If you recently developed an interest in crypto trading and want to get involved in the crypto world, you should know that there are lots of exchange platforms springing up which allow users to trade different coins, hence it becomes increasingly difficult to decide which platform is the best for you.
The Kucoin Review will give you a clear idea of whether the KuCoin exchange is actually worth it or not.
- 1 Kucoin Overview
- 2 Services Kucoin Offers
- 3 Top Coins Traded on Kucoin
- 4 Kucoin Fees
- 5 KuCoin Verification
- 6 How to verify your Kucoin account?
- 7 Kucoin Security
- 8 How to create an account on Kucoin.
- 9 Kucoin Referral Program
- 10 Kucoin supported countries
- 11 Comparison of Kucoin with other exchanges
- 12 Frequently Asked Questions
One of the most well-known exchange platforms is KuCoin, launched in August 2017, and has more than 200 cryptocurrencies and more than 400 markets which makes it one of the most vibrant cryptos pivots online.
It provides bank-level security, slick interface, newcomer-friendly UX, and a broad range of crypto services, including Futures or margin trading, integrated P2P exchange, ability to buy crypto with a debit or credit card, instant exchange services, the opportunity to earn cryptocurrency by lending or staking through its pool X.
You can participate in new initial exchange offerings (IEOs) via KuCoin due to its proclivity to list small-cap cryptocurrencies with huge upside potential, a large selection of coins, and generous profit sharing incentives: Through its KuCoi program, up to 90% of trading fees are returned to the KuCoin community. by its KuCoin shares (KCS tokens).
KuCoin is headquartered in Singapore, Singapore and has 1 office location across 1 country owned by a parent company Mek Global Limited and it supports 50 Fiat currencies, and 456 pairs; the platform also has its token (KCS) like Binance.
Services Kucoin Offers
- KuCoin Exchange – customers can swap their local currencies with BTC other cryptocurrencies easily via KuCoin by different ways:
- Credit/Debit Cards – with the global market cap increasing and millions of users are registering every month, KuCoin has gave users opportunity to buy crypto using Visa and Mastercard.
- P2P Trading – A Peer-to-peer trading is another way to trade your fiat currencies into cryptocurrency. That trading service allows buyers and sellers to connect directly and make deals. This motivates fiat payments by providing broad range of payment options based on the needs of the consumers.
- Wire Transfers/SEPA – Since 2020 you can freely buy crypto on KuCoin using wire transfers from banks or SEPA ( Single Euro Payment Area), this option is very appealing to many users because SEPA and wire deposits got no transaction fees, but keep in mind that this type of payment method is valid for some fiat currencies like Euro, AUD etc.
- Trading – Besides USDT, you’ve got ability to trade other Crypto-cross pairs. For instance : BTC/ETH, ETH/XRP, and BSC/BTC. Eventually. To list every trading digital currency will take us far from the main goal of this article, though, rest assured that KuCoin supports more than 450 pairs.
- SPOT Trading – it is no surprise today that different exchange providers develop their platforms likewise to compete at their best, so on the Kucoin as well, we are given different interface options for spot trading depending on the experience level. Advanced charts and other tools are shown on the advanced view.
- Margin Trading – good way to make more profits without having the required capital to invest, it is a form of asset trading where a third party supplies for trading but in that case, unlike spot trading, margin trading can increase your losses as it might increase your profits, to simplify, it is borrowed money which can be used to make trades to give much better trading result. However Margin trading is very risky and not recommended to beginners.
- Futures – was launched in 2019, the KuCoin commercial exchange platform allows you to trade BTC futures. KuCoin itself indicates that it is trying to challenge the likes of bitMEX in this field of crypto derivative space. KuCoin users can have access to BTC futures apace with a substantial margin position up to100x. When it comes to the determining spot price KuCoin once more takes the weighted average from different leading exchange platforms – As well as Kraken, Coinbase Pro, & Bitstamp. Kucoin only supports BTC & ETH futures, but is going to add other digital currencies in the near future.
