KuCoin is one of the fastest cryptocurrency exchanges in the world today. The trading platform came around in September of 2017 from Hong Kong-China and has since grown into one of the popular crypto exchange brokers globally. KuCoin currently offers a series of financial services ranging from fiat-to-crypto exchanges, crypto-to-crypto exchanges, Futures trading, lending/staking, and token launches. The exchange platform is currently available over the web and mobile applications-both android and iOS.
In this KuCoin review, you are going to learn everything you need to know about this exchange, features, user experience (UX), a guide on buying and selling through the platform, exchange’s security, and depositing and withdrawal charges. Stick around as we learn more about KuCoin and evaluate its position in the market.
First impression of KuCoin
KuCoin is one of the most growing exchanges around. Although relatively new and miles away from competing advantageously with giants like Binance and Coinbase Pro, KuCoin is ranked as the 4th largest exchange according to CoinMarketCap with an exchange score of 6.5. Pretty good score for an exchange and you can imagine that it is one of the top exchanges worldwide based on popularity.
KuCoin’s website is relatively easy to understand, navigate, and offers usability in 18 languages. The interface is user friendly and offers flexibility with over 46 fiat currencies accepted as per user preference. So you can easily buy crypto with your local currency, like dollar, euro, pound and more.
Both trading novices and experts will find the application efficient as it is customized for use by both users. As popularly referred to, The People’s Exchange, KuCoin has gained almost instant interest with traders, and statistically, one of every four holders marks it as their trusted option. The platform has generated over five million registered users since 2017 in over 200 countries.
Exclusive 10% trading fee discount
We’ve made a great deal for new users with KuCoin. You will receive a trading fee discount for 10 consecutive days after your registration. On top of that you will receive a 5 USDT airdrop when you reach a trading volume of 10 USD.
10% Trading Fee Discount + 5 USDT Airdrop
Key features of KuCoin
- Low trading fees of 0.10% + 20% discount with KuCoin Shares + 10% discount if you register with us.
- User-friendly interfaces.
Accepts 46 different fiat currencies, including USD, EUR, CNY, AUD, etc. - Supports credit card, PayPal, SOFORT and more payment methods.
- Multilingual support with 24/7 availed customer service.
- Secure wallets that used cold offline storage measures.
- A mobile trading app that allows real-time position monitoring and limitless trading.
- 200+ blockchain supported projects with over 400 trading pairs.
Summary
| Offer | 300+ cryptos. |
| Fees | Max. 0.10 + 10% extra discount with us. |
| Payment methods | SEPA Bank transfer, PayPal, Credit Card and more |
| Staking | Yes, earn interest up to 12% APY + built-in lending system |
| Built-in wallets | Yes, for all cryptos |
| Insurance | Not sure. |
| Bonuses | 10% discount on trading fees (exclusive) |
| Registration | Required |
| API | Yes, automatic trading is possible |
| Support | 24/7 |
| Email address | support@kucoin.com |
KuCoin Pros and Cons
| Pros | Cons |
|---|---|
| Low deposit, withdrawal, and trading fee (0.10%) | Phone registration fails at times |
| Supports anonymous trading | Lower trading volume |
| Futures Trading platform | Has been hacked in 2020 |
| Earn interest on your holdings |
KuCoin offer
KuCoin currently has over 400 trading pairs and supports more than 200 cryptocurrencies. This list includes popular coins such as Bitcoin, Ethereum, Litecoin, and less dominant such as DigiByte and Pundi X.
The crypto exchange has its own native currency: KuCoin Shares (KCS). Holders with this coin get a discounted trading fee and are awarded a 50% trading share for all trading fee profits made by the exchange. This is based on your KCS holding.
10% Trading Fee Discount + 5 USDT Airdrop
Guide how to trade on KuCoin
When trading with KuCoin, you need first to own a base currency and transfer it to a dedicated wallet. For every transaction, a different wallet can be generated, and subsequent coins can be stored there. However, it is advisable to store all funds which you don’t use for trading in a safe wallet that you manage yourself.
Deposit crypto on KuCoin
If you already own crypto, you can transfer your funds to KuCoin:
- Log in to KuCoin.
- Hover over Assets and click on Main Account (Deposit & Withdraw).
- Search the base currency you want to deposit and click Deposit.
- Check I have read and fully understand the risks.
- A new deposit address will be generated for you.
- Send your base currency to the generated wallet address.
If you don’t own crypto and want to buy it with a credit card:
After registering/logging in, proceed to the home page and hover over Buy Crypto and click Credit/Debit Card.
You will be prompted to fill in the type of coins you want to buy alongside the fiat currency of choice. Choose the payment method (VISA, MasterCard, or Apple Pay) and the payment channel (Simplex, Banxa), Confirm the payment details, and click on the Buy Now button.
How to place a buy order
You bought or deposited crypto on KuCoin and you are ready to open your first position:
- Log in to KuCoin.
