Swen Keller
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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    Kucoin Singapore Review 2022: Is It Legit?

    Kucoin Singapore Review

    Kucoin Singapore Review: Our Opinion

    KuCoin is a popular exchange with a strong reputation. But it is not regulated in any country and has faced both exchange-wide and individual hacking incidents. This may make a lot of traders wary about going all-in on KuCoin. However, the exchange does have its strengths in cryptocurrency availability and an abundance of financial instruments.

    An Overview of Kucoin

    Kucoin home page

    KuCoin is a Seychelles-based cryptocurrency exchange that allows users to buy and sell hundreds of digital assets. 

    The exchange stands out for its extraordinary cryptocurrency range (600+ coins) and a native rewards token, KuCoin Token (KCS). 

    KuCoin also made a name for adopting new coins early. This makes Kucoin great for investors looking to hold coins when they’re cheap. 

    That said, KuCoin isn’t regulated in Singapore or in any nation. This isn’t too strange as some crypto exchanges choose to operate without a license. 

    In this KuCoin review, we will cover the ins and outs of the platform. This is inclusive of an in-depth look at its supported cryptocurrencies, trading fees, mobile app, safety, and more. 

    Our perspective comes from multiple user reviews, hands-on experience, and comparisons with the competition.

    Pros

    Cons

    Key Features of Kucoin

    Kucoin Rewards Hub - Learn to Earn

    Kucoin Rewards Hub

    KuCoin Rewards Hub allows users to earn rewards for completing various tasks. To start, users can head to the Rewards Hub and complete various learning tasks. The tasks include watching videos about cryptocurrencies, trading guidance, or trading skills. There are also reading tasks that cover the same subject matter.

    You also won’t have to choose a particular task. Rewards Hub allows you to pick your preferred task. 

    What’s great about this feature is that you get to learn about the crypto space as you earn. The learning materials include up-to-date topics like Layer2 and web3, blockchain entry infographics, KuCoin’s beginners’ guide, risk management, practical security skills, etc. 

    The rewards available include a $500 welcome gift, deduction coupon for trading fees, USDT token rewards, a free trial for VIP, and a trial fund for Margin trading and Futures trading.

    KuCoin Trading Bot

    Kucoin trading bot

    The KuCoin Trading Bot, like other similar software, is used for automated cryptocurrency trading. 

    To use the bot you need to register on KuCoin, enter particular trade parameters, and deposit cash (your initial investment). 

    The bot then takes over and starts trading for you. It will use your set parameters and other market information. The additional information comes from other analytical tools to help it make price forecasts. 

    From the combined data, the KuCoin bot will place buy and sell orders that’ll be executed with price moves.

    The primary trading strategy used by the KuCoin Trading Bot is spot trading or classic grid trading. This is a trading strategy that is centered on seeking profit from crypto market fluctuations by setting buy and sell orders.

    The bot will buy crypto coins when their price drops and then sell them after they go over the base currency at specific intervals and a set price. 

    In addition to Classic Grid trading, the bot supports Dollar-Cost Averaging (a long-term investment strategy). Here’s how that works. If you want to invest $20,000 in Ethereum, you won’t have to do it at once. You can give instructions to the KuCoin Trading Bot to invest small amounts at specified intervals. 

    The bot is entirely free. If you’re a KuCoin user you don’t have to pay to use it. All you require is a KuCoin account and fiat currency to deposit so the bot can begin trading.

    KuCoin Token (KCS)

    Kucoin native token (KCS)

    KuCoin Token is KuCoin’s native token that runs on the Ethereum network. The platform rewards holders by giving them discounts on trading fees and a percentage of KuCoin’s trading fees revenue daily. But to be eligible for the rewards, you must hold a minimum of 6 KCS tokens. 

    Margin Trading

    KuCoin is one of the few crypto exchanges that allow Singaporean residents to have a crypto margin trading account. The investment strategy allows users to borrow money to increase their returns or potential loss. Margin amplifies the size of risk you can take on when currently trading an already risky and volatile asset. 

    Crypto Lending

    Crypto Lending is a peer-to-peer lending platform that allows you to lend your cryptocurrency to other users to earn interest. The platform currently supports more than 50 types of crypto. This is inclusive of BTC, USDT, and Ethereum. 

    As a lender, you can set your expected APY and every open lending order will be shown on the market. Borrowers can then review orders and lend from those that satisfy their needs. 

    Crypto assets that you lend out via the Crypto Lending Platform are used for trades in the KuCoin Margin Market. KuCoin states that it will ensure you’re repaid in full. 

