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Kucoin Review 2024: Features & How It Compares
Swen Keller
- URL: https://kucoin.com/
- Headquarter: Seychelles
- Year Founded: 2017
- Platform App: Desktop, Mobile, Web
- No. of Cryptos: 700+
- Fiats Available: USD, EUR, GBP, AUD, ARS, QAR, PHP, JPY, RUB, TRY, VND, CNY, IDR, CAD, VND, +
- Withdraw Method: Crypto
- Payment Method: Visa/MasterCard credit/debit cards, PayPal, Apple Pay, Ideal, Bank transfer, Zelle, Bancontact, Giropay, SOFORTBanking, EPS, and more
Kucoin Review: Our Opinion
Kucoin is one of the most popular unregulated crypto exchanges in the world. The crypto exchange has had several hacking incidents which have discouraged some traders from joining the trading platform. That said, Kucoin stands out for offering more digital assets than most crypto exchanges and numerous advanced features like margin and futures trading, the Kucoin crypto trading bot, and much more.
An Overview of Kucoin
Founded in 2017, Kucoin is a crypto exchange headquartered in the Seychelles that allows users to buy and sell over 700 crypto assets via its trading platform.
Kucoin, like most advanced crypto exchanges, offers a suite of expert products and advanced trading tools including margin trading, futures, trading bot, crypto lending, detailed charts, and much more.
The cryptocurrency exchange’s ecosystem is powered by its native token – Kucoin token (KCS). Kucoin exchange users that hold the token receive trading fee discounts on the Kucoin platform, for example.
Kucoin is popular in the crypto world for adopting altcoins fast, which makes it a great platform for crypto investors looking for where to invest in coins when they’re cheap.
That said, the Kucoin crypto exchange is unregulated in all countries it operates, which is an important factor to consider when choosing the Kucoin platform.
For example, in the United States, users can register a Kucoin account, however, access to all Kucoin features is restricted as the exchange isn’t licensed to run its operations in the United States. This means that for United States residents signing up for the platform presents some risks. For instance, if regulators in the United States decide to go after Kucoin, users in the country may be unable to withdraw their assets from the platform.
Kucoin has also faced regulatory challenges in nations like Canada and the Netherlands.
Pros
- It supports over 700 cryptocurrencies, 50 fiat currencies, and multiple trading pairs
- It supports the purchase of crypto with credit cards
- Low trading fees
- It supports margin trading, trading bot, and spot trading
Cons
- It has been hacked a few times
- It only supports 2 withdrawal methods
KuCoin Review: Unique Features
KuCoin Trading Bot
This trading bot is software that allows traders to automate their crypto trading. The trading bot is free to use and available to all KuCoin users. The bot supports 4 trading strategies: Smart Rebalance, DCA, Futures Grid, and Spot Grid.
The most common trading strategy used by the KuCoin Platform Trading Bot is Spot trading which is also known as Classic Grid trading.
With Spot trading, the trading bot takes advantage of market fluctuations and positions buy and sell orders to generate profit for the trader.
Like most trading bots, the KuCoin trading bot buys the selected cryptocurrency when the price drops and sells them when the price climbs over the base currency around the set price and at set intervals.
A major benefit of trading bots is that they are not affected by human factors like emotions that often makes traders lose money.
Unlike humans, trading bots make decisions based on rules, data and available information.
As already stated, the KuCoin Trading Bot also supports Dollar-cost Averaging. This is a difficult strategy to execute manually but the trading bot executes this strategy easily.
Traders who wish to invest large amounts in Dollar cost Averaging can give instructions to the bot to invest a small amount of the total money at intervals. This way the trader will minimize risk.
To get started with the trading bot, you will first need to deposit some money into your KuCoin account.
Next, set the specific parameters for the trade based on the historical data. Also, select the trading pairs and the funds the bot can use.
Once this is done, the bot will take over. As already stated, the trading bot makes price analyses and forecasts using the parameters and the information about the crypto market it gets through analytics and other tools.
