Review the prestigious Kucoin exchange in detail

1. Kucoin exchange overview

Kucoin was launched in 2017. Currently Kucoin's headquarters is located in Seychelles. In February 2019, the exchange upgraded its interface to the very new Platform 2.0. In June 2019, Kucoin also launched KuMEX, which has now been rebranded as Kucoin Futures. At the end of 2019, the exchange also introduced margin trading with up to 10x leverage.

Kucoin continues to grow its ecosystem in 2020. On June 24, 2020, Kucoin announced that their P2P crypto marketplace supports selling and buying via PayPal as well as convenient fiat payment methods. more beneficial.

Currently, Kucoin is present in more than 200 countries with more than 10 million users. The trading website is also translated into 17 languages, including Russian, English, Korean, Portuguese, Dutch, Vietnamese, Chinese (traditional and simplified), French, German, Spanish, Turkish Turkish, Malay, Italian, Indonesian, Thai and Hindi.

Kucoin is known as a major cryptocurrency exchange that provides the ability to trade, sell and buy cryptocurrencies. Besides basic trading options, Kucoin offers futures, margin, and peer-to-peer (P2P) trading. Kucoin users can also choose to lend or stake their cryptocurrency to earn rewards. Compared to some of its competitors, Kucoin offers lower transaction fees and this makes it an attractive option.

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2. Kucoin exchange review

Kucoin is currently one of the industry leaders in terms of security, quality of service, reliability, and features. To understand better, let 's find out the advantages and disadvantages of Kucoin exchange with NinhTienIT .

2.1. Advantages – Review of Kucoin exchange

There are many benefits in Kucoin Exchange, including:

2.1.1. Low fees

Compared to other major exchanges, Kucoin exchange offers relatively low transaction fees. Users do not have to pay any monthly account fees. Withdrawal fees are also more in line with other exchanges. You will be free to deposit crypto. However, you will pay a small fee to deposit fiat (traditional) like US dollars. In addition, the fee depends on how you transfer the cash and the third-party application you use. In some situations, users may have to pay between 0.0125% and 0.10% per transaction.

2.1.2. Many Cryptocurrencies

Unlike some exchanges that offer several dozen cryptocurrencies available for trading, Kucoin exchange offers over 600 cryptocurrencies.

2.1.3. Earn profit from your crypto

There are 2 ways to pay interest for Kucoin Earn service. You can stake coins through Pool-X or lend your crypto and then get interest paid.

Placing coins is like earning a stock dividend. You can earn rewards if you agree to link your funds within a certain period of time.

By lending your crypto, you will earn more interest than you would get with a traditional savings account although it varies by need and amount.

2.1.4. Buy crypto with top fiat currencies

This includes top fiat currencies like: USD, CNY, EUR, GBP, AUD, CAD etc. Kucoin allows you to buy crypto with fiat via credit card, P2P fiat transaction or debit card via via Banxa, Simplex or PayMIR. Or its Quick Buy service, which supports VND, IDR and CNY buy BTC (Bitcoin) or USDT (Tether).

2.1.5. Advanced Features

Today the Kucoin exchange has a lot of extra features. However, users also need to think more carefully about whether they want to use them through these more advanced features.

2.1.5.1. KCS (Kucoin Token)

Kucoin has also offered its own coin, namely the Kucoin Token (KCS) which runs on the Ethereum network. Owning KCS will allow Kucoin users to not only receive a transaction fee discount, but also a percentage share of Kucoin's transaction fee revenue each day. To be eligible to use, users must have at least 6 KCS tokens.

2.1.5.2. Margin trading

Unlike some other exchanges, Kucoin allows US residents to have crypto escrow accounts. This risky investment method allows users to borrow money to increase their profits (and, of course, potential losses).

2.1.5.3. Cryptocurrency lending

Kucoin exchange also allows users to lend their crypto assets to other margin traders. Term length and interest rates vary by currency.

Of course, crypto lending is not without risk. While the recipient must maintain a certain balance and the loans are collateralized, the price drop can cause some unexpected losses.

2.1.5.4. Trading bots

Kucoin's trading bot allows users to automate their cryptocurrency trading by programming actions that automatically execute when conditions are met. They can use this Bot for everything, such as rebalancing their portfolio when their asset allocation doesn't fit the program, or taking advantage of price movements in their absence. However, to be honest, Crypto Bots are not developed as expert advisors.

2.2. Cons – Review of Kucoin exchange

On the other hand, the Kucoin exchange also has some disadvantages.

2.2.1. Not licensed in the US

The United States has very strict regulations for cryptocurrency exchanges. Therefore, Kucoin is not licensed to operate in the United States. You may be lured into using Kucoin without completing KYC verification if you live in the US. You will have restrictions on how much leverage you can access and how much you can withdraw.

2.2.2. Payment methods are quite limited

Kucoin allows you to buy cryptocurrencies with fiat money; however, you will need to do it through a third-party app. You can pay by debit card, credit card, or Apple Pay / Google Pay. You cannot send money by bank transfer and the fees can also be quite high.

Furthermore, you will need to immediately purchase a certain amount of a currency. For example, you can buy $200 worth of USDT (Tether). It is a stablecoin pegged to the dollar. You will then be able to use Tether to buy other currencies. You can't easily deposit that $200 and wait for the right time to invest. Other exchanges may allow you to deposit. Then you simply choose how and when you want to spend it.

3. Cryptocurrencies available on Kucoin

As mentioned, Kucoin offers more than 600 cryptocurrencies for users to trade, sell, and buy. Here is the list of cryptocurrencies currently available on the Kucoin exchange:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Cosmos (ATOM)
• Decentraland (MANA)
• Ethereum (ETH)
• Litecoin (LTC)
• Polygon (MATIC)
• Polkadot (DOT)
• Solana (SOL)

Kucoin also offers a wide variety of trading pairs. It includes things based on BTC, KCS and altcoin pairs.

4. Trading experience – Kucoin exchange review

Kucoin users can access their accounts through mobile apps, available for Android/iOS, or an online portal. Both the mobile app and the desktop site offer a wealth of features and tools.

After logging in on mobile or desktop, Kucoin users can click to view the market, trade, buy crypto, lend crypto, etc. The platform supports 4 types of orders (included) including limit, market, stop limit and stop market) and margin trading, futures and P2P are available. Kucoin also supports staking features and Trading Bots to help simplify the trading process.

This exchange offers many options; however, its mobile and desktop platforms are not particularly user-friendly.

5. Kucoin Transaction Fee – Kucoin Exchange Review

Kucoin offers a tiered producer/collector fee model, with transaction fees ranging from 0.0125% -0.1% and it depends on your level. Kucoin fees are relatively low compared to other competitors as they can charge up to ~0.50% per transaction. Kucoin users can also get a discount on transaction fees based on their Kucoin Token (KCS) balance.

Besides transaction fees, Kucoin also charges withdrawal fees that vary by asset and can vary based on market performance. Deposits are free on this exchange. However, it is very important to note that Kucoin offers limited options for fiat deposits at this time.

The top fee you'll pay for spot or futures is 0.16%, but if you're a producer, you may be eligible for negative fees at certain rates. This is your reward for providing liquidity.

6. Compare Kucoin exchange with Coinbase and Binance.US.

Kucoin, Binance.US. and Coinbase rank among the top crypto exchanges in the world by trading volume. However, there are some fundamental differences between the three platforms:

Overall, it can be said that Kucoin is a powerful, beginner-friendly exchange. Kucoin's low fees and rich feature set could make it an attractive choice for advanced crypto investors.

Oct 06, 2022