers P2P trading, spot, margin, futures, and more. It also has staking programs, a trading bot, and other features. Users can access the exchange through the website as well as a mobile app.
For beginners, KuCoin has a ‘beginner zone’ with all the instructional materials. Meanwhile, for pro traders, the exchange has advanced features.
Some notable features of the platform are:
- KuCoin is a global exchange that lists more than 600 cryptocurrencies for trading.
- The exchange is available on the web browser and as a mobile application.
- For newcomers, there’s a beginner zone. And for pros, there’s advanced trading.
KuCoin Company Overview
Kucoin, headquartered in Seychelles, was founded in September 2017. The present CEO of the company is Johnny Lyu, who is also the co-founder of the platform.
The platform is popularly known as the "people’s exchange". It has successfully established its local communities in Spain, South Korea, Italy, Japan, Turkey, Russia, India, and several other nations.
Statistically, one out of every four crypto holders across nations is currently attached to KuCoin.
The company is prominently known for its user-friendly platform and prompt customer service.
Other popular aspects of the platform are technology-driven products, a community of traders, and its native currency- the KuCoin tokens.
How Does KuCoin Work?
With KuCoin, you can buy, sell, trade, and invest in cryptocurrencies just like many other exchanges.
Here’s what you can do with a KuCoin account:
- Open an account and trade without verification (not available for US users)
- Avail custodial and non-custodial services. This means users can either store or trade directly from the KuCoin exchange or link a third-party wallet for trading.
- Use advanced trading features including leveraged tokens and trading bots
- Access KuCoin via the website as well as the mobile app
A notable aspect of the platform is that users need to move money between different accounts. Meaning that as one deposits their crypto with KuCoin for the first time, it goes directly into the main account.
However, when the users try to trade it, they need to move the asset to the Trading Account. Moreover, for availing of the interest-earning options, users will need to further move them to their Financial accounts.
How to Sign Up on KuCoin?
In order to sign up on KuCoin, you will have to
- Go to the KuCoin website and click on the “Sign Up” in the upper right corner.
- After you click on Sign Up, it will guide you to a page as seen below. Fill in all the required details to proceed.
- You can either sign up with an e-mail ID or you can use your mobile number.
- If you sign up by e-mail, input the e-mail ID and click “Send Code”. You will get a verification code in your mailbox, enter the verification code that you will receive.
- If you sign up with the mobile number, select the postal code and then enter your mobile number, then enter the verification code that you will receive.
Does KuCoin Have a Token?
The native token of KuCoin is KuCoin Token (KCS). The token helps the trader to draw value from the exchange. The supply of KCS was initially capped at 200 million but the final supply is stabilized at 100 million through the burn mechanism and buy-back.
For KuCoin users, here are the benefits of holding KCS:
- Daily KCS rewards
- Trading fee discounts based on VIP level
- Access to spotlight projects
- Avail additional benefits on staking
- Extra perks and offers
As you can see, the exchange has developed a strong ecosystem to encourage KCS token use.
KuCoin Review: Pros and Cons
Here are KuCoin’s pros and cons weighed to help you decide better:
- Low fees
KuCoin’s trading fees are arguably among the lowest that we know of. Besides, the withdrawal fees are more or less the same as compared to other exchange platforms.
- Strong User base
KuCoin has claimed that every 1 in 4 crypto holders uses its services. A strong user base increases liquidity in the market, and users are more likely to make trades with ease as there would be many traders available in the market.
- Earn interest on crypto
You may earn interest in 2 ways: loan out your crypto and earn interest for it or stake coins through Pool-X.
- Wide range of coins
KuCoin has over 750 cryptocurrencies to offer. Given the massive amount, traders can trade in their desired cryptocurrency.
- Unlicensed in the US
The United States has a lot of strict regulations for cryptocurrency exchange and KuCoin cannot operate in that country because it fails to meet those regulations.
- Limited payment methods
KuCoin does not allow traders to buy cryptocurrencies by using fiat money, to do so you will have to do it through a third-party app.
- Not very user-friendly for new traders
If you are new to cryptocurrencies, then KuCoin might not be easy for you to use. Reports claim that the Fast buy function did not work at all, which turns out to be a drawback. There is also some information about new coins but that's not enough for a beginner.
KuCoin has over 750 pairs of currency and more than 600 currencies. These include popular coins like Bitcoin, Ethereum, Cardano, and more.
The top coins available on KuCoin by market capitalization are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- XRP (XRP)
- Binance Coin (BNB)
- Cardano (ADA)
- Dogecoin (DOGE)
- USD Coin (USDC)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Uniswap (UNI)
- Stellar (XLM)
- Litecoin (LTC)
- Polygon (MATIC)
KuCoin Deposit Methods
KuCoin lets you deposit through a variety of different methods. You can buy cryptocurrencies with over 50 fiat currencies and 70 different payment methods. This includes SEPA, Apple Pay, credit cards, debit cards, and more.
As you can see, these are all third-party payment platforms, which can charge 1% to 6% fees. For withdrawals, there are no fiat options.
Meanwhile, crypto deposits are free and withdrawals are cheap.
KuCoin Trading Services Offered
KuCoin offers trading services for beginners as well as advanced traders.
Under the spot trading feature, KuCoin facilitates four types of orders for its users. This includes limit, market, stop limit, and stop market.
One of the biggest attractions of KuCoin is the Margin Trading option. Under this option, users get up to 10X leverage for futures. Users get to choose from hundreds of pairs.
If you’re a future trader, then KuCoin has a bunch of features for you - Future Classic, Future Lite, and Future Brawl.
Here’s a brief on the three modes:
- Future Classics enables trading with up to 100x leverage. You get to use all the comprehensive trading tools.
- Future Lite is a simplified UI for beginners in Future trading
- Future Brawl is a unique feature that gives trades a way to win rewards through a game of chance. As the feature became popular, it was made permanent,
The 'trading bot' is a popular assistant feature on KuCoin. The bot can execute trade strategies and rebalance portfolios.
Other Features and Services Offered by KuCoin
KuCoin features its official wallet service that allows users to send, receive and store their cryptos and NFTs, all in one place. This facilitates better management of digital assets. Apart from top-notch security.
KuCoin provides its users with a wealth management feature, KuCoin Earn. This feature offers several financial products with the help of which users can enhance their holding values. This feature offers both flexible as well as non-flexible financial products such as ETH2.0, Flexible Savings, Polkadot, etc.
The flexible term products allow any time redemption of funds, while the fixed ones automatically redeem the funds at maturity. However, fixed-term products yield higher values than flexible ones.
KuCoin offers leveraged tokens for investment. For those who like high-risk investments, the exchange has a lot to offer. Users can buy leveraged BTC, ADA, ETH, and more.
KuCoin is a big name in the crypto industry, and the exchange lives up to the standards in terms of security. The exchange stores most of its funds in cold storage and the website uses encryption.
Further, the company is in a tie-up with Onchain Custodian to keep their funds secured and have insurance for the customers, in case they are hacked.
KuCoin 2020 Hack
In that regard, it is to be noted that the company did experience a hack in 2020. The theft is considered one of the largest in the history of crypto thefts.
Hackers were able to steal about $275 million worth of funds. Later, KuCoin reimbursed all the affected customers. Since the hack, KuCoin has amped up its security for better protection of user assets.
User Account Safety at KuCoin
KuCoin also offers multiple ways to secure user accounts. Users can set up two-factor authentication, anti-phishing safety phrases, and security questions. For secure logins, users can set up trading passwords and IP addresses. To get security updates, you can turn on email and phone notifications.