KuCoin Comprehensive Review 2022: Full Overview

Trading in digital currencies is no longer a thing of the future. Ever since the launch of the first crypto in 2009, people finally got to experience something entirely new. As a result, people’s interest in cryptocurrencies has been increasing gradually, with the number of crypto users growing by the day. 

This growing interest has further increased the number of crypto exchanges in the market. Today, thousands of crypto exchanges allow traders to benefit from crypto trading and leverage this decentralization to their advantage. But then, this has also made it challenging for traders to find the right exchange among all these choices. 

But fortunately, these crypto exchanges have unique offerings allowing them to stand out in the crowd. As a crypto trader, it is imperative to ensure you find the exchange that best caters to your needs and requirements. This will never be possible unless you conduct extensive research on these platforms to understand their offerings. 

This entire ordeal of researching requires a lot of time and effort. So to save you both, we have taken care of the hard part. Here is a detailed review of KuCoin, one of the leading crypto exchanges in the market. Thus, continue reading to get a better understanding of the ins and outs of the KuCoin crypto exchange.

Pros and Cons of KuCoin 

KuCoin At a Glance 

KuCoin: Company Overview

KuCoin is one of the leading crypto exchanges, with a market cap more than most prominent exchanges. The platform has attracted numerous traders from all across the globe with its appealing offers and features. KuCoin has almost everything that a crypto trader can look for in a crypto exchange. 

The platform also charges the most competitive trading fees compared to most other leading crypto exchanges available in the market. KuCoin also has many other appealing features that make the platform what it is. For instance, this unique KuCoin Trading Bot will allow you to trade automatically. 

KuCoin was first established in 2017 as a brainchild of crypto experts who have been in the industry since 2011. This is also why KuCoin is one of those few crypto exchanges with its native token, KuCoin Shares (KCS). Using this token allows traders to avail themselves of different discounts on trading fees to maximize their profits. 

Another great thing about trading your cryptos on KuCoin is the platform gives you a wide range of trading options. These options include peer-to-peer (P2P), margin, and futures trading. This gives traders an extensive range of choices for the trading option that best serves their requirements.   

Cryptocurrencies Supported by KuCoin

KuCoin is one of these crypto exchange platforms that provides traders with a truly exhaustive selection of cryptocurrencies. The platform supports more than 600 different cryptos as of 2022. This gives traders an extensive choice to choose the most performant crypto and make investments that ensure returns. 

Some of the most well-known cryptos supported by the KuCoin platform include:

Cryptocurrencies Supported by KuCoin

Besides, the platform is also open to accepting new and potentially strong crypto projects on its exchange. So if you’re a user who likes to invest in new projects and be a part of powerful projects, you might want to sign up for the KuCoin exchange. 

Key Features Of KuCoin

Many might wonder how KuCoin has garnered so much popularity in this short period. The answer is simple: the key features the platform has to offer. KuCoin has some of the finest features and functionalities to help traders make the most of the crypto market. So let’s check out some of the key features KuCoin has to offer:

Buying Cryptos Using Fiat Currencies.

Many crypto exchanges will provide you with a wide selection of cryptos. However, buying those cryptos and getting started with crypto trading is difficult as most exchanges do not accept fiat currencies in exchange for cryptos. This can make things very challenging for traders, especially the ones just getting started with crypto trading. 

KuCoin is one of those few crypto trading platforms that accept fiat deposits in exchange for cryptos. In addition, the platform supports more than fifty different fiat currencies, so you get the flexibility to choose the one that best serves your needs. This certainly makes things easier for both advanced and novice traders. 

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Margin And Futures Trading

Crypto trading has evolved greatly over the past few years. This trading sphere is no longer limited to just spot trading. Instead, traders can leverage many other trading options to maximize their returns and drive results. For example, KuCoin allows its traders to trade in margins and futures. 

The platform offers extensive leverage of 100x on futures trading, which is much greater than the offering of any other exchange in the market. Besides this tremendous leverage, the platform provides several tools to simplify your trading experience. Thus, margin and futures trading becomes much easier with KuCoin. 

Trade with Kucoin

KuCoin Trading Bot

Nobody says that crypto trading is easy. You need to be mindful of numerous nuances; even so, you will miss out on some other details. Besides, the volatile nature of the crypto market can make it very challenging to keep up with the changing prices. One easy way to rid yourself of all these hassles is automating your crypto trading with the KuCoin trading bot. 

The trading bot can be customized accordingly to sell your cryptos when the prices hit a clear point. There are many choices, including the classic grid, futures grid, and more, to help eliminate all hassle from crypto trading. You can also use the rebalancing feature of the trading bot to rebalance your crypto holdings and maintain the ideal portfolio. 

Promotions And Bonuses

Things can seem overwhelming for anyone getting started with crypto trading. Thus, a little push can go a long way for every new crypto trader looking to explore the offerings of the crypto world. This is another area where KuCoin excels and leaves its competitors behind with continual rewards for active traders. 

The platform only keeps 10% of the trading fees it earns and spends the remaining 90% back on the platform. This 90% is then redistributed among traders as rewards for investing in cryptos or increasing engagement with the platform. This is unique, and one can barely find anything like this in any other crypto exchange.             

