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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Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background And History
KuCoin positions itself as a provider of secure and user-friendly digital asset trading and exchange solutions. Its approach revolves around the integration of globally recognized premium assets into a cutting-edge trading platform. Serving as a comprehensive spot trading hub, KuCoin accommodates a wide array of digital currencies such as Bitcoin, Ethereum, NEO, EOS, USDT, KCS, and an assorted assortment of others.
Users are offered the convenience of real-time inter-platform exchange services, accessible through both the KuCoin App and the official website. This facilitates seamless trading, depositing, and withdrawal experiences.
The paramount focus of KuCoin is safeguarding user privacy and asset integrity. The platform's security apparatus is in a state of continuous enhancement, with vigilant evaluation practices to ensure sustained user protection.
For user assistance, the KuCoin support team stands at the ready 24/7, poised to address any queries or concerns that may arise in the course of trading or interaction with the platform.
An advantageous facet of KuCoin pertains to its minimal withdrawal fees, contributing to a cost-effective and efficient withdrawal process. This economical approach aligns with the platform's commitment to enhancing user convenience.
Within the KuCoin Spot/Margin trade market, an array of factors interplay to determine your trading fee dynamics.
1. Trading Fee Level: Once logged in, navigating to the Fee section on KuCoin's official website provides insight into your prevailing trading fee level and the corresponding rate. Ascending the trading fee level ladder translates to diminished trading costs, and intriguingly, even a negative fee rate can be attained.
2. Maker and Taker Dichotomy: The status of being a Maker or a Taker exerts a discernible influence on the trading fee structure.
2.1 Taker: In instances of Market, Hidden, or Iceberg Orders, adopting the role of a Taker entails the application of a taker fee.
2.2 Maker: Initiating a Limit Order, especially when coupled with the Post Only functionality, delineates you as a Maker and brings about the levy of a maker fee.
3. KCS Pay Fees Functionality: An additional layer of modulation on your trading fee rate emanates from the activation of the KCS pay fees function.
Incorporating a distinct perspective on trading fees, KuCoin employs the token situated after the slash within a trading pair to facilitate fee deductions. For illustration, when executing trades like BTC/USDT or LTC/KCS, the fee token undergoes deduction, with USDT/KCS serving as the trading fee token. It's imperative to note that specific trading scenarios entail the identical coin functioning as the fee bearer. Consequently, the actual trade volume might diverge from the value credited to your account, as a portion is earmarked for fee settlement.
KuCoin Token (KCS)
KCS, the native token of the KuCoin exchange, was introduced in 2017 as a utility token designed to enable traders to participate in the growth of the exchange. It operates on the Ethereum network as an ERC-20 token and enjoys compatibility with most Ethereum wallets. Anticipating the launch of KuCoin's decentralized trading solution, KCS is poised to become the fundamental asset underpinning KuCoin's decentralized financial services, while also assuming the mantle of the KuCoin community's governance token.
Initiated with a total supply of 200 million tokens, KCS adheres to a strategic buyback and burn initiative aimed at ultimately reducing the supply to 100 million KCS. At present, the total supply of KCS stands at 169,843,459, with a circulating supply of 79,843,459. Notably, KCS boasts a market capitalization of $438,728,748, securing its place within the top 100 on CoinMarketCap.
As a utility token, KCS assumes multiple functional roles within the KuCoin ecosystem. Users can employ KCS to settle trading fees on the KuCoin Exchange, entailing discounts of up to 20%. Its utility extends to participating in token sales through KuCoin Spotlight, as well as engaging in LockDrop/BurningDrop activities on the Pool-X platform.
Furthermore, KCS serves as a versatile payment instrument across various domains:
SwirlPay: A decentralized payment service, facilitating KCS payments.
PlayGame: Empowers users to directly engage in gaming activities using KCS.
Travala: Facilitates KCS-based hotel reservations on the prominent blockchain travel booking platform.
Print-ted: Enables the acquisition of fashion items with KCS.
Pundi X: Facilitates KCS-based payments in diverse offline and online scenarios.
Splinterlands: KCS is utilized to purchase monster card packs.
