The post Kucoin Exchange Review 2022: Why it is called the People’s exchange, Pros, Cons, and overall rating appeared first on Coinpedia Fintech News
Introduction
What do new traders look for in a cryptocurrency exchange? Popularity, ease of use, low trading fees, trading tools, security, earning programs, and many more. Today we will review Kucoin Exchange – The People’s Exchange.
Overview
| Official Web Address | https://www.kucoin.com/ |
| Headquarters | Seychelles |
| Country of Origin | China |
| Founder | Michael Gan, Eric Don |
| Founding Year | 2017 |
| Exchange Type | Centralized |
| Trading Options | Spot, margin, derivative, crypto-to-crypto trading |
| Trading fees | 0.10% maker and 0.10% taker fees, 20% discount for KCS payment |
| No of cryptocurrencies | 700+ |
| Native Token | Kucoin Token (KCS) |
| Deposit methods | Master Cards (Debit/ credit card), Bank transfer, AdvCash wallet |
| Deposit fees | No deposit fees for cryptocurrencies |
| Withdrawal methods | Bank transfer, Wire Transfer |
| Withdrawal fees | Depends on cryptocurrencies |
| Supported Countries | 200+ |
| Restricted countries | 7+ |
| Supported Fiat currencies | 50+ |
| Mobile App | Available on Google & Apple App Store |
What is Kucoin?
Kucoin also called ‘People’s Exchange’ is a centralized cryptocurrency agency founded in 2017 by Michael Gan and Eric Don. Its head office is in Seychelles. The native coin of Kucoin is Kucoin Token (KCS).
Kucoin offers spot trading, margin trading, P2P, and derivatives trading with a lesser trading fee of 0.10% and you can get an extra 20% discount if you are paying in Kucoin Token.
Initially, Kucoin had a team of 10 employees but, now it has more than 200 employees from more than 70 countries. Currently, they have 20 million users from more than 200 countries. In order to better serve them, they will be opening regional headquarters in Bangkok, Hong Kong, and Dubai very soon.
Kucoin has a very good referral and affiliate program where you can earn a commission of up to 50%. Moreover, the staking and dual investment schemes are an added advantage to any crypto investor.
Features
- Trading Options – Kucoin offers spot, margin, P2P & derivatives trading.
- Trading fees – The maker & taker fee is 0.10%
- Crypto Loans – An exclusive feature where you can lend cryptos to other users and earn interest. If you have any need, then you can also borrow crypto from the exchange. The best part is that you can choose your own interest rate and time period.
Kucoin Exclusive Features
- Kucoin Earn – This is like a fixed deposit scheme where you can deposit cryptos and earn interest for a fixed/ flexible period. The interest rate varies for different cryptocurrencies.
- Kucoin Spotlight – It is a token cum crypto projects launching platform where users can participate and earn profits with low risk involved.
- Kucoin Pool – It is a high-performance mining pool that provides miners with the lowest mining fees and optimized mining algorithms for higher mining efficiency.
- Kucoin NFT – Windvane is an NFT marketplace powered by Kucoin to buy, sell, and showcase NFT collections. It also promotes programs to identify talented artists and empower them through their NFT arts.
- Kucoin Wallet – it is a self-custody wallet where users have full control of the wallet keys. You can store all digital assets in this wallet including NFTs.
- Kucoin trading bot – an essential trading bot advisor for your trading needs. Specially designed for novice traders. It helps to earn better and reduce losses based on emotional trading. A trading bot is basically a pre-written trading strategy, once you select it the orders will be automatically executed whenever the conditions are met. You can create your own trading strategy or choose from an array of trading strategies from the Kucoin exchange.
Cryptocurrencies available on Kucoin
Kucoin offers more than 700 cryptocurrencies. So if any trader is interested in a wider portfolio, they will definitely find this exchange more appealing. Some of the popular cryptocurrencies are
- Bitcoin
- Dogecoin
- Ethereum
- Polkadot
- Shiba Inu
- XRP
- Cardano
- Polygon
- Litecoin
- Tron
- Uniswap
How to register on Kucoin?
