If you are looking for a cryptocurrency exchange that offers a wide range of coins, low fees, and multiple trading options, you might have heard of KuCoin.
It is one of the most popular crypto exchanges in the world, with over 30 million users across 200 countries. But is it a safe and reliable platform to trade crypto? What are its advantages and disadvantages? We will give you an unbiased KuCoin review and help you decide if it is the right choice for you.
Key Takeaways:
- Kucoin is the best platform for trading crypto where you can buy, sell, and swap Bitcoin, Ethereum, and 700+ other coins.
- It has simple and fast ways to buy crypto with over 50 fiat currencies. You can use P2P markets or credit/debit card channels.
- It has one of the best security technologies and maintenance teams in the world and also has a Proof of Reserves system (PoR) that ensures all user assets are backed on a 1:1 basis.
Kucoin Overview: At a Glance
| Type | Cryptocurrency Trading and Exchange Platform |
| Headquarters | Mahe, Seychelles |
| Launched | 2017 |
| Spot Trading Fees | Maker: 0.1%, Taker: 0.1% |
| Supported Coins | 700+ |
| Withdrawal Methods | Crypto and 3rd party payment providers (P2P) |
| Trading Volume | Very High ($6 Billion per day) |
| Leverage Trading | Up to 100x |
| Customer Support | 24/7 live chat and email support |
| Products and Services | Spot and derivatives trading, margin, P2P, copy trading, trading bots, mining and staking, API support, etc. |
| Security | Multi-signature cold wallet, SSL communication, 2FA |
What is Kucoin?
KuCoin, established in 2017 by a dedicated team of cryptocurrency enthusiasts, operates as a centralized digital asset exchange. While its primary headquarters is located in Seychelles, the company maintains a global presence with regional offices in key financial hubs like Singapore, Thailand, Hong Kong, Dubai, and various other locations.
It has over 700 coins. They include big ones like Bitcoin, Ethereum, and Binance Coin. They also include new ones like Shiba Inu, Axie Infinity, and The Sandbox. KuCoin has a simple and easy interface. It has many crypto trading tools for spot, margin, futures, P2P trading, and leveraged tokens.
The exchange has many ways for users to make money from their digital assets. They can stake, lend, use trading bots, and get KuCoin Bonus. It also has its own token, KCS. It gives holders many benefits and discounts.
Kucoin Pros and Cons
Pros
- KuCoin has very low trading fees, from 0.005% to 0.10% and users get 20% off when they use KuCoin Token (KCS).
- It is the best altcoin exchange with more than 700 coins listed on the platform.
- The trading platform has strong security features, such as encryption, multi-factor authentication, and anti-phishing safety phrases.
- It lets Kucoin users earn interest on their crypto by staking or lending them to other users.
- KuCoin has a friendly customer support team that is ready 24/7 via live chat, email, or phone.
Cons
- It does not have a license in the U.S., so U.S.-based users may face legal and regulatory risks.
- KuCoin does not accept direct bank withdrawals, limiting the payment methods for users.
KuCoin Products and Services (Types of Trading)
1. Spot and Margin Trading
Spot trading is the easiest and most popular way to trade cryptos on KuCoin. You can buy or sell a crypto at the current or a set price. It is good for beginners and long-term investors who want to keep their assets in their own wallets. KuCoin has more than 700 coins and tokens for spot trading.
Kucoin is also one of the best margin trading cryptocurrency exchanges. It is a more complex and risky way to trade. You can borrow money from the platform or other users to increase your money and possible profits. It lets you open long and short positions. This means you can make money from both rising and falling markets. You can choose between cross and isolated margins. KuCoin gives up to 10x leverage for margin trading. It has over 60 trading pairs.
2. Futures Trading
This is another complex and risky way to trade digital assets on the KuCoin platform. You trade contracts that show the future value of a crypto, not the actual crypto itself.
