Kucoin.com: The global cryptocurrency exchange
Top 10 Crypto exchanges reviews: KuCoin is a global cryptocurrency exchange that allows users to buy, sell, and trade digital currencies. The platform also enables margin, futures, and peer-to-peer (P2P) trading in addition to basic trading choices. Users can also earn rewards by staking or lending their cryptocurrency.
Disclaimer
The top 10 Crypto team is dedicated to ranking and comparing top exchanges in the market. To review references used in this review, please revert to the reference table at the end of this review. This review is not sponsored.
Pros
⦿ Low trading fees
⦿ Earn interest on your crypto
⦿ Wide selection of cryptocurrencies
⦿ Advanced trading features
Cons
⦿ Not licensed in the U.S.
⦿ Limited payment methods
⦿ Poor user reviews
⦿ Not for new traders
Year Founded: 2017
Official Website: https://www.kucoin.com
Cryptocurrencies Available: 600+
Customer Support: Facebook, Telegram, Twitter, Reddit.
Pros Explained
- KuCoin’s trading fees are quite minimal. Users should anticipate paying between 0.0125 % and 0.10 % per exchange. When compared to the stock markets of other major exchanges.
- KuCoin users can earn interest on their crypto by staking it or lending it to others and charging interest. Earning rewards on your cryptocurrency can help you grow your holdings.
- KuCoin offers a considerably wider range of cryptocurrencies than many other exchanges or brokerages. KuCoin is worth a look if you want to venture out into less well-known coins. It also includes a Spotlight area where new currencies are promoted so that people can get in early. Just keep in mind that newer or lesser-known coins pose a higher risk than more established coins.
- KuCoin includes a lot of extra features, but you should consider whether or not you want to utilize them. Margin trading, for example, allows you to leverage your position by borrowing money to acquire additional cryptocurrency. Leverage should only be used by experienced traders since it makes cryptocurrencies, which is already a dangerous investment, considerably riskier.
Cons Explained
- Because KuCoin is not licensed in the United States, users from the US should look for another exchange.
- You can buy cryptocurrencies with fiat money using KuCoin, but only through a third-party app. You may pay with a credit or debit card, Apple Pay, or Google Pay, but not with a bank transfer. And the costs might be rather high.
- While negative reviews of crypto exchanges are common, KuCoin’s customer reviews are particularly low. Customers have reported concerns with withdrawals, customer support, and market manipulation.
- KuCoin’s site is difficult to navigate if you’re new to cryptocurrencies. The Fast Buy feature isn’t working, and peer-to-peer trading was only available to those who have completed the KYC verification procedure.
Introduction to KuCoin
KuCoin is a large cryptocurrency exchange that allows users to buy, sell, and trade crypto. The platform also enables margin, futures, and peer-to-peer (P2P) trading in addition to conventional trading choices. Users can also earn rewards by staking or lending their cryptocurrency.
Company Overview
KuCoin is a cryptocurrency exchange that accepts a wide range of digital assets and cryptocurrencies. KuCoin is a cryptocurrency exchange based in the Seychelles that was founded in September 2017 by Johnny Lyu. KuCoin has developed to become one of the most popular cryptocurrency exchanges, with over 8 million registered users in 207 countries and regions.
While US users can sign up for a KuCoin account, they will have restricted access to features because KuCoin is not licensed to operate in the US. Signing up for an account might be risky in view of this. For example, if US officials decide to take action against KuCoin, you may be unable to withdraw your funds.
KuCoin, the home of crypto gems, offers over 420 projects and 790+ trading pairs. KuCoin has a primary listing for a number of projects, including ICP, BOSON, AERGO, RNDR, and DAO.
Company Overview
KuCoin raised $20 million (USD) in round A fundraising from IDG Capital and Matrix Partners in November 2018. KuCoin was ranked one of the Best Crypto Exchanges by Forbes Advisor in 2021.
Cryptocurrencies Available on Kucoin
KuCoin gives access to over 600 different cryptocurrency tokens. The following are among the more popular currencies available on KuCoin: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Cosmos (ATOM), Chainlink (LINK), Decentraland (MANA).
How to buy Crypto on Kucoin?
1. Open the KuCoin app and log into your KuCoin account
- If you do not have a KuCoin account, please click “Sign up” to proceed with the registration steps
3. Go to “Fast Trade” and tap “Buy”, select the type of fiat and crypto currency, then input the fiat amount you want to spend or the crypto quantity you want to receive.
4. Select “Bank Card” as the payment method, and you need to bind your card before purchase, please tap “Bind Card” to complete the blinding.
- If you have already added a card here, you will directly go to Step 6.
5. Add your card information and billing address, then click “Buy Now”
6. After binding your bank card, you may proceed in buying crypto
7. After you complete the purchase, you will get a receipt. You may click “Check Details” to see the record of your purchase under “Main Account”.
Happy trading.
How to trade on kucoin?
1. Go to KuCoin.com, click on the Trade tab, then click Spot Trading.
2. Find the trading pair you want to trade. KuCoin offers a variety of markets such as Stable Coins (USDⓈ), Bitcoin (BTC), KuCoin Token (KCS), and a variety of Altcoins (ETH, TRX, and more).
For instance, if you want to buy KCS with BTC, click on the KCS/BTC pair.
4. Choose the order type, enter your order details such as price and amount, then click the Buy or Sell button.
KuCoin supports the Limit, Market, Stop Limit and Stop Market order types. This article will elaborate on each order type later.
Understanding Different Trade Orders
1. Limit Order
- Definition: A Limit Order is an order placed to buy or sell at a specified limit price.
