• KuCoin Review

KuCoin Review

Trading in cryptocurrency offers a lifestyle people dream about living. Stories of crypto millionaires made during the Great Bitcoin Bubble of 2018 still live on today, and the crypto ecosystem is still alive and growing.

With a market cap of close to $240-billion and daily volumes of almost $165-billion traded, crypto markets are a viable option for traders and investors looking for a way to start a career or diversify assets.

If you’re a trader looking to start in crypto, then you’ll need to sign up with an exchange to trade the markets. Think of exchanges as a stock exchange/broker that fronts you the market and hosts your trading account.

There are hundreds of exchanges all around the world, operating in regulated and unregulated environments. Each exchange offers something unique to the trader in its service offering. For instance, Bitfinex has the best liquidity, Deribit is a great choice for advanced traders in options and futures contracts, and BKEX does the highest daily volume.

In this review, we’re going to unpack the offering from KuCoin, one of the newer players in the game.

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What Is the KuCoin Exchange?

KuCoin moved its Hong Kong office to Singapore in 2018, only a year after opening its doors to crypto traders from around the world. KuCoin gave itself the moniker of “The Peoples Exchange,” as it takes a focus on providing its customers with the best crypto offering online. KuCoin has 439 active markets, and $63,893,933 USD or 7,644 BTC in liquidity.

KuCoin is an “unregulated exchange.” As a result, you won’t find any fiat pairs to trade against crypto. Unregulated exchanges don’t comply with AML or KYC laws that require exchanges to verify customers before allowing them to deposit or withdraw fiat currencies.

KuCoin is one of the newer exchanges in the crypto sphere, but it pulls a decent amount of daily volume and offers you real-time order books.

How Do You Start with KuCoin?

Starting with KuCoin is a bit more challenging than other regulated exchanges. With regulated exchanges, you need to go through a robust KYC and AML process to ensure you, and the exchange, comply with regulations set by the financial authorities. With KuCoin, the sign-up process is easier; you get to open an account and start trading without the need to produce any KYC.

If you want to withdraw more than 2-BTC per day from your account, then you’ll need to complete a KYC and AML process with KuCoin. Still, the lack of KYC makes it easy for beginners to start trading as soon as they find their account.

That’s the main issue with KuCoin. Unless you have a credit card, the platform does not trade fiat for crypto. Therefore, you’ll need to go to another regulated crypto exchange, like Coinbase, to purchase your BTC with fiat. After buying your crypto, you can transfer it to your wallet on the KuCoin exchange and start trading your account.

However, if you do want to withdraw over the 2-BTC daily limit, you’ll need to complete the KYC process that includes submitting copies of your photo ID, as well as proof of residence, and a short questionnaire about your background and personal details.

KuCoin is slow to approve KYC applications, and they may take up to 30-days to process your request.

Therefore, if you want to start making large withdrawals right away, it’s best if you start the KYC process as soon as you sign up for the platform.

KuCoin recently started accepting fiat deposits from KYC approved users via credit card. KuCoin teamed up with Simplex in 2019 to allow the platform to accept Visa and MasterCard credit cards. Simplex charges you 3.5% for buying crypto using your credit card, which is a bit on the higher side of the spectrum.

How User Friendly Is KuCoin?

KuCoin offers a mobile trading app for users, available on both iOS and Android. The mobile platform isn’t as good as the desktop version, but it helps you keep an eye on the markets and your trades while you’re away from your trading station.

The KuCoin, desktop trading platform, has some of the best charts available. You get time intervals, and technical indicators to help you analyze the markets and place your trades with optimal entries and exits. The trading platform includes market depth, showing you price action in real-time.

What Cryptocurrencies Does KuCoin Support?

As of April 2020, KuCoin has 439 crypto markets, pairing hundreds of cryptos with each other for a wide selection. You get access to the top cryptos, including BTC, BCH, ETH, and LTC, as well as other tokens like DADI, OMG, TRON, and ZCASH.

