KuCoin is a relatively new cryptocurrency exchange based out of Hong Kong. The exchange was established in May 2017 by an experienced team of blockchain and cryptocurrency professionals who started developing and building the exchanges architecture back in 2011. The cryptocurrency exchange deals only with cryptocurrency assets and does not offer any fiat currency trading pairs. An interesting aspect of KuCoin is that the exchange employs a profit-sharing system in which they distribute 50% of the trading fees among users who hold KuCoin’s native token “KuCoin Shares” (KCS).
Contents
- Regulations
- Reliability
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
- FAQ
- Conclusion
KuCoin has managed to gain immense amounts of popularity in the cryptocurrency space and aims to be one of the top 10 cryptocurrency exchanges by 2019.
Regulations
As with most cryptocurrency exchanges, KuCoin is not regulated by any reputable regulatory agencies. However, the exchange has thus far proven itself to be a reputable exchange has a reputable team and founders operating the platform. The CEO and original founder of KuCoin, Michael Gam, formerly worked at Ant Financial which is the most valuable Fintech company in the world. As cryptocurrency regulations mature, KuCoin and their CEO are sure to strive for regulation.
Reliability
As mentioned before, KuCoin has thus far proven to be a reliable cryptocurrency exchange. The software and technical aspects of the exchange were in development since 2011 and tested in 2013 as the project came together. The team and founders behind KuCoin only launched in 2017 when they had refined all aspects of the exchange and implemented the latest security, technical, and encryption protocols.
Trading Platforms
KuCoin has developed their very own proprietary web-based trading platform. The platform has a very user-friendly design and interfaces making it ideal for both new and experienced traders. The platform excels in the area of design and is much nicer than many other cryptocurrency exchange platforms we have tested. It’s easy to browse and select which cryptocurrency assets and markets to trade. Also, the platform features advanced trading and analysis tools complete with technical indicators and charting that are powered by TradingView. The KuCoin trading platform performs very well and has all the features one would expect from a leading cryptocurrency exchange.
Mobile Trading
Unlike many other cryptocurrency exchanges, KuCoin offers their traders mobile trading through their downloadable mobile application. The mobile app is available for both Apple and Android devices and operates very smoothly. The app utilizes all the basic features found in the web-trader version and allows traders to view charts, make trades, see open orders and trade history. All in all, the mobile application is very nice and easy to use.
Trade Types/Instruments
KuCoin is strictly a cryptocurrency exchange and nothing more. Even fiat trading pairs are not offered, so traders will need to acquire cryptocurrencies with fiat currency elsewhere before trading on KuCoin. KuCoin features a wide variety of cryptocurrencies to trade and continue to add new coins all the time. They offer more cryptocurrency selection than many other cryptocurrency exchanges and offer trading pairs between BTC, ETH, KCS, NEO & USDT. KuCoin offers their traders the very simple and basic trade types of exchanging one cryptocurrency for another. Like most cryptocurrency exchanges they are very basic and do not offer margin trading.
Account Types
KuCoin has only one standard account type that is the same for all users. Users are not required to verify their identities and can create an account in a matter of minutes. All that is required is an email address and password to open an account and begin trading.
Commissions and Spreads
The fees offered by KuCoin are among the lowest in the cryptocurrency exchange space. They strive to make it affordable to use their exchange to grow their customer base and become the number 1 exchange. There are no fees for making a deposit and traders are only charged 0.1% on their trades. Deposits to the exchange are free, and users are charged minimal withdrawal fees that vary from coin to coin. Traders can even save on the little fees incurred on them by holding and using KuCoin Shares for trading. KuCoin always returns 90% of the fees to the users of their exchange in one way or another.
Deposits and Withdrawals Options
The only deposit and withdrawal options offered by KuCoin are cryptocurrencies. All deposits and withdrawals can be easily done in a matter of second via the user’s assets page. Google authenticator and email confirmations can be enabled for withdrawals to ensure the highest level of security.
Another area that KuCoin excels in is their very generous bonuses and promotions. As mentioned earlier, KuCoin only retains 10% of the fees they charge, returning 90% of the fees to the users of the platform. Traders can be rewarded for actively engaging and promoting the platform, investing in new cryptocurrencies, and taking part in competitions and contests. As well, users receive an invitation bonus when new users sign up with their referral code. Another way to receive bonuses is to hold KuCoin Shares. KuCoin Shareholders receive discounted trading fees and other benefits such as entering in contests, draws, and more.
Customer Support
The customer support and service offered by KuCoin is excellent. They offer a 24/7 hotline chat service where experienced representatives are available to assist users with any questions they have. As well, support is available through email and a simple yet informative FAQ page. The support representatives usually reply in a timely manner in a friendly and professional fashion. Compared with many other cryptocurrency exchanges, KuCoin support rises above and beyond.
Pros and Cons
Pros
- Low and transparent fees
- Excellent trading platform and user interface
- Strong reputation
- Various bonuses and promotions
- Large array of cryptocurrency assets
Cons
- No fiat trading pairs
- No margin trading
- Not regulated
FAQ
Is KuCoin regulated?
No. KuCoin is not a regulated exchange under any financial regulatory agency.
Where is KuCoin based?
KuCoin is based out of Hong Kong.
How does KuCoin make money?
KuCoin generates money from small fees incurred on trades and withdrawals. As well, the exchange makes money from listing new cryptocurrencies as they must pay a hefty price to be listed on the exchange.
How do I deposit in KuCoin account?
Deposits are made by sending cryptocurrencies to your KuCoin wallet address.
How do I withdraw money from KuCoin?
Withdrawals are done by sending your cryptocurrency to your personal wallet address.
How do I open an account with KuCoin?
To open an account at KuCoin, simply sign up by entering your email address and creating a password.
Is KuCoin reliable?
Yes. KuCoin has thus far proven themselves to be a reliable and trustworthy exchange.
What is KuCoin leverage?
The leverage is 1:1.
Is KuCoin a scam?
No, KuCoin is trusted and used by many.
How safe is KuCoin?
KuCoin is a safe exchange as they use the latest encryption technology to help secure its website from hackers. Also, two-factor authentication techniques can be utilized for sign-ins and withdrawals.
Conclusion
Though KuCoin is a relatively new cryptocurrency exchange, it is rising to the top very quickly as the services they provide exceed many user’s expectations. The exchange is very easy to use and features a wide array of cryptocurrency assets. The trading platform utilizes all the features an experienced trader would expect and is easy enough for new traders to grasp. The mobile trading application is a nice feature as well and overall customer experience has been very good.
