KuCoin is a Seychelles-based cryptocurrency exchange founded by Johnny Lyu in 2017 after a successful initial coin offering. Dubbed “the people’s exchange,” KuCoin allows its users to buy, sell, trade, store, and stake cryptocurrencies and NFTs. KuCoin is one of the largest globally operating cryptocurrency exchanges in terms of both user count and daily transaction volumes.
The key difference between Zengo and KuCoin is that Zengo is a non-custodial wallet that allows its users to be in full control of their private keys, whilst KuCoin is a centralized cryptocurrency exchange that happens to offer custodial services to its clients without giving them access to their own private keys. If KuCoin becomes insolvent for any reason, it can halt or ‘freeze’ customer withdrawals.
KuCoin charges withdrawal fees on a per-coin basis like 0,0005 BTC on Bitcoin withdrawals, for example. For a full overview of KuCoin withdrawal fees, check out the official KuCoin fees page. KuCoin is a digital asset-only trading platform that doesn’t support fiat withdrawals as of writing this guide.
Users can withdraw a maximum of 1 BTC daily with an undefined or KYC1 KuCoin account, which is raised to 300 BTC with a KYC2 account. You upgrade your KuCoin account status by completing the Know Your Customer procedure. All withdrawals are subject to a 24-hour rolling period.
KuCoin tries to process all withdrawal requests within 30 minutes. However, withdrawals can take up to 2-3 hours to process when many transactions are taking place on a certain blockchain network.
The most common problems that can occur while withdrawing money from your KuCoin account are that you accidentally fill in the wrong receiving address, use the wrong blockchain network, or send the wrong cryptocurrency. Due to this, we always recommend double-checking inputs while conducting digital asset transactions.
KuCoin is a cryptocurrency-only trading platform as of writing this guide and doesn’t support crypto to fiat withdrawals. As a result, one of your best courses of action should be to send your funds to the Zengo non-custodial crypto wallet app and then withdraw the funds in fiat currency when you are ready.
