KuCoin Review

KuCoin is a digital currency exchange that is active in more than 200 countries around the world. Even though some of this exchange’s features may appeal to experienced traders, KuCoin is not licenced to operate in the United States and has received mostly negative feedback from customers.

• The Good and the Bad

• KEY TAKEAWAYS

• COMPANY OVERVIEW

Pros

• The opportunity to earn interest on cryptocurrency holdings

• A diverse offering of cryptographic currencies

• Very reasonable costs

Cons

• Operating illegally within the United States

• Poor user reviews

The Positives Exposed

• The opportunity to earn interest on cryptocurrency: Users of KuCoin have the ability to earn interest on their cryptocurrency holdings by staking certain assets or lending them to other people and charging interest on the loans. Increasing the size of your cryptocurrency portfolio by accumulating rewards can be beneficial.

• A large selection of cryptocurrencies: In contrast to other exchanges, which may offer only a few dozen cryptocurrencies for trading, KuCoin provides access to over 600 different cryptocurrencies.

• Competitively low trading fees in comparison to other major exchanges KuCoin’s trading fees are competitively lower in comparison to other major exchanges. Users should anticipate paying anywhere from 0.0125% to 0.10% for each trade.

Defining the Drawbacks

• KuCoin is not licensed in the United States; therefore, users located in the United States should consider using alternative exchanges. KuCoin is not licensed in the United States.

• User reviews that aren’t very good: While it’s not uncommon for cryptocurrency exchanges to have customers leave negative feedback, KuCoin’s user reviews are particularly bad. Reviewers have mentioned having issues with market manipulation, withdrawals, and customer service.

Introduction

KuCoin is a significant cryptocurrency exchange that enables users to buy, sell, and trade digital assets. The trading platform includes margin trading, futures trading, and peer-to-peer (P2P) trading in addition to the standard trading options. In addition, users have the option to stake or lend their cryptocurrency in order to earn rewards. KuCoin has relatively low trading fees in comparison to some of its rivals, which positions it as a potentially lucrative choice.

Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets themselves can be highly unpredictable. Before making any decisions regarding your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Crypto Reviews or the author, nor can the accuracy or timeliness of the information contained herein be guaranteed.

An Overview of the Company

KuCoin is a cryptocurrency exchange that was established in 2017 and has its headquarters in the Seychelles. Since its inception, it has expanded to become one of the largest global exchanges in terms of trade volume. Additionally, it has grown to include more than 10 million users and has a presence in more than 200 countries.

Even though users in the United States are allowed to sign up for an account with KuCoin, they won’t have full access to the platform’s features because KuCoin isn’t authorised to conduct business in the country. Given this, it is possible that creating an account will expose you to some risks. If authorities in the United States decide to crack down on KuCoin, for example, it’s possible that you won’t be able to withdraw your assets.

Cryptocurrencies Available

Over 600 different digital currencies are available for purchase, sale, and trade on the KuCoin platform. Those interested in acquiring a diverse range of assets may find the provisions made by this exchange to be satisfying. The following is a selection of the cryptocurrencies that can be purchased through KuCoin at the present time:

• What is Bitcoin? (BTC)

• Dogecoin (DOGE)

• Ethereum (ETH)

• Polkadot (DOT)

• Shiba Inu (SHIB)

• XRP (XRP)

Trading Experience

Users of KuCoin have the option of logging into their accounts via a mobile app or via an online portal. Mobile apps are available for both Android and iOS. Its mobile apps and desktop website both come loaded with a wide variety of features and instruments to choose from.

When a user is logged into KuCoin on their desktop or mobile device, they have the option to click to view markets, buy cryptocurrency, trade cryptocurrency, and more. Market orders, limit orders, stop-limit orders, and stop-market orders are all supported by the platform. It is also possible to engage in peer-to-peer trading, futures trading, and margin trading, all of which may appeal to particular users. In addition, KuCoin facilitates staking and has just recently launched a feature known as Trading Bot, which assists in simplifying the trading process. Essentially, Trading Bot functions as a robo-advisor for your cryptocurrency investment portfolio.

Despite the fact that it provides a wide variety of trading options, neither the desktop nor the mobile platforms of this exchange are particularly user-friendly. Having said that, the website does provide a serviceable help centre where visitors can look for solutions to frequently asked questions.

The extensive number of trading tools and features provided by KuCoin is likely to be overwhelming for novice cryptocurrency investors. If you’re just starting out in the world of cryptocurrencies, you might want to think about using an exchange that’s more beginner-friendly and a little bit simpler to navigate.

Fees

KuCoin provides its users with a maker/taker fee model that is tiered, with trading fees ranging from 0.0125% to 0.1% depending on the level of the user. In comparison to those of its rivals, whose fees can reach up to 0.50% per trade, its prices are relatively affordable. A user’s KuCoin Token (KCS) balance determines whether or not they are eligible for trading fee discounts.

KuCoin imposes withdrawal fees in addition to its trading fees; these fees differ depending on the asset and are subject to change according to the performance of the market. This exchange does not charge fees for deposits; however, it is important to keep in mind that KuCoin only provides a limited number of options for depositing fiat currency at the moment.