    Here’s what to do to lend your crypto:

    Log into your KuCoin account. From the exchange’s homepage, click Earn Crypto Lending

    On KuCoin’s Lending page, choose the coin you want to lend on the left of your screen. 

    In the middle of your screen, you can select the interest rate and amount to begin trading. And on the right side, you will see all your open orders.

    Here’s how it’ll look:

    Kucoin lending platform

    KuCoin allows you to use either Auto Lend or Normal Lend. With Normal Lend, you can change your expected daily interest rate. 

    To use Normal Lend, enter an amount, pick the term, input the daily interest rate, then hit Lend USDT to begin. 

    Auto Lend will borrow available funds automatically. And funds that borrowers return will be lent again to boost fund utilization. 

    To opt for Auto Lend, move the toggle in the middle section to blue, and enter the Reserved Amount and Minimum Daily Rate. Next, click Enable Auto Lend to begin. 

    Reserved Amount is the fund you want to keep in your account. It won’t be lent to borrowers. 

    There are a couple of things to note with this feature. First, you cannot ask borrowers to pay you back before the deadline. Second, KuCoin states that all loans are repaid in full but does not state how it will ensure this.

    Cryptocurrencies Available on Kucoin Exchange

    Cryptocurrencies available on Kucoin

    KuCoin offers more than 600 cryptocurrencies for investors to sell, buy, and trade. So if you’re searching for a broad selection of digital assets, KuCoin is it. 

    Some of the popular cryptocurrency options on KuCoin include: 

    • Tether (USDT)
    • Solana (SOL)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Decentraland (MANA)

    Check here for a full list of the cryptocurrencies on KuCoin.

    Kucoin Fees

    KuCoin offers low trading fees, even when compared with top cryptocurrency exchanges. 

    The exchange uses a level-based system where users in the top tiers have lower trading fees when they buy or sell cryptocurrencies. 

    The leveling system is from 1 to 12. Levels change daily based on your 30-day average trading volume. Every level has set requirements that you must satisfy at 00.00 AM (UTC+8) to get to it. That said, you’re only on a level for 24 hours. 

    So your trade volume and the amount of KCS you hold per day determine how low your trading fees would be. 

    To check your current trading fee level, log in to your account and click the Fee button on the dashboard. 

    You should see your level on the page. If your level is very high, you may have a negative fee rate. 

    That said, KuCoin fees differ by role (market maker or market taker).

    • KCS Pay: You can decrease your trading fees in margin trading or spot by enabling the KCS Pay Fee function. This will let you pay fees using your KCS holding. You can get a discount of up to 20%. 
    • Trading Fee Token: The exchange uses the token you’re trading as a fee. This means you won’t have to make an external fee payment. KuCoin also allows you to use other tokens as fees. You can use USDC/KCS token, for example, as a fee payment when trading ETH/USDC token. The con here is that your final trade amount will be affected as KuCoin may take the fee amount from your traded coins. 

    What’s great about KuCoin is that it isn’t just high-level traders that have low fees. KuCoin’s base rate is one of the lowest for crypto exchanges available at 0.1% per transaction. 

    Now, KuCoin’s fee structure is quite complicated so we’ll break it down so you can see the actual fees for each level. But the pro here is that it’s transparent. 

    Level 0 Fees

    Level 0 includes accounts with a 30-day average trading volume lower than the equivalent of 50 BTC or without any KCS. The typical maker/taker fees are 0.1% on every transaction during Spot Trades. But if you have KCS Pay Fee enabled it’ll reduce to 0.08% per transaction due to a 20% discount. Also, if you’re a trader in levels 1 to 4 you’ll have a 200 BTC amount limit.

    Level 5

    Accounts that qualify for level 5 must have a 30-day average trading amount equivalent to 4000 Bitcoin or 40,000 KCS in holdings. The regular taker fee at this level is just 0.07%. There is no maker fee for accounts on this level. If you have the KCS Pay Fee enabled you can reduce the fee to 0.0056%.

    Level 12

    This is the highest level in KuCoin’s fee system. To be at this level you need to have a 30-day average trading volume equivalent to 80,000 bitcoin. You would also need 15,000 KCS in holdings. 

    At level 12, you’ll have to pay a 0.025% taker fee. However, the maker fee is a negative rate of 0.005%. If you have KCS Pay Fee enabled, you can decrease the taker fee to 0.02%. This is the lowest fee charged on the exchange. On this account, you’ll have a 3000 BTC daily withdrawal limit.

