KuCoin is a well-known name in the crypto industry as it has managed to establish itself as a prominent one-stop shop for all types of crypto operations. In this article, we will review the KuCoin crypto exchange.
Launched in August 2017, the exchange has 200+ cryptocurrencies, 400+ markets and has grown into one of the most colorful crypto hubs on the internet. It offers bank-grade security, a slick user interface, beginner-friendly UX, and a wide range of crypto services: margin and futures trading, an integrated P2P exchange, the ability to buy crypto with a credit or debit card, instant exchange services, the ability to earn crypto by lending or staking through its Pool-X, the ability to participate in new Initial Exchange Offerings (IEOs) through KuCoin Spotlight, some of the lowest fees on the market, and more! Investors like KuCoin for its tendency to list small-cap cryptocurrencies with huge upside potential, a wide range of coins, lesser-known cryptos, and generous profit-sharing incentives – up to 90% of trading fees go back to the KuCoin crypto exchange community through its KuCoin Stock (KCS) tokens.
KuCoin crypto exchange: Key Features
KuCoin has grown into a top cryptocurrency exchange, boasting of serving each of four crypto holders worldwide. It has developed an impressive suite of crypto services including fiat onramp, futures, and margin trading exchange, passive income services like staking and lending, peer-to-peer (P2P) marketplace, IEO launchpad for crypto crowdfunding, non-custodial trade, and much more.
Other notable KuCoin features include:
- Buy and sell 200 cryptocurrencies worldwide with low fees. As one of the leading cryptocurrency exchanges, KuCoin supports a variety of crypto assets. On top of the bonuses and rebates, there is a 0.1% fee per trade and even small fees for futures trading.
- Buy crypto with top fiat currencies including USD, EUR, CNY, GBP, CAD, AUD, and many more. KuCoin allows you to buy cryptocurrencies with fiat using its P2P fiat trading, credit or debit card through Simplex, Banxa, or PayMIR, or its Fast Buy service that accepts IDR, VND, and CNY purchases of Bitcoin (BTC) or Tether (USDT).
- Outstanding customer service available 24/7 through their website, email, ticketing system, and other channels.
- Asset security at the bank level. KuCoin crypto exchange employs many security measures, including micro-withdrawal wallets, industry-level multi-layer encryption, dynamic multi-factor authentication, and dedicated internal risk control departments that oversee day-to-day data operations to rigorous security standards.
- KuCoin futures and margin trading. Long or short your favorite cryptocurrencies with up to 100x leverage!
- Earn cryptocurrency. Check out the KuCoin crypto lending, staking, soft staking, and KuCoin Shares (KCS) bonus to learn how you can use your cryptocurrencies to generate income.
- Intuitive and beginner-friendly platform. Excellent design and a robust trading platform make trading easy and enjoyable for everyone.
- Trading without custody. In case you are interested in increasing your crypto security, KuCoin supports a way for non-custodial trading directly from your private wallet, facilitated by Arwen.
KuCoin crypto exchange Key Features
In short, KuCoin is an excellent cryptocurrency exchange for cryptocurrency investors. It can boast of relatively high liquidity, a high number of users, a wide range of supported assets and services, and low trading fees. Additionally, it does not enforce KYC checks on all of its users, which remains a valuable benefit for privacy-conscious individuals.
History and background of KuCoin
Although the exchange started operations in mid-2017, its founding team has been experimenting with blockchain technology since 2011. The platform’s technical architecture was created in 2013, but it took years to build into the seamless experience that KuCoin is today.
Funds for KuCoin crypto exchange development were raised via an ICO that lasted from August 13, 2017, to September 1, 2017. During this time, KuCoin issued its native KuCoin Shares (KCS) tokens, which are used to generate special offers, trade discounts, and a portion of stock market profits. The crowdsale was a success as KuCoin raised nearly $20,000,000 in BTC (at the time) for 100,000,000 KCS. The ICO price was 0.000055 BTC for a single KCS.
The company’s headquarters are now in Seychelles. The company will employ over 300 people worldwide.
2019 was a year of significant upgrades for the KuCoin crypto exchange. In February, the exchange updated its interface to Platform 2.0, giving a facelift to the platform it uses today. The upgrade also included more features like expanded order types, new API, and other features.
In June, KuCoin also launched KuMEX, which has now been renamed KuCoin Futures. Later in the year, the exchange also introduced its margin trading with up to 10x leverage.