Top Coins Traded on Kucoin
As mentioned before, KuCoin has over 750 currency pairs (two coins that are measured against one another) and more than 380 currencies.
The platform offers a wide range of cryptocurrencies and includes popular coins like Bitcoin and Ethereum.
In fact, allowing people to purchase less mainstream coins was one of the main reasons for founding KuCoin.
Below is the list of the top 20 cryptocurrencies, by market capitalization at the current time:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Binance Coin (BNB)
- Tether (USDT)
- Solana (SOL)
- USD coin
- Polkadot (DOT)
- Uniswap (UNI)
- Terra (LUNA)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Chainlink (LINK)
- Internet Computer (ICP)
- Wrapped Bitcoin (WBTC)
- Polygon (MATIC)
- Ethereum Classic (ETC)
- Stellar (XLM).
- Telcoin (TEL)
They offer a flat trading fee of 0.10%, which is below the global industry average.
There are various opinions around what the global industry average might be but let’s assume around 0.25%.
It is very convenient to pay the trading fees with KCS, as you get an extra discount.
The fees are reduced based upon trading volume and holdings of the last 30 days of Kucoin’s native token KCS.
Shown in the table below:
Working alongside simplex made it possible for KuCoin users to buy Bitcoin, Ethereum, Litecoin, and XRP via Visa or MasterCard.
This deposit method is however not possible for countries that are on sanctions lists (North Korea, Afghanistan, Libya, Iraq), nor residents of any of the six US states: New York, Connecticut, Washington, New Mexico, Georgia, and Hawaii.
Simplex charges 3.5% per trade. So if you decide to buy $100 worth of specified token, simplex will take $3.5
Platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw Bitcoin.
Which is also below the current global market average being 0.000643 BTC per BTC withdrawal.
KuCoin offers 3 levels of verification; however, the process is straightforward.
It may take several business days to complete the verification procedure.
After they will review the details you will be notified by email once the process is complete.
The platform offers several advantages to Kucoin’s customers when undergoing the full KYC procedure.
For instance compliance with global financial regulations (completing ID verification, ensures Kucoin’s compliance with anti-money laundering (AML) Policy).
There are other benefits, such as increased withdrawal limits with an advanced level of verification.
|Verification level||Daily withdrawal limit|
|KYC – tier 1||200 BTC|
|KYC – tier 2||up to 300 BTC|
How to verify your Kucoin account?
- Step 1: To verify, hover your account’s icon in the top right corner and press “KYC verification” when the menu will drop down.
- Step 2: In order to get verified you have to press “start verification”, and you will be directed to the verification screen where you have to provide information such as name, last name, and choose the right form of an identity document.
When you fill in the boxes you have to press the button “Submit”.
Is Kucoin Safe?
Kucoin is considered a safe and secure trading platform; it is one of the most liquid marketplaces with billions of dollars in daily trading activity, allowing traders from all around the world to swap digital currency assets quickly and inexpensively.
Despite that, approximately a year ago, There was a huge cyber attack on the platform which resulted in $281 million worth of crypto wiped out of hot wallets of users, but 84% of the stolen crypto was recovered.
Kucoin aims to protect users’ privacy and crypto assets from the contravention or financial violation of any kind.
Via a combination of account security features, periodic updates to their security policy, and sharp-eyed monitoring of system security. 2- Factor authentication and email verification are available.
How to create an account on Kucoin.
When you visit the website Kucoin.com, you have two choices of signing in or creating a new account.
To create a new account and become a part of the traders’ community, you simply have to fill in the boxes with indicated requirements.
After registering you should verify your account to deposit funds.
Depending on the crypto you deposit, it typically takes around 15-30 minutes for the funds to appear in your KuCoin account.
Kucoin Referral Program
- Share a KuMEX referral link or code to your friends and invite them to register on KuCoin. For each person successfully invited through the referral link, the inviter will receive the determined referral bonus if the invitee completes a valid trade on KuMEX.
- An inviter will get referral bonus rewarded from each executed trade of the invitees for a full year. The one-year referral period is calculated from the registration time of the invitees.
