Is KuCoin safe? Is KuCoin legit? Is it worth your time? In this KuCoin Review, we will be looking into all of KuCoin's features and why this is one of the best cryptocurrency exchanges in the world.
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Background And History
KuCoin aims at providing users digital asset transactions and exchange services that are very safe and convenient. This is achieved by integrating premium assets worldwide and constructing a state-of-the-art transaction platform. KuCoin is a full-featured spot trading platform for many digital assets and cryptocurrencies, including Bitcoin, Ethereum, NEO, EOS, USDT, KCS, and many more.
KuCoin offers real-time inter-platform exchange services of high accessibility, providing convenience for users to trade, deposit, and withdraw through KuCoin App or the official KuCoin website.
KuCoin aims to protect users' privacy and assets from infringement. The security team has been constantly improving related mechanisms and conducting periodic reviews to protect users' privacy and assets.
The KuCoin support team is available 24 hours a day to assist you with any issues or questions you may have.
KuCoin has very low withdrawal fees, which makes it more affordable and convenient to withdraw your balance!
At KuCoin Spot/Margin trade market, there are several aspects that have an effect on your trading fee level.
1. Trading Fee Level: After logging in, You can click the Fee button via KuCoin's official website to check your trading fee level and current fee. The higher your trading fee level is, the lower your trading fee is, even a negative fee rate is possible.
2. Maker/Taker: Being a Maker/Taker would also affect your trading fee rate.
2.1 Taker: In a Market/Hidden/Iceberg Order, you will be charged a taker fee as a taker.
2.2 Maker: In a Limit Order(With Post Only function enabled), you will be charged a maker fee as a maker.
3. KCS pay fees: Your trading fee rate can also be affected if you enable the KCS pay fees function.
Trading fee token: KuCoin deducts the token after a slash of a trading pair as the fee token. For example, users will pay USDT/KCS as the trading fee token for BTC/USDT, LTC/KCS. It's worth noting that in certain trading, the same coin will be charged as the fee, and the actual trade quantity may be different from the quantity that arrives in the account because a certain part is deducted as the fee.
KuCoin Token (KCS)
KCS is the native token of the KuCoin exchange, it was launched back in 2017 as a utility token that allows traders to share the growth benefit of the exchange. It is currently issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. Sooner or later, as the KuCoin decentralized trading solution goes live, KCS will be the native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.
The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. KCS currently has a total supply of 169,843,459 and the circulating supply is 79,843,459. The total market cap of KCS is $438,728,748, ranking it in the top 100 on CoinMarketCap.
KCS, as a utility token, has a number of use cases. In the KuCoin ecosystem, KCS can be used to pay trading fees on the KuCoin Exchange, allowing users to enjoy discounts of 20%. The use case of KCS also includes participation in token sales on KuCoin Spotlight, as well as LockDrop/BurningDrop on the Pool-X platform.
Furthermore, KCS, as a payment method, also has a lot of use cases, such as:
- SwirlPay, a decentralized payment service, supports KCS payments.
- PlayGame, a direct-to-play gaming platform, enables users to play games with KCS.
- KCS can be used to make hotel reservations on Travala, the leading blockchain travel booking platform.
- Purchase fashionable products on Print-ted with KCS.
- KCS is able to serve various offline and online payment scenarios via Pundi X.
- Use KCS to buy monster card packs on Splinterlands.
- Collateralize KCS to borrow US Dollars (USD) and Vietnamese Dong (VND) on Constant.
- CoinPayments, a borderless online payment platform, accept payments in KCS.
- BetProtocol added KCS as the main token used on their gaming applications.
As a native and utility token, KCS has lots of use cases. Driven by the prosperity and development of the KuCoin ecosystem, the value capture capabilities of KCS will be further enhanced. In the long run, KCS performs as the key to the entire KuCoin ecosystem, as well as the governance token of the KuCoin community in the future. So, the future of KCS is worth looking forward to.
As the self-proclaimed People's Exchange, KuCoin has focused on fulfilling its mission to bring more value to its users. To maximize the benefits for users on the platform, KuCoin has launched Soft Staking Program.
All users need to do in order to receive their rewards is hold any of the available tokens, in either the trading account or main account, and receive rewards on a daily basis.
KuCoin Crypto Lending is a peer-to-peer lending platform where users can lend their idle crypto assets to obtain stable income. Conversely, you can also borrow assets on the platform to amplify investment returns by Margin trading.
In general, the APR of lending on KuCoin is associated with market fluctuations.
