Kucoin Review - Everything You Need to Know About The Kucoin Crypto Exchange
With the growing popularity of cryptocurrencies, a slew of new exchanges with cutting-edge features are springing up on a daily basis. Kucoin is an excellent cryptocurrency exchange. Whether you’ve stumbled across Kucoin and are wondering if it’s safe to use for crypto trading, you’ve come to the correct spot.
We’ll cover all you need to know about the Kucoin exchange in this post. We’ll begin with a short introduction of Kucoin before going on to discuss the many benefits and drawbacks of adopting Kucoin. We’ll also walk you through the process of getting started with Kucoin and making your first deposit on the platform.
Kucoin Exchange Review
Kucoin, one of the most recent crypto exchanges in this area, was founded in 2017 by a group of business experts amid the crypto boom. The primary aim of Kucoin exchange is to offer a simple and secure trading platform where ordinary people may trade without worry of losing their funds.
In 2018, Kucoin has over a million users. In January 2018, the exchange’s trading volume was over 1.8 billion USD. However, trading activity on the site remained low until the DeFi summer of 2020 and the January 2021 crypto squeeze.
Kucoin, like many other cryptocurrency exchanges, has its own crypto token, known as KCS or Kucoin Shares. There are many advantages to purchasing and storing this currency on the platform. As of 2021, the platform has collected more than 294 billion USD in transactions.
Let’s take a look at all of Kucoin’s features now!
In This Review
Kucoin Exchange Features
1. Digital currency Listed
Kucoin is a hero for new cryptocurrencies that have recently completed the fundraising round. The website now lists over 75 cryptocurrencies, with new ones being added on a daily basis. The majority of the currencies on Kucoin have community support and are widely accepted. There are currently over 300 trading pairings on the market.
On Kucoin, you may trade virtually any cryptocurrency for another. The trading pairings range from the well-known BTC/USDT and BTC/ETH to the less well-known VeChain/USDT. If you want to invest in new cryptos, Kucoin is a great place to start.
Investing in new cryptocurrencies is hazardous, but it may provide extremely large profits in the long run. You may utilise the site to discover currencies that have just completed their Initial Coin Offerings (ICOs). Coins like this won’t cost much at first, so you can earn a lot of money.
Another wonderful feature of Kucoin is that the team has said that they will continue to integrate more cryptocurrencies as they become available. So, if you’re familiar with the crypto industry and the dangers it entails, Kucoin may be the ideal location to discover your next big project.
2. Transaction Fees
The Kucoin exchange’s cheap trading cost is the main reason many investors utilise it. Whatever the transaction is, the charge is just 0.1 percent of the total. This implies that if you want to purchase 10$ worth of cryptocurrency, you just have to spend 0.1$. Kucoin’s trading costs are among the lowest in the whole crypto market.
Furthermore, there is no network charge for making deposits. All you have to do is pay the blockchain transaction fees. These blockchain transaction costs or gas fees are determined by the cryptocurrency you are attempting to purchase and the demand for that coin.
Kucoin’s minimal trading costs make it an ideal exchange for both day trading and long-term holding. If you want to withdraw bitcoin, the cost varies depending on the network you choose.
The ERC 20 network, together with the bitcoin network, is the most popular. The withdrawal costs are determined by the total network load and the amount of concurrent transactions.
3. Payment Options
Kucoin formerly exclusively accepted cryptocurrency. This, however, changed in 2018. Kucoin accepts credit and debit cards for cryptocurrency purchases. In addition, you may buy bitcoin via ApplePay or Sepa.
On Kucoin, there is a quick buy option that allows you to acquire cryptos in a single step. Because there are no trading costs for quick purchase, many customers favour this approach. One of the most significant benefits of utilising Kucoin is that you do not need to validate your identity to begin trading. Many other cryptocurrency exchanges require customers to undergo the KYC verification process before depositing money into their wallets.
Crypto deposits also offer a significant benefit over purchasing with fiat currency in that there is no deposit restriction. So, if you want to transfer a large number of assets from your wallets and start trading straight immediately, you may use this function.
Why To Use Kucoin?
1. The User Interface Is Simple And Intuitive
The User Interface is one of the major reasons why new investors choose to utilise Kucoin. In only a few minutes, even a novice can learn how to use Kucoin. The main page is well-structured and includes all of the information.
