KuCoin Review | Fees, Security, Pros and Cons
KuCoin is a third-party cryptocurrency exchange platform launched in 2017 and currently has its headquarters in Seychelles. In just four years, they have attained one of the top positions in the crypto community, mainly due to its low conversion rates. If you are a beginner or a regular trader, go through our KuCoin review, as we will be covering some of the most minute topics related to accounts, security, countries, and many more important aspects.
KuCoin Review: Exchange Overview
KuCoin is a very swift and well-built platform that helps users complete all their transactions safely in just a few seconds. Matrix Partners and IDG Capital are the prime investors. The exchange also hosts a section called “KuCoin News,” which keeps you updated with the latest crypto market trends.
The KuCoin platform is divided into five parts, and they are as follows:
1. Main Account
You can store, withdraw, deposit, and pay your KCS fee here and make P2P trade. To spot trade, you can transfer your funds to the trading account.
2. Trading Account
This account lets you engage in spot trade and pay your KCS fee. All that you have to do is transfer the requisite funds here.
3. Margin Account
Using this account, you can engage in margin trading, borrowing, or simply repaying your debt.
4. Futures Account
This account is used for futures trading. So, you just have to transfer the assets to the futures account and start trading.
5. Pool-X Account
Using the Pool-X account, you can reap the benefits of staking and soft staking.
A clear division of account makes KuCoin exchange an extremely easy to use platform.
Supported Currencies and Available Countries
KuCoin can be called the best cryptocurrency exchange due to the fact that it supports an extensive list of cryptocurrencies. You can hold, buy and sell over 200 coins, like Bitcoin, Ripple, Tezos, and more.
The services are available in over 180 countries, some of them being India, Belgium, Brazil, Armenia, France. KuCoin services are restricted to US residents because of internal regulation.
User Interface and Experience
We must mention in our KuCoin review about the user-friendly experience due to the well-developed platform of KuCoin for regular crypto traders. The crypto exchange is compatible with your laptop as well as your mobile phone. They also have an application that both Android and iOS users can download. The website has been redesigned, but it still gives the users a choice between the new and old versions. The powerful interface can handle millions of transactions at once so that you can have a seamless trading experience. Technical analysis of the market is also available, which is powered by TradingView.
How to Use KuCoin Exchange
Creating an Account
- Open the KuCoin website, and click on the “Sign up” option on the top right of your screen.
- A pop-up will appear, which will ask you for your email address that you will have to verify with an OTP.
- Once you have verified the OTP, you can add your password, and your account is ready to be used. Read all the terms and conditions before you sign up.
How to Buy, Transfer, Deposit, and Withdraw
- As you log in to the KuCoin exchange, you can head over to the “Buy Crypto” option, enter your payment details, and buy your preferred cryptocurrency.
- Select “Trade” from the top left of the screen and then pick your desired option for a transfer or a deposit. With the transfer account, you can switch your funds from one account to another (trading, futures, margin etc.)
- Select “Assets” and click on “Main Account,” then you simply withdraw the amount you want to.
KuCoin Exchange Fees
KuCoin users can deposit coins free of any additional charges. The withdrawal fees differ from crypto to crypto. Also, NEO buyers do not have to pay any withdrawal fees at all. Spot trading fee values at a fixed level of 0.1% at all times, whereas futures makers and takers land at 0.02% and 0.06%, respectively.
KuCoin users can use multiple platforms like Fast Trade and P2P Trading Desk to fulfill transactions. Since Credit and Debit cards are widely used all across the globe, KuCoin users can pay with their VISA and Mastercards. Additionally, users can also process their payments via ApplePay, Simplex, Banxa, Mobilium, and SEPA.
The transaction limits have been segregated based on verification statuses.
|Verification Status||Withdrawal Limit||Time|
|Verified Individual Account||100BTC||24 Hours|
|Verified Institutional Account||500BTC||24 Hours|
If you want to trade in cryptocurrency generously, then it is best to get your KYC done and verified; otherwise, you will be limited to a 2 BTC withdrawal. Verified users get extended benefits. In 2020, the KuCoin hot wallet was hacked, and a sum of about $150 million was stolen from the user accounts. Although the sum was recovered and no one suffered a loss as the amount was insured. Since then, KuCoin has increased the security level with a mix of security questions, two-factor authentication, and trading passwords.
KuCoin’s customer support is available on all major social media sites, such as Facebook, Instagram, Twitter, LinkedIn, to name a few. You can also head over to their website, which has a 24*7 chat help.
KuCoin Review: Verdict
As we wrap up our KuCoin Review, we have figured that the platform might come off as slightly tricky for a first-time user. But due to its low exchange rates, it can easily become your go-to trading platform in no time. Apart from trading in different cryptocurrencies, KuCoin allows its users to invest in KCS tokens. KCS tokens or shares were launched during the foundational years of KuCoin to generate investment. Moreover, the platform offers its users a few interactive games built around crypto that can win them some exciting prizes.
KuCoin Exchange: Pros and Cons
Lastly, these are a few sets of pros and cons in our KuCoin Review:
- Extensive range of security protocols;
- Lower exchange fee as compared to other platforms;
- A lot of cryptocurrencies are supported.
- Complex website for beginners;
- Chat help takes a long time.
Note: This post was originally published on 10 February 2018 and has been totally updated for the completeness and veracity of the content on 24 May 2021.