Futures trading allows you to hedge against price fluctuations, speculate on market trends, and leverage your positions up to 100x. KuCoin has both perpetual and quarterly futures contracts for more than 224 cryptos, such as BTC, ETH, XRP, and more. It has three types of futures products:
- USDT-settled linear contracts
- USDC-settled linear contracts
- Coin-settled inverse contracts
3. P2P Trading
P2P trading is a handy and safe way to buy and sell BTC and USDT on KuCoin using fiat currencies. You connect with buyers and sellers directly through an escrow service that makes sure both parties are safe.
It lets you access a global market of crypto merchants, choose your favorite payment method, and enjoy zero fees and fast transactions. KuCoin supports over 50 fiat currencies and over 70 payment methods for P2P trading, such as bank transfer, PayPal, WeChat Pay, and bank transfer, more.
4. Copy Trading
Kucoin is one of the best copy trading platforms. You can pick from many traders who have different ways of trading, risk levels, and results. You can copy their trades and get the same profits or losses as they do. You don’t have to spend a lot of time studying the market or making your own choices. It shows master traders with different performance indicators, such as ROI, win rate, followers, and more.
You can also use Kucoin API for copy trading. You need to make an API key and link it to a platform that has copy trading, like Cryptohopper or 3Commas. These trading bots will automatically place orders on your behalf.
5. Leveraged Tokens
These are special tokens that let you gain exposure to leveraged positions without having to manage them yourself. They are ERC-20 tokens that follow the performance of a perpetual futures contract with a fixed leverage ratio, such as 3x long or 3x short.
Leveraged Tokens allow you to boost your returns, hedge your risks, and trade easily without worrying about margin calls or liquidations. KuCoin has over 40 leveraged tokens for various cryptos, such as BTC3L, ETH3S, DOT3L, and more.
6. Convert (Quick Buy/Sell)
If you want to trade crypto without paying any fees, understanding the spot market, or dealing with the fee structure, you can use KuCoin Convert. It is a feature that lets you swap coins with one click, fixed prices, and zero fees.
You can pick from nearly 100 tokens that are supported by Convert, such as BTC, ETH, SHIB, and USDT. You can also choose the account where you have the coins you want to swap, and the converted crypto will be added to your trading account.
Kucoin Earn Review
1. Staking
Staking is a way of making passive income by locking your crypto assets in a smart contract. You get rewards for validating transactions on a blockchain network. KuCoin supports staking for many popular coins, such as ETH, ADA, MATIC, AVAX, and more.
You can pick flexible or fixed-term options, depending on your risk and preference. Flexible-term products let you withdraw your funds anytime, while fixed-term products give you higher returns but lock your funds for a certain period. For example, You can stake as low as 0.01 ETH on KuCoin and enjoy an annualized return of up to 18.84%.
2. Crypto Lending
You can lend your crypto assets to others who want to trade with a margin on KuCoin. You can choose the interest rate and duration for each loan, or use the auto-lend option to get the best market rate. You can also cancel your loan anytime before it is matched.
KuCoin protects your funds with a risk control system and a collateral mechanism. You can get interest daily and withdraw your funds and interest anytime. You can see the Lending APY of different coins on the screenshot.
3. Dual Investment
KuCoin Dual Investment lets you earn from two cryptos. You deposit one crypto and get returns from another crypto. The returns depend on a target price. The target price is fixed before you subscribe. You can pick different products with different terms, APRs, and target prices.
For example, if you deposit USDT and choose BTC as the second cryptocurrency, the target price is how much USDT one BTC is worth. If the actual price of BTC is higher than the target price when the product ends, you get paid more USDT.
Note: Dual Investment is very risky. You should only use it if you understand the risks and how it works.
4. Trading bots
A trading bot is a software that automates your trading strategies and executes orders based on predefined rules. KuCoin has different trading bots, such as DCA Bot, Grid Trading Bot, Futures Grid Bot, and Margin Grid Bot.
You can use the preset templates or customize your own settings according to your preferences and risk appetite. You can also track the performance of your bots in real time and modify them anytime. Trading bot can help you minimize manual operations, seize market opportunities, and maximize your profits.
