KuCoin Review - An ambitious and innovative platform (2022)

KuCoin is a well - known name in the cryptocurrency sector. The exchange, which was launched in August 2017, supports more than 200 cryptocurrencies and more than 400 markets. It offers bank-level security, a neat beginner-friendly user interface and a wide range of crypto services: margin and futures trading, P2P exchange, the ability to buy cryptocurrencies using a credit or debit card, instant exchange services, the ability to earn cryptocurrencies by borrowing or stacking through the Pool, Participate in new initial exchange offers (IEO) through KuCoin Spotlight, one of the lowest fees on the market and much more!

Investors like KuCoin because of its tendency to market small-capped cryptocurrencies, a large selection of coins, and profit-sharing incentives - Up to 90 % trading fees are returned to the community through its token KuCoin Shares (KCS).

Basic information

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KuCoin reviews

Notable features of the exchange include:

• Buy and sell 200 cryptocurrencies with low fees. As one of the best cryptocurrency exchanges, it supports a wide range of crypto assets. In addition to bonuses and discounts, it charges a fee of 0.1 % per trade and even small fees for futures trading.
• The exchange allows you to buy cryptocurrencies with fiat using its P2P fiat marketplace, credit or debit card through Simplex, Banxa or PayMIR or its Fast Buy service.
• Excellent customer support service that can be contacted 24/7 through its website, email, live chat and other channels.
• Security – The platform uses many security measures, including micro-withdrawal wallets, multi-layered industrial-grade encryption, dynamic multi-factor authentication, and dedicated internal risk control departments that oversee daily data operations to strict security standards.
• Provides up to 100 times the leverage.
• Thanks to the great design and robust trading platform, trading is easy and pleasant for everyone.

History

Although the exchange began operating in mid-2017, its founding team has been experimenting with blockchain technology since 2011. The technical architecture was created in 2013, yet it took years of refinement to make it a hassle-free experience like KuCoin today.

Funds for the development of the stock exchange were obtained through the ICO, which lasted from 13 August 2017 to 1 September 2017. During this time, the stock exchange issued its native KuCoin Shares (KCS) tokens, which are used for special offers and discounts. During ICO, KuCoin earned nearly $ 20,000,000 in BTC (at the time) for KCS 100,000,000. The price for one KCS was 0.000055 BTC.

Today, the company is headquartered in Seychelles. The company employs over 300 people worldwide.

2019 was a year of significant upgrades for the platform. In February, the stock exchange upgraded its interface to the 2.0 platform, giving the platform the facelift it uses today. The upgrade also included more features such as advanced order types, new APIs and more.

In June, the exchange also launched KuMEX, which has now been renamed KuCoin Futures. Later in the year, the exchange also introduced margin trading with up to 10x leverage.

KuCoin continued to grow its ecosystem in 2020. Among the most important announcements was the launch of the Pool-X Liquidity Trading Market, which was renamed the KuCoin earn. In February, the stock exchange also launched an immediate exchange service. In addition, the stock exchange has significantly increased the number of fiat currencies supported for cryptocurrency purchases with bank card options. June 2020 KuCoin announced that its P2P crypto marketplace supports sales and purchases via PayPal as well as other Fiat payment methods.

Today, the stock exchange provides services in most countries of the world. The website is translated into 17 languages, English, Russian, South Korean, Dutch, Portuguese, Chinese (Simplified and Traditional), German, French, Spanish, Vietnamese, Turkish, Italian, Malay, Indonesian, Hindi and Thai.

KuCoin charges

KuCoin offers some of the lowest fees. The fee structure is relatively straightforward and easy to understand.

First and foremost are spot trading fees. Here, a fixed fee of 0.1 % applies to each transaction. Costs decrease based on your 30-day trading volume or KuCoin (KCS) tokens held, which entitle you to an additional trading fee discount. In addition, you can use KCS tokens to cover some KCS trading fees.

In addition, the stock exchange has a program for institutional investors, whose participants can receive significant discounts on trading fees.

KuCoin Futures trading fees also come with a 30-day trading volume or a discount system based on KCS.

In terms of futures financing fees, KuCoin Futures has an adjustable USD / USDT loan interest rate because it adapts to relative financing rates and can be positive or negative. Thanks to this adjustment, the difference in interest rates between the base currency and perpetual futures will shift from 0.030 % to 0 %, which means that KuCoin's perpetual futures financing fee will reach zero during normal periods. KuCoin Futures is funded every 8 hours at 04:00, 12:00 and 20:00 UTC.

Last but not least, they are deposit and withdrawal transactions. Deposits are free, while withdrawals are associated with small costs, which vary from cryptocene to another. NEO and GAS can choose from KuCoins for free.

