According to its average daily trading volume and user base, KuCoin is one of the top cryptocurrency exchanges worldwide.
After doing extensive due diligence, its research department placed a high emphasis on the projects mentioned when it debuted for trade in September 2017.
The exchange features more than 1,300 trading pairs, more than 200 project launches, and users from more than 200 nations and regions. Its quick and easy-to-use user interface is complemented with prompt technical and customer assistance. One of the biggest trading communities in the sector is found on the exchange.
In light of this, we’ve included a thorough how-to guide for trading on the KuCoin spot exchange below, along with details on some of the most crucial considerations when selecting a cryptocurrency trading platform.
KuCoin Review: Benefits and Drawbacks
Let’s take a quick look at the benefits and drawbacks of the exchange before delving deeper into our KuCoin review.
PROS
- Easy UI/UX, straightforward registration procedure dependable and trustworthy website with clear Reports on Proof of Reserve
- Margin, futures, and spot markets
- More than 1,300 pairs of trades
CONS
- Succumbed in 2020 to a significant $280 million hack is not licensed in important countries such as the US, UK, and Australia.
How Do I Create a KuCoin Account?
You must first create a KuCoin account. It’s crucial to remember that consumers can choose to complete a Know Your Customer (KYC) verification process after registering instead of having to do it immediately. This opens up new features like higher withdrawal limits and more.
Once you reach the homepage, click the Sign-Up button in the upper right corner and fill out the registration form that appears.
Initially, you can choose whether to register using a phone or an email address, but in both cases, you must provide valid details because you will have to verify your account using a code.
Once this is done, your basic account is set up. You can then review the platform’s features and begin depositing and trading.
However, please note that it’s important to take a few additional steps to increase the security of your account. From the ‘Account Security’ tab, you should go through the following actions:
- Set up a Two-Factor Authenticator (2FA)
- Verify your email and/or phone.
- Set up a trading password.
- Set up safety phrases for email, login, and withdrawals.
The restriction of the login IP is another option, and it is advised if your balance is more than 0.1 BTC (as of this writing).
You will be able to withdraw up to 5 Bitcoins per day without having to undergo a KYC verification. This limit should be increased only when your personal information has been validated. The procedure is simple to understand and somewhat rapid.
After completing the aforementioned steps, you are ready to start trading cryptocurrencies. Naturally, you would need to make a deposit first.
How Can I Deposit and Take Out Money on KuCoin?
KuCoin combines all of the many account kinds into a single, all-inclusive interface, which facilitates money transfers between them.
But you have to use the tab associated with your primary account to make deposits and withdrawals.
How to Buy Bitcoin on KuCoin?
On KuCoin, opening a position is easy. Here’s an example from our KuCoin evaluation using the fundamental market order.
As previously said, all you have to do is enter the desired BTC purchase amount in USDT.
How to Sell Bitcoin on KuCoin?
On KuCoin, selling Bitcoin is equally simple. In keeping with the last example, we’ll sell the Bitcoin we just purchased using a market order this time.
For convenience, you can also utilize the percentage buttons below. That is all there is to it when using KuCoin’s spot exchange to buy and sell cryptocurrencies.
Exchange for KuCoin Futures
KuCoin offers a futures contract platform called KuCoin Futures for traders looking to trade with leverage.
It currently offers USDC-denominated futures contracts for BTC and ETH and USDT-denominated futures contracts for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin SV (BSV), Chainlink (LINK), Uniswap (UNI), and a plethora of other cryptocurrencies.
On certain contracts, users can open positions with up to 100x leverage. It’s important to remember that leveraged trading should only be used by seasoned traders due to its significantly increased risk of capital loss.
Conversely, BTC, ETH, DOT, SOL, and XRP are supported by the COIN-margined contracts.
The KuCoin Native Token or KCS
The exchange’s native token, known as the KCS KuCoin Token or KuCoin Native Token, was introduced in 2017. The majority of Ethereum wallets support this profit-sharing coin, which is issued on the ERC20 protocol standard of Ethereum. 50% of the total earnings from trading fees is distributed to token holders. Maybe this explains why it was formerly known as KuCoin Shares before changing its name.
The corporation has a planned buyback and will burn tokens until there are just 100 million left in the 200 million overall supply of KCS.
What Trading Fees Are There for KuCoin?
The fees are one of the most crucial factors to take into account when selecting a bitcoin exchange.
Fortunately, KuCoin’s fee structure is really simple. The platform charges for trading:
- Manufacturer Fee: 0.1%
- Taker Fee: 0.1%
KuCoin offers free deposits, but there are normal withdrawal fees that vary in value according to the current market price of the asset you wish to withdraw in US dollars.
Customer Service for KuCoin
It’s important to remember that KuCoin, which ranks 10th globally in terms of volume, is one of the biggest cryptocurrency exchanges available. As a result, it has a committed staff that deals with various problems.
In addition to a comprehensive FAQ section, users can rely on a virtual assistant and submit a ticket or chat online. The online part is a more expedient means of resolving concerns because you will typically receive a response within a few minutes.
On the other hand, the support team’s online KuCoin reviews have been steadily decreasing. Over 1,100 comments posted on Trustpilot state that, over the past year, contacting the support team has not been a satisfying experience.