    Spot Trading Fees

    This is KuCoin’s most used feature. The exchange charges users a flat fee of 0.1% for every spot trade. This is massively lower than the typical average. Also, their flat base fee isn’t a consideration even when cryptocurrencies lose or gain value.

    Margin Trading Fees

    Margin trades attract a base fee of 0.1% just like Spot Trades. But margin trades charge interest rates. So you’ll want to check out for that before opening a margin trade.

    Futures Trading Fees

    KuCoin charges variable fees when you finance futures trading contracts. This is due to USD/USDT loan rates which can change from positive to negative. For this reason, the funding rate for futures trading contracts varies but 0% is the base rate in normal market conditions.

    Here is the full list of fees for futures trading in KuCoin.

    Withdrawal and Deposit Fees

    KuCoin won’t charge you deposit fees. However, the exchange has withdrawal fees that are dependent on the particular crypto coin’s market situation. But NEO and GAS are free. 

    KuCoin’s withdrawal fees are close to the top cryptocurrency exchanges like Binance. Here are a few examples of withdrawal fees

    • CSP: 5000CSP and a minimum amount of 10000CSP
    • 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 Payment Methods

    KuCoin supports over 70 payment methods. Here are the most popular: 

    • Visa/MasterCard debit/credit cards 
    • Apple Pay
    • Ideal
    • Bancontact 
    • Giropay
    • EPS
    • SOFORTBanking

    In 2018, KuCoin partnered with Simplex an Israel-based payment provider. The result was that KuCoin users in over 100 nations can now deposit fiat currencies using a debit or credit card. 

    This is perfect if you’re a newbie looking to begin trading cryptocurrencies but don’t have any digital assets readily available. You can enter the required debit/credit card details to deposit your cash on the exchange. It’s important to note that KuCoin didn’t always allow fiat currencies for deposits. Previously, you would have to deposit cryptocurrency (meaning you needed to have had cryptocurrency before joining the platform). 

    KuCoin also states that buying cryptocurrency with a debit/credit card via Banxa, Simplex, or Bitdirect attracts zero fees

    What’s great about these fiat currency methods on KuCoin is that they support SGD. So you won’t have to use USD to make payments via a credit or debit card. 

    Here’s how to use the debit/credit card option and deposit SGD fiat currency using the Simplex payment channel:

    Visit the KuCoin website. 

    Next, click on Buy Crypto and Third-party.

    Click Simplex as your payment channel.

    Choose SGD as your preferred choice from the list of supported fiat currencies. And Visa/MasterCard as your payment method. 

    Kucoin Credit and Debit Card deposit

    Pick the cryptocurrency you want to purchase and then make your payment. Deposits through this payment method are instant on average.

    Kucoin Security

    KuCoin’s hot wallets were hacked in 2020. The hackers got away with over $280 million in crypto. But KuCoin has since recovered $240 million in stolen funds (the funds were covered by insurance). The KuCoin team and its partners recovered $222 million while law enforcement agencies recovered $17.5 million. 

    That said, KuCoin still lost $45 million in the incident to the hackers. KuCoin’s cold wallets were unaffected as they’re not connected to the internet.

    KuCoin does try to keep its accounts secure by including industry-standard security features:

    • Industry-level multilayer encryption.
    • Email confirmation on user login.
    • A separate password for trading different from the one you use to log in to your account.
    • The internal risk management team and system.
    • Two-factor authentication (2FA) through an authenticator mobile app.

    While these features are great and even beyond the industry standard, some traders may still be wary of the platform because it isn’t regulated in Singapore or anywhere.

    Staking on Kucoin

    Staking is the process of locking in specific digital assets to earn interest and KuCoin supports this rewards bearing feature. KuCoin also offers flexible or soft staking on some crypto coins. This allows you to earn daily interests without having to lock in your assets for a specific abd longer time frame. KuCoin offers this feature through KuCoin Earn, KuCoin Win, Crypto Lending, Cloud Mining, and KuCoin Pool. 

    KuCoin’s staking program also offers some of the highest APYs available. Here are some of the APY for various lock-in periods:

    • USDD 30.32% APY for 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

    Opening a Kucoin Account

    Go to the KuCoin homepage and click the ‘Sign Up’ button at the top right of your screen.

    The exchange will prompt you to add your email and create a strong password.

    Kucoin Sign up

    Next, you’ll have to verify your email by clicking the verification link sent to it. 

    Once you’re done you’ll be prompted to link Two-factor Authentication to the account via your mobile phone. 

    You won’t be required to submit any personal data at this point in the signup process. 

    After opening your KuCoin account, you must deposit funds to begin trading. 

    At this point, if you already have digital assets, you can send them to KuCoin as deposits. 

