Kucoin Review – Detailed look at the exchange

With the increasing craze for cryptocurrencies, a lot of new exchanges are rising every day with the latest features. Kucoin is one such fantastic cryptocurrency exchange. If you’ve come across Kucoin and want to know whether it is safe to use for crypto trading, you’re in the right place.

In this article, we’ll tell you everything you need to know about the Kucoin exchange. We’ll start with a brief introduction to Kucoin and then will go on to describe the several advantages and disadvantages of using Kucoin. We’ll also show you how to get started with Kucoin and make your first deposit on the platform.

A Brief Introduction To Kucoin

Founded in 2017 by a group of business specialists during the crypto boom, Kucoin is one of the most recent crypto exchanges in this space. The main goal of Kucoin exchange is to provide a simple and safe trading platform where everyday users can trade without any fear of losing their assets.

Kucoin reached over a million users back in 2018. The exchange saw a traded volume of almost 1.8 billion dollars in January 2018. However, the volume traded on the platform remained low until the DeFi summer of 2020 and the crypto squeeze of January 2021.

Like many other cryptocurrency exchanges, Kucoin also has its own crypto token, called KCS or Kucoin Shares. There are several benefits to buying and holding this coin on the platform. As of 2021, the platform has a total of more than 294 billion USD accumulated in trades.

Now, let us see all the features of Kucoin!

Features Of Kucoin Exchange

1. Cryptocurrencies Listed

Kucoin is quite the hero for new cryptocurrencies that just finished the funding stage. The platform has over 75 listed cryptocurrencies, with new ones being added every day. Most of the coins you see on Kucoin have community support and are known to be standard. The exchange also has over 300 trading pairs.

You can exchange almost any cryptocurrency for others on Kucoin. The trading pairs include everything from the standard ones like BTC/USDT or BTC/ETH to less popular pairs like VeChain/USDT. Kucoin is an excellent place if you are looking to invest in new cryptos.

Investing in new cryptocurrencies can be risky but can get you very high returns in the long term. You can use the platform to find the coins that just completed their Initial Coin Offerings. Coins like these won’t cost much initially; therefore, you can make a ton of profits.

Another great thing about Kucoin is that the team announced they would keep adding more and more cryptocurrencies as they keep coming out. So if you know the crypto market and the risks involved, Kucoin may be the best place for you to find your next big project.

2. Trading Fees

The low trading fee on the Kucoin exchange is the primary reason many investors use it. Whatever the trade is, the fee is just 0.1% of that. This means that if you’re buying crypto worth 10$, you only have to pay 0.1$. The trading fees on Kucoin are one of the lowest in the entire crypto space.

Moreover, there is no network fee whatsoever for making deposits. You only have to pay the blockchain transaction fees. These blockchain transaction fees or gas fees depend on the cryptocurrency you’re trying to buy and the demand for that crypto.

 The low trading fees make Kucoin the perfect exchange to use for both day trading and long-term holding. If you’re looking to withdraw cryptocurrency, the fee varies depending on which network you’re trying to use.

The ERC 20 network is the most popular one, along with the bitcoin network. The withdrawal fees depend on the overall load on the network and the number of simultaneous transactions going on.

3. Payment Methods

Until recently, Kucoin only accepted cryptocurrency. However, this changed in 2018. You can buy crypto on Kucoin using a credit card or a debit card. Along with this, you can also use ApplePay or Sepa to purchase some cryptocurrency.

There is a fast buy option on Kucoin that will allow you to purchase cryptos in just a single step. The trading fees for fast buy is also zero, so many users prefer this method. One of the biggest advantages of using Kucoin is that you don’t have to verify your identity to start trading. Many other crypto exchanges require users to complete the KYC verification before they deposit funds into their accounts.

Since Kucoin is a global exchange, it accepts a lot of fiat currencies for payment. You can choose to pay in your native currency using Kucoin without converting it to USD first. Along with the traditional buy options, you can also choose to deposit cryptocurrencies from your wallet to the Kucoin wallet.

Crypto deposits also have a major advantage over buying with fiat currencies because there’s no limit on how much you can deposit. So if you’re looking to move a lot of assets from your wallets and start trading right away, you can take advantage of this feature.

Get Started With Kucoin

Getting started with Kucoin is pretty simple. If this is your first time opening an account on a crypto exchange, then using Kucoin to do that will make your journey much smoother. First, open the Kucoin website by clicking here. Now, you should see the Signup option at the top of the navigation bar. Click on that option.

You will be taken to a new page where you’ll have to enter your details. You can either register using an email id or a phone number. Once you enter the mail id/phone number, you have to click on the ‘send code’ button. Enter the code you receive in the text field below.

Once that’s done, you’ll have to choose a password and click on register. Ensure that you read the terms of use agreement carefully before signing up. Since it is a financial app, the terms of use may differ from regular apps. You can also check the privacy policy and digital policies to know how Kucoin protects your assets online.

Purchasing Crypto On Kucoin

If this is your first time opening an account on a crypto exchange, it may not be that easy to figure out how to buy it once you register. To purchase crypto on Kucoin, go to the ‘Buy Crypto’ page by clicking the button in the navigation bar.

Once you’re on this page, you can select the crypto you want to buy and the fiat currency for payment. Add the necessary details like the amount you wish to purchase. Now, select any one of the payment methods available. You can choose either a debit or a credit card or ApplePay to complete the payment.

