What is the KuCoin platform?
KuCoin is considered to be one of cryptocurrency platforms the most popular, & it's a simple and secure platform in the world.
It is an easy to use exchange platform for digital assets such as Bitcoin, Ethereum, Ethereum, Litecoin, Ripple (XRP), etc. In addition, KuCoin is well known for its IEO platform or token launch platform. Lending cryptocurrencies is yet another unique feature of the KuCoin platform.
Additionally, KuCoin users can access numerous platform features like buying cryptocurrencies with a credit or debit card, staking rewards, exchanging cryptocurrencies at no cost, and more.
After the creation of the first cryptocurrency exchange platform, numerous others followed - but only a few have a global reach. KuCoin Exchange is one of these platforms that offers more than cryptocurrency services (buying or selling cryptos); it also allows investors to lend cryptocurrencies for interest.
As an end-to-end trading solutions provider, KuCoin is designed to make trading easy with numerous products like automated bots.
The website is quite simple and easy to navigate. It is subdivided into several sections to facilitate registration, after which one can start trading. The collection of cryptocurrencies and fiat currencies supported is quite impressive. In addition, KuCoin offers multiple financial and automatic trading tools, such as the trading robot and cryptocurrency lending, making it a preferred exchange for passive income.
As Singapore's best crypto exchange with a global reach, KuCoin is a convenient option that can be accessed from most countries. Nonetheless, American citizens above the FBAR threshold should include it in FBAR statements because KuCoin is an exchange not based in the United States.
Features
As mentioned earlier in this KuCoin review, the platform offers a wide variety of products and services, ranging from trading crypto assets and derivatives to lending crypto coins.
The products include:
- Spot trading
- Margin transactions
- ETF futures or derivatives
- KuCoin Earn (staking platform)
- Spotlight (IEO platform)
- Crypto-loans
- KuCoin Pool
These services include:
- KuCoin P2P
- KuCoin Trading Bot
- Special privileges for API users
- Buy cryptocurrencies with fiat currency services
1. Spot trading
Spot trading or instant trading allows users to buy/sell cryptocurrencies instantly for a spot exchange rate.
KuCoin spot trading has a fixed trading fee of 0.1% for makers or takers, which is a good reason to use KuCoin.
Compared to platforms like Binance, it is quite weak. The 30-day trading volume as well as the holdings of KuCoin tokens (KCS, the native token of KuCoin) will reduce exchange fees.
How do I spot trade using KuCoin?
The steps to follow are as follows;
- First, choose the “trading” option under the “trade” tab.
- By clicking on this option, the trading market opens. USDT, BTCS, ALTS, KuCoin KCS shares, etc. are significant opportunities in this section. Different trading pairs can also be found in the other markets and prices may also vary depending on the market selected. For example, when the trader wants to buy KCS using BTC, they should choose the BTC market and search for KCS using the search tab.
- The KuCoin platform offers four order types: Limit Order, Market Order, Stop Limit Order, and Stop Market Order or Stop Loss Market Order.
Depending on the needs of the user, it is possible to choose either of the above options for trading.
2. Margin transactions
This service was implemented in November 2019. It allows traders to use cryptocurrencies from other users to acquire a higher amount of capital for leveraged positions. Cryptocurrency tokens that are typically used for this type of trading on KuCoin include KCS (KuCoin Token), BTC, ETH, etc.
This KuCoin feature is ideal for long and short trading positions where it offers up to 10x leverage.
3. Leveraged Tokens
The risk factor associated with leveraged tokens is insufficient because they are never liquidated.
So regardless of price fluctuations or market uncertainty, the price of leveraged tokens never becomes zero.
The ETFs offered by KuCoin are simple to use and user-friendly, making them suitable for new traders or beginners. All traders should choose ETF types in bull or bear markets and trade them on the KuCoin platform.
4.Futures Trading
The KuCoin futures or contract trading service was previously known as KuMEx.