The trader can choose to manually customize the parameters but this will require actual knowledge of various aspects of the market.
Parameters that can be modified include the following:
- Max Price: This is the maximum price that the user can set for selling the cryptocurrency. If the price exceeds the max price, the bot will stop selling.
- Min Price: The minimum price is the minimum price that the trader sets for buying in. If the price goes below the minimum price, the bot will stop buying until the price rises back above the minimum price.
- Total Investment: This is the total amount the trader intends to use for grid trading. The total investment is transferred from the user’s KuCoin account to the trading bot. At the end of the trade, the bot will return the total investment to the KuCoin account.
- Number of Orders Placed: This is the total number of buy and sell orders placed by the bot.
- Entry Price: This is the price the trader intends to buy the base currency.
- Stop Price: The stop price is the minimum price the trader intends to sell the base currency.
KuCoin Crypto Lending
KuCoin Crypto Lending is a peer-to-peer platform that allows KuCoin users to earn interest by lending cryptocurrencies to other users.
KuCoin Crypto Lending currently supports the lending of Bitcoin and over 50 other cryptocurrencies.
The minimum amount lent is dependent on the cryptocurrency involved.
KuCoin allows lenders to set the expected APY and lending orders on the crypto lent.
All lending orders are displayed in the market, borrowers can view different lending orders and choose one with the right requirements.
KuCoin Crypto Lending operates 2 lending methods; Normal Lend and Auto Lend.
With Normal Lend, the user is allowed to set their daily lending rate. If the rate set by the user is higher than the priority rate, the funds may not be lent out.
Just as the name implies, Auto Lend lends out funds automatically at a rate higher than or equal to the minimum daily rate.
The crypto lending platform channels funds for trading in the KuCoin margin market, with the funds repaid by borrowers subsequently being reinvested, albeit with a portion held in reserve.
As with other lending programs, the KuCoin Crypto Lending platform allows lenders to set the repayment deadline. Borrowers can choose to repay the loan early but lenders are not allowed to request a repayment of the loan before the deadline.
Cryptocurrencies Available on Kucoin
KuCoin supports the trading of over 700 cryptocurrencies.
Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Fantom, Dogecoin, Polkadot, Avalanche, Ethereum Classic, Monero, Shiba Inu, Stellar Lumens, Binance Coin, Tether, USD Coin, etc.
Can You Buy and Sell NFTs on Kucoin?
Yes, you can buy, sell, and swap NFTs on the Kucoin platform via its recently launched NFT marketplace called https://windvane.io/.
The NFT marketplace was launched in 2022. At its launch, the marketplace gave out 4,000 NFTs to its first users.
NFTs supported on the platform range from sports, arts, PFP (profile pictures), and GameFi.
Some standout features include an NFT launchpad, an NFT minting module, management instruments, token trading markets, etc.
Concerning trading fees, Windvane is known as a low-fee NFT marketplace.
Kucoin Review: Fees
Kucoin trading fees are dependent on various factors: the amount of KCS held in the last 30 days or your spot trading volume in the last 30 days or futures trade volume in the last 30 days.
It uses the maker fee and taker fee model to charge its trading fees based on a tiered system dependent on the aforementioned conditions.
Trading Fees Levels
Level 0
Traders on this level have a 30-day Kucoin holding of 0, a spot trading volume of less than 50, or a futures trade volume of less than 200. The maker and taker fee at this level is 0.1%. However, if you pay with KCS, you get a trading fee discount of 0.08% for both the taker and maker fee.
Level 1
Traders on this level have a 30-day Kucoin holding of 1000, a spot trading volume greater than or equal to 50, or a futures trading volume greater than or equal to 200. The maker fee is 0.09% and the taker fee at this level is 0.1%.
However, if you pay with KCS, you get a trading fee discount of 0.072% for the maker and 0.08% for the taker.
Level 2
Traders on this level have a 30-day Kucoin holding of 10,000 or a spot trading volume greater than or equal to 200, or a futures trade volume greater than or equal to 400. The maker is 0.07% and the taker fee at this level is 0.09%.