KuCoin continued to expand its ecosystem in 2020. Some of the more notable announcements included the launch of its Pool-X liquidity trading marketplace, as well as a one-stop exchange solution, KuCloud. In February, the exchange also launched its Instant Exchange Service. Also, KuCoin has significantly increased the number of supported fiat currencies for crypto purchases via the Buy Crypto with Bank Card option. On June 24, 2020, KuCoin announced that its P2P cryptocurrency market would support PayPal trading as well as easier Fiat payment methods.
As of today, the KuCoin crypto exchange offers services in most countries around the world, including Turkey, India, Japan, Canada, the United Kingdom, Singapore, and many others.
The trading website is translated into 17 languages including English, Russian, South Korean, Dutch, Portuguese, Chinese (Simplified and Traditional), German, French, Spanish, Vietnamese, Turkish, Italian, Malay, Indonesian, Hindi, and Thai.
KuCoin Account Verification
On November 1, 2018, KuCoin implemented KYC (Know Your Customer) verification to facilitate the fight against criminals and money laundering schemes. Nonetheless, KuCoin account verification is completely optional, especially if you are a small volume trader. This means you don’t need to verify your identity to trade but verified users get benefits like increased daily withdrawal limits or simplified account recovery in case of a lost password or two-factor authentication device.
At pixel time, KuCoin crypto exchange has three verification levels:
- Unverified Account. It requires email verification, which allows you to withdraw up to 2 BTC per 24 hours.
- Verified Individual Account. Requires your identity details such as ID card or passport and your country of residence and increases your withdrawal limit to 100 BTC per 24 hours.
- Verified institutional account. Increases your withdrawal limit to 500 BTC per 24 hours.
According to KuCoin, users are strongly advised to complete verification to avoid problems in the future. Also, verified users will be able to participate in fiat-to-crypto trading once it becomes available on the platform.
KuCoin crypto exchange design usage
KuCoin is straightforward to use, even for beginners. It has a modern and straightforward layout that spans all pages and is backed by a powerful API interface. The trading platform uses an advanced core trading engine capable of processing millions of transactions per second (TPS).
You can also switch between the old and the new exchange interface. Both are convenient in their way, so you can decide whether you prefer the old stock exchange layout or the new one.
The most important feature of any exchange is spot trading. So here you can trade over 200 tokens and cryptocurrencies with KuCoin with relatively low fees – each trade costs you as a taker or maker 0.1%.
If you want to trade, you need to go to the “Markets” tab and search for the market you want to trade. To enter the trading window, you will need to enter a trading password, which you can set up as an extra security measure. Although it may look complicated at first glance, the exchange has a clean and straightforward layout.
KuCoin futures trading for beginners and professionals
KuCoin launched its futures platform (formerly known as KuMEX) in mid-2019. It allows users to trade Bitcoin (BTC) and Tether (USDT) margin contracts with up to 100x leverage. This means you can trade up to $10,000 worth of contracts with just $100 in your account.
There are two versions of KuCoin Futures – one for beginners (Lite version) and one for more experienced traders (Pro version).
The Lite interface allows you to trade USDT-margined Bitcoin (BTC) and Ethereum (ETH) contracts, as well as BTC-margined BTC futures contracts.
The Pro interface is more advanced and allows you to switch between the following contracts:
- USDT margin: BTC perpetual, ETH perpetual
- BTC Margin: BTC Perpetual, BTC Quarterly 0925 and BTC Quarterly 1225
KuCoin crypto exchange Futures calculates the underlying spot price using the weighted price average from other exchanges such as Kraken, Coinbase Pro, and Bitstamp.
KuCoin Instant Exchange
Formed in partnership with HFT, KuCoin Instant Exchange facilitates instant crypto-to-crypto exchanges.
The exchange service searches for the best exchange rates and is currently free.
KuCoin crypto exchange earn
KuCoin also offers its users the ability to stake their digital assets in a variety of staking and lending programs. These include:
KuCoin rental. Earn interest on your digital assets by lending them to fund margin accounts. The loans have terms of 7, 14, or 28 days and you can earn up to 12% annual interest on your holdings. Currently, the lending service accepts USDT, BTC, ETH, EOS, LTC, XRP, ADA, ATOM, TRX, BCH, BSV, ETC, XTZ, DASH, ZEC, and XLM cryptocurrencies.