Additional Features Of The Platform

Besides the above features, KuCoin has much more to offer and retain its traders. The platform has several additional features and functionalities to help you make the most of your crypto trading. These features are explicitly curated with traders’ interests in mind. Some of the best-known additional features of KuCoin include.

1. KuCoin Token (KCS): KuCoin Token (KCS) is KuCoin’s native token that runs on the Ethereum network. Traders on the KuCoin crypto exchange platform can use this token for many purposes, such as getting attractive discounts on trading fees. The more your KCS holds, the lower you pay trading fees on the platform. 
2. Crypto Lending: KuCoin allows its traders to lend their cryptos to other traders in exchange for appealing interest rates. Just as you can lend, you can also avail of loans to help you start crypto trading. KuCoin also insures these lendings, which is key in minimizing risks for the lenders. 
3. Mobile App: Since most crypto traders now prefer trading with their mobile devices, KuCoin provides traders with a highly interactive mobile app. This app works on Android and iOS devices, so you need not worry about compatibility. Most importantly, KuCoin gives you the unmatched flexibility to trade your cryptos even when on the go. 
4. Low Trading Fees: Many reasons draw traders towards KuCoin, but one of the most important reasons is the platform’s low trading fees. Compared to most other crypto exchanges in the market, KuCoin offers among the most competitive trading fees. This ensures you can maximize your returns without worrying about the exchange eating into your profits.
5. Great Customer Support: KuCoin has long retained the reputation for offering the most effective and readily available customer support. You can resolve your queries on the platform at any time or night. There are some ways you can get customer support from KuCoin, including the conventional ticketing system, emails, and other similar channels.             

Trading Experience

Talking of the trading experience offered by KuCoin, users of all types are provided with a similar trading console. Therefore, advanced and beginner users can make the most of the platform by accessing different tools and learning the different aspects of their trades. 

In addition, the platform is simple and easy to operate, providing the users with access to all the real-time information they might need for a seamless trading experience. Overall, it’s a reliable system to execute everyday trade.  

Fee Structure

The KuCoin exchange revolves around a maker-taker model, providing users with every chance to save big with their transactions. KuCoin charges a spot trading fee of 0.1%, but this tends to decrease with the increase in your KuCoin Token (KCS) holding or the overall 30-day trading volume. 

So To give you an idea, here’s a better and clearer understanding of KuCoin’s fee structure: 

he withdrawal fees of KuCoin depend on the type of crypto you are withdrawing. So let’s break down the withdrawal fees in the table below.

In general, the trading fees charged by KuCoin are among the lowest currently available in the market. While many other crypto exchanges try to compete with KuCoin’s fee structure, there is hardly anyone who can match it. 

How Secure is KuCoin?

Being one of the leading crypto exchanges available in the market, KuCoin has earned its name around introducing and adapting stringent security measures as required. Some of its best-known security measures include:

1. Internal Risk Management Team: Unlike most other crypto exchanges available in the market, KuCoin has a robust internal risk management team. This team works around the clock to ensure the security structure remains intact. If they find any glitch in the system, they will fix it instantaneously. 
2. Two-Factor Authentication (2FA): KuCoin leverages an authenticator application to facilitate the two-factor authentication mechanism. Every time you log into the account or withdraw funds from the account, you will need to enter a verification code along with the password. The platform will send the verification code to your mobile or registered email address.           
3. Customer Data Encryption: Secure storage of customer data is another major concern for crypto traders and exchanges alike. But this is not a concern with KuCoin, as the platform encrypts all your data. This way, no one can access or use your data and credentials for unlawful purposes.  
4. Insuring User Funds: No matter how many security measures you take, there can still be instances where hackers access those funds. In those cases, you need not panic as long as your funds and assets are with KuCoin. The platform insures all your funds, so you will be reimbursed for all the money lost even if things go south.  

While the platform follows stringent security measures, there were a couple of instances when hackers could breach the platform’s security mechanism. But this has only improved the platform as it has enhanced its security measures for better safety of traders and their digital assets. 

Trade with Kucoin

Account Opening With KuCoin

Even a novice crypto trader can open an account on KuCoin in no time. However, the platform requires you to follow a few straightforward steps to help you get started in no time. 

These steps include:

Step 1: Go to KuCoin’s website or the mobile app.

Step 2: Click the Sign-Up button at the top of the screen.

Step 3: Enter necessary details, such as your email address or mobile number. 

Step 4: Set up a unique password for the account

Step 5: Verify your email and phone number 

Step 6: Click the green-colored Sign-Up button. 

Step 7: Deposit funds into your account and start trading your cryptocurrencies in no time.   

Once done, you’ll have an idea of all the basics to leverage all the platform offerings and use the same to your advantage.

Customer Satisfaction 

KuCoin has long earned and sustained the reputation for offering its traders the most effective customer satisfaction. The platform takes many measures to ensure traders have an unmatched experience trading on the platform with minimal hassle. For instance, you can avail yourself of 24/7 customer support via various channels to resolve any query. 