- Example: If the current market price for KCS is 0.96289 USDT and you plan to buy 100 KCS when the price drops to 0.95 USDT, you can place a Limit Order.
- Instructions: Select Limit Order, enter 0.95 USDT in the price box, and enter 100 KCS in the amount box. Click Buy KCS to place the order.
- Definition: A Market Order is an order placed to buy or sell at the best available price in the current market.
- Example: If the current market price for KCS is 0.96263 USDT and you plan to buy KCS worth 1,000 USDT immediately, you can place a market order.
- Instructions: Select Market Order, enter 1000 USDT in the amount box, then click Buy KCS to place the order. The order will typically be filled in seconds.
3. Stop Limit Order.
- Definition: A Stop Limit Order is an order placed to buy or sell at a limit price when the price reaches the configured trigger price.
- Example: If the current market price of KCS is 0.9629 USDT and you assume the stop price will reach 1.0666 USDT and will not continue to rise when it breaks through, you can sell when the price reaches 1.065 USDT.
- Instructions: Select Stop Limit Order, enter 1.0666 USDT in the stop price box, 1.065 USDT in the price box, and 100 KCS in the amount box, then click Sell to place the order. When the latest price reaches 1.0666 USDT, the order will be triggered, and the100 KCS order will be placed at a price of 1.065 USDT.
4. Stop Market Order
- Definition: A Stop Market Order is an order placed to buy or sell at the current price when the price reaches the configured trigger price.
- Example: If the current market price of KCS is 0.96285 USDT and you assume the stop price will reach 1.0666 USDT and will not continue to rise when it breaks through, then you can sell when the price reaches the support price.
- Instructions: Select Stop Market Order, enter 1.0666 USDT in the stop price box, and 100 KCS in the amount box, then click Sell KCS to place the order. When the latest price reaches 1.0666 USDT, this order will be triggered and the 100 KCS order will be placed at the best market price.
Essential tips when spot trading:
- The Market Order is matched by the best available price in the current market. Considering price fluctuations, the filled price can be higher or lower than the current price, depending on the market depth.
- KuCoin upgraded the Stop Order function on October 28, 2020. After the upgrade, the system will no longer pre-freeze the assets in your account for the Stop Order until it has been triggered.
Happy trading on KuCoin!
Fees
KuCoin has a tiered maker/taker fee structure, with costs ranging from 0.0125 % to 0.1 % depending on your tier level. In comparison to rivals, which may charge up to 0.50 % for every trade, its costs are quite inexpensive. Users may also save money on trading fees by using their KuCoin Token (KCS) balance.
KuCoin imposes withdrawal fees in addition to trading fees, which vary per asset and are subject to change based on market performance. Deposits are free on this exchange, although it’s worth noting that KuCoin now only accepts a restricted number of fiat deposits.
Opening a KuCoin Account
The procedure of creating a KuCoin account is straightforward and takes only a few minutes. To get started, go to the KuCoin site and click the “Sign Up” button in the upper right corner. You’ll then be prompted to provide your phone number or email address, as well as a verification code and password. You can begin trading when your account has been set up.
After that, you may opt to go through the KYC verification procedure, which will get you access to larger daily withdrawal limits and other services. Basic and advanced KYC verification solutions are available on KuCoin.
Simply connect to your account, select “KYC verification” beside your avatar, and submit some basic personal information to finish the basic process. In addition to your basic personal information, you will need to supply supplementary documents, such as a selfie or a photo of your government-issued ID, if you wish to complete the advanced procedure. Upon completion of the advanced verification, you will have access to additional trading perks.
Security
Despite providing KYC verification and industry-standard security procedures, the KuCoin exchange was hacked in 2020. More than $280 million in bitcoin was stolen from users’ hot wallets by hackers. Despite the fact that the assets were luckily guaranteed by an insurance fund, a security breach of this magnitude is concerning.
KuCoin provides users with a distinct password for trading in addition to security measures such as multi-factor authentication and encryption. This password is required in addition to the user’s standard login credentials for making trades or withdrawing funds. It adds an extra degree of security and is a somewhat unusual security feature among cryptocurrency exchanges.
How KuCoin Compares to Other Cryptocurrency Companies
KuCoin has a large number of cryptocurrencies to choose from and has minimal costs when compared to other cryptocurrency exchanges. Staking and leverage, futures, and P2P trading are all supported, which may appeal to more experienced users. There are, however, certain disadvantages to be aware of. KuCoin isn’t legal tender in the United States, and it was recently hacked. If you’re looking to purchase or sell cryptocurrency, here’s how it stacks up against Coinbase, another popular exchange.
KuCoin vs. Coinbase
By trading volume, both KuCoin and Coinbase are among the biggest cryptocurrency exchanges in the world.
However, there are some important differences between the two platforms:
- KuCoin is not licensed in the United States, but Coinbase is licensed in the U.S.
- KuCoin supports over 600 coins, but Coinbase only supports about 150.
- Coinbase has higher trading fees than KuCoin.
- Coinbase users have access to phone support, but KuCoin does not.
Despite its higher trading costs, Coinbase is arguably the superior alternative for US-based consumers. KuCoin’s reduced costs and a wider selection of crypto may attract consumers outside of the United States.
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- Kucoin “Fee Structure.” https://www.kucoin.com/news/en-fee Accessed May 30, 2022.
- Kucoin “FAQ” https://www.kucoin.com/support/FAQ Accessed May 30, 2022.
- CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” https://coinmarketcap.com/rankings/exchanges/ Accessed May 30, 2022.