Pool X Pool-X is a next-generation Proof-of-Stake (PoS) mining pool – an exchange designed to provide liquidity services for staked tokens. You can use it to earn high yields for PoS cryptocurrencies like EOS, TOMO, ZIL, ATOM, KCS, XTZ, ZRX, IOST, TRX, and many others. Pool-X is powered by Proof of Liquidity (POL), a decentralized non-reserved balance issued on the TRON TRC-20 protocol.
Soft staking. As part of Pool-X, soft staking allows you to earn rewards for holding coins and tokens. You can earn up to 15% annual returns with extremely low minimum deposits.
KuCloud advanced technology solutions and ecosystem
As you may have noticed, the KuCoin crypto exchange is an ever-growing crypto ecosystem with an expanding range of services. Besides the above products, KuCoin is also developing the following digital currency products:
- An upcoming native blockchain developed by the KuCoin community.
- An advanced white-label technology solution for anyone interested in launching spot and derivatives exchanges with adequate liquidity. It consists of two services – XCoin spot exchange and XMEX derivatives trading platform.
- An official testnet for the upcoming KuChain.
- The growing KuChain infrastructure was designed by KCS and various KuCoin partners.
All in all, KuCoin is a leading cryptocurrency exchange that is easy to use for both novice and experienced investors with a range of services. Aside from spot trading, numerous initiatives demonstrate the exchange’s willingness to innovate and drive the adoption of crypto and Blockchain technology.
KuCoin crypto exchange security
As of July 2020, no KuCoin hacking incidents have been reported. The exchange results in a compelling mix of security precautions at both the system and operational levels. In terms of system technology, the exchange was built according to the standards of the financial industry, which grant it data encryption and security at the bank level. At the operational level, the exchange employs specialized risk control departments that enforce strict rules on data usage.
In April 2020, the exchange announced a strategic collaboration with Onchain Custodian, a Singapore-based crypto custody service provider that takes care of KuCoin crypto assets. In addition, the funds in custody are secured by Lockton, one of the largest private insurance brokers.
On the user side, you can maximize the security of your KuCoin crypto exchange account by setting up:
- Two-factor authentication.
- Security questions.
- Anti-phishing security phrase.
- Login security phrase.
- Trading password.
- Telephone confirmation.
- Email notifications.
- Limit login IP (recommended if you keep at least 0.1 BTC).
With these settings, you can rest assured that your funds are safe. However, a standard recommendation is that you do not keep all of your funds on the exchange as this introduces an additional point of failure. Instead, only keep what you can afford to lose in the stock market.
In general, most users agree that the KuCoin crypto exchange is a secure and reliable platform.
KuCoin Customer Service
KuCoin has a helpful 24/7 customer service that can be reached through the following channels:
- The exchange Help Center
- FAQ Center
- On-site chat
- Mobile app support
Also, you can connect with other KuCoin users and join the exchange community through the following social media channels:
- Facebook (available in English, Vietnamese, Russian, Spanish, Turkish, and also Italian).
- Telegram (available in English, Chinese, Vietnamese, Russian, Spanish, Turkish, Italian).
- Twitter (available in English, Vietnamese, Russian, Spanish, Turkish, and also Italian).
- Reddit (available in English, Vietnamese, Russian, Spanish, Turkish, Italian).
Overall, customer support is quick to respond and will help you with your questions within hours.
KuCoin deposits and withdrawals
KuCoin is a crypto-to-crypto-only exchange, which means you can’t deposit fiat unless you buy it directly through third-party integrations (like SIMplex or Banxa). It doesn’t support fiat trading pairs or deposits, but it does support a growing number of fiat payment methods integrated with its Buy Crypto services.
KuCoin does not charge any fees for deposits and has a different fixed fee for withdrawals. Transaction processing times usually depend on the asset blockchain. But they are completed within an hour, so withdrawals typically reach user wallets in 2-3 hours. Larger withdrawals will process manually, so users withdrawing larger amounts sometimes have to wait 4-8 hours.
KuCoin crypto exchange: Conclusion
KuCoin is one of the best exchanges in the crypto space. The exchange has experienced significant growth since its inception in 2017. It is now among the top players in the industry in terms of security, reliability, quality of service, and features. Therefore, the exchange will best suit both new and experienced traders. The traders who looking to gain exposure to popular as well as lesser-known small-cap crypto tokens.
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