KuCoin Scores & Opinions
As the most well-liked centralized cryptocurrency change, KuCoin has over 20 million customers and over $1.2 trillion in buying and selling quantity.
KuCoin affords one of many largest listings of cryptocurrencies and supplies a number of the lowest charges throughout competing exchanges.
Between the highly effective buying and selling platform, passive revenue alternatives, and platform rewards, KuCoin has established a wealth of instruments wanted to take advantage of out of crypto.
Professionals & Highlights
KuCoin boasts a number of engaging benefits that add to the attract and expertise of its platform.
- KuCoin helps over 700 tokens, together with many altcoins not discovered on different main exchanges.
- Along with the desktop web site, KuCoin is instantly accessible by means of a user-friendly, highly-rated cellular software obtainable on the Apple App Store and Google Play Store.
- KuCoin doesn’t require KYC verification, however doing so will unlock further advantages for the merchants.
- As a cryptocurrency change primarily targeted on skilled merchants, KuCoin affords superior buying and selling instruments similar to spot, margin, and futures buying and selling and entry to quantitative buying and selling bots.
- KuCoin additionally supplies customers further alternatives to earn yields on their crypto, such because the Crypto Lending and KuCoin Earn options.
- The platform native token, KuCoin Shares (KCS), affords further platform advantages to holders, together with buying and selling payment reductions and each day dividends.
Cons & Dangers
Though KuCoin supplies some highly effective instruments and choices, there are some downsides to the platform which can be necessary to notice.
- KuCoin will not be beginner-friendly. Utilizing the platform requires a fundamental information of buying and selling instruments to purchase and promote crypto safely. Nevertheless, they’ve just lately launched a extra intuitive ‘Convert’ function that makes this course of a lot simpler.
- KuCoin affords fiat on-ramps similar to financial institution card linking for customers to deposit cash, however it’s not as easy as marketed and is probably not a viable possibility for some customers. Many KuCoin customers look to deposit their property on different exchanges and ship stablecoins, or tokens pegged 1:1 to fiat foreign money, to their KuCoin account for buying and selling.
- KuCoin is obtainable in over 200 international locations, however sadly, the USA will not be one in every of them. Though US-based customers can nonetheless make the most of the platform, they can’t full the KYC verification course of that unlocks further advantages.
- Different cons of the platform embody poor buyer assist, KYC required to extend each day withdrawal and buying and selling limits, and a restricted providing of instructional sources.
KuCoin has succeeded as a cryptocurrency change as a result of its in depth providing of options all through its platform.
Fiat On-Ramp Options: KuCoin supplies a number of choices for customers to deposit fiat foreign money onto their platform. Customers can deposit property by means of credit score/debit playing cards, Apple Pay, ACH transfers, and wire transfers.
Advanced Trading Tools: The KuCoin buying and selling interface is complete. The spot, margin, and futures buying and selling capabilities are highly effective sufficient for knowledgeable merchants, whereas the intuitive Convert function and cellular software make buying and selling straightforward for learners.
KuCoin Shares Token (KCS): The KuCoin native KuCoin Shares token (KCS) was launched to offer further incentives to platform customers. People who maintain a minimum of 6 KCS are eligible to earn 50 % of the platform buying and selling charges as a each day dividend. Holders are additionally granted buying and selling payment reductions of as much as 20 %.
Yield Generating Strategies: Buying and selling cryptocurrencies will not be the one solution to financially capitalize on the platform, as KuCoin has a number of options that traders can make the most of to seize further yield on their cryptos, similar to staking, lending, and mining capabilities.
KuCoin Wallet: To be able to bolster the KuCoin ecosystem and platform choices, KuCoin designed the KuCoin Pockets for customers to handle their digital property. With a multi-chain aggregated token show, NFT storage, and Hacken audited safety infrastructure, the KuCoin Pockets affords a viable answer to the self-custody of digital property.