Kucoin Security: Is it Safe & Legit?
Kucoin is one of the safest crypto platforms in the world. It has many security measures such as:
- Data Encryption: It protects its users’ data with high-level encryption and data security. It makes sure that the data is safe from hackers and attackers. The data that goes between the users and the platform and the data that stays on its servers are all encrypted.
- Cold Storage: KuCoin also protects its users’ funds with “micro-withdrawal wallets” and “multi-signature cold wallets”. Micro-withdrawal wallets are wallets that have only a small part of the total funds, while most of the funds are in offline wallets that are not online and not easy to hack. Multi-Sig wallets make it harder to access the funds by needing many keys.
- 2FA: It has a smart multifactor authentication system that checks the user’s identity before they can use their accounts or do transactions. This system needs users to enter a password, a code from their email or phone, and a Google Authenticator code. Users can also use “anti-phishing codes” and security questions for more security.
Kucoin Solvency and Transparency (PoR)
For crypto exchanges, solvency means that the exchange has enough assets to pay all the liabilities, such as user deposits and withdrawals. So, Is Kucoin Solvent? According to Defillama, Kucoin has $1.9 Billion TVL in its cold wallets. The assets are stored in the form of Ethereum, Bitcoin, Tron, and other top coins.
Kucoin Hack
The KuCoin hack was a big cyberattack that took place on September 25, 2020. Hackers took more than $275 million of cryptocurrency from KuCoin’s hot wallets, which are online storage systems for funds that are being traded on the platform.
The hackers used different ways to clean and move the stolen funds, such as decentralized exchanges (DEXs) and mixing services. KuCoin admitted the hack and paid back its users for their losses.
Kucoin Crypto Supported
Kucoin offers more than 700 crypto coins and 1200 trading pairs on its platforms. This includes many popular altcoins and low-market-cap shitcoins. Here are some names:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Cardano (ADA)
- XRP (XRP)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Uniswap (UNI)
Kucoin Fees Review: How much does it charge for trading?
Trading Fees
KuCoin charges different fees based on the user’s VIP level. This level depends on how much they trade or hold KCS, the platform’s own token. More trading or holding means lower fees for both makers and takers.
KuCoin offers a 20% discount on fees for users who pay with KCS. This is an incentive to use the native token of the platform. Here is the full Kucoin fee structure.
| Level | 30-Day Trading Volume (BTC) | Maker/Taker fee | Pay Fees with KCS (20% off) |
|---|---|---|---|
| Level 0 | <50 | 0.1%/0.1% | 0.08%/0.08% |
| Level 1 | >=50 | 0.09%/0.1% | 0.072%/0.08% |
| Level 2 | >=200 | 0.07%/0.09% | 0.056%/0.072% |
For futures trading, Kucoin charges a 0.02% maker and 0.06% taker fee. It also changes based on the user’s trading volume. KuCoin Futures uses a funding mechanism to keep the perpetual contract price close to the spot market price every 8 hours. This fee is called the funding rate. The funding rate depends on the difference between the contract price and the index price, as well as the interest rate.
For Kucoin margin trading fees, Every day, the market sets a different interest rate for the borrowed funds. It depends on how much people want to lend or borrow each contract. The interest rate changes every hour and you can see it on the trading screen.
Deposit and Withdrawal Fees
You don’t pay any fees when you deposit or withdraw money on KuCoin. However, you may pay some network fees to the blockchain or the payment service provider that handles your transactions. You can see the network fees on the withdrawal page before you confirm your transaction. These withdrawal fees vary depending on the asset.
For example, the current fee for BTC withdrawals is 0.0008 BTC on the Bitcoin network and 0.01 ETH for Ethereum withdrawals through the ERC20 network.
