KUCOIN REVIEW

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KUCOIN REVIEW
KUCOIN REVIEW

KuCoin is a third-party cryptocurrency exchange that allows people to buy, sell and trade cryptocurrencies. KuCoin is a widely known cryptocurrency exchange, and it aims to provide a secure and simple platform for people to trade cryptocurrency all over the world and to become one of the largest exchanges in the world. 

HISTORY

Kucoin was founded in 2017 by a group of businessmen working on blockchain technology since 2011. Its headquarter is located in Seychelles, and it is managed by Mek Global limited. The company gathered its funds through an ICO, which lasted for less than a month in 2017. KuCoin also has its native token known as KuCoin Shares (KCS).

HEADLINES

Recently in 2020, KuCoin launched a service known as Pool-X Liquidity Trading Market, a one-stop exchange solution called KuCloud, and also an instant exchange service. Kucoin also added the use of PayPal and other fiat currencies as a supported payment method on its platform.

FEATURES AND SERVICES OFFERED BY KUCOIN

  • Buying and selling: KuCoin supports buying and selling over 200 cryptocurrencies at a low price. It also allows users to buy cryptocurrencies with fiat currencies supported in the system. 
  • P2P marketplace:  it has a P2P marketplace where buyers and sellers can meet customers nearby and carry out a one on one transaction using the escrow system, and you can use fiat currency to purchase your crypto in the P2P marketplace.
  • Trading: KuCoin has over 400 available trading pairs and supports spot trading, futures trading, and margin trading with a leverage of up to 10X. KuCoin also supports non-custodial trading, where you can trade from your private wallet instead of depositing your coins into your KuCoin account before you can start trading.
  • Staking: you can earn extra interest by staking your cryptocurrency assets.
  • Lending: you can lend your cryptocurrency assets to other users in order to earn interest.
  • IEO launchpad: This service allows users to gather funds to launch their projects or tokens and invest in upcoming projects.
  • Native token discounts: when you are a holder, or you use the native token of KuCoin, you are usually offered discounts in terms of lower transaction fees and earn interest on the KCS.
  • Mobile app: KuCoin also has a mobile app available for both Android and IOS users, which helps for easy access to the platform.

 HOW DOES KUCOIN WORK

  • Registration: To open an account, visit www.m.kucoin.com. Click on login/sign up, select sign up, then input your phone number and the code that will be sent to your phone and provide all the other information requested, then create your account.
  • Verification: The exchange uses the Know Your Customer verification procedure, and account verification is not compulsory on KuCoin. Verified accounts enjoy a higher withdrawal limit than unverified accounts. To verify your account, you will need your ID, passport, and proof of country of residence.
  • Transaction limit: unverified accounts have a withdrawal limit of 2BTC a day, verified personal accounts have a daily withdrawal limit of 100BTC, while verified corporate accounts have a daily withdrawal limit of 500BTC. Only verified accounts can use the fiat to crypto trading service.
  • Transaction fees: KuCoin offers one of the lowest transaction fees amongst all other exchanges around. Users who hold the native token (KCS) enjoy a discounted transaction fee. KuCoin does not charge any fee for cryptocurrency deposits, and the withdrawal fee depends on the cryptocurrency you are withdrawing. The trading fee is 0.1% of the transaction amount, and the fee reduces the higher the trading volume. Transaction fee for transactions made on the P2P platform usually depends on the payment method used and ranges from 3% to 6%.
  • Payment method:  The supported payment method includes the use of Credit/debit cards, fiat currency, and cryptocurrency.
  • Supported currencies: Over 200 cryptocurrencies are supported on KuCoin and fiat currencies such as USD, EUR, GBP, AUD, and CNY. 
  • Security: Since its launching, KuCoin has not experienced any hacking. The exchange has different levels of encryption and security to secure its systems assets, and users have to secure their account by 2- factor authentication, phone verification, email notifications, security questions, and so much more.
  • Customer support: Customer support can be accessed through the FAQ section, the mobile app support, the help centre and through their social media pages. The customer support also replies to the user quickly.

KuCoin has a large ecosystem and different ranges of services which include Pool X, which is a staking mining pool, the KuChain, KuCloud, Kratos, and so much more. The platform has seen a lot of growth over the past few years and plans on making more developments in the nearest future.

Overall, KuCoin exchange is suitable for both cryptocurrency novices and experts as the platform is easy to access and use. It also has a very low transaction fee, supports multiple cryptocurrencies, accepts fiat-crypto trading and payment methods and also has excellent customer support.