KuCoin Costs & Withdrawal Charges
KuCoin affords a number of the lowest charges within the ecosystem, giving it a serious benefit over different centralized exchanges.
Buying and selling charges on the platform are structured such that the payment quantity decreases as a person’s buying and selling quantity will increase. It’s also necessary to notice that charges paid through the Kucoin Shares (KCS) token obtain a 20 % low cost.
The buying and selling payment degree of a person is set by both the quantity of KCS held within the final 30 days, whole spot buying and selling quantity (in BTC) within the final 30 days, or whole futures buying and selling quantity (in BTC) within the final 30 days.
For instance, a consumer who performed over 50 BTC in buying and selling quantity within the final month could have degree one buying and selling charges, equating to a 0.09 % maker (vendor) and 0.1 % taker (purchaser) payment. If these charges are paid in KCS, the charges might be decreased to 0.072 % maker and 0.08 % taker charges.
KuCoin additionally costs a payment when tokens are withdrawn from the platform. Withdrawal charges fluctuate from token to token, some requiring mounted charges no matter transaction dimension and others charging variable charges.
Firm Background & Historical past
When KuCoin co-founder Michael Gan began mining bitcoin on the age of 16, he realized the pitfalls of the cryptocurrency change expertise when transacting on one of many solely exchanges obtainable in 2012, the notorious Mt. Gox.1
As blockchain capabilities continued to develop, Michael Gan partnered with Eric Don in 2013 to start ideating on the following nice change once they “realized that [blockchain] was reshaping the monetary system into one that might not solely serve the richest few however everybody on the planet”.
Headquartered in Seychelles, KuCoin formally launched in 2017 and has since expanded its presence throughout the globe, with availability in over 200 international locations and 20 million customers. Though the platform has already skilled success, the KuCoin staff continues to ship progressive options and add to its in depth token choices listing.
Dealer Instruments & Buying and selling Expertise
The dealer instruments provided by KuCoin are complete and are tailor-made extra in the direction of skilled traders, offering entry to identify buying and selling, margin buying and selling, and futures buying and selling.
The desktop buying and selling interface could seem excessive at first look however is pretty easy to grasp after a little bit of navigation. Many customers might discover familiarity with the charting capabilities as they’re immediately imported from the favored charting platform, TradingView.
The mobile-application buying and selling interface is a simplified model of the desktop platform and is far friendlier for learners. It additionally delivers an nearly gamified expertise with affords, rewards, and bonuses unique to the app.
KuCoin additionally supplies merchants the flexibility to make the most of buying and selling bots that robotically execute particular methods. Customers can choose from an inventory of fashionable buying and selling bots and techniques, or they’ll implement methods designed themselves.
For the newbie dealer, KuCoin has launched the ‘Convert’ function, which supplies a extra intuitive buying and selling expertise just like interfaces seen in DeFi exchanges.
Past the superior buying and selling instruments on the platform, KuCoin’s Crypto Lending function supplies customers the chance to lend their crypto to different customers at particular time period lengths. With annualized returns of as much as 10 %, this function can present customers further yield for crypto in any other case sitting idly of their account.
KuCoin Earn is a function distinctive to KuCoin and is referred to by the staff as “a one-stop-shop wealth administration service platform”. By this service, customers can subscribe to quite a lot of totally different yield-generating methods throughout a number of chains and property.
For these inquisitive about Proof of Work (PoW) crypto mining, KuCoin Pool affords a low-fee mining pool that miners can be part of to safe the Bitcoin (BTC) and Ethereum (ETH) networks, incomes a yield within the course of. The KuCoin Pool web site supplies extra details about the required tools and account setup.
What Cryptocurrencies are Obtainable on KuCoin?
KuCoin supplies one of many largest choices of cryptocurrencies, with over 700 tokens listed on the change. These tokens embody the vast majority of the highest 100 cryptocurrencies by market cap, in addition to many altcoins and small-cap tokens which can be unavailable on different fashionable exchanges.