The platform also offers an extensive selection of cryptocurrencies giving you the unmatched flexibility to diversify your portfolio. KuCoin leaves no stone unturned in terms of security as the platform takes many unique security measures to safeguard traders’ interests. This is certainly a quality that enhances customer satisfaction among most traders. 

KuCoin allows you to make deposits in fiat currencies, making it much easier for beginners to start crypto trading. You also get a KuCoin mobile app compatible with Android and iOS devices. All these factors allow KuCoin to ensure unmatched customer satisfaction with minimal hassle.      

KuCoin Vs. Competition

The growing interest in crypto trading means more and more people want to invest in cryptos. KuCoin does stand out from most other market exchanges, but there remain certain exchanges that you can count as worthy competition. Cryptors must weigh the offerings of all such platforms and only choose the one that serves their needs and requirements. 

Binance is one such worthy competition of KuCoin as both the platforms share many similar characteristics. Unfortunately, this makes it challenging for traders to find the platform best suited for catering to their needs and preferences. 

So let’s check out a comparison between KuCoin and Binance and see how these platforms differ.  

KuCoin Vs. Binance

Both KuCoin and Binance happen to be leading crypto exchanges. Both the platforms have their similarities and differences. Here’s a brief overview to give you an idea of the same in the following table: 

KuCoin Vs. Binance

Criteria
No of Cryptos Supported	600+	390+
Launch Year	2017	2017
Mobile App	Android and iOS	Android and iOS
Trading Fees	0.1%	0.1%
Discount	Up to 20%	Up to 25%
Regulated	No	No
Derivatives and NFT	Yes	Yes
Minimum Deposit	$5	$10

Looking at this short but comprehensive review, it’s evident that KuCoin takes the lead over Binance in more than one place. For example, the platform offers better crypto listings and a lower minimum deposit over Binance. However, the latter stands out in terms of its discount offering of up to 25%. Read the full Binance review.

Trade with Kucoin

Final Verdict 

KuCoin is one of the best crypto trading platforms currently available in the market. But that does not mean the platform is entirely free from all flaws. Just as there are some great qualities of KuCoin, there are also some shortcomings you should know about the platform. This is important for helping you make the right decision and choosing the platform that best serves your needs and requirements. So let’s check out some of the good qualities and shortcomings of KuCoin. 

Should You Consider Using Binance?

1. Extensive Crypto Selection: KuCoin is one of those crypto trading platforms offering traders an extensive selection of cryptos. The platform supports more than 600 cryptocurrencies, allowing you to make the most of every opportunity. This is also a quality that sets KuCoin apart from most other leading crypto exchanges available in the market.          
2. Crypto Lending: This is another great benefit traders enjoy when trading their cryptos on the KuCoin platform. This feature allows traders to lend their cryptos to others in exchange for interest. You can even borrow cryptos to get started with your crypto investment goals. 
3. KuCoin Trading Bots: Crypto trading means dealing with a highly volatile market, and you never know how things can turn out at the end of the day. Thus, KuCoin provides traders with trading bots that help them carry out automated trading. You can set up specific criteria for when to sell your cryptos and leave everything else on the bots.
4. Margin and Futures Trading: KuCoin is a crypto platform allowing traders to trade in margins and futures. This presents an excellent opportunity for traders to make the most of every opportunity and maximize their returns. Very few crypto exchanges offer this option, and KuCoin is one of them. 

Shortcomings Of KuCoin

1. No Fiat Trading Pairs: One area where KuCoin might not be able to stand on its traders’ expectations is the fiat trading pairs option. The platform does not support fiat trading pairs even though it accepts fiat deposits. This can be a matter of concern for traders who rely on fiat trading pairs. 
2. Not Regulated In The US: KuCoin needs to address another shortcoming associated with its regulation by the US authorities. Since the US authorities do not regulate the platform, US residents cannot access the platform’s many features. So this is certainly an area where KuCoin could benefit from some work.            

This marks an end to our comprehensive review of KuCoin. Undoubtedly, the platform outshines most of its competitors with its impressive features and reliable fee structure. However, similar to the pros are its cons. 

Therefore, if you think that you want to register over a regulated platform, you might want to look for some other platform. Yet when you’re at it, ensure that you go through all the necessary checks and refer to our blog to get to your ideal platform. All the best!

FAQs 

Can US residents use KuCoin?

The US authorities do not regulate KuCoin, and most US residents cannot take full advantage of the platform. However, while they can still use the platform, they might have to put up with certain restrictions on withdrawal, leverage, and more.

Does KuCoin have a mobile application?

Most crypto traders now enjoy trading their cryptos when on the go. Thus, KuCoin does provide its traders with a very interactive and user-friendly mobile application. The KuCoin mobile app is available for both Android and iOS devices.

How does KuCoin make money?

As with most other crypto exchanges in the market, even KuCoin makes its profits from the fees it generates from its traders. As a result, the platform charges a certain fixed fee on trading and withdrawals. This gives KuCoin enough resources to sustain its operations and offer the best crypto trading service.

   

Shrey Jain

Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.

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