KuCoin Crypto Exchange Expert Review
Team of STO Investment Platforms Reviewers
KuCoin is a fast-growing crypto platform with some impressive tools and features, but is it worth your time? Let’s find out in this kuCoin crypto exchange expert review.
What Is KuCoin Crypto? Introduction And Overview
KuCoin is a third-party trading platform that enables traders to buy, sell, and exchange a huge variety of digital currencies like Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), and Polkadot (DOT).
Based in Seychelles, KuCoin was launched by the joint efforts of Michael Gan, Eric Don, Top Lan, Kent Li, John Lee, Jack Zhu, and Linda Lin in 2017. The business, however, is headed by CEO, Johnny Lyu.
Despite the platform being relatively new, it has been ranked amongst the world’s largest cryptocurrency platforms today due to the perks it offers. KuCoin supports a variety of trading options, including margins and futures. However, what truly makes it unique is the ability to indulge in P2P trading.
Consumers can trade with each other, which allows them to find coins at their desired rate. Serving more than 10 million users in 200 countries, the company is fast growing but it is still not available in the US as it is not licensed to operate in the country. Look at other crypto platforms if you are in the US.
How It Works
The recognized blockchain fund exchange works through a web and mobile interface and lets customers buy, sell, and trade cryptocurrencies by using several global and local fiat currencies, including USD, CAD, VND, IDR, and CNY.
There are several ways to buy or trade through the platform:
This can be a little confusing for some people. We suggest that you educate yourself on how these different trading options work and then access the right one through the platform.
KuCoin is one of the most advanced platforms offering both custodial and non-custodial services, which means users can choose to keep their wallet or store coins on the platform. The company has partnered with Onchain Custodian, a Singapore-based company, that offers a safe crypto wallet.
Ease is one of KuCoin’s biggest pros. The company rewards users for being loyal and investing in KuCoin’s native coin (KCS). Perks include special promotional offers and discounts on trading fees.
Getting started on the platform is easy. Sign up for an account with just your email address and start trading right away. Verification is only necessary to access advanced features and remove withdrawal and deposit limitations.
How To Create A KuCoin Account?
It takes only a few minutes to create a KuCoin account. Visit the KuCoin website, click the sign-up button, and enter your email address. KuCoin will email you a verification code that you can use to set up your password. Moreover, you can also create a KuCoin account with a phone number.
The next step is verification. KuCoin verification is divided into:
Basic verification (takes 2-3 hours)
Advanced verification (takes 2-3 business days)
Basic verification requires you to submit your full name and address, whereas advanced verification involves the submission of identity documents. Furthermore, those with a corporate account will need to submit business documents.
KuCoin Crypto Review: Pros And Cons
Given below are some notable pros and cons of KuCoin:
Offers several ways to earn money, including referral bonuses and staking
Users enjoy a variety of trading options, including bot trading
Customer service is excellent
A huge number of coins to choose from
There is an in-house KuCoin crypto wallet
A little complicated and not suitable for new users
Unregulated and not licensed in the U.S.
Offers a limited number of deposit and withdrawal methods
Currency and Coin Availability on KuCoin
KuCoin offers a wide range of cryptocurrencies and coins (more than 600) with more on the way. Some of the top cryptocurrencies supported by the platform are:
Binance Coin (BNB)
USD Coin (USDC)
Bitcoin Cash (BCH)
Wrapped Bitcoin (WBTC)
Internet Computer (ICP)
Ethereum Classic (ETC)
Is KuCoin Crypto Safe?
KuCoin uses bank-level security to ensure your assets and information remain safe. The company has partnered with firms like Onchain Custodian and Lockton to provide users with safety and insurance respectively. Moreover, the exchange features safety measures like:
Multi-layer encryption on an industrial level
Additional passwords for trading
Internal risk department
Cold and hot wallet storage
Bug bounty program
Despite the company’s dedication to a secure platform, it was reported that a few KuCoin wallets were hacked in 2020. KuCoin covered all the losses through insurance and remained transparent. Still, since it isn’t fully regulated, there is always a risk of mishaps.
Fee Structure And Costs
KuCoin uses a tiered maker/taker fee model, providing trading fees ranging from 0.0125-0.1% depending on your tier. The platform is divided into 3 classes of crypto:
Class A (most popular cryptos) – 0.1%
Class B (lesser-known cryptos) – 0.2%
Class C (rare cryptos) – 0.3%
As mentioned previously, using KuCoin’s native coin will give you even lower trading costs.
KuCoin’s withdrawal and deposit fees are dependent on market performance and the type of coin you choose. Visit the official website for more information.
KuCoin Review: FAQs
How to buy cryptocurrency on KuCoin?
To buy crypto on KuCoin, you will have to:
Navigate to the “Markets” tab
Select the crypto you want, and then click on the “Trading” button next to it
Fill out the “Buy” field with the amount of money you prefer
Click on “Buy”. You can follow the same process for selling crypto
How to use KuCoin in the U.S.?
Since KuCoin is not available in the country, you will not be able to sign up for an account. You can, however, use a VPN and select a foreign server to access all of its futures, but you will not be able to verify your account if you have a US-based ID.
KuCoin Crypto Trading Platform Review: The Bottom Line
KuCoin is a growing platform and has a lot to offer – from large trading volumes to a huge variety of cryptocurrencies. However, the exchange is not available for U.S. residents which can be a problem for some. We would still recommend going for KuCoin if you’re looking for a secure and convenient interface to begin your trading operations.
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