Opening an account in Kucoin is very easy. Let us learn to create an account on Kucoin
- Log on to the Kucoin website and click [sign up]
- Type your email address and 6 digit verification code that has been sent to your email address. Click [Activate account]
- Upon activation, you will unlock a mystery box where you can get up to $10 in rewards
- Click on the profile section and complete KYC verification (ID/ passport/ Driving License) to unlock all features such as a high withdrawal limit, high leverage, and a high trading limit on Kucoin
- You can do KYC verification on the mobile app as it is easy
Services available for verified and unverified accounts
| Services | Daily Limit if unverified | Daily Limit if verified |
| Withdrawals | 1 BTC per day | 200 BTC per day |
| P2P trading | 2000 USD per day | 500,000 USD per day |
| Fiat Deposits | Unavailable | Available |
How to buy crypto
Let us buy cryptocurrency on Kucoin
- Log in to your Kucoin account
- Click [Buy Crypto] and click [Fast trade]
- Select the fiat/ cryptocurrency you want to spend and the cryptocurrency you want to buy from the drop-down menu
- Select the payment method debit/ credit cards/ bank transfer/ Banxa/simplex/ BTC Direct etc. Make sure your debit/ credit card is linked before purchasing.
- Review and confirm the transaction
- You will get a confirmation receipt once the transaction is completed
How to sell crypto
Let us learn to sell crypto on Kucoin
- Login to Kucoin account
- Click [Buy Crypto] & Click {Fast Trade}. Then Click [Sell]
- Select the crypto you want to sell and type the amount
- Select the Fiat currency you want to receive
- Click the receiving method (Bank Transfer/ Simplex/ Banxa) etc
- Click [Verify Now]
- Confirm the details
- You will get a transaction receipt once the transaction is completed
How to deposit cryptocurrency on Kucoin?
Let us learn to deposit cryptocurrency on Kucoin
- Log on to kucoin.com and click [deposits] in the header section
- Select [Deposit crypto] and select the cryptocurrency you want to deposit and the correct network
- Now copy the deposit address and paste it into the withdrawal platform, then deposit coins into the relevant Kucoin account
Make sure that the network you have chosen is the same, or else you may lose the funds.
How to withdraw cryptocurrency on Kucoin?
Before withdrawing cryptocurrencies from Kucoin you need to configure security settings and enable 2-factor authentication. This can be done in less than 10 minutes.
- Login to kucoin.com and click [withdraw] in the header section
- Select the coin you want to withdraw
- Select the wallet address and select the right network
- Select the cryptocurrency amount and click [confirm]
- Fill in the trading password, verification code, and 2FA code once the security window pops up, and submit the withdrawal request
Exchange fees and supported payments
Kucoin charges its customers on the basis of trading volume and the number of KCS holdings in the last 30 days. They have categorized users into VIP levels based on this. Level 1 is the lowest and level 12 is the highest. For a new user, the maker and taker fee is 0.10%. However, if you are paying fees in KCS there is an additional discount of 20% on trading fees.
The maker fee is 0.005% and the Taker fee is 0.025% for VIP level 12 customers.
There are no deposit fees. But, there is a minimum withdrawal amount and withdrawal fee for each cryptocurrency.
Mobile App
Kucoin mobile is a highly rated app that can be used to check portfolios, trade while on the move, track updates in the crypto industry, and many more. It is available on both the Apple and Google app stores. Kucoin offers lesser trading fees with the smooth execution of orders.
Customer Support
Kucoin has a help section where you can find answers to your queries. You can also submit an email support ticket meanwhile. There is no call support
Kucoin has launched an exclusive technical support team to resolve customer issues in a better way. Users can mail their queries to newapi@kucoin.plus which will be replied to by the technical support team in 48 hours.
Technical support range includes
- An exception occurred while using the API
- Network connection failure while using KuCoin products
- API access encountered an error
- Product bugs and security issues
- Technical cooperation
- API optimization recommendations
It has also got a chatbot, Kucoin Emilia, for solving topic-related queries and also connecting to a live agent by providing your registered email address.
