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Kucoin is an up-and-coming cryptocurrency exchange that has caught the attention of many in the crypto community. Kucoin offers users a variety of features that are not found on most other exchanges, including a unique bonus system and a fast-paced token sale voting process. Read this Kucoin Review to find more about its features.
Cryptocurrency exchanges are hard to use, and most of them don’t have the best customer service. However, Kucoin’s user interface is easy to understand and navigate which makes trading on their platform a breeze for anyone.
KuCoin is one of the largest cryptocurrency exchange platform in Asia. It also offers a wide range of trading options, both for new and experienced traders. It has a strong security team and is one of the best cryptocurrency platforms for buying and selling digital currencies.
You can deposit cryptocurrencies like Bitcoin (BTC), Ether (ETH) or Tether (USDT) as well as withdraw them easily through your KuCoin account into your own personal wallet anytime you want. On top of this they provide excellent customer service 24/7 via live chat or email if you need help using their exchange platform or even just general questions about cryptocurrency in general!
Table of Contents
What is Kucoin?
KuCoin is one of the top 10 most valuable crypto trading platforms globally. It was founded in 2017 and now serves more than 500K users worldwide.
Users can easily buy, sell, and trade cryptocurrencies on a single platform. They only handle cryptocurrency transactions and don’t provide fiat currency trading pairs.
The exchange was established in May of 2017 by a team of blockchain and cryptocurrency experts.
In 2011, the team decided to start building a secure and easy-to-use exchange for people all over the world to trade digital coins. That project would eventually become the technological architecture that KuCoin now uses to this day.
KuCoin is the Hong Kong-based cryptocurrency exchange owned by Kucoin Shares Limited, a wholly owned subsidiary of KuCoin Group Limited. One of the more popular digital currency exchanges worldwide, they currently claim over 200 million active users as of July 2016, making them one of the top cryptocurrency exchanges in the world.
Supported Cryptocurrencies
The KuCoin cryptocurrency exchange currently supports over 200 different cryptocurrencies, over 300 trading pairs, and more than 400 markets. They continue to add cryptocurrencies as well as exchanges on the platform. KuCoin lists lesser known coins and tokens frequently.
KuCoin, like many other major cryptocurrency exchanges, supports well-known cryptocurrencies as well as fresh digital assets that have recently completed their initial coin offering (ICO). Their dedication to new digital currencies is fantastic for those who want to invest in coins as soon as they become available.
KuCoin Shares
In 2017, the trading platform KuCoin created its own cryptocurrency known as KCS (Kucoin Shares). These tokens were utilized to support the new platform. Overall, 200 million KCS were distributed among company founders and private and general investors.
KuCoin is an easy-to-use exchange and trading platform, offering a range of convenient features for investors to get involved with cryptocurrency. One of those features is the ability to trade without fees.
There are additional trading pairs available to KCS holders. KCS holders may get KCS by referring others to the exchange. The referrer gets a referral bonus of up to 20 percent whenever an invited person makes a purchase.
Payment Methods
KuCoin is one of the top exchanges for cryptocurrency trading today. KuCoin began by only accepting cryptocurrencies as payment. Today, it is feasible to pay for cryptocurrency using fiat money thanks to KuCoin’s links with Bancxa, Simplex, and PaymIR. This means you can use your bank card to make purchases.
The fees you pay depend on how you choose to pay for the service. Typically, the fee is between 5% and 7% of the purchase price. If you use Banxa, for example, the transaction fee will be 4% to 6%, plus the entire purchase price.
PayPal, Interac e-Transfer, and wire transfer are now available as additional payment options for peer-to-peer (p2p) trading on Kucoin. Wire transfers can take up to two business days to go through, but PayPal and Interac e-Transfer transactions occur almost instantly.
The process of transferring bitcoin or other cryptocurrencies to Kucoin is generally easy and painless. It can take as little as half an hour to complete a transfer with minimum fees, although larger transfers might take longer.
Trading Fees and Limits
In comparison to other exchanges, KuCoin charges some of the least fees.
