KuCoin has become one of the largest cryptocurrency exchanges in the world, thanks in large part to the wide range of features and services they offer.
As of early 2022, KuCoin has over 11 million registered users in over 200 countries
Key Benefits of KuCoin
KuCoin has many advantages that make it different from other exchanges, let’s take a look at some of the best features below:
- Extremely low trading fees of 0.1% with discounts when paying with KCS.
- More than 700+ different cryptocurrencies are available.
- Buying cryptocurrencies directly with fiat currencies
- Only partial KYC verification required
- P2P Marketplace – Buying and Selling Cryptocurrencies with ZERO Fees
- Futures and margin trading
- KuCoin Bonus – Earn KCS Daily
- Cryptocurrency lending and loans
- KuCoin trading bot
- Asset security at the bank level
Registering a KuCoin Account (Step by Step)
Signing up and starting trading on Cookoin is a simple process. Users do not need to spend a lot of time getting started.
Step 1: Go to the KuCoin website and click “Register” in the upper right corner to access the registration page. Sign up using Kucoin referral code rPWP5YF and start saving up to 40% on trading fees. And also get a limited bonus up to $500 in USDT.
Step 2: Next, you will be asked to choose one of two registration methods (via email or mobile phone ). If you would like to register using your email address, select “Email” and enter your email address and a new password that you have never used before on the next page. At this point in the registration process, you will not be asked for any personal information.
Step 3: Accept the terms of service (after reading them carefully, of course) and click “Register”.
Step 4: Depending on which route you used to sign up, Kucoin will send you a confirmation email or text message that will contain a confirmation link that you must click on in order for your account to become active.
KuCoin Verification
In order to improve the safety and security of customer funds on the exchange, KuCoin introduced Know Your Customer (KYC) in November 2018. In order to prevent fraud, money laundering and other malicious activities on KuCoin, users are requested to enter information in accordance with the rules of the virtual currency industry, as specified in the User Identity Authentication Statement.
What does KuCoin KYC verification give?
KYC certified accounts are eligible for a higher daily withdrawal limit if they choose to undergo KYC1 and KYC2 verification. Clients with the highest verification level can withdraw up to 3,000 BTC per day.
In case of illegal access by third parties as a result of leakage of personal information or loss of credentials by the client, the full passage of the KYC procedure can help the user regain access to his account faster.
Account Verification (KYC) Procedure
In order to comply with all applicable anti-money laundering regulations, you will be asked to provide a copy of your government-issued ID (passport, ID or driving license) when using fiat money on a crypto exchange.
To complete the KYC procedure for individual accounts, go to KYC Verification – Individual Verification and click Start Verification. Fill in your personal information such as country of residence, name and identification number and then click “Submit”. Your KYC1 will be approved shortly.
You’ll need to download the Android or iOS app, take a selfie of yourself as the account holder, and a photo of your ID.
Your KYC will take approximately 5 minutes to review and you will receive confirmation as soon as it is confirmed.
Additional security features
To better protect and secure your account, KuCoin recommends using two-factor authentication . Specifically, the platform uses Google Authenticator to protect your account, prevent asset theft, and provide an extra layer of security.
Google Authenticator, which requires you to enter a code from your mobile phone on the KuCoin website or app before you can log in or make a transaction.
This added security feature ensures that even if someone knows your password, they cannot access your account without gaining access to your mobile phone.
What’s more, users can also add additional security measures to their accounts by configuring any of the methods listed below:
- Phrase to protect against phishing;
- Login security phrase;
- Security questions;
- Trading password;
- Phone verification;
- Email notifications;
- Restrict login by IP (recommended when saving at least 0.1 BTC).
KuCoin Shares, or KCS for short, is a cryptocurrency token developed by the exchange. Holding and holding KCS tokens will provide customers with access to a range of benefits, as owning a native KCS coin entitles the user to reduced trading fees as well as a portion of KuCoin trading fees.
The benefits of KCS include:
- Discounted trading fees . Reducing trading costs is one of the most obvious benefits of owning KuCoin tokens. Notably, while the base fee of 0.1% is industry leading, you have the option to lower it by another 20% simply by clicking the KCS Pay Fee button to take advantage of the discounts.
- Dividends . In addition to lowering your trading fees, owning a KuCoin token gives you the opportunity to earn dividends. For example, KuCoin will distribute 50% of the trading fees collected from members on a daily basis and distribute them pro rata to all KuCoin token holders. Consider a scenario where you own 1% of the total KCS supply. If the platform pays out a $100,000 bonus, you will receive $1,000.
It is worth noting that you must own at least 6 KCS to receive dividends. Similarly, if you wish to purchase KuCoin tokens, you can do so by exchanging them on the site for another cryptocurrency such as Bitcoin or Ethereum.
Buying Cryptocurrency
For traders wishing to purchase cryptocurrencies using fiat currencies, KuCoin offers a variety of options for doing so, including a quick buy feature and P2P. The cost of these transactions will vary depending on the form of payment used, but should rarely exceed 7%.