This service allows users to buy/sell standard future asset contracts. In simple terms, the buyer places the order to buy an asset for a specific price and time (future) while the seller must deliver the asset at the agreed time and price.
KuCoin supports margin trading with up to 100x leverage. The significant advantage of this high leverage is that it allows the trader to trade contracts worth more than the trading funds on their account. Some of the most commonly traded contracts are BTC and USDT.
There are generally two types of software: Futures Lite and Futures Pro. As the name suggests, the former is for beginners, while the Pro version is for advanced traders or professionals.
Kucoin's Futures Lite allows you to trade contracts in bitcoin and Ethereum with a margin of USDT.
Futures Pro offers the following option;
USDT-Margin Perpetual contracts of BTC, ETH, and others over 70 cryptocurrencies.
Perpetual margin contracts on BTC, ETH, DOT, and XRP coins. Quarterly BTC contracts.
5. KuCoin Earn
KuCoin Earn (previously called Pool-X) is a staking platform that allows users to earn money by staking Proof-of-Stake cryptocurrencies like TOMO, ATOM, KCS (KuCoin Token), XTZ, IOST, IOST, TRX, ZRX, among others. KuCoin Earn offers highly flexible and diverse products including savings, staking, and promotions, which helps users earn a stable passive income.
6. Crypto Lending or Crypto Loans
As mentioned at the beginning of this KuCoin review, crypto lending is one of the unique features of the exchange platform. It allows crypto investors to lend their cryptocurrency tokens for a specific interest rate.
KuCoin Lend allows investors to lend digital tokens to other users for margin trading. The term of the loan varies from 7 to 28 days where the lender can earn up to 12% in annualized interest. The cryptocurrencies available for this service include USDT, ADA, ADA, TRX, TRX, ETC, ZEC, LTC, among others.
7. KuCoin P2P
KuCoin Peer-to-Peer allows investors to move or trade cryptocurrencies from their accounts to the accounts of other users without going through a broker or financial institution.
Here, buyers and sellers rely on the digital transfer of the relevant crypto and fiat currencies.
That's why it's also called instant exchange.
Users can buy and sell cryptocurrencies like BTC, ETH, LTC, etc. through KuCoin's P2P marketplace.
KuCoin is one of the few exchanges that support multiple payment options. It allows for instant trading where users can buy crypto using fiat currencies like USD, EUR, GBP, CAD, IDR, AUD, etc.
Users can also choose different payment methods like PayPal, Transferwise, bank transfer, etc.
8. Trading Bot
Trading bots are an ideal way to earn passive income while minimizing losses. The KuCoin mobile app offers five types of trading bots, Spot Grid, DCA, Futures Grid, Infinity Grid, and Smart Rebalance.
Automated trading robots are extremely useful for earning passive income regardless of what crypto asset is traded through the exchange. KuCoin trading robots allow traders to employ five different types of trading strategies, such as the classic grid, the futures grid, and the DCA.
The classic grid is a simple trading strategy that allows you to take advantage of market fluctuations through sell orders and buy positions. It consists of buying orders when the price is falling and reselling them at a higher price. Traders can optimize the trading robot even if they don't have sufficient market knowledge. KuCoin's trading robots rely on AI and the classic grid version is ideal for beginners.
The way a Futures Grid Bot works is similar to that of a Spot Grid Bot, as both can generate passive income by buying at a low price and selling at a high price. But Futures Grid has two unique characteristics that can help investors increase profits.
Smart rebalancing can help holders increase their returns further. The core of this strategy is to increase the total amount of assets while maintaining the pre-established portfolio percentage. Assuming you want to allocate 40% of your funds to BTC, 30% to ETH, and 30% to KCS, if you're just holding securities, the wallet will change as the value of these tokens changes. The Smart Rebalance Bot will rebalance the percentage according to your expectations as soon as it deviates from the initial parameters.