However, if you pay with KCS, you get a trading fee discount of 0.056% for the maker and 0.072% for the taker.
Level 12
Traders on this level have a 30-day Kucoin holding of 150,000 or a spot trading volume greater than or equal to 80,000 or a futures trade volume greater than or equal to 160,000. The maker is -0.005% and the taker fee at this level is 0.025%.
But if you pay with KCS, you get a trading fee discount of -0.005% for the maker and 0.002% for the taker.
Margin Trading Fees
To participate in margin trading in Kucoin you’ll be charged a base fee of 0.1%.
Withdrawal and Deposit Fees
Kucoin doesn’t charge users for crypto deposits but it does charge users for withdrawals based on the particular coin being withdrawn except GAS and NEO.
That said, here are a couple of withdrawal fees for cryptocurrencies on Kucoin:
- CSP: 5,000CSP and a minimum amount of 10,000CSP
- OXEN: 2.000000OXEN and a minimum amount of 0.000000OXEN
- NRG: 1NRG and a minimum amount of 1NRG
- FET: 46.000000FET and a minimum amount of 100.000000FET
- XMR: 0.001000XMR and a minimum amount of 0.020000XMR
- RBTC: 0.000150RBTC and a minimum amount of 0.000200RBTC
- RIF: 10.000000RIF and a minimum amount of 20.000000RIF
- ANKR: 399.000000ANKR and a minimum amount of 800.000000ANKR
- ATOM: 0.010000ATOM and a minimum amount of 0.020000ATOM
- CHR: 65.000000CHR and a minimum amount of 120.000000CHR
- NIM: 40.000000NIM and a minimum amount of 400.000000NIM
- OCEAN: 60.000000OCEAN and a minimum amount of 120.000000OCEAN
- COTI: 60COTI and a minimum amount of 150COTI
- FX: 30.000000FX and a minimum amount of 100.000000FX
- PIVX: 1.000000PIVX and a minimum amount of 0.500000PIVX
- XTZ: 0.500000XTZ and a minimum amount of 1.000000XTZ
- BNB: 0.01BNB and a minimum amount of 0.01BNB
- JAR: 5400JAR and a minimum amount of 10000JAR
- ALGO: 0.100000ALGO and a minimum amount of 0.200000ALGO
- ADA: 1.000000ADA and a minimum amount of 2.000000ADA
- XEM: 4.000000XEM and a minimum amount of 8.000000XEM
- CIX100: 150.000000CIX100 and a minimum amount of 200.000000CIX100
- ZEC: 0.005000ZEC and a minimum amount of 0.010000ZEC
Kucoin Review: Payment Methods
The Kucoin exchange offers a large selection of payment methods including Visa/MasterCard credit/debit cards, PayPal, Apple Pay, Ideal, Bank transfer, Zelle, Bancontact, Giropay, SOFORTBanking, EPS, and third-party payment processors.
It supports the following fiat currencies for deposits: USD, EUR, GBP, AUD, ARS, QAR, PHP, JPY, RUB, TRY, VND, CNY, IDR, CAD, VND, and much more.
For withdrawals Kucoin only allows you to withdraw digital currencies from the platform, not fiat currencies.
KuCoin Review: Security
Unlike most popular cryptocurrency exchanges, KuCoin is not licensed or regulated.
In terms of security, KuCoin conducts round-the-clock monitoring of all accounts to ensure the security of users’ funds.
The exchange also conducts regular security Penetration Testing, security code audits, and security architecture review.
The KuCoin Wallet is self-custodial, which means users have full control of their private keys. The KuCoin Wallet also undergoes penetration testing audits by Hacken to ensure the security of users’ funds.
KuCoin exchange also has several security features in place to keep funds in KuCoin safe.
Available security features include robust encryption algorithms, application firewalls, server threat detection, device certificate management, etc.
Kucoin Review: Staking Rewards
As with most popular crypto exchanges, KuCoin offers staking services to its users allowing you to earn rewards on held digital assets.
