KuCoin Review

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KuCoin Review

KuCoin, a leading cryptocurrency exchange that offers advanced trading features and access to an extensive range of tokens.

KuCoin Overview

KuCoin is a cryptocurrency exchange that enables users to buy, sell, and trade digital assets. The trading platform includes margin trading, futures trading, and peer-to-peer (P2P) trading, in addition to standard trading choices. 

Users also have the option to stake or lend their cryptocurrency in order to receive incentives. KuCoin has very low trading costs in comparison to some of its competitors, which positions it as a great option for more beginner level investors who want to keep costs low.

Platform & Features

Users of KuCoin have the option of logging into their accounts using a mobile app or via their website. 

Mobile applications are available for both Android and iOS. Its mobile applications and desktop website both come loaded with a wide variety of functions and instruments to choose from. Users can browse markets, purchase cryptocurrency, trade cryptocurrency, and more. 

Market orders, limit orders, stop-limit orders, and stop-market orders are the four kinds of orders that can be placed using the platform. It is also possible to engage in peer-to-peer trading, futures trading, and margin trading, all of which may appeal to certain users. 

In addition, KuCoin also recently just launched a tool known as Trading Bot, which assists in simplifying the whole trading process. Essentially, Trading Bot works as a robo-advisor for your cryptocurrency investment portfolio telling you what coins are most popular at the moment and their sentiment across the market.

The trading platform can be overwhelming to understand as a beginner, as it contains a lot of crypto terms. But the more you use the platform, the easier it is to understand and navigate.

Having said that, the website does include a serviceable help center where visitors may look for solutions to frequently asked questions.

History Of KuCoin

KuCoin was established in 2017 and its headquarters is located in Seychelles. Since its inception, it has expanded to become one of the major worldwide exchanges in terms of transaction volume. 

Additionally, it has grown to include more than 10 million members and has a presence in more than 200 countries.

Unfortunately, KuCoin operates in a gray area when it comes to Investors in the United States. They are allowed to register for an account with KuCoin, but they won’t have full access to all the platform’s functionalities since KuCoin has restrictions within the country. 

Given this, it is possible that creating an account will expose you to certain risks (if you’re in the US), as authorities can decide to clamp down on KuCoin operating in the US and you may have issues withdrawing funds.

Security and Regulation

A trade-specific password is provided to users of KuCoin in addition to the platform’s other security measures, which include multi-factor authentication and encryption. 

It is necessary for users to provide this password in addition to their standard login credentials in order to conduct transactions or withdraw assets. It offers an additional layer of safety and is a kind of security feature that is unique among cryptocurrency exchanges.

Fees and Commissions

KuCoin provides its users with a maker/ taker fee scheme that is tiered, with trading fees ranging from 0.0125% to 0.1%, depending on the level of the user’s respective tier. 

In comparison to those of its rivals, whose fees may reach up to 0.50% of each transaction, its prices are quite affordable. A user’s KuCoin Token (KCS) balance determines whether or not they are eligible for trading fee savings.

KuCoin imposes withdrawal fees in addition to its trading costs; these fees vary depending on the asset and are subject to change according to the performance of the market. 

They don’t charge fees for deposits. Nevertheless, it is vital to keep in mind that KuCoin only provides a limited number of choices for depositing fiat currency at the moment.

What Can You Trade On KuCoin?

Over 600 different digital currencies are available for purchase, sale, and trading on the KuCoin platform. Those interested in acquiring a diverse range of assets may find the provisions made by this exchange to be satisfying. 

The following is a selection of the cryptocurrencies that may be purchased using KuCoin at the present time:

  • XRP (XRP)
  • Bitcoin (BTC)
  • Polkadot (DOT)
  • Ethereum (ETH)
  • Shiba Inu (SHIB)
  • Dogecoin (DOGE) 

How To Open Your KuCoin Account

The procedure of opening an account with KuCoin is straightforward and takes just a few moments to complete. 

Visit the KuCoin site and look for the “Sign Up” button in the top right-hand corner of the page. This will get you started with KuCoin.

After that, you will be prompted to provide your email address or phone number, along with a verification code and a password. After your account has been established, you will be able to begin trading.

You will be given the option to complete the KYC verification procedure, which, if successful, would provide you access to larger daily withdrawal limits as well as other services. There are two levels of KYC verification available to choose from while using KuCoin: basic and advanced.

Logging into your account, selecting the “KYC verification” link that appears beneath your avatar, and providing some fundamental personal details are all that are required to finish the fundamental procedure. 

KuCoin Customer Support

KuCoin has a number of channels for customer service. However, in contrast to a good number of its competitors, it is not possible to speak with a representative over the phone or through email. 

Customers have the option to participate in a live chat in order to get answers to fundamental inquiries or to file a request for assistance in order to obtain aid with more complex problems.

KuCoin also has a support page, which may come in handy in the event that you need assistance navigating the site or using the services and capabilities it provides.

Pros

  • Users of KuCoin have the ability to generate interest on their cryptocurrency by staking particular assets or lending them to others and charging interest on the loans. Increasing the size of your cryptocurrency holdings through accumulating incentives might be beneficial.
  • In contrast to other exchanges, which may only provide a couple of dozen cryptocurrencies that may be traded, KuCoin provides access to over 600 different cryptocurrencies.
  • KuCoin has very cheap trading costs in comparison to other large exchanges, making it an attractive option for traders. Users can anticipate paying anything from 0.0125% to 0.10% for each exchange.

Cons

  • Because KuCoin does not have a license to operate in the United States, customers located in the United States should look into alternative options for cryptocurrency exchanges.
  • While it’s not uncommon for cryptocurrency exchanges to have customers provide negative feedback, KuCoin’s user evaluations are particularly bad. A number of reviewers have mentioned having troubles with withdrawals, customer support, and concerns related to market manipulation.

Conclusion

KuCoin is a worldwide exchange that provides users with a variety of features and tools that may pique the interest of more experienced traders. On the other hand, people tend to give it low ratings, and it does not have permission to do business in the United States. 

If you are not located in the United States and have prior experience trading cryptocurrencies, you may find the services that KuCoin provides to be useful. However, before you join the platform, you should be sure to complete your research to verify that it is suitable for your needs.