In most cases, the withdrawal fees are the same as the Binancewhich is known as the stock market with the lowest fees. The complete KuCoin selection fee for each cryptocurrency can be found at page fee structures.

Eventually you may want to buy cryptocurrencies with a fiat through KuCoin. The exchange supports several ways to achieve this, including direct purchase by bank card via Simplex, Banxa or PayMIR, P2P and the quick purchase function. Fees for these transactions may vary depending on the payment method chosen, but should not exceed 5 - 7 %. For example, Simplex typically charges 3.5 % per purchase, while Baxa reportedly charges 4-6 % of the total transaction amount. For P2P market purchases, the fees depend entirely on the payment method and processor rates chosen, so keep this in mind when receiving or sending an ad.

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What is KuCoin Shares (KCS)

As mentioned above, KuCoin Shares (KCS) were used to fund the creation of the stock exchange. A total of 200,000,000 KCS was issued and distributed to founders, private investors and ordinary investors.

KCS holders have the following benefits:

• Daily dividends from cryptocurrencies, which make up 50 % collected trading fees.
• Discount from the trading fee (min. 1000 KCS for 1% discount; max. 30 000 KCS for 30% discount). The system checks KCS holdings daily at 00:00 in order to calculate the relevant discount rate.
• More business couples.

Another way to get KCS is to recommend it to your friends. You can get up to 20% referral bonus every time your friend completes an order. You can register HERE. In total, up to 90 % KuCoin trading fees will be returned to the community:

Kucoin tutorial

KuCoin is straightforward and easy to use even for beginners. It has a modern layout that is powered by a powerful API. The trading platform uses an advanced trading engine that can process millions of transactions per second (TPS).

You can switch between the old and the new stock market interface. Both are comfortable, so it's up to you to decide whether you prefer the old or the new layout.

To trade, you must go to the "Markets" tab and find the market you want to trade. 10x markets are also available in KuCoin margin trading.

The trading interface can be confusing for newcomers, experienced traders should find their way around the stock market relatively quickly.

KuCoin Futures

KuCoin launched its Futures platform (formerly known as KuMEX) in mid-2019. It allows users to trade margin contracts with up to 100 times leverage. This means you can trade contracts worth up to $ 10,000 with just $ 100 in your account.

There are two versions of KuCoin Futures - one for beginners (lite version) and one for more experienced traders (for versions).

KuCoin Futures calculates the underlying spot price using the average of prices from other stock exchanges, such as Kraken, Coinbase Pro and Bitstamp.

Margin trading

Another feature of KuCoin is margin trading, which currently allows longs or shorts with up to 10 times the leverage. These pairs include top cryptocurrencies such as Bitcoin, Ethereum, Litecoin, XRP, EOS, ATOM, Dash, Tron, Tezos, Cardano and others.

Unlike KuCoin Futures, margin trading takes place directly on the spot exchange, where you can select margin trading markets and enter margin trading orders on the exchange.

P2P trading

P2P marketplace is another convenient service provided by KuCoin. Here you can buy and sell cryptocurrencies directly to and from other merchants.

The P2P marketplace supports a variety of payment methods, including PayPal, Wire transfers, Interact and other popular payment methods using the most popular fiat currencies such as USD.

Fast Buy

The Fast Buy feature allows traders to buy and sell BTC, USDT and other cryptocurrencies using fiat currencies. It's great for fast and cheap cryptocurrency purchases using payment methods such as WeChat, Alipay, bank cards and other fiat payment methods.

KuCoin earn

KuCoin also offers its users the opportunity to use their digital assets in various stacking and lending programs. These include:

• KuCoin lend - You can earn interest on your digital assets by lending them to fund margin accounts. The loans last either 7, 14 or 28 days and you can get up to 12% annual interest from your holdings. At this time, the lending service accepts cryptocurrencies USDT, BTC, ETH, EOS, LTC, XRP, ADA, ATOM, TRX, BCH, BSV, ETC, XTZ, DASH, ZEC, XLM, OXT, DEXE and WRX.

• Pool-X. A new generation of proof-of-stake (PoS) mining pool designed to provide liquidity services for stacked tokens. It allows you to earn high yields from PoS cryptocurrencies like EOS, TOMO, ZIL, ATOM, KCS, XTZ, ZRX, IOST, TRX and many more. It was recently upgraded to KuCoin Earn.

The platform has a number of features and programs that it uses to differentiate itself from some other similarly sized exchanges in the market.

In terms of bonuses, the site regularly runs competitions that allow top traders to earn even more. Many of these competitions give rewards to the top 50 users in terms of the volume of trades in a particular digital asset.