Kucoin cryptocurrency exchange supports soft staking on particular crypto assets allowing you to earn interest daily without locking in your assets.
That said, in comparison with other cryptocurrency exchanges, Kucoin offers high APYs for supported assets. Here are a couple of rewards offered for particular assets:
- USDC: 30.32% APY (staking 14 days
- Hydra: 47.16% APY for a flexible term
- USDT: 2.66% APY for a flexible term
- HAKA: 60.41% APY for 60 days
- TOKO: 40.41% APY for 365 days
- ADA: 3.16% APY for A flexible term
Supported Countries
KuCoin is available in over 200 countries.
Supported countries include Russia, India, the United Kingdom, South Korea, Nigeria, Japan, Turkey, Vietnam, Spain, France, Greece, Canada, Dominica, Denmark, Cameroon, Australia, Chad, etc.
KuCoin is not licensed in the United States, which means that users can access the platform but with lots of restrictions.
Opening a Kucoin Account
To open a Kucoin exchange account, go to their website: https://kucoin.com.
Enter your email address and select a password. Kucoin cryptocurrency exchange will send a verification link to your email.
Click the link and you’ll be redirected to the website. Once there you’ll be prompted to activate two-factor authentication.
That’s all! You’ve created a Kucoin account.
Kucoin Review: Trading Experience
Kucoin supports a mobile and web app for trading. The Kucoin mobile app works on both iOS and Android devices.
That said, Kucoin offers a trading experience best suited for experienced traders. It offers margin trading, futures trading, copy trading, and the Kucoin trading bot.
You can also execute simple buy and sell orders on the platform as well.
KuCoin Review: Customer Service
KuCoin exchange offers customer support via online chat. Users with complaints can also contact the customer support team by submitting a support ticket.
The exchange also has an article that can guide customers on how to contact KuCoin support.
It also has a technical support channel that gives users direct access to the exchange’s technical support engineers.
KuCoin Review: Customer Satisfaction
Customer reviews on third-party review platforms show that the majority of KuCoin customers are not satisfied with the quality of service rendered by the support team.
Many customers have complained of inability to get any helpful service from the support team.
Does Kucoin Offer Education?
KuCoin offers education via its Learn and Earn platform which provides resources that cover both basic and expert subject matters using infographics, videos, and guides.
Is Kucoin Right For You?
The KuCoin platform is best for advanced traders looking for an unregulated cryptocurrency exchange with a large selection of cryptocurrencies.
Final Thoughts
KuCoin cryptocurrency exchange is an advanced trading platform that offers expert products like margin trading, futures trading, a trading bot, and crypto lending. It also is a great exchange for low trading fees.
Our extensive analysis of the Cryptocurrency Exchanges doesn’t stop here. You can also read about our Kraken review as an alternative to Kucoin.
FAQ
Most frequent questions and answers
Kucoin is based in Seychelles, however, it was founded in China.
Kucoin is great for crypto investors interested in an unregulated exchange that offers a large selection of cryptocurrencies. So if you’re interested in not just trading popular digital assets but altcoins and new tokens then Kucoin is good.
Kucoin is not allowed in the United States as it is an unregulated cryptocurrency exchange with no KYC process, which means it does not have a license to operate as a digital exchange.
The implication of this is that United States residents cannot use the Kucoin crypto platform in totality as certain features available to users in other countries will be restricted.
After the crash of FTX in 2022, rumors that Kucoin was significantly exposed to FTX began spreading.
However, the CEO of the cryptocurrency exchange, Johnny Lyu released a statement assuring users that there was no exposure and that they weren’t connected to FTX in any way.
To back his claims, Kucoin released a Proof of Reserves report to boost their users’ trust in the platform.
Storing your crypto assets in a hardware wallet like Trezor is better than keeping them on an online exchange like Kucoin.
This is primarily because online cryptocurrency exchanges are prone to hacking attacks.
That said, you’ll only want to use a hardware wallet if you intend to store your cryptocurrencies long-term. If you use your assets for day trading then an online exchange is better.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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