KuCoin Review: With the recent price hike in various altcoins, people are going crazy to make money trading altcoins. Some cryptocurrencies like Tron, Stellar, Verge etc has given humongous returns to the early investors.
But most of the people remain unknown of such crypto because they generally get listed on less trusted and unpopular exchanges.
Thus, In the recent times many exchanges have blossomed which provide access to these lesser-known but promising cryptocurrencies. This gives early adopters an opportunity to make good money quickly.
One such exchange that has taken the crypto world by storm is KuCoin. If you are a regular visitor of our blog, then you must have already read about Binance Exchange which quickly gained huge acceptance among the crypto traders.
Kucoin is almost similar to Binance but has a few technical and administrative advancements which I’m going to share in this article.
- 1 What is KuCoin?
- 2 Getting Started with KuCoins
- 3 KuCoin Review
- 4 Pros
- 5 Cons
What is KuCoin?
It is based out of Hong Kong and started its operation on 15 September 2017 after a successful ICO.
It is founded and backed by a group of blockchain industry leaders such as GF Securities, Ant Financial, Youling, Jianbang Communication, and iBOX PAY.
To your surprise, Research and development team was assembled in May 2017. They received an angel investment on 8th August 2017 and the beta product went live on 13th August 2017.
Since then the team has rigorously improved the product by adding new cryptocurrencies, publishing mobile apps, introducing bonus plans and much more.
Because of all these reasons, KuCoin has quickly gained huge acceptance among crypto traders. Moreover, One thing that acted as a catalyst for such a quick growth is KuCoin Shares which are the reward tokens.
KuCoin Shares are the Ethereum-based token(ERC-20 tokens) which acts like shares in the exchange. KCS provides various bonuses like lower trading fees, access to customer service Fast-Pass, one-on-one investment consultation, and a few other services.
KCS acts a decentralized currency that could be bought on the exchange via BTC/ETH as well as allows to buy various cryptocurrencies with KCS.
Most importantly, Users are awarded to hold KCS and this bonus is around 50% of the trading fees that the platform charges. However the % is open to be changed in future. Apart from this, the users who hold KCS on the platfrom gets 30% discount on trading fee as well.
KuCoin shares have a total issuance volume of 200 million out of which 100 million token are planned buyback disposal.
Token distribution of KuCoin was divided into 3 stages:
Stage 1: 70 million or 35% tokens for founders
Stage 2: 30 million or 15% tokens for consultants, angel investors
Stage 3: 100 million or 50% tokens issued for public via ICO
However, funds issued in the first stage undergo a lockup period of four years, ending on 2nd September 2021. Angel investors and consultants have a lockup period of 2 years, ending on 2nd September 2019.
Founders of various companies have bulk dumped their shares thus reducing the price of the token. Since, KuCoin Founders and investors cannot sell their holding during the lockup period, it works in best interest of the public who owns KCS.
The KCS purchased during the coin offering do not have a lockup period, so they were listed on the exchange on Sept. 2, 2017 for trading purpose.
Getting Started with KuCoins
Singing up with KuCoin is very easy as you do not require to go through long verification process.
Just visit KuCoins and register with your email id and password. You need to verify the email to login to your account.
Once logged in you will see various cryptocurrencies and bonuses offered by Kucoin.
Make sure to go through 2-factor authentication using google authenticator app as it enhance the security of your account.
Having a simple and easy to use UI, Kucoins is not only preferred by experienced traders but also by beginners.
Since Kucoins is a crypto only exchange, you need to deposit some funds to start trading altcoins. Let’s say you wish to buy KCS with Ethereum, so you need to send ETH to your account and then trade it for KCS.
Go to ‘Assets‘ from the header and select Ethereum. Once you click on ‘deposit’, you will be given a ETH address to which you have to send the funds.
Once you have ETH in your KuCoin account, it’s time to buy KCS.
Inorder to start trading, you need to click on ‘Markets’ tab in the header. Currently, Kucoin has 5 trading pairs i.e. BTC, ETH, KCS, NEO & USDT.
Once you select the desired trading pair, you will witness an overwhelming screen full of price graphs and buy/sell option.
To buy KCS, you need enter the price and amount of KCS. Once confirmed hit ‘Buy‘
This is it! If you wish to sell any crypto, the process is almost similar, instead of buy enter the amount in sell section.