The sizable providing of those altcoins is likely one of the major causes that merchants select KuCoin over their rivals, as in lots of circumstances, these tokens are listed solely on the KuCoin platform.
Safety: Is KuCoin Protected & Safe?
Safety consideration is the primary precedence for cryptocurrency traders and exchanges. KuCoin affords plenty of safety features that assist guarantee the security of customers’ funds.
The implementation of Google’s two-factor authentication and buying and selling/withdrawal security phrases ensures that solely a person with particular data and units can entry a consumer’s account, decreasing the potential for a safety breach.
Person funds are custodied by OnChain Custodian and are backed by Lockton Insurance. These partnerships have been established to extend custodial safety and supply monetary aid to prospects within the occasion of a hack. A portion of platform funds can be saved offline in a chilly storage pockets.
KuCoin has launched additional safety measures by launching a bug bounty program by which contributors are awarded as much as $10,000 for locating potential weak factors in KuCoin’s safety.
It is very important be aware that KuCoin was hacked in September 2020, leading to a lack of nearly $285 million. About $240 million of the stolen funds have been recovered, and the distinction was lined by KuCoin to customers.2 It is a main safety breach that has led to heavy funding in safety infrastructure to make sure the security of customers’ funds.
Since this incident, KuCoin has operated with no main safety breaches.
Buyer Assist: Contacts & How you can Get Assist
The client assist course of on the platform can typically be a little bit inefficient. KuCoin claims 24/7 protection for buyer assist, however all communications are performed through assist request submittals and e mail. At present, customers can not communicate with an precise particular person concerning complaints, as they don’t have cellphone assist.
Buyer assist could be reached by e mail at firstname.lastname@example.org, or a support request could be submitted on the web site.
KYC, Taxes & IRS Reporting Particulars
Many cryptocurrency exchanges, particularly these working in the USA, require the completion of Know Your Buyer (KYC) verification to start buying and selling. KuCoin doesn’t require KYC verification to make use of the platform, however finishing the verification course of considerably will increase each day withdrawal and buying and selling limits and unlocks entry to leverage buying and selling.
Stage one KYC customers are restricted to withdrawals of 1 BTC each 24 hours and as much as 20x leverage, whereas degree two KYC customers have withdrawal limits of as much as 200 BTC each 24 hours and as much as 100x leverage.
The extent one KYC verification course of consists of offering your title, nation of residence, and an ID quantity from official identification similar to a driver’s license or passport.
Stage two KYC requires customers to add a photograph of their official identification and a photograph of the consumer themselves. KuCoin additionally supplies a tutorial video describing the precise steps intimately, with the entire course of taking a number of enterprise days to finish.3
KuCoin doesn’t assist KYC verification in the USA. US-based customers can nonetheless use the platform with out KYC, however the expertise could also be restricted.
KuCoin doesn’t report back to the IRS and is, subsequently, not required to generate the respective tax types. Though KuCoin doesn’t present tax paperwork immediately, they’ve partnered with Koinly to generate the wanted tax data. That is achieved by exporting KuCoin transaction historical past on to Koinly through CSV information or utilizing the KuCoin API.
Who It is Finest For
KuCoin’s options are loved by prospects spanning over 200 international locations. Nevertheless, US-based customers have a restricted expertise. These people might go for an change with the next give attention to these in the USA that adjust to U.S. laws.
Though there are hurdles, similar to the problem of depositing fiat foreign money and studying how one can navigate the buying and selling platform, KuCoin affords a number of distinctive and highly effective options that present a rewarding consumer expertise.
Between the superior buying and selling instruments, lending/borrowing, and KuCoin Earn function, KuCoin supplies all the things traders have to take advantage of their crypto expertise. The mixture of low charges and huge in depth token choices provides customers entry to property unavailable on different platforms and at a low price.
With a user-friendly cellular software that’s inviting to inexperienced customers and a desktop platform curated in the direction of veteran merchants, KuCoin supplies availability to customers of all ranges.