Security

Despite the fact that it provides KYC verification and other security features that are standard for the industry, KuCoin was hacked significantly in the year 2020. In total, hackers stole more than $280 million worth of cryptocurrency from hot wallets belonging to users. Even though the assets were protected by insurance, a security breach of this magnitude is still cause for concern. Fortunately, the assets were covered by an insurance fund. 1

A trade-specific password is provided to users of KuCoin in addition to the platform’s other security features, which include multi-factor authentication and encryption. It is necessary for users to provide this password in addition to their standard login information in order to conduct transactions or withdraw assets. It offers an additional layer of protection and is a type of security feature that is uncommon among cryptocurrency exchanges.

Establishing a New Account

The process of opening an account with KuCoin is straightforward and takes only a few moments to complete. Visit the KuCoin homepage and look for the “Sign Up” button in the top right-hand corner of the page. This will get you started using KuCoin. After that, you will be prompted to enter your email address or phone number, along with a verification code and a password. After your account has been established, you will be able to begin trading.

After that, you will be given the option to complete the KYC verification process, which, if successful, will grant you access to higher daily withdrawal limits as well as additional features. There are two levels of KYC verification available to choose from when using KuCoin: basic and advanced.

Logging into your account, selecting the “KYC verification” link that appears under your avatar, and providing some basic personal information are all that is required to finish the basic process. If you choose to complete the more advanced process, in addition to providing your standard personal information, you will also be required to provide additional documentation, such as a selfie or a photo of a government-issued identification card. After you have completed the advanced verification, you will have access to additional trading benefits.

Assistance to Customers

KuCoin provides a number of channels for customer support; however, in contrast to a good number of its rivals, it is not possible to speak with a live person over the phone or send an email. However, users have the option to participate in a live chat in order to obtain answers to fundamental questions or to submit a request for assistance in order to obtain assistance with more complex problems.

KuCoin also provides a support page, which may come in handy in the event that you require assistance navigating the site or using the features and tools it provides.

Satisfaction of the Customer

Overall, users of KuCoin give it low ratings, and the cryptocurrency exchange has received an average of only 1.7 stars out of 5 on Trustpilot, out of a total of nearly 600 reviews. Several unfavourable reviews point to issues with the customer service, the method of making withdrawals, and the process of making deposits. Others have stated that their assets mysteriously vanished from their accounts and have accused KuCoin of engaging in market manipulation. This is a particularly concerning claim. In spite of the negative comments, there were a few reviewers who praised KuCoin for its wide selection of cryptocurrencies and its low transaction fees.

Management of Client Accounts

Desktop computers, Android mobile devices, and iOS mobile devices are all supported access points for user accounts on KuCoin. Once you have signed up, you can log into your account whenever you like to buy, sell, or trade cryptocurrency. Its platforms are available for free, and once you have signed up, you can use them to do any of those things. You can contact KuCoin through the live chat feature or by submitting a request for assistance if you experience any issues with your account or if you have any questions about it.

How KuCoin Stacks Up Against Competitors in the Cryptocurrency Industry

In comparison to other cryptocurrency exchanges, KuCoin provides users with a wide variety of cryptocurrency options and relatively low trading fees. Additionally, it supports margin trading, staking, P2P trading, and futures trading, all of which may appeal to users with more experience. However, it is important to be aware that there are a few drawbacks associated with this. KuCoin is not authorised for use in the United States, and it was the target of a significant hack not too long ago. Here is a comparison of it to Coinbase, which is another top cryptocurrency exchange, in case you are interested in buying or trading cryptocurrencies.

KuCoin Competes Against Coinbase

KuCoin and Coinbase are two cryptocurrency exchanges that are consistently ranked highly among the best in the world in terms of trading volume.

On the other hand, there are a number of significant distinctions between the two platforms:

• KuCoin does not have a licence to operate in the United States, whereas Coinbase does have a licence to operate there.

• KuCoin supports over 600 different cryptocurrencies, whereas Coinbase only supports over 150 of them.

• The trading fees at Coinbase are higher than those at KuCoin.

• Users of Coinbase have access to phone support, whereas KuCoin users do not have this option available to them.

Coinbase, despite having higher trading fees, is most likely the better option for users located in the United States. KuCoin, on the other hand, has lower fees and a wider selection of cryptocurrencies, both of which may appeal to users located in countries other than the United States.

FINAL VERDICT

KuCoin is a massive global exchange that provides users with a variety of features and tools that may pique the interest of more experienced traders. On the other hand, users tend to give it low ratings, and it does not have permission to conduct business in the United States. If you are not located in the United States and have prior experience trading cryptocurrencies, you may find the services that KuCoin provides to be useful. However, before you sign up for the platform, you should make sure to do your research to ensure that it is suitable for your needs.

Methodology

Crypto Reviews is committed to assisting individuals interested in investing in cryptocurrencies to make decisions that are well-informed and secure. Our team is dedicated to offering our readers objective assessments of the most reputable cryptocurrency exchanges, catering to investors of all experience levels.

Exchanges were evaluated based on a variety of criteria, including safety, fees, the range of cryptocurrencies they support, and more. We also took into consideration whether or not the exchange is governed by an appropriate agency or is completely decentralised. You are welcome to look over our complete method for trading cryptocurrencies, which includes the review process and the data points that were given a weighting.