The fee for a particular coin can also change regularly depending on network usage. Simplex typically charges a fee of 3.5% while Baxa charges a fee ranging from 4% to 6%. Purchases made on the P2P marketplace incur fees depending on the payment method and speed of the payment processor. Potential P2P users should keep this in mind when buying or selling digital assets.
There are more than 70 payment methods on the exchange, including:
- ADVCash;
- PAYEER;
- Perfect Money;
- Transfer Wise;
- Revolut ;
- WebMoney;
- Google Pay;
- Paypal;
- Uphold, BanColombia SA, Banesco Panama, WECHAT, ALIPAY
- Banxa, Simplex, BTC Direct;
- SEPA;
- Visa/Mastercard cards .
SEPA payment
The SEPA payment feature was added to the KuCoin platform on January 24, 2022, making it easier for Europeans to fund their accounts and enjoy the convenience of zero costs, as well as the ability to deposit up to 1 million euros in a single transaction.
The new payment method allows customers from 36 SEPA member countries to deposit EUR into their account and use it to purchase crypto assets using the KuCoin quick buy option.
Below are some of the benefits of using SEPA transfers:
- Ease of use;
- Zero commissions;
- One-time deposits up to 1 million euros;
- Increased security due to the lack of involvement of third parties.
Trading
There are four main ways to trade:
- spot trading,
- margin trading
- futures trading
- P2P trading
KuCoin also supports derivatives trading.
KuCoin Spot Trading
Spot trading is a fast way to buy cryptocurrency at the market price and sell it later for a profit. There is a wide range of trading pairs available for spot trading. When you are ready to buy or sell, choose one of the following order types:
- Limit Order: Set your buy price and quantity, and the order will be executed automatically when the market price matches your limit price.
- Market Order: Place an order to immediately buy an asset at the current market price.
- Stop Limit Order: Set your ideal commission price and order quantity, and then set the trigger price at which you want to buy or sell.
- Market Stop Order: Set the order quantity and trigger price to automatically buy or sell at the current market price when the trigger price is reached.
KuCoin’s spot trading portal is not very different from other crypto exchanges, so it shouldn’t be unfamiliar if you’ve traded before.
Margin trading
Margin trading is much more risky than spot trading and you should not engage in it until you are familiar with the cryptocurrency market. However, the fact that KuCoin allows margin trading is noteworthy as it is a more advanced trading strategy that many exchanges do not offer.
The KuCoin margin trading interface is comprehensive to say the least. Margin trading is available for many different coins and you can use up to 10x leverage.
Trading on margin is very risky as you can lose more than your initial capital. I would advise you to try margin trading only if you are experienced. And remember that cryptocurrencies can be extremely volatile.
Futures trading
Futures trading involves buying and selling future standard contracts for financial assets. The buyer uses this service to purchase assets at a specific price and at a specific time (delivery date) in the future. On the other hand, sellers will be required to deliver the asset at a specified price and at a specified time.
Users can trade coins margin contracts with up to 100X leverage, such as trading contracts up to $10,000 with only $100 in their account. There are two versions of KuCoin futures trading, one for beginners (easy mode) and one for experienced traders (professional mode).
In layman’s terms, this means that a $100 account balance entitles you to a maximum trade amount of $10,000. KuCoin calculates the base spot price based on the weighted average of various well-known exchanges, including Kraken, Coinbase Pro, and Bitstamp.
P2P trading
P2P stands for Peer-to-Peer, also known as OTC trading. By using this service, investors can make larger trades at certain prices without causing the price of that cryptocurrency to fluctuate. Users can use CAD, IDR, VND and EUR to purchase USDT, BTC and other cryptocurrencies directly.
Users need to complete KYC verification and set up a trading password to start OTC trading.
KuCoin trading bot
If you feel like you don’t have the time or knowledge to follow the market, you can ask the KuCoin trading bot to do it for you.
The KuCoin platform includes a number of free bots to help you with your trades. Some serious traders invest hundreds or even thousands of dollars in third party trading bots, but KuCoin provides them for free for users to get started in the world of automated trading.
This is a useful tool because it can help you maximize profits and minimize losses. All you have to do is set the parameters for your bot and it will make trades for you at any time, even when you are sleeping.
There is a list of the most successful trading bots and you can easily copy their rules to use the same bot in your account.
Earning with KuCoin
There are several ways to earn some extra money using KuCoin.
Rewards Center
KuCoin Rewards Hub offers challenges and free crypto promotions that you can complete to earn USDT bonuses for your account.
One type of task is the first use of trading functions. For example, you can earn bonuses when you start spot trading, margin trading, futures trading, leveraged token trading, or creating a trading bot. Another challenge is “Learn to earn” where you can read the tutorial to earn a bonus.
KuCoin Win
Betting on Lucky Raffling has already begun on KuCoin Win, a lottery-style system where you can wager a portion of your coins for a chance to win the jackpot. To play, select the desired lottery and select “Buy Now” to choose how many lotteries you want to buy.