In addition, there is a referral program that allows users to benefit from having other people register an account on the stock exchange. When a user invites someone to the stock exchange, that first user will receive up to 20 % trading fees incurred in the first year of operation on the platform.

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KuCoin Spotlight IEO

In addition to trading, staking, exchange and swap services, the stock exchange also has its launchpad for the initial stock exchange offer (IEO), KuCoin Spotlight.

Here you can invest in new crypto projects tested and supported by KuCoin. The launchpad has funded many well-known IEOs, such as Tokoin, Lukso, Coti, Chromia, MultiVAC, Bitbns and Trias. Most offers use KuCoin Shares (KCS) as the main currency.

Advanced technological solutions and the KuCoin ecosystem

As you may have noticed, KuCoin is an ever-growing cryptoecosystem with a growing set of services. In addition to the above products, the stock exchange also develops the following products:

• KuChain. Upcoming native blockchain developed.
• KuCloud. Advanced white-label technology solution for anyone interested in launching spot and derivatives exchanges with adequate liquidity. It consists of two services - the XCoin spot exchange and the XMEX derivatives trading platform solution.
• Shorts. Official testing network for the upcoming KuChain.

Deposits and withdrawals

KuCoin is an exclusively crypto-to-crypto exchange, which means that you cannot deposit any fiat currencies, except when you buy them directly through third-party integrations (such as SImplex or Banxa). It does not support fiat trading couples or deposits, but it does support more and more fiat payment methods that are integrated into its "Buy Crypto" services.

KuCoin does not charge deposit fees and has a different fixed withdrawal fee. Transaction processing times usually depend on the blockchain of the asset, but are made within one hour, so withdrawals usually reach users' wallets in 2-3 hours. Higher withdrawals are processed manually, so users who withdraw higher amounts can sometimes wait 4-8 hours.

Overview of other stock exchanges and exchange offices you will find here

Safety

No hacker incidents have been reported on KuCoin since July 2020. The Exchange has many security measures at the system and operational level. Systemically, the stock exchange was constructed according to the standards of the financial industry, which guarantee encryption and security of data at the bank level. At the operational level, the Exchange employs specialized risk control departments that enforce strict data usage rules.

In April 2020, the stock exchange announced a strategic partnership with Onchain Custodian, a Singapore-based cryptocurrency management provider that manages KuCoin's cryptoactive assets. In addition, the custody funds are secured by Lockton, one of the largest private insurance brokers.

On the user page you can maximize the security of your KuCoin account:

• Two-factor authentication.
• Security question.
• Anti-phishing security phrases.
• Login security phrases.
• Business password.
• Telephone verification.
• Email notification.
• Restrict login IP.

With these settings, you can be sure that your resources are safe. However, the standard recommendation is not to leave all your funds on the stock exchange, as they are another point of failure. Instead, keep on the stock exchanges only what you can afford to lose.

Overall, most users agree that KuCoin is a secure and reliable platform.

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How to open a KuCoin account?

Click on the "Visit KuCoin" button above to go to the stock exchange homepage. Once there, you will see a "Sign up" button.

Enter your email or phone number and a strong password consisting of uppercase and lowercase letters and numbers. Click "Send code" and check your email or phone for a verification code, which must also be entered below.

Then check the box that you agree to the terms of use of Kucoins, click "Next", complete the captcha, and you're almost done. The last thing you need to do is confirm your email address via a link that will be sent to your inbox.

Once you are listed, you can either enter some of your cryptocurrencies or use the "Buy Crypto" feature to start trading.

Account verification

The Exchange has implemented know-your-customer verification (KYC) to facilitate the fight against criminals and money laundering. However, verifying your KuCoin account is completely optional, especially if you are a small volume merchant. This means you don't have to verify your identity for trading, but authenticated users will benefit from an increase in daily withdrawal limits or a simplified account recovery if a password is lost.

Clients who undergo the KYC procedure can use the Fiat-Crypto deposit service using fiat currencies to purchase digital assets. Users with an "unverified" status cannot use this feature.

KuCoin currently has three levels of authentication:

• Unverified account. Requires email verification, allows you to select up to 5 BTC in 24 hours.
• KYC 1 - Verified personal account. It requires you to provide your identification data, such as an identity card or passport, as well as your country of residence. Increases your withdrawal limit to 200 BTC in 24 hours.
• KYC 2 - Verified institutional account. Increases your withdrawal limit to 3000 BTC in 24 hours.

The platform strongly encourages users to perform validation to avoid future issues.

FAQ - Frequently Asked Questions

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.