Out of the hundreds of exchange sites available today, one of the most prominent options that stand out amongst the rest is KuCoin. With a wide range of services available to all sorts of crypto enthusiasts, the Singapore-based crypto exchange site welcomes all from novices to seasoned traders.
Discover everything that KuCoin has to offer here at CryptoShimbun!
KuCoin basics
KuCoin exchange was just in time for the crypto craze in December 2017 when it launched in August of the same year. Since launching in China, it steadily grew until it reached its reputation today as ‘the People’s Exchange.’
After stricter regulations have been put in place in China, the exchange relocated to Hong Kong before moving again to Seychelles and more recently, to Singapore.
Though younger compared to other exchange platforms in the industry, KuCoin fairly held a candle to other strongholds in the crypto industry such as Binance and Coinbase. It currently stands at the 8th spot in Coin Market Cap’s list of top exchanges.
The crypto exchange boasts an impressive portfolio of almost 250 coins and over 500 markets. Aside from listing the most popular coins in the crypto market, KuCoin also offers lesser-known coins with smaller market capitalization.
Additionally, the exchange has its own native coin called KuCoin shares (KCS) which allows users to earn a passive income by lending and staking their coins.
Advantages of using KuCoin
Listed below are some of KuCoin’s most notable features:
Fast and reliable customer support
KuCoin’s customer support is available 24/7 and you can contact them through their website’s ticketing system, email address or social media accounts.
Anonymous trading
Unlike most exchange sites, KuCoin does not require clients to undergo KYC protocol before trading. You can create a basic account in only ten seconds and start trading. However, there’s a 24-hour limit of 2 BTC for basic accounts. If you want to withdraw more, you’ll need to verify your account.
Advanced trading platform
KuCoin’s advanced trading platform can put through 2 million orders per second so traders need not worry about any problems. Similar with the most popular exchange sites today, KuCoin supports trading view charting technology that is well-known in the industry. You can alter the charts to your liking so you can trade the way you prefer.
Low trading fees
Exchange sites have various exchange fees ranging from low to high ones. KuCoin happens to be one with the lowest fees. For as low as 0.1%, you can trade cryptocurrencies with fiat and conduct future trades as well.
Available on mobile devices
With KuCoin’s mobile applications, you can trade wherever you are and whenever you want. You can download the KuCoin app on your iOS or Android mobile device so you can check your assets on the go.
Offers a wide range of payment methods
KuCoin supports a wide range of fiat currencies and payment solutions so you can buy crypto in a snap. Whether you prefer crypto or debit cards, you can buy cryptocurrencies through payment solutions such as Simplex, Banxa or PayMIR. KuCoin also offers a Fast Buy service which allows users to purchase Bitcoin (BTC) and Tether (USDT) with IDR, VND and CNY.
Disadvantages of using KuCoin
As perfect as KuCoin seems, there are also some drawbacks you need to consider like the following:
No fiat trading pairs
KuCoin only supports crypto-crypto trading pairs so you won’t be able to complete crypto-fiat trades.
History in security breach
While KuCoin utilizes bank-level security measures, their asset reserves were still compromised. In September 2020, KuCoin detected large withdrawals of Bitcoin (BTC) and Ether (ETH) from an unknown wallet. KuCoin CEO Johnny Lyu said hackers got the private keys to the exchange’s hot wallets, stealing roughly $281 million worth of crypto funds.
Though all stolen customer assets were covered completely by the exchange’s insurance fund, it’s still a chink in their armour. Usually, after security breaches such as these, companies will implement a stricter and more robust security protocol to prevent similar incidents from happening again.
No bank deposit
While you can purchase crypto using credit or debit cards, you won’t be able to buy coins through bank deposit. This method is one of the most common ways of buying crypto.
Services offered by KuCoin
KuCoin offers a variety of trading services with corresponding accounts to let you keep a streamlined and more organized trading portfolio.
Spot trading
KuCoin lets you trade on the spot which is the most common trading order in an exchange site. There are four types of spot trades you can do in KuCoin:
- Limit order – Buys/sells assets at a specified limit price
- Market order – Buys/sells assets at the best available price
- Stop limit order – Buys/sells assets at the current limit price when the latest price reaches the preset trigger price
- Stop market order – Buys/sells assets at the current market price when the latest price reaches the preset trigger.
You can access your funds used for spot trading using your trading account which is separate from your main account. The assets kept in your trading account can also be used to pay KCS fees.
Margin and futures trading
Trade with up to 100x leverage in KuCoin’s Margin and Futures trading platform. You’ll need a Margin account or a Futures account if you want to start trading in these exchanges.
P2P exchange/marketplace
If you prefer to buy directly from a person who’s selling their own coins, then you can conduct your trading at KuCoin’s P2P marketplace exchange. Each seller has their own terms and conditions such as available payment options to consider if you’re trading here. Keep in mind that KuCoin only provides the platform for these P2P exchanges and conducting trades in the marketplace is up to your own discretion.
Earn crypto by lending or staking via Pool-X
Through KuCoin’s Pool-X, you can gain passive income just by lending or staking your KuCoin shares or KCS. It’s an easy way to gain yield by letting your coins do the work for you.
KuCoin: The People’s Exchange
With numerous notable features and outstanding services, it’s no wonder KuCoin garnered over 5 million registered users in 100 countries across the globe. If you want to test these services for yourself, creating a KuCoin account will only take a few seconds. Head over there and jumpstart your crypto trading career today!