It’s similar to Binance in that it only works on a crypto-to-crypto basis and as such doesn’t permit the use of fiat currencies. However, it has a great range of digital assets in which you can trade and it also offers its own KuCoin Shares tokens.
Over the past few weeks, KuCoin has been rising in popularity pretty fast and many people are wondering whether it’s all set to become the new Binance.
In this KuCoin Review, I’ll reveal all the details that you need to know about it to make an informed decision.
PART 1: Is KuCoin Safe?
KuCoin has various safeguards in place at the operational and the systemic levels.
For starters, KuCoin was created with financing-level standards. As such, it incorporates the use of transfer encryption protocol so that all of the user’s data will be stored in an encrypted form. Furthermore, they use multifactor dynamic authentication for even more advanced security.
In terms of operations, they have a very strict internal risk control department that works based on strict guidelines.
That being said, there is one major concern with KuCoin. It’s really new, and as such hasn’t had the time to prove itself or to develop the kind of public faith that alternatives like Binance or Coinbase have.
PART 2: KuCoin Trading Information
KuCoin has an incredibly large range of coins that you can trade in, over 80 in number. These are all grouped in 5 primary categories: BTC, ETH, NEO, USDT and KCS. Out of these, the most popular pairs in the platform are RPX/BTC, NEO/BTC, KCS/BTC, and ETH/BTC.
KuCoin doesn’t allow the use of fiat currencies. Furthermore, since they only permit the use of cryptocurrencies, they don’t allow the use of credit cards or bank transfers either, only blockchain transfers.
KuCoin is available across the globe.
KuCoin has an extremely low transaction fee of 0.1%. If you hold their KCS tokens, you can also get a discount of up to 30% on the trading fees.
Furthermore, they don’t take any fees for depositing cryptocurrencies.
However, they do have a comprehensive list of fees for withdrawal of different coins and assets:
- KCS: 2
- BTC: 0.0005
- USDT: 5
- ETH: 0.0005
- LTC: 0.001
- NEO: Free
- GAS: Free
- KNC: 0.5
- BTM: 5
- QTUM: 0.1
- EOS: 1
- CVC: 3
- OMG: 0.1
- PAY: 0.5
- SNT: 20
- BHC: 1
- HSR: 0.01
- WTC: 0.1
- VEN: 2
- MTH: 10
- RPX: Free
- REQ: 20
- EVX: 0.5
- MOD: 0.5
- NEBL: 0.1
- DGB: 0.5
- CAG: 2
- CFD: 0.5
- RDN: 0.5
- UKG: 2
- BCPT: 1
- PPT: 0.1
- BCH: 0.0005
- STX: 0.5
- NULS: 0.5
- GVT: 0.1
Limits & Liquidity
KuCoin has absolutely no issues with limits or liquidity.
PART 3: KuCoin Compared (and other Alternatives)
KuCoin is most similar to Binance, in as much as both of them are strictly crypto-to-crypto trading platforms. Both of them have an equally low fees. However, Binance has an even higher number of available coins. As such, if 80 coins isn’t enough for you, there’s always Binance!
Additionally, KuCoin also doesn’t allow margin trading. As such, if you’re looking to increase your trading, then you can opt for another platform that does allow margin trading, such as Kraken.
Below is a table that will help you compare the different cryptocurrency exchange platforms.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 4: How to Create an Account on KuCoin?
Creating an account with KuCoin is extremely easy. Simply follow these steps:
- Go to the KuCoin website.
- Enter your email address and password.
- You’ll get a confirmation mail. Click on the verification link.
- You can then log into your account and set up a 2-factor authentication for added security. For this, you’ll have to verify your mobile number.
PART 5: How does KuCoin work?
If you want to check out the available trading pairs and the market rates, you can go to the ‘Markets’ column, where you’ll be able to see all the trading pairs, and then either “buy” or “sell” them easily.
Once you select a pair that you want to trade with, you’ll be taken to the trading screen which will comprise the candles, accounts, order book, etc. You’ll have to enter your Google Authenticator code for security and then you’ll be able to initiate the trade.
For a detailed visual guide on how to use KuCoin, you can watch the following tutorial:
PART 6: KuCoin Customer Support & User Reviews
The KuCoin support team is extremely efficient and speedy with problem resolutions. You can contact them either through their website support form or by sending an email to firstname.lastname@example.org. They are available 24/7 and they usually answer the emails pretty fast. One of the best aspects of the support is that they actively take suggestions from users and even incorporate them, if relevant.
PART 7: KuCoin Review Conclusion
So now you know all the essential information about KuCoin. It’s a crypto-to-crypto trading platform meant for seasoned cryptocurrency traders and it insures an extremely low fee. However, due to the lack of fiat currency options, it’s not ideal for beginners who should rather use a service like Coinbase.
If you’ve already used KuCoin, please comment down below and let us know about your experience with it. If you have any questions, don’t hesitate to ask.
A crypto-to-crypto exchange platform that ensure low transaction fee for serious traders.
- Low transaction fee.
- Global presence.
- Discount on trading fees with KuCoin tokens.
- Over 80 trading pairs.
- Only crypto-to-crypto exchange possible.