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DE This review of cryptocurrency exchange KuCoin was created for informational purposes. Going through this review will help you decide if KuCoin is an exchange that fits your needs.
Table of Contents
What is the history of KuCoin?
KuCoin is a cryptocurrency exchange based in Hong Kong. KuCoin has multiple founders who had all gained extensive experience at large financial institutions. Their shared passion for blockchain combined with their financial background led to the founding of KuCoin in June 2017.
KuCoin’s ambition is to make it as easy as possible for cryptocurrency investors to invest in cryptocurrency. The team’s motivation combined with this ambition has led to the KuCoin platform developing at breakneck speed.
What cryptocurrencies are available at KuCoin?
KuCoin offers more than 450 cryptocurrencies that can be traded on the exchange. KuCoin currently has five different trading pairs, namely Bitcoin – BTC, ETH – Ethereum, KuCoin Shares – KCS, NEO and USDT.
KuCoin is a ‘crypto-to-crypto’ exchange. This means that on KuCoin exchange it is not possible to purchase cryptocurrency with euros, dollars or other national currency (fiat).
What is KuCoin Shares - KCS?
Like Binance with Binance Coin, KuCoin has also developed the necessary functionalities for its own exchange platform and KCS token. These functionalities are all aimed at encouraging investors to recruit new investors, to buy and hold KCS to get rewards for doing so. In its current state, KCS can be used for the following purposes:
- KCS is a trading pair on the KuCoin exchange just like Bitcoin (BTC). This means that KCS can be traded on the KuCoin exchange for other digital currencies.
- KCS can be used to pay lower buying and selling fees on KuCoin exchange.
- KuCoin shares 90% of the total profits derived from the buying and selling fees. 50% of the 90% goes to investors who have KCS in their wallet on KuCoin exchange. This form of payout in KCS is very similar to dividends you can get on stocks. The more KCS you have in your wallet, the larger the percentage of KCS you get. The other 40% is distributed among the influencers who successfully led other investors to KuCoin platform (referral rewards).
- KCS can also be used to buy into Initial Exchange Offerings (IEOs) launched on the KuCoin Spotlight (IEO platform)
What are the fees and other charges on KuCoin?
The revenue model behind every exchange is basically to charge the customer a percentage of the deposit, purchase and sale and withdrawal. This is also the case with KuCoin. KuCoin’s costs are very similar to Binance and therefore mostly a lot lower than the costs of other exchanges.
Depositing digital currency is free. For buying and selling digital currency through KuCoin you pay in many cases 0,10% in fees. Together with Binance, KuCoin has very competitive buying and selling prices compared to the 0,25% fees that many other exchanges charge.
If you want to withdraw coins from KuCoin you will have to pay a withdrawal fee. However, withdrawal fees vary per coin and change with market conditions. If you would like to see how much you have to pay in fees when you withdraw your coins from KuCoin visit our fees page.
Where do I find KuCoin support?
The support sections of many cryptocurrency exchanges unfortunately leave much to be desired. However, KuCoin has this perfectly in order. KuCoin offers investors 24/7 website support, hotline support, email support (support@KuCoin.com).
In addition, KuCoin also has an extensive and clear FAQ. In this FAQ you can find, among other things, how to register and log in, how to deposit and withdraw, how to go through the ‘Know your costumer’ – KYC procedure and how to secure your account.
What are the pros and cons of KuCoin?
Like any other exchange, KuCoin has advantages and disadvantages. See the table below for their strengths and weaknesses:
Pros
- Very large supply of cryptocurrencies
- Has many coins with low market value
- BTC/ETH/NEO/USDT/ & KCS Trading pairs
- Low transaction fees
- Functionality of KCS
- User friendly
- Very good customer service (24/7)
- Safe and reliable
Cons
- High recording fee
- Can be slow at high volumes
- No option to trade in euros or dollars
- Your cryptocurrencies on the platform are not insured
KuCoin
We believe that KuCoin is one of the ‘Go-to’ exchanges of the moment. KuCoin has a very user-friendly interface and offers a huge variety of coins on their exchange. KuCoin has very competitive buying and selling fees and also almost always has different promotions which makes it interesting to trade on KuCoin or own KCS.
Besides that KuCoin is known as a very stable exchange where you don’t have to worry much about losing your personal data or digital currency.
