Kucoin launched in 2017 and came into the market by storm. In the exchange world, there’s a few different ‘categories’ of exchanges. Some like Binance or Coinbase allow for Fiat to Crypto trading, but Kucion is in the category of solely crypto to crypto trading.
Now you might ask why would you use Kucoin over the other exchanges?
Kucoin hosts over 200+ currencies for you to choose from, ranging from the top coins to lesser-known projects which are not listed on exchanges like Binance. Combined with a great interface, Kucoin has grown extremely big in this space.
And since then, Kucoin has now expanded to accept Fiat to crypto purchases – which means smaller coins are a lot easier to access.
How to use Kucoin
- Sign up to Kucoin here!
- Once you’re logged in, be sure to verify your account with email or phone.
- Quickly set up your 2FA with phone or google authentication to prevent hackers from gaining access to your account.
- You’re all good to go and trade any coin you wish!
Buy & sell crypto on Kucoin.
- Start by depositing either Fiat or Crypto. Different Fiat will have different methods to deposit. Some may have credit cards or other methods. When you click the currency you use, all the options will be shown to you.
If you’re depositing crypto, simply open up your wallet of the particular cryptocurrency and send it to your Kucoin wallet address.
- Once you have funds on Kucoin, you can head over to the marketplace where you’re able to use your funds to buy and sell the coins you wish.
- Look for the pairing of the coin you need. Eg BTC/USD pairing or BTC/ETH pairing and select the one you’re after.
- You can now buy and sell at whatever price you wish, or if you don’t want to wait, just hit the ‘market’ button to buy at the current market price.
Is Kucoin Safe?
Kucoin implements all the industry-standard safety features so you don’t have to worry. 2 Factor Authentication (2FA) and Bank Level security standards are all used within Kucoin’s systems. In case if you ever need help, you can contact their 24/7 customer support as well.
As of this article, Kucoin was hacked on September 25, 2020 and lost over $280 million dollars worth of cryptocurrency assets. However, since then Kucoin has taken measures to recover these funds back to the holders of these tokens.
Kucoin CEO has mentioned they have been able to recover $200 million dollars back by working tightly with all the cryptocurrency companies who have been affected and tracing addresses that have stolen these funds.
Kucoin.com Review and Fees Breakdown
Fiat currencies accepted:
Kucoin supports all the major currencies like USD, AUD, CAD, EUR and more. Different fiat will have different deposits methods and fees.
Kucoin has over 200+ currencies listed and over 450+ pairs, meaning you can trade to many coins with BTC, ETH, USDT or other pairs offered by Kucoin.
With some of the lowest fees in this industry, Kucoin offers a unique way for fees to be calculated. When you use Kucoin, your account has different ‘levels’ and ‘tiers’, meaning the more you trade in terms of volume, you get lower and lower fees. From 0.1% down to 0%.
With Kucoin’s native token, KCS, holders are also able to lower fees by using a tiny percent of their KCS when they trade to automatically deduct fees.
Deposit and Withdrawal methods:
Kucoin accepts deposits for all the cryptocurrencies listed on their platform. To deposit and withdraw, it’s as simple as a click of a few buttons and you’ll be able to withdraw within an hour.
Kucoin does allow users to set up 2FA for their accounts with phone or email authentication. You are also able to restrict IP access to your main IP if you wish.
Since the hack in September, Kucoin has committed to tightening their internal audit and handling processes so future hacks will be prevented.
Kucoin complies with Know Your Customer (KYC) for users who use Kucoin. However, Kucoin still offers basic account verification where anyone can deposit and withdraw (limited amounts of crypto). As you verify your identity, you’ll be able to have a higher withdrawal limit of up to 100 BTC for every 24 hours. Unverified accounts are able to withdraw 2 BTC every 24 hours.
24 hours customer service is available so you’ll never have to wait when there are any problems. You’ll be able to interact with support with live chat on the desktop site and on the mobile app as well.
Mobile functionality/mobile app:
Kucoin offers a great lightweight mobile app available in the app and Google play store. With full functionality as the desktop website, it’s a great app for on the go trading and checking balances.
History of Kucoin
At the launch of Kucoin, they raised an ICO to issue out KCS tokens or Kucoin Shares to early investors. The ICO started on August 13, 2017, and lasted until September 1, 2017. It was a massive success for Kucoin as they were able to raise $20 million dollars.
In 2019, Kucoin redesigned their platform user interface, giving it a much cleaner and user-friendly look. They also started introducing futures and margin trading with 10x leverage.
Fiat support came in June of 2020 where they accept most global currencies to buy crypto directly with fiat money.
The Verdict on Kucoin
Kucoin is a great exchange outside of the major ones. The fact that you’re able to do small trades without having to hand over your identity is quite rare in 2020. If you’re looking for a place to easily trade smaller projects and have peace of mind on the security side of things, Kucoin is excellent to serve that role.
To get started today, Click here and start trading your favorite coins!