Constant: Allows KCS to be used as collateral for borrowing USD and VND.
CoinPayments: Embraces KCS for borderless online payments.
BetProtocol: KCS is incorporated as a primary token for their gaming applications.
KuCoin, positioning itself as the People's Exchange, maintains a steadfast commitment to enhancing user value. In alignment with this mission, the platform introduces the Soft Staking Program, aimed at optimizing user benefits.
Participation in this initiative is straightforward: users are only required to maintain ownership of any of the eligible tokens within their trading account or main account. This entitles them to accrue daily rewards as a reflection of their participation in the program.
KuCoin Crypto Lending emerges as a peer-to-peer lending platform that empowers users to leverage their dormant crypto holdings for a consistent income stream. Conversely, it offers an avenue to secure asset loans for the purpose of amplifying investment gains through Margin trading.
In essence, the Annual Percentage Rate (APR) associated with KuCoin's lending system is intertwined with the undulating dynamics of the market. Instances of significant market surges or drops prompt an upswing in users seeking to capitalize on the momentum via Margin trading. This surge in demand for crypto borrowing stimulates a proportional increase in lending rates. This pattern elucidates the occasional occurrence of elevated APR figures, such as the 40% APR witnessed in USDT lending on KuCoin.
Adhering to this rationale, it becomes evident that periods of market stability are accompanied by a gradual reduction in the APR within KuCoin's lending framework.
KuCoin Crypto Lending encapsulates a more steadfast approach to earning passive income, while retaining a manageable risk quotient. The potential returns are contingent on the prevailing market conditions, yet it remains an astute choice to harness the latent potential of idle digital assets.
KuCoin Spotlight serves as the platform's ICO program, more precisely referred to as the KuCoin Initial Exchange Offering (IEO) program. This initiative enables users to partake in the initial funding phase of a new coin through the KuCoin Exchange.
On a complementary note, if you are the originator of a specific token or engaged in a token-centric project, KuCoin's Spotlight Program offers a valuable avenue to enhance market visibility, bolster industry influence, and secure requisite funding.
Upon submitting an application via the official website, the provided information undergoes scrutiny by the KuCoin team. Within a span of 3-4 weeks, the team reaches out to qualified applicants for further communication and progression.
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, previously recognized as KuMEX, emerges as a financial derivatives trading platform crafted by the adept KuCoin team. It stands as an approachable, secure, transparent, and user-centric Bitcoin trading platform.
Distinguishing itself, KuCoin Futures facilitates leverage up to an impressive 100x. This offering is underscored by an astute index calculation algorithm. The platform's inclusivity is underscored by its support for 14 diverse languages, while its global reach extends across more than 207 countries and regions.
KuCoin Futures assumes a pioneering role by delivering Level 3 market data feed, a feature shared exclusively with Coinbase Pro, KuCoin, and KuCoin Futures. This advanced data granularity is not only embraced by conventional financial exchanges such as NASDAQ and CME but also mandates intricate architecture and advanced technology implementations.
Furthering its sophistication, KuCoin Futures accommodates portfolio margin mode, a prevalent margin requirement structure observed within traditional financial exchanges. Its successful integration underscores the platform's elevated technological prowess and financial acumen.
KuCoin Futures upholds an expansive scope, offering multi-currency contracts encompassing diverse pairs. Examples encompass employing BTC for ETH/USD trading (Bitcoin Quanto), utilizing USDT for EOS/USDT trading (Linear Contract), and leveraging TRX for BTC/USD trading (Altcoin Quanto).
The user's trading journey occupies paramount importance for the team, defining their resolute commitment to becoming an accessible and transparent financial service platform since inception. Pioneering an ethos of open communication and transparency, the team maintains a steadfast reliance on technology as the bedrock of KuCoin Futures, fostering a symbiotic growth trajectory with users to impart exemplary trading experiences.
This dedication to transparency culminates in their unwavering mission to cultivate a robust trader relationship, perpetually propelling the sustainable development of the digital currency trading ecosystem—an enduring pursuit underscored by their steadfast commitment.
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, and get a bonus of up to $700 USDT on KuCoin, 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!