Fees
For every transaction made on the KuCoin spot market, there will be a 0.1% charge for both the maker and taker. The fee rate is comparable to that of Binance, one of the most well-known bitcoin exchanges for its low trading fees. It’s important to note, however, that the KuCoin trading platform does not charge an initial registration fee.
If a user’s 30-day BTC trade volume is under $500, they receive a special discount on their maker/taker fee. The KCS token allows users to cover their costs, resulting in lower fees.
Limits
Kucoin’s withdrawal limits are based on the types of accounts a user has with the exchange. Due to its various verification processes, there are several different categories of accounts that differ in their withdrawal limits and other restrictions.
A verified user that exceeds the daily withdrawal limit for a specified amount of time is temporarily blocked from accessing their funds until they satisfy the restrictions. These limits are far greater than most other crypto exchanges. For small traders, this limit might be reasonable.
Verified accounts are the ones who can transfer funds into and out of your BitCoin account safely. They can only withdraw the same amount that they put in (or less, if they have no balance), and they can only withdraw it in 24-hour increments.
It is not necessary to verify a personal account on KuCoin, but KuCoin strongly urges you to do so. Not only will it avoid future problems, but customers will be able to use fiat-to-crypto trading once the platform permits it. Customers can verify their accounts by providing a scanned copy of their ID and proof of residence.
The addition of a password, email and mobile number verification on the site offers you the opportunity to make the site more secure and offer added protection from fraud. If there is a potential for more money, this will be an incentive to provide these additional measures of security.
Customer Support
The 24/7 customer service available to KuCoin’s users is a big benefit. With an in-house ticketing system, it’s possible to easily track your inquiries through the various channels.
The Kucoin customer service team is well trained and responsive to customer concerns. They can serve customers in many languages so that customers around the world can connect with them. KuCoin believes in simplicity, and it shows in their ease of use and effectiveness.
Users can get help from the KuCoin Help Center, FAQ Center, and even the 24/7 hotline chat service. You can expect a response from someone within a few hours if you want to speak with a customer support representative. KuCoin has a reputation for being very responsive to its customers.
Representatives are kind, helpful, and knowledgeable.
Is Kucoin Safe to Use?
Kucoin has a strong reputation, earned over the years due to its utility and stability. Its volume is also high, which means that more people are using it as an investment vehicle than Tether or the dollar price of Bitcoin on Gemini. Kucoin appears to be quite secure, especially for a new exchange.
KuCoin is a cryptocurrency exchange headquartered in Hong Kong. As of December 2018, they are the 8th most-popular trading platform in the world. KuCoin is a relatively new company. The first public mention of the company was on March 24, 2017.
The use of these standards as a foundation for security resulted in the development of bank-level security and data encryption.
In terms of operation, KuCoin has a number of risk management departments that maintain tight data usage standards for the platform. They also have a partnership with a Singapore-based crypto service provider to look after their assets.
Strategic collaboration between both firms is a great idea. The challenge, however, is how to ensure this type of security continues into the future. This is where user account security features come in.
It uses two-factor authentication, password changes, email alerts, a login safety phrase, security questions, and phone verification to help ensure your account is secure. Although some of these features may seem like overkill, when used together they help to minimize the possibility of unauthorized account usage considerably.
Kucoin Alternatives
Here are some alternatives to Kucoin.
Conclusion
Kucoin is a cryptocurrency exchange that has attracted a lot of attention from new users. However, many of its users are finding it hard to navigate through the platform. This is creating a problem for them as they find that they’re unable to make a purchase.
With so many new cryptocurrencies and price structures to choose from, any novice trader would be hard-pressed to pass up their enticing prospects. They’re worth keeping a close eye on, but one can’t help but be concerned about the fact that they’re so new—particularly with the bad reviews about their customer service.
KUCOIN may be the answer to your next trade, but we suggest that you take a moment to consider some of their key aspects. You can take a moment to consider the best alternatives on the market if they don’t offer what you’re looking for.