- Hover over Trade and click on Spot.
- Enter your 6-digit trading password.
- Search the market that supports your base currency and the currency you want to exchange it for. We used ETH/BTC and we want to exchange our Bitcoin for Ethereum.
- A full overview with price graphs, order books recent trades and trade widgets will open.
- Below you see the Spot window where you can place an order.
- You can choose between a Limit and Market order:
- A Limit order will be executed when the desired price is reached.
- A Market order will be immediately executed based on the current market price.
- Choose your desired order method and click Buy ETH.
Your order will be executed based on the chosen order method. In the Order history you can see all your successful orders.
How to place a sell order
In the previous guide we bought Ethereum with our deposited Bitcoin. Now we’re going to sell our Ethereum and buy back the Bitcoin.
To sell, you will have to enter the trading markets by clicking on the Spot option. You can enter different markets (BTC, KCS, USD, ALTS, DeFi, NFT, Polkadot) depending on which tab you click on and proceed as follows:
- If you wish to use Ethereum to buy your Bitcoin back, click on the BTC tab and use the search bar button to search ETH. Click on it and enter the trade interface.
- Before proceeding, you will have to provide your trading password for obvious security reasons.
- Select your order type
- Click Sell ETH to place the order.
You successfully sold your Ethereum back for BTC.
Verifications and Limits
On November 1st, 2018, KuCoin implemented a KYC verification and restricted the amount an user can withdraw within 24 hours.
KYC ensures that KuCoin meets the virtual currency industry development rules and reduces the chance of money laundering, fraudulent behaviors, and terrorist financing transactions.
KYC verification is not mandatory. Users can still trade, but there is a catch; only verified users can enjoy higher daily withdrawal limits. Users that complete KYC verification may participate in the fiat-crypto service provided by the exchange platform in the future.
Moreover, users who have fully completed the verification stand a better chance of recovering their accounts more quickly in case of interference by third parties or forgetting your credentials.
KuCoin fees and other costs
KuCoin does not charge different rates between takers and makers. Instead, the exchange has a flat fee model of 0.10% for both market participants. This value is below what is considered the global industry average: 0.25%.
Trading fees are reduced as per the trading volume and the past 30 day trade volume. The more you trade, the lower your trading fee, even negative trading fees are still possible.
If you hold KuCoin Shares you will receive an interesting discount. On top of that, you will receive a 10% discount on trading fees when you register with us.
10% Trading Fee Discount + 5 USDT Airdrop
Most exchanges have a relatively acceptable trading fee, but later hit you with outstanding withdrawal fees. This is not the case for KuCoin; their withdrawal fees stand at 0.0004 BTC, an amount also lower than the considered industry average.
The lower trading and withdrawal fees applicable in KuCoin trades set it up for a more competitive advantage against giants like Binance.
KuCoin Futures
KuCoin Mercantile Exchange is an advanced trading platform that offers leveraged futures bought and sold in Bitcoin/USDT. Traders can take leveraged positions on the price of Bitcoin by opening a position, getting profit/loss from the position, and later closing it for balance reflection.
Please note that KuCoin Futures are only suitable for advanced traders.
Is KuCoin safe?
Whenever you evaluate a new exchange platform to use, security is one of the most fundamental qualities to consider. Many cryptocurrency exchanges have faced security breaches over the past year, and also KuCoin was a victim of a hack in 2020. Luckily their insurance made sure that no customer funds were stolen.
KuCoin wallets have adopted multiple security storage levels. Micro-withdrawal wallets in private network architecture are built on the AWS cloud, and they have implemented what they term as bank-level disaster-proof deployment with multiple workable locations.
Additionally, KuCoin Futures are also safeguarded with just as good security protocols as is done with KuCoin. Over 95% of coins are stored in cold storage that is entirely disconnected from the internet. Coins that are retained as hot will require multi-signature key signing before authorizing any withdrawal.
10% Trading Fee Discount + 5 USDT Airdrop
KuCoin FAQ
What are the KuCoin fees?
KuCoin trades and withdraws at lower rates compared to the market average. Both takers and makers operate at a flat fee model of 0.1%, and bitcoin is withdrawn at a fee amounting to 0.0004 BTC. You can however get a discount on trading fees.
Is KuCoin Safe to use?
KuCoin has several and high profile security protocols implemented. There are funds available in case of a security breach.
Is KuCoin Regulated?
Just like most cryptocurrency exchanges, KuCoin is not regulated by any reputable regulatory agency.
Which payment methods are supported by KuCoin?
KuCoin accepts credit and debit card payments and people can buy coins through Simplex, Banxa, or PayMIR. Recently, the exchange implemented newer payment methods including PayPal, Interac e-transfer, and wire transfer for its P2P Fiat Trades.
How can I contact KuCoin?
KuCoin has a technical support channel that runs 24/7 to provide solutions to a range of technical errors. You can contact the team by sending an email at tech-support@kucoin.com.
Table of Contents