When there is a big pump or dump, an increasing number of users will be willing to amplify their profits by Margin trading, which may boost the demand for crypto borrowing. Driven by the higher demand, the lending rate is also on the rise. This is basically the reason why the APR of USDT lending on KuCoin can sometimes reach 40%.
So based on the logic, you can also expect that when the market is relatively stable, the APR on KuCoin Lending may gradually drop to a lower level.
KuCoin Crypto Lending provides a more stable way to earn passive income with manageable risk. The return may vary depending on the market conditions while it’s still a good choice to make use of your idle digital assets.
KuCoin Margin Trade supports customers to lend limited cryptocurrency to other customers for margin trading and to charge interest.
1. The available assets in the main account could be lent to borrowers.
NOTE: The assets in the trading account cannot be directly lent. If you would like to lend out, please first transfer your cryptocurrency to the main account.
2. The lenders enter the Lending Markets page and open the order.
The lenders only need to fill in the Loan Amount and the Daily Interest Rate (Interest rate range is from 0 to 0.2%) and the Lend Terms selection could be 7 days, 14 days, and 28 days. The default lend term is 28 days.
3. The open order is successfully released and the order enters the lending market and Open Orders. Open orders only show up the orders which have not been matched completely.
4. After the order is matched, it enters the Unsettled page and becomes a loan.
5. The Settled page contains:
a. Paid off: the principal and interest have been paid; the borrower gets a negative balance, but the risk fund has made up.
b. Not paid off: the borrower gets a negative balance, but the risk fund's corresponding currency balance is insufficient
6. The Order History page contains:
a. Completed orders: all matched transactions
b. Canceled orders: all canceled orders including the orders matched partially but canceled
7. The trade details enter into the Account Details of the main account
8. Statement of Expenditures
9. Cryptocurrency lent out
10. Paid fee
11. Repayment details
12. The principal and interest of the borrower's repayment
13. Details of the principal and interest of the risk fund compensation
KuCoin Spotlight is the Kucoin ICO program, technically it's the Kucoin IEO program where you can participate in the initial funding for a coin through the KuCoin Exchange.
On the other hand, if you are the creator of a specific token or are working on a specific token project, KuCoin’s Spotlight Program may assist you and your blockchain project in attracting market attention, improving industrial influence, and raising the needed funds.
After you complete an application form on the website, the team will screen all the information provided and get in contact with qualified applicants within 3-4 weeks.
KuCoin Trading Bot
The KuCoin trading bot provides trading bots within the exchange itself. It gives users a new way to generate passive income without having to always sit in front of a screen.
The KuCoin trading bot helps you execute your strategy even when you’re sleeping.
You can switch between different strategies and deploy them with the trading bot, if you would like to check all the trading bot strategies available, you can by following the link below.
KuCoin Futures (Former KuMEX)
KuCoin Futures (Former KuMEX) is a financial derivatives trading platform developed by the KuCoin team, it is an easy, safe, transparent, and user-friendly Bitcoin trading platform.
KuCoin Futures supports leveraage up to 100x with a smart algorithm for index calculation, it currently supports 14 different languages and customers are based in over 207 countries and regions
KuCoin Pros & Cons
- A large list of supported cryptocurrencies
- Advanced features
- Helpful and responsive 24/7 customer support
- Low trading fees
- Safe and secure
- Good liquidity
- Easy-to-use platform
- Not regulated
- Bank transfers aren't accepted
- Fiat currencies are not supported
- Live chat responsiveness needs to be improved
KuCoin Review: Verdict
KuCoin is one of the best cryptocurrencies in the world, it offers a lot of trading pairs and you can save on trading fees and earn passive income by holding KCS.
The trading fees are fairly low, and customer support is very helpful, the live chat usually has a long waiting time and we hope to see this improve in the future, the fact that KuCoin constantly runs a lot of promotions is also a great feature.
KuCoin has recently launched the KuCoin Futures platform (Former KuMEX) which boasts a lot of advantages over some of its competition, it supports 100x leverage, Level 3 market data feed, portfolio margin mode, and multi-currency contracts.
On the downside, KuCoin is not regulated, it doesn't accept bank transfers, and fiat currencies are not supported.
Finally, one of the most commonly asked questions is - Can you use KuCoin in the US? - the answer is: yes!
If you would like to get 20% OFF trading fees on KuCoin, a bonus of up to $500 USD on KuCoin, and get a $100 USD Bonus on KuCoin Futures, follow the link below! After signing up, open the app and choose to pay for fees using the KCS token in order to get the 20% discount!