Using the navbar, you can quickly browse across different tabs such as wallet, markets, and accounts. The demo version, on the other hand, is what distinguishes Kucoin. You may use the demo version to try establishing an account and learning how to use the programme.
If this is your first time trading cryptocurrency, you may use this sandbox environment to see how all of the features operate. It will also provide you with the confidence you need to make your first transaction. You may go to the sandbox environment through the main page or this link. Kucoin is one of the few exchanges that offers a sandbox for novice users.
2. The Trading Bot
Another fantastic feature of Kucoin is its built-in trading bot. You may programme the trading bot to follow different methods and profit even while you are not actively watching the markets.
If you are not acquainted enough with the market to create your own trading strategy, you may choose one of the predefined strategies. Profits may be made by selling high and purchasing low, or by performing sophisticated market functions such as shorts and longs.
The benefit of utilising bots is that you can trade 24 hours a day, seven days a week, even while you’re sleeping. If you live outside the United States, this will be a big benefit since a lot of activity occurs throughout the day in the United States.
The Kucoin trading bot is available in the Android and iOS apps. The browser version is not yet available. Every registered Kucoin user will get one free trading bot. You may, however, employ up to ten trading bots at the same time.
The bot now supports over 100 coins. More currencies will be supported in the near future. Kucoin is an excellent place to start if you want to become a professional trader.
3. Lending in Bitcoin
Kucoin offers many features that enable its users to profit from cryptocurrency. Crypto financing is one such amazing function. Crypto lending allows you to lend part of your bitcoin in exchange for a reasonable interest rate.
The ultimate interest rate you will get will be determined by many variables, including the token you are lending, the amount you want to lend, and the number of days you wish to lend it for. If you have a large number of crypto tokens sitting around, you may utilise the lending function to earn some decent money without taking any risks. Of course, lending, like every other crypto-related service, has some risk.
Even if the interest rate is attractive, the coin itself may lose value throughout the loan term. Depending on the decrease and the amount loaned, this may result in a significant loss for you. In general, many individuals lend stable coins since their value does not fluctuate much. If you do wish to lend any cryptocurrency, it is always a good idea to first convert it to a stable coin such as Tether or USD coin before lending it.
4. Kucoin Investments
Kucoin Shares, or KCS, are the Kucoin exchange’s native crypto asset. KCS may be purchased directly from the platform. Users may make money just by holding KCS, in addition to being a good investment.
Every day, customers that have more than a certain number of KCS will get a bonus. The bonus is determined by the day’s trading activity on the Kucoin exchange. This functionality not only encourages users to keep the native KCS token, but it also stimulates greater trade on the platform.
5. Earn Kucoin
Kucoin Earn, also known as Pool-X, is a function that allows you to invest your crypto tokens. Kucoin Earn operates in the same way as Binance’s earn features do. However, due of the large number of cryptocurrencies listed on Kucoin, you may discover additional savings alternatives at times.
Kucoin Earn is divided into three major areas. The first is a flexible savings plan. If you just want to keep your money for a few days, this is the ideal option for you. You may withdraw the cryptocurrency from your savings account whenever you wish.
The second method is staking. Your assets will be locked for a certain period of time if you use staking. Following that, you will get reward tokens or coins. With staking, the rate of return is usually higher. However, the coin’s value may fall or rise throughout this period, resulting in a net gain or loss.
Promotions are the third choice. Promotions are an excellent method to learn about new currencies and tokens. On promotions, you may earn a good APY. Promotions are hazardous since the coins are very new to the market and have a fluctuating value.
Purchasing Cryptocurrency on Kucoin
If this is your first time creating an account on a cryptocurrency exchange, you may find it difficult to figure out how to purchase it after you’ve registered. To buy cryptocurrency on Kucoin, go to the ‘Buy Crypto’ page by clicking the button in the navigation bar.
Once on this page, you may choose the cryptocurrency you wish to purchase and the fiat money you want to pay with. Fill up the blanks with the required information, such as the quantity you want to buy. Now, choose any of the available payment options. To make the payment, you may use a debit or credit card, or ApplePay.
Within an hour or two of completing the transaction, the cryptocurrency will be transferred into your Kucoin wallet.
Kucoin's Advantages and Disadvantages
- Surprisingly cheap trading fees.
- Even inexperienced users will find it simple to use.
- Many cryptocurrencies were listed.
- When there is a lot of traffic on the network, trades may be a little sluggish.