- An invitee will get 0.005% of the total transaction amount of the invitees on KuMEX as a reward of referral bonus.
- KuMEX will calculate the referral bonus and publish the referral bonus amount each day at 24:00:00 (UTC+8).
- Press “Collect” button on KuCoin’s referral bonus page, the system will immediately send the referral bonus to your account.
- The referral bonus will be converted into KCS based upon the exchange rate of the settlement currency.
- Share Referral Code – Check your referral code in “Assets” —> “My Bonus” and share it to your friends.
- Fill in Referral Code – Invitees need to enter the 7-digit referral code in registration.
- Collect Referral Bonus – You can check and collect your KuMEX referral bonus at “Assets” ->”My Bonus” ->“Referral Bonus” on KuCoin for each valid trade made by invitees.
Kucoin supported countries
KuCoin is a global cryptocurrency exchange platform for tons of digital assets and cryptocurrencies.
The team launched the platform in September 2017.
KuCoin became one of the most popular crypto exchanges and at this time has over 8 million registered users from 200+ countries.
Depending on Alexa traffic ranking, KuCoin’s monthly unique visits rank in the top 5 globally.
Comparison of Kucoin with other exchanges
Kucoin vs Binance
Binance vs Kucoin cryptocurrency exchange overall score comparison reveals that Binance got an overall score of 9.6, while Kucoin accumulated an overall score of 8.5.
If we focus on the ease of use, it’s no surprise that in this comparison, Binance is very easy to use even for beginner traders.
Fees are 0.1% on both platforms.
Binance offers no deposit fees, while withdrawal fees depend on the asset.
Kucoin offers dividends of 50% of the exchange earnings on its own token.
You can use BNB to pay the fees on the exchange platform, saving you money compared to paying through different tokens.
Kucoin has faster customer service.
You can send a message to their 24-hour telegram support chat with a quick response rate.
Binance also offers different ways to contact its support, with the main way being through tickets.
There are reports of it taking too much time, with a Reddit user claiming it took him as long as two weeks to get an answer, but besides that, it is an above-average customer service compared to other exchanges.
You can read the more detailed information in our Binance review.
Kucoin vs Kraken
Kraken vs Kucoin cryptocurrency exchange overall score comparison states that Kraken has a higher score of 9.1, while Kucoin gathered an overall score of 8.5.
In addition, Kraken is easier to use compared to KuCoin.
Below you see how the Kraken charges fees.
Compared to, how the Kucoin charges their users:
Kucoin vs Coinbase
Coinbase vs Kucoin cryptocurrency exchange overall score comparison shows that Coinbase has a higher overall score – 9.8, In this case, If we look at the ease of use, Coinbase has a better user experience than Kucoin.
Coinbase charges a 0.5% fee built into the spread, they then charge an additional ‘coinbase fee’ which is bigger than the flat fee or the variable fee.
Below is the table that shows how the flat fee charging structure:
Regarding the services they provide, coinbase stopped supporting margin trading, so they now offer a broker service (instant buy).
KuCoin, on the other hand, offers every service possible, including instant buy, advanced trading, margin trading, futures market and P2P marketplace, Etc.
Frequently Asked Questions
Does KuCoin report to the IRS?
By linking your KuCoin account to CryptoTrader, you may produce profits, losses, and income tax reports from your KuCoin investment activity.
Because many jurisdictions, including the United States, tax crypto-to-crypto trading, you will almost certainly need to record trades performed on KuCoin.
Can I use KuCoin without KYC?
Kucoin does not require KYC is mandatory.
Therefore you are able to transact on the platform even if you are not verified.
Unverified accounts, on the other hand, have a withdrawal restriction of 5 BTC per 24 hours. cheap
Is Kucoin better than Coinbase?
Coinbase has a more user-friendly interface and the mobile app is also easier to use than Kucoin’s.
However, Coinbase also charges higher trading fees compared to Kucoin’s fee structure.
Therefore, if you are looking forward to a smoother and simpler option Coinbase should be your pick.
If you are looking forward to a great alternative exchange to pay minimal amounts in fees then Kucoin would be a perfect option.