What are KuCoin Fees?
Kucoins has a complex but affordable fee schedule making it a hub for regular traders. Kucoins do not charge any fee on deposit, however, a minimal fee of .1% is levied on every trade.
The fee on withdrawal depends upon the cryptocurrency you select, while some cryptocurrencies like NEO and GAS are fee. Other have a low fees, for example., BTC at just 0.0005, LTC at just 0.001, and ETH at just 0.01.
It’s interesting to know that the time taken for each withdrawal is significantly low when compared to other exchanges. Bittrex fee starts at 0.25% while Poloniex starts at 0.15%. Not only this, as discussed above, users holding KCS gets upto 50% discount in fees.
Withdrawals for less than the current fee x (100,000) will be processed in just seconds. For example, If you withdraw less than 50 BTC (fee of 0.0005 x 100,000=50), the withdrawal request will be processed within seconds. Other withdrawals may require additional time for processing.
How is Kucoin Customer Support?
Being a customer eccentric company, customer support of KuCoin is very responsive. Support team is available 24×7 and you can contact them through various ways.
You can mail them at email@example.com and they will reply within 24 hours. They also have a support chat but it works through a bot, however, when I tried reaching them, it helped me by recommending the relative tutorial.
They also have a complete questions and answer guide covering all the common issues people go though while using the exchange.
Since customer support is one of the major problems among all the exchanges, Kucoin has taken a step forwards in listening and resolve problems of the users.
Is Kucoin Safe?
Safety is one of the top priority for most of the users and Kucoin put all the efforts to ensure funds safety. Since the core team brings along rich technical experience, the site follows basic and advanced safety features.
All the user data and sensitive data is stored via encryption protocol. They also have multi-factor authentication for an extra layer of security.
On administrative level, Kucoin has assembled a team which takes care of internal risk as well as one for operational processes. Both these departments follows strict code of conduct for using sensitive data which includes approvals from higher authorities.
I believe, Kucoin is doing great on security end but the only concern is that the platform is relatively new. However, the experienced and qualified team along with the security features provide enough courage to give it a try.
Competitive Fees: As discussed, KuCoin offers some of the least fees when compared to other cryptocurrency exchanges.
Fast Withdrawals: Withdrawals under a certain limit, takes less than a few second and large transactions takes 10 minutes to the max.
Deposits are also quite prompt and takes a maximum of 10 minutes.
High Security: Kucoin follows bank level security measures which makes sure the security of the funds.
Hardcore Trading Engine: Kucoin can process upto 2 million order requests per second, making it the best trading engine available in the market. In general, this number is 100-1000x of the typical exchange limits.
This results in quick order processing without any lag or delay even during the heavy traffic.
High Liquidity: Though it i a new launched exchange, Kucoin has sufficient liquidity to match all the orders in real-time.
Huge Promotions: One of the biggest reason for Kucoin success is their promotional strategy.
For regular discounts, users who hold Kucoin shares get 30% discount on trading fees.
Also, there are regular bonus offers for the users who trade in the eligible exchange pairs and achieve ranking by volume in the top 3000.
Time to time, they come up with new scheme which helps them get more users on board as well as increase price of KCS.
Mobile App: Along with the web presence, Kucoin has a great Mobile presence as well. The app allows you to trade on the go and keep track of the prices.
The app is available on both Android & iOS, and you can quickly download it from the footer of KuCoin’s website.
The KuCoin team consists of techsavy crypto enthusiasts having experience with top companies in the world.
Though the team was assembled in 2017, the founding team has been conducting their blockchain related research since 2011. The technical architecture of the exchange was achieved back in 2013.
FAQs about KuCoin:
Does Kucoin require ID verification?
No, Kucoin does noot require any governmen id verification. Only a simple email verification is enough to get started on kucoin.
Can I store my cryptocurrency on Kucoin?
Yes, Kucoin provides online wallet for every cryptocurrency you buy on the exchange. However, I would never recommend you to store large amount of crypto on an online exchange, rather you should get one hardware wallet.
Is their any limit on deposit and withdrawals?
No, there is no limit on any transaction.
So this is it for today! If you have any question regarding cryptocurrencies, feel free to comment below and I will get reply it for sure.
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