The DCA or Dollar Cost Averaging bot is ideal for professional traders who buy cryptocurrencies on a daily basis because it employs a repetitive strategy. All KuCoin bots perform technical analysis in order to minimize trading risks.
The Infinity Grid Bot is designed to avoid “missing” the pumping of cryptocurrencies. Compared to the Spot Grid Bot that places orders with a fixed number, the Infinity Grid Bot places orders in percentages and there is no upper limit.
9. Buying cryptocurrencies with fiat currencies
As stated in this KuCoin review, the trading platform supports multiple payment methods for buying cryptocurrencies using fiat currencies like USD, EUR, AUD, CAD, GBP, etc. KuCoin has the lowest trading fees, even before discounts and bonuses.
If you want to buy or sell any cryptocurrency, you can do so using this platform. KuCoin supports debit and credit card purchases via Visa, MasterCard, ApplePay, and SEPA.
KuCoin Peer-to-Peer exchange offers bank transfers as well as 20 different payment options.
There is also a quick purchase option to receive cryptocurrencies instantly. Investors from all over the world can buy/buy cryptos with fiat currency.
You can trade lots of different cryptocurrencies using this platform with very low fees.
10. Supported fiat currencies
KuCoin supports the following currencies: EUR, GBP, USD, USD, RUB, RUB, RUB, RUB, AUD, AUD, AUD, AUD, JPY, TRY, KRW, CAD, IDR, VND, ZAR, HUF, ILS, NZD, SEK, CZK, NZD, SEK, CZK, CHF, CHF, PLN, CZK, CHF, PLN, CZK, CHF, PLN, AUD, AUD, AUD, AUD, AUD, AUD, AUD, AUD, AUD, AUD, JPY, TRY, KRW, CAD, IDR, VND Users can deposit and withdraw fiat currencies through various payment gateways ranging from P2POTC trading, to third parties like Simplex, etc.
11. Supported cryptocurrencies
KuCoin is a leading cryptocurrency exchange platform that supports over 600 cryptocurrencies and 1100 markets. These options include the most common cryptocurrencies up to the most recent and rarely known digital currencies. As stated earlier, there are no deposit fees, however, withdrawal fees are determined by the currency in question.
12. Supported languages
KuCoin's web browser offers multiple languages, from English to Russian, Hindi, and Portuguese, among others. As a platform with global access, the website is quite simple with easy navigation.
However, based on customer feedback, new traders find trading on KuCoin a bit complex due to its advanced features. However, the site offers tutorial sections in the support and FAQ sections, which makes it easy to understand. KuCoin makes sure to stay in line with current market standards by updating the latest currency pairs, etc.
In fact, there are also provisions for registering new cryptocurrencies in order to include them in trading pairs. KuCoin has 1100 different trading pairs. An example of a trading pair is BTC/ETH which means trading Bitcoin with Ethereum.
Fresh
The KuCoin platform does not charge deposit fees for cryptocurrencies. However, standard bank fees apply in the case of deposits in fiat currency. And, this is determined by the bank or payment gateway concerned. Withdrawal fees vary and depend on the cryptocurrency concerned. For example, the withdrawal fee for Tether is 20 USDT while it is 1 ADA for Cardano.
1. Trading fees
Trading fees vary depending on the type of trading (cash or margin). They also depend on the funds held in the trader's account. Standard trading fees also decrease based on holding KSC for a 30-day trading volume. It is therefore divided into several levels, which are as follows for spot and forward transactions.
2. Cash trading fees
KuCoin has a very low transaction fee of 0.1%.
An important point to note is that the fees decrease according to the 30-day trading volume of the KCS holdings in the user's account, which is as follows;
3. Futures trading fees
The USD/USDT loan rate for futures is adjustable because it can have positive or negative values.
Futures trading is financed once every 8 hours and the value is calculated accordingly.
There are no deposit fees charged by KuCoin, but withdrawal fees vary by currency, you can check them hither.