    To do so, go to the Deposit page, choose Deposit Crypto, and look for the particular coin. 

    Tap or click on the deposit icon to see the unique wallet address for the particular coin.

    Choosing Crypto to deposit on Kucoin

    Copy the address, go to your external wallet (not on KuCoin), choose the amount of crypto to transfer, and confirm the transaction.

    Kucoin section where to insert wallet address

    Crypto deposits take 10 to 20 minutes to reflect in KuCoin on average. 

    If you don’t have digital assets you can deposit fiat currencies using your credit or debit card. 

    Locate the ‘Buy Crypto’ icon and then tap or click ‘Buy with Credit Card’. 

    Next, adhere to the instructions listed on your screen. At this point, you’ll have to identify yourself before you can make a payment using a debit or credit card.

    Kucoin deposit fiat currencies

    After you’ve funded your KuCoin account you can start trading. The particular trading platform you’ll use is dependent on the financial instrument you need because KuCoin does not combine its future derivative platforms and cryptocurrency exchange. 

    Trading Experience on Kucoin

    Kucoin trading experience

    KuCoin offers users a seamless trading experience. You don’t need to download software for your desktop as you can access the trading platform via a web browser or mobile app. 

    The trading platform looks very busy. Experienced traders will find the trading platform easy to use but it’ll look confusing for beginners. 

    There are also tons of expert tools available and you can customize the trading screen to what you’re comfortable with. 

    KuCoin also offers a mobile app for both iOS and Android. The mobile app gives adequate access, allowing you to use most features like deposit and withdrawals, order placement, and portfolio value analysis.

    Kucoin Customer Support

    Kucoin Customer support

    KuCoin has a Help Center with a search function that features a lot of articles and guides. However, the Help Center may appear overwhelming to new traders. Because KuCoin has so many features, the Help Center has so many sub guides under each topic that it’s just too much.

    However, KuCoin offers a live chat option. So you can request solutions to specific problems. But the live support isn’t with a human representative most times. You would have to chat with a bot that gives pre-set answers and articles for specific questions. 

    If that doesn’t solve the problem you can submit a ticket and have the KuCoin team reply via email. 

    They also have a technical support email: newapi@kucoin.plus, where you can send your queries.

    Customer Satisfaction

    Customers on Trustpilot and the exchange’s forum have expressed dissatisfaction with KuCoin’s security. 

    There are also tons of recent complaints on KuCoin’s support forum about account hacks and poor customer support.

    Kucoin Customer complaints

    Users state that the support blames them in the event of an account hack or does not provide meaningful solutions. So the exchange has a lot to improve concerning security. 

    However, customers have expressed satisfaction with the trading experience and cryptocurrency availability.

    Education on Kucoin

    KuCoin offers education through the KuCoin Learn and Earn program. As stated in the Unique Features section, KuCoin Learn and Earn hosts rich materials covering both entry-level topics and advanced subject matters. This is done through guides, infographics, and videos.

    Is Kucoin Right For You?

    KuCoin is best for advanced users who want access to hundreds of cryptocurrencies in Singapore and don’t mind using an unregulated exchange.

    Final Thoughts

    The KuCoin exchange offers a lot. It has so many features that can confuse beginners. But for advanced users, this platform has a lot of value to offer. From margin trades to spot trades to staking rewards, there’s so much you can do on KuCoin. 

    Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our Coinhako review as an alternative to Kucoin or you can check out our list of the Best Cryptocurrency Exchanges available to Singaporeans.

    FAQ

    Most frequent questions and answers

    Yes, KuCoin is supported in Singapore.

    Log into your KuCoin account. Click Asset at the top of the header. Next, click Withdraw and choose a coin. Enter your wallet address and pick the correspondence network. Type in the withdrawal amount and then hit confirm.

    You can only withdraw from your main account, so you have to transfer all funds to it first.

    Binance has an easier and smoother user experience than KuCoin as the latter is more suited to advanced users.

    Yes, you can through credit/debit cards.

    KuCoin is a legit exchange but it isn’t regulated in Singapore.

    Log in to KuCoin, then click Trade on the header. Next, choose Spot Trading. Pick an option from the trading pairs you want to trade like KCS/BTC to buy BTC with KCS. Input your trading password and choose the order type. Enter order details like amount and price. Lastly, click the Buy or Sell icon.

    Some users state that KuCoin is safe to use but others complain of account hacks.

    No, there are no limits on KuCoin transactions.

    No, except you intend to buy crypto using a credit/debit card.

    On average transfers take 2 to 3 hours to reflect.

      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

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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