The game ends when all available lotteries have been purchased, then a winner is randomly selected and the winnings are credited to the account.
KuCoin lending
If you want to lend coins to other users, Kukoin will pay you interest. These are short-term loans with high interest rates. Often you will be lending your coins to use in margin trading.
You set your priority interest rate and enter how many coins you are willing to borrow. On average, you will earn between 8% and 12% when your loan is accepted, but other users will not choose yours if your rate is higher than most. You can set APY up to 25%. The terms can be seven days, 14 days or 28 days. The minimum loan amount for each type of coin is different.
affiliate program
The KuCoin Affiliate Program allows you to earn commission even when you are not trading. When you become an affiliate, you receive a unique referral link that you can use to invite others to use the platform. For each successful referral, you can earn up to 40% commission or 45% commission when you reach the second level of affiliate (you move to the second level when someone you referred becomes an affiliate himself).
KuCoin referral program
You cannot join the KuCoin Referral Program if you are already in the Affiliate Program and vice versa. But if you join a referral program, all you have to do is share your unique referral link with your friends and invite them to start trading. If they use your registration link, you’ll earn stars that you can use to unlock prizes.
KuCoin referral code
The referral code for Kucoin is rPWP5YF . You will receive a discount on trading fees by applying the code at registration. Also earn up to 40% trading commissions for every successful referral by inviting your friends to sign up with a referral code.
KuCoin Fees
With a wide range of services and products, KuCoin is also widely known for its competitive fee structure.
Excessive costs of cryptocurrency trading and deposits can reduce your earnings. Because fees are charged on every trade, they can add up quickly. Thus, traders worry about their costs when choosing an exchange.
KuCoin offers a tiered maker/taker fee model with trading fees ranging from 0.0125% to 0.1%, depending on your tier. Spot and futures trades are assigned a level from 1 to 12 based on their 30-day trading volume.
Commissions are relatively low compared to competitors who can charge up to 0.50% per trade. Users can also receive trading fee discounts based on their KuCoin (KCS) token balance.
KuCoin Trading Fees
One of the main factors behind KuCoin’s popularity is that its fees are significantly lower than those of other cryptocurrency exchanges, at 0.1% per transaction. The commission when paying with the KCS token is reduced to 0.08% per transaction .
What’s more, Kucoin’s trading price is simple and transparent, making it easy for clients to understand.
Deposit and withdrawal fees
Interestingly, there is no deposit fee in KuCoin , which means that deposits are free for customers regardless of the currency they choose.
However, there are costs for withdrawing cryptocurrencies, which vary depending on which cryptocurrencies are being withdrawn. These costs are mainly the result of network fees charged by various cryptocurrencies, since numerous cryptocurrencies determine the fees for withdrawals.
Because withdrawal fees are linked to network fees, you will find that in most cases, KuCoin withdrawal fees are the same as Binance fees .
Is KuCoin safe?
KuCoin is a trusted cryptocurrency exchange established in 2017 and used by over 11 million customers worldwide. It uses a layered security system including micro-withdrawal wallets, industry-level layered encryption, and dynamic multi-factor authentication.
To provide a safe and easy exchange for the global community and invest in and trade digital currency.
Reliability
In terms of reliability, KuCoin is committed to protecting the privacy and assets of users from encroachment; for example, its security team continually improved related processes and conducted periodic evaluations.
KuCoin uses a diverse set of security processes and protocols. On the operational side, the exchange has several control departments that constantly monitor the platform’s activities to keep it secure, as well as dedicated risk control departments that enforce strict data usage rules at a practical level.
In April 2020, KuCoin announced a strategic partnership with Onchain Custodian, a Singapore-based crypto asset custody platform, to further strengthen the security of the exchange. Lockton , the world’s largest private insurance brokerage business, will support custodial funds, while Onchain Custodian will provide custody services for KuCoin’s cryptocurrency assets.
Founders KuCoin
Developers and founders of the KuCoin exchange: Michael Gan, Eric Don, Top Lan, Kent Lee, John Lee, Jack Zhu and Linda Lin. John Lee is now the chief executive officer.
Pros and cons of KuCoin
KuCoin is a trusted trading platform for serious traders, as evidenced by its impressive user base of over 11 million people. They have many features for advanced traders and crypto investors. Their low trading fees (0.1%) and large supply of coins make them a popular choice for many.
However, if this is your first time buying cryptocurrency, I would refrain from KuCoin for now. The platform is not intended for beginners, their commission for buying cryptocurrency with fiat money is high and it is impossible to withdraw money to the card from the exchange if you decide to sell your coins and make a profit.
Pros of Kucoin
- Low trading fees
- Partial KYC verification required
- P2P – with ZERO fees
- Bonuses and earnings with KuCoin
- KuCoin trading bot
- Bank level security
Cons
- High commissions when buying cryptocurrency for fiat
- Few fiat pairs
Best KuCoin Alternatives
For newcomers to the crypto market and investors, there are several alternative exchanges.