Once you complete the transaction, the crypto will be deposited to your Kucoin wallet within an hour or two.

Trading Crypto On Kucoin

You can do more than just buying crypto on Kucoin. You can trade the crypto you purchased for other coins. Usually, many investors buy stable coins like USDT or USDC using fiat currencies and then sell them for other cryptocurrencies such as ETH or BTC. Trading with stable coins makes the transaction faster, and the fees will also be less.

To start trading cryptocurrencies on Kucoin, click on the ‘Markets’ button in the navigation bar. This will take you to the Kucoin Markets page. Here, you can see all the trading pairs available on the exchange. Choose the one you want to use and click on it.

You will be led to the exchange pair page, where you can see the TradingView Charts and the trading volume information. Here, you can trade on the Spot or the Margin market. Be careful when trading margins. If you are not familiar with crypto trading and the markets in general, stick to spot trading for now.

You can use the chart on this page for technical analysis and make the best trades possible by identifying support points, resistance points, and trading trends.

Why You Should Use Kucoin

Simple And Intuitive UI

One of the main reasons new investors choose to use Kucoin is its User Interface. Even a beginner can easily understand how to use Kucoin in just a few minutes. The home page contains all the information in a well-structured way.

You can easily navigate through various tabs like wallet, markets, accounts using the navbar. However, the thing that makes Kucoin unique is the demo version. You can use the demo version to practice creating an account and understand how the application works.

If it’s your first time trading crypto, you can take advantage of this sandbox environment and test how all the features work. It will also give that confidence needed to make your first trade. You can access the sandbox environment either from the home page or using this link. Kucoin is one of the very few exchanges providing a sandbox for new users.

Trading Bot

Another great feature of Kucoin is its integrated trading bot. You can create various strategies for the trading bot to follow and make a profit even when you’re not manually monitoring the markets.

If you’re not familiar with the market to design your own trading strategy, you can also choose among the preset strategies. These strategies range from making profits by selling high and buying low to complex market functions like shorts and longs.

The advantage of using bots is that you can keep trading 24*7 even when you’re asleep. If you’re living outside the US, this will be a huge advantage as a lot of activity happens when it’s daytime in the US.

You can access the Kucoin trading bot in the Android and IOS applications. It is not yet available in the browser version. Every registered user on Kucoin will get one free trading bot. However, you can use up to 10 trading bots at the same time.

As of now, the bot supports over 100 cryptocurrencies. Support for more coins will be added soon. If you’re looking to become a professional trader, Kucoin is the perfect place to start your journey.

Crypto Lending

Kucoin has several features that allow its users to make money from crypto. One such fantastic feature is crypto lending. Crypto lending enables you to lend some of your cryptocurrency for a decent interest.

The final interest rate you’ll be getting will depend on several factors, such as the token you’re lending, the amount, and the number of days you want to lend it for. If you have a lot of crypto tokens just lying around, you can use the lending feature to make some good profits without much risk. Of course, as with any crypto-related feature, lending also has a small risk associated with it.

Even though the interest is good, the coin itself may lose value during the lending period. This may cause you a major loss depending on the decline and the amount you lent. Generally, many people lend stable coins since their value won’t change too much. If you do want to lend some crypto, it is always a good idea to convert it to a stable coin like Tether or USD coin and then lend it.

Kucoin Shares

Kucoin Shares or KCS is the native crypto token of the Kucoin exchange. You can purchase KCS from the platform itself. In addition to being a decent investment, users can also earn money just by holding KCS.

Every day, users holding more than a specific amount of KCS will receive a bonus. The bonus depends on the trading activity on the Kucoin exchange on that day. This feature not only encourages users to hold the native KCS token but also promotes trading on the platform more.

Kucoin Earn

Kucoin Earn or Pool-X is a feature designed to help you invest your crypto tokens. Kucoin Earn works just like the earn features on Binance. However, you may find more savings options on Kucoin at times because of the vast number of listed cryptocurrencies.

There are three main categories in Kucoin Earn. The first one is flexible savings. This is best for you if you only want to hold your coins for a couple of days. You can take out the crypto from savings at any time you want.

The second one is staking. With staking, your assets will be locked for a fixed amount of time. After that time, you will receive reward tokens or coins. The rate of return is traditionally more with staking. However, the coin value may go down or up during this time, resulting in an overall gain or loss.

The third option is promotions. Promotions are a great way to discover new coins and tokens. You can get a decent APY on promotions. Promotions are a bit risky as the coins are pretty new to space and tend to have a very volatile value.

Kucoin Blog

Kucoin blog is a fantastic place to learn everything about crypto. The Kucoin team publishes articles almost every day on various aspects, from the fundamentals to advanced crypto concepts. Moreover, you can also find information on which coins are currently trending, good investment opportunities, and much more on the blog.

The Kucoin blog is the best place to start if you want to know more about the crypto space and master crypto trading.

Is Kucoin Safe?

Kucoin follows all the recommended security features and is one of the safest exchanges to use. The regular penetration tests and vulnerability scans keep the network safe from even zero-day vulnerabilities.

Pros And Cons of Kucoin

Pros

  • Amazingly low trading fees.
  • Easy to use even by beginners.
  • Many listed cryptocurrencies.

Cons

  • Trades may be a tad slow when there is a lot of load on the network.

Conclusion

Kucoin is one of the leading crypto exchanges in the world. With unique features like crypto trading bots integrated into the main platform, it is the perfect place to start if you want to get serious about crypto trading.

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