Kucoin Funding Methods
Kucoin supports many funding methods depending on your country. You can add up to 10 payment methods on the platform. Here are some of the popular funding methods:
- Bank Transfer
- Credit/Debit cards
- Wise
- Paypal
- Zelle
- Skrill
- Apple Pay
- Simplex
Kucoin Mobile App
The Kucoin app works on both iOS and Android smartphones. You can do everything on the app that you can do on the website or desktop version. The app is easy to use but may be overwhelming to beginners due to many trading options and terms that you need to learn. The app has all the functionality where you can trade, stake, lend, and earn coins.
The mobile app has good reviews from users on the App Store and Google Play. Some users like the app for its fast, safe, and feature-rich service. Overall, it is a handy and flexible way to deal with your crypto on the go.
Kucoin Alternatives
There are many Kucoin alternatives that offer the same services such as MEXC and OKX. You can also read our detailed comparison between Kucoin and MEXC.
| Feature | Kucoin | MEXC | OKX |
|---|---|---|---|
| Best For | Altcoin Traders | Altcoin and Shitcoin Traders | US Investors |
| KYC Mandatory | Yes | No | Yes |
| Supported Coins | 700 | 1630 | 326 |
| Trading Fees | 0.1% Maker/Taker | No Fees | 0.08% maker; 0.1% taker |
| Deposit Fees | No | No (Except USDT (OMNI) fees is $5) | No |
| Maximum Leverage | 100x | 200x | 100x |
| Payment Methods | Bank Transfer, Wise, Paypal, Zelle, Skrill, etc | Apple Pay, Google Pay, 3rd party payment providers, and Crypto | VISA, MasterCard, ApplePay, bank transfer, and more. |
| NFT Marketplace | Yes | No | Yes |
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Is Kucoin better than Binance?
KuCoin is better than Binance in terms of supported coins. KuCoin supports more than 700 coins, which includes a lot of new and low-cap coins, whereas Binance only supports 350 coins and tokens.
However, Binance is a more reputed exchange with 150 million global users. It has a very high trading volume compared to other crypto exchanges. Both exchanges have a similar fee structure of 0.1% for maker/taker in spot trading.
Kucoin Review Conclusion: Is Kucoin a Good Exchange?
To sum up Kucoin review, it is a trustable and user-friendly crypto exchange. You can trade and invest in many cryptocurrencies, such as BTC, ETH, KCS, SHIB, DOGE, Gari, etc. KuCoin is also very safe, legitimate, and helpful. You can trust KuCoin to protect your assets and support your needs.
It offers you many products and services such as leverage trading, social trading, NFT marketplace, automated trading bots, Web3 wallet, and P2P trading. So, you must check out Kucoin for your different trading needs.
Kucoin Exchange Review: FAQs
Is Kucoin available in the US?
Kucoin crypto exchange is available in the United States, but not licensed to operate. US investors can not perform KYC verification on Kucoin. Also, some services and tokens are not accessible to US users due to regulations. For instance, margin trading and some tokens are off-limits for US users.
Where is Kucoin based?
Kucoin is a global crypto exchange that works in many regions and jurisdictions. Its main headquarters is based in Mahe, Seychelles.
What are the Kucoin unverified limits?
There are no unverified limits on the Kucoin due to mandatory KYC. You cannot withdraw cryptocurrencies or fiat currencies without doing ID verification. The basic withdrawal limit is 150,000 USD for KYC1-verified users.
Does KuCoin have sign-up offers?
Yes, Kucoin has sign-up offers for new users. You can get a token reward of up to 700 USDT when you open a Kucoin account and do some easy tasks, such as making your first deposit, trade, or referral. You can also join various events and promotions on Kucoin to earn more rewards and bonuses.
Does KuCoin require KYC?
Yes, Kucoin has made Identity Verification compulsory for its users. If you joined Kucoin after August 31, 2023, you need to verify your identity before using any of its features and services. If you joined before that date but have not verified your identity yet, you will have limited access to some services: you can sell crypto, close futures and margin positions, and redeem from KuCoin Earn, but you cannot deposit any funds (you can still withdraw them).
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