Customer Support
Compared to its alternatives, KuCoin provides better customer service to its customers and it is available 24 hours a day, 7 days a week. 24/7 live chat support or email support with a quick response time is what makes KuCoin a very busy exchange. Besides live online support, the site also offers an online request form to raise user concerns. KuCoin also has a strong social media presence where customers can also join the customer support team on platforms like Facebook, Twitter, LinkedIn, etc. The KuCoin team is always there to support its users.
Security
KuCoin is a decentralized exchange platform.
While this characteristic is the essence of the transparency enhanced by blockchain technology, security is further enhanced by various security protocols.
KuCoin offers two-factor authentication to protect the user's account. It also protects traders' personal information with advanced SSL encryption. KuCoin has implemented numerous security features in its user interface.
To withdraw funds, it is essential to meet the KYC requirements. And, it is highly recommended that you use KuCoin to complete KYC verification.
How to register on KuCoin
The KuCoin trading platform offers numerous services other than crypto trading like bitcoin lending, IEO spotlight cryptocurrency lending, etc.
If this is your first time in crypto, then the easiest way to trade using this platform is to first create an account & then start trading.
The different facets of the platform have their steps or protocols. For example, here are the steps for creating a trading account on the KuCoin platform, which is very easy and takes a few minutes to create an account with KuCoin.
Step 1: Register
Visitors can register using a valid email address or phone number.
Step 2: Enter the verification code
Depending on the type of method chosen, a verification code is sent to the email address or phone number provided.
Step 3: Set a password
Once the code provided is entered in the assigned location, the next step is to set a password to complete the registration process. After registering, the user can start trading cryptocurrencies.
KuCoin demo trading account
Trading cryptocurrencies can be difficult for even the most experienced traders.
But what paves the way for profits is understanding how financial markets work.
To do this, you need to have a good knowledge of the market in terms of price movements, but you also need trading strategies and practice to be successful.
So demo trading accounts are an easy solution for creating trading strategies that work.
They also allow new traders to become familiar with the markets. KuCoin offers a demo account for people who are new to trading.
FAQs
How do I deposit money to KuCoin?
Making deposits and withdrawals on KuCoin is pretty easy. Users can opt for the credit or debit card payment option or SEPA or Apple Pay to make a deposit. The KuCoin platform allows credit card purchases.
How do I withdraw money from KuCoin to my bank account?
To withdraw money from your KuCoin account, it is imperative to log in to your user account first. Under the Assets tab, there is an Overview button, under which users can find the withdrawal option. Traders need to choose what type of currency they want to withdraw.
Once this is done, the correct wallet address must be entered to receive the digital currency. Finally, account verification to confirm the withdrawal request in the form of email verification or 2-factor authentication. After verification, the requested funds are sent to users' cryptocurrency wallets.
Final Verdict
KuCoin provides one of the best trading services with advanced trading tools and custom charts that are easy to use and interpret for both advanced traders and beginners. KuCoin is one of the best exchanges in the world. Therefore, this allows KuCoin to be in the list of the best cryptocurrency exchanges. Although it also presents a myriad of services and products to meet the needs of a wide range of traders and trading preferences. KuCoin offers low trading fees and supports over 1100 markets and 600 types of digital currencies. The customer service offered is better than that of some of its alternatives. There are no deposit fees and withdrawal fees vary depending on the currency in question. KuCoin offers a KuCoin wallet to its users and users must deposit funds into a KuCoin wallet before using the trading platform.
In this KuCoin review, we tried to cover all the information you need to know before you start trading. We have provided an in-depth analysis of the trading platform, the services and products offered as well as some of its other pros and cons. Apart from reviewing KuCoin, we have also covered or reviewed numerous trading platforms or other exchanges.
Our verdict is that KuCoin is a simple browser and mobile application with advanced tools that make earning profits via cryptocurrency trading an easy endeavor. And, we also expect that in the coming months or years, KuCoin will offer more features, services, and products to its users. KuCoin is a household name in the cryptocurrency industry.