Since KuCoin doesn’t offer USD deposits or withdrawals via wire transfer, it relies on credit cards and cryptos to fund client accounts. To allow traders to escape from volatile price action in the market, KuCoin offers stable coins like Tether (USDT) to help traders, whether the volatility while they are not trading the market.

KuCoin supports access from most countries around the world. However, it doesn’t support KYC policies for US residents. Therefore, if you’re in the US, you have a 2-BTC daily withdrawal limit on your account that you can’t lift.

What Fees Does KuCoin Charge?

KuCoin doesn’t operate on the maker/taker model employed by many other exchanges. Instead, it works on a “Flat Fee” model. KuCoin offers its customers a flat fee for taking trades, charging 0.1% per execution. That’s a fantastic fee structure, and we don’t know how this exchange manages to keep the doors open with these fees. Most other exchanges are between 0.02 to 0.03% for trading fees.

Many unethical exchanges offer lower trading fees and then charge extortionate amounts for making a withdrawal. However, KuCoin surprises us once again, providing low withdrawal fees of 0.0005-BTC, far below the industry average for withdrawals.

The low trading fees give KuCoin a significant competitive advantage. The platform also has decent liquidity to handle the daily volume, so you should never have any issues with too much slippage when entering and exiting trades.

If you decide to trade the KuCoin Share asset, then you are eligible for a discount on your fees as per the following guidelines.

Holding a minimum of 1,000 KCS (KuCoin Shares) makes you eligible for a 1% discount on your trading fees. Maximum discount rates will not exceed 30%, so if you’re holding 40,000KCS, you only get a 30% discount, not a 40% saving.

There are no fees for deposits on the KuCoin exchange, which we think is a fantastic way to attract more traders, and with more traders come higher volumes and better liquidity.

Is KuCoin a Secure and Safe Exchange?

It seems that headlines of hacked exchanges pop up from time to time, with even the biggest exchanges, such as Bitfinex, suffering at the hands of cybercriminals. However, we’re pleased to report that KuCoin has yet to experience any hacking attempt of threat. That’s not to say they are immune to this issue, but they seem to have the security part of the company under wraps for now.

KuCoin Customer Support

KuCoin has an excellent customer support team ready to handle your enquires. We like the live chat feature, which makes getting hold of a representative easy. On both occasions where we summoned the live chat, we had a representative on the other side in less than 45-seconds, and they gave us a solution.

However, the live chat is better suited for account queries, and if you have tech problems, then fill out an email ticket and let the Freshdesk support team get back to you. KuCoin states they try to turn tickets around in less than 24-hours.

KuCoin also has a good archive selection of troubleshooting and FAQs to help you sort out minor issues yourself.

Who Are the KuCoin Team?

Founded in 2017 by CEO Michael Gan, with an ICO of 5,500-BTC, KuCoin is a popular unregulated exchange. The exchange welcomed traders during the beginning of the mania phase in the Great Bitcoin bubble of 2017, capitalizing on the massive daily volumes on the crypto markets when everyone wanted a piece of the crypto sphere.

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The Bitcoin Tester Conclusion

Overall, we think that KuCoin is one of the better choices for an unregulated exchange that’s available. The platform has plenty of liquidity, low trading fees, and fee-free deposits. That all spells a win in our books, and we think it’s a great platform for traders that want to test their strategy in the markets. The trading tools are excellent, and the advanced charts help you navigate price action in the markets in real-time.

We like that the platform started accepting credit card deposits to fund accounts in 2019. We’re sure that that functionality will attract more traders to KuCoin. The low withdrawal fees are also attractive, and the fact that the exchange has yet to experience a hack is also comforting.

The limitations on KYC for US customers from some states are frustrating, but if you’re an international trader looking for a new exchange, the KuCoin is a good option.

KuCoin vs Most Popular Bitcoin Exchanges

KuCoin vs Binance

Crypto traders are looking for the best exchanges to open accounts. In this post, we compare the difference in the offering between Binance and KuCoin. Which one of these trading platforms deserves your money? Where should you open your account? Join us as we unpack the offering from both exchanges.

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