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KuCoin Review

By Jinia12/22/2022

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Compared to most crypto exchanges, KuCoin is a fairly new crypto exchange. However, they have managed to grow their platform in over 200 countries and continue to offer traders a rich set of features, including competitive trading fees, sports market, margins and futures trading.

Like most crypto exchanges, KuCoin offers support for dozens of cryptocurrencies, including popular coins such as Bitcoin, Ethereum, Cardano and Ripple XRP. In addition, their user interface is straightforward, and their platform comes with a mobile app that is accessible on both Android and iOS devices.

As a crypto-only exchange, KuCoin offers several stablecoins you can use to make purchases. Therefore, you need to convert your fiat money into a stablecoin such as Tether’s USDT to start trading.

Most people in the crypto space refer to KuCoin as “The People’s Exchange”, as anyone can use it given that their minimum deposit is only $1. In addition, you can access leverage as high as 1:100, which is pretty decent for a crypto exchange. However, keep in mind that trading cryptocurrencies with leverage is quite risky, given the volatility of most cryptocurrencies.

In this article, we will take a deep dive into what KuCoin has to offer novice and expert traders.

Pros

  • Supports tons of cryptocurrencies

  • Competitively low trading fees

  • Accessible in over 200 countries

  • Decent trading volume 

  • Offers discounted fees based on trading volume

  • It has margin trading, among other advanced features

  • Ideal for both expert and novice traders

Cons

  • Not licensed to operate in the U.S

  • Customer support could be better

  • Limited funding methods

KuCoin Funding Methods

MethodBuySellSpeed
Bank Account (ACH)NoNo1-3 Days
Credit/Debit CardNoNoInstant
Wire TransferYesYesInstant

KuCoin Review: The Basics

Here is a TLDR version of the article for those in a hurry:

  • KuCoin is a popular crypto-only exchange that offers competitively low fees and access to a spot market as well as decent trading margins.
  • You will only be required to pay a commission of 0.01% with volume-based discounts.  
  • Even though this exchange is not licensed to operate in the U.S., it features support for dozens of coins, and its platform is accessible in over 200 countries.

What’s The History of KuCoin

KuCoin first came to the scene in 2017. The exchange is the brainchild of Mek Global Limited, a company based in Seychelles led by Johnny Lyu. Over the few years of its existence, KuCoin has grown to become one of the most popular crypto trading platforms and is ranked among the top 5 centralized crypto exchanges based on trading volume. 

Even though this exchange is not licensed to operate in the U.S., crypto natives in the U.S. can still sign up for an account with KuCoin. With over 600 cryptocurrencies to trade and various sophisticated trading instruments, such as a 1:100 margin trading feature, KuCoin is suited for both beginners and advanced traders. However, those new to crypto will have an upward learning curve as KuCoin does not support fiat currencies in the traditional sense. It does offer support for P2P crypto buying and instant buy through credit cards. It doesn’t support buying and selling through traditional banks, however.

How to Set up an Account with KuCoin

To get started with KuCoin, you will need to submit an email address and your phone number for account verification. Then click the signup button.

This exchange offers a straightforward signup process. 

After setting up an account with your email address, head to your email inbox to confirm registration. Once approved, you can head back to KuCoin and start trading. Later, you can complete the KYC verification process to gain access to higher daily withdrawal limits, among other extra features. However, most traders will use KuCoin comfortably even with the set daily withdrawal limit. 

If you decide to go through their KYC verification process, you will be required to submit some extra documentation such as a government issued-ID, passport or driving license. This process will take a few hours before you receive your verification.

You can purchase crypto with fiat currency through the one-click credit card buy or P2P options:

Ease of Use

Compared to most crypto exchanges, KuCoin is designed for ease of use. It gives crypto traders access to a straightforward dashboard with tons of features. Upon opening an account, you will have a clear view of entering a position with the buy and sell button. Traders on KuCoin have access to several types of market orders, including the following:

  • Market Order
  • Limit Order
  • Stop-Limit Order
  • Stop-Market order

As mentioned, KuCoin also comes with a mobile app and a help centre with FAQs, among other educational resources.

KuCoin Fees and Limits

An exchange’s fees and limits are critical as traders are always looking for a bargain. Gladly, KuCoin offers some of the most competitive trading fees at a paltry range of 0.01% to 0.1%. Most crypto exchanges charge commissions and fees as high as 0.5%.

Moreover, they offer volume-based discounts on trading fees, plus the minimum deposit required to get started is just $1. 

However, KuCoin has varying withdrawal fees in addition to the network fees that traders have to pay. This fee ranges from 0.01 to about 0.07%. 

There are no deposit fees.

Security

Like most centralized exchanges, KuCoin is not the most secure platform, as it suffered a significant hack back in 2020, where hackers stole over $280 million in crypto. KuCoin stores its digital assets on hot wallets that are always online and, therefore, vulnerable to attacks. The good news is that you can install additional security features to your account, such as 2-FA (two-factor authentication). You can also remove your coins from the exchange once you are done trading.

Supported Coins

KuCoin supports over 600 coins, including the following:

  • Bitcoin
  • XRP
  • Ethereum
  • Cardano
  • Solana
  • Dogecoin
  • Litecoin
  • Polkadot

Other Outstanding Features

KuCoin comes with its own coin called KuCoin Token (KCS). This is an ERC-20 token that is built to run on Ethereum’s blockchain. Users who hold KCS get a cut of the platform’s trading fees. Daily trading fees from KuCoin are paid out to KCS holders, similar to how shareholders receive dividends. The more KCS tokens you have, the more fees you collect. 

Also, compared to most centralized exchanges, KuCoin offers low fees and a simple interface that is easy to use even for beginners in the world of crypto trading.

Conclusion

KuCoin is a decent crypto exchange for anyone looking to start their crypto trading journey. They offer an array of tools suited for all kinds of crypto traders. The only downside is that this exchange is not licensed in the U.S. While that might not be a hindrance to using the platform, it certainly presents some risk for U.S. crypto traders. Also, KuCoin’s customer service is wanting as there are multiple complaints online. But, apart from that, KuCoin is a unique crypto exchange with numerous valuable features.

Article tags

Exchanges
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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