Referral Program
The referral program allows you to invite friends and start earning when they trade and complete tasks like registration, KYC verification, first trade, first staking, etc. For each completion of the task, you will earn a star. The more stars you earn, the higher levels you will reach and claim the better prizes.
The users can keep inviting friends and get more stars on the successful completion of tasks. They can redeem the prizes at any level they choose. The highest award is 1000 USDT for a level 10 user. Click here for more details
Kucoin Affiliate Programme
If you are an influencer with a community/ followers of more than 5000, then you can apply to become an affiliate. You can create a unique referral link with the exchange and invite your community followers to join Kucoin. Anyone registering from your referral link will qualify as a referee. On successful registration and trading, you will receive a 50% commission on trading fees for a lifetime. You are also eligible to get second-tier commissions.
Click here to know more
| Level | Commission rate | Time | Trading Volume | Number of Valid Invitees |
| Level 1 | 50% | Lifetime | 500 BTC | 100 |
| Level 2 | 45% | Lifetime | 50 BTC | 20 |
| Level 3 | 40% | Lifetime | 10 BTC | 5 |
Recent updates
01 Dec 2022 – Kucoin Exchange affiliate program upgraded where the affiliate will earn 50% commission of their referees trading
30 Nov 2022 – KuCoin Exchange Trading Bot has added CARE/USDT trading pair
11 Nov 2022 – Kucoin Exchange will offer zero fees to buy cryptos with USD, EUR, GBP, CAD, and AUD via Visa/Mastercard on the KuCoin channel
Conclusion
The People’s Exchange Kucoin is a centralized cryptocurrency with more than 700+ digital assets. The mode of trading is smooth and beginner friendly. In addition to that, it provides very good referral and affiliate programs for extra earnings. The trading fee is very minimal than other exchanges.
A new user will get $10 in rewards and also get a chance to win a mystery box that contains several discounts and rebates for trading. Kucoin is a user-friendly platform for advanced traders however, their mobile app needs to be improved in terms of performance. Kucoin gives you a self-custody wallet to store all your digital assets including NFTs in one wallet.
Though the Kucoin exchange had security hacks, they have recovered losses and reimbursed affected users. However, a security hack of this magnitude is a serious concern for traders. Kucoin is not licensed in the U.S. but if you are a nonresident of the U.S., Kucoin is a great choice for trading.
FAQs
Kucoin is not licensed in the U.S. However, you can use Kucoin with an unverified account which will have limited functionalities. We highly recommend you use Gemini, Coinbase, and Binance.US if you are a U.S resident
Yes, Kucoin is safe to use. Even though it had a security hack in 2020, all the losses have been recovered and affected users have been reimbursed. However, a security hack of this magnitude is a major concern. Kucoin follows industry-standard safety features like 2-factor authentication, device restriction, IP address change restriction, antiphishing phrases, etc. In addition that there is a trading password to authenticate transactions.
Yes, Kucoin is safe to use. Even though it had a security hack in 2020, all the losses have been recovered and affected users have been reimbursed. However, a security hack of this magnitude is a major concern. Kucoin follows industry-standard safety features like 2-factor authentication, device restriction, IP address change restriction, antiphishing phrases, etc. In addition that there is a trading password to authenticate transactions.
You can technically use Kucoin without KYC verification however, such accounts have limited functionalities like limited withdrawals, limited buying options, etc. So in order to get the best functionalities we recommend you do KYC verification.
Kucoin offers minimum trading fees of 0.10%. In addition to that 20% discount if you are paying trading fees in Kucoin Token (KCS). There are no other hidden charges or convenience fees. There are no deposit charges. However, for withdrawal, the charges vary on cryptocurrencies.
Kucoin’s top priority is user delightment. They have a dedicated team to listen to customers and continuously improve products and features to give a better experience to their end users. They also empower blockchain projects with long-term goals in mind and with these initiatives they are called ‘The People’s Exchange
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