Cryptocurrency has been making headlines lately. With the growing popularity of Bitcoin and other cryptocurrencies like it, you might be interested in researching your options for investing. If so, it’s essential to do your research up-front to make sure you have a clear understanding of cryptocurrency and how it works before investing.
And if you’re looking for a complete guide to cryptocurrency and one of your unique options for investing in it, then you’ve come to the right place with this KuCoin review. In this article, we’ll be reviewing the user-friendly cryptocurrency exchange KuCoin and making sure you have all the information necessary to make an informed decision and learn how to use KuCoin.
What Is Cryptocurrency?
Before we get started, it’s important to lay the groundwork for a solid understanding of cryptocurrency by explaining what it is and how it works.
At its core, cryptocurrency is a digital, token form of currency exchanged over an online ledger called a blockchain, protecting data and decentralizing control to give all users equal footing. Cryptocurrency can be exchanged online for goods and services or traded for profit since these currencies are largely unregulated.
A common way to explain cryptocurrency is to liken it to tokens at an arcade or casino. The tokens are worth a monetary value because you must exchange fiat currency, government-issued paper and coin currency, to acquire them. Since cryptocurrency is just another form of currency, why is it becoming so hugely popular?
The appeal of cryptocurrency lies in the security and deregulation it offers. Because it removes centralized banks from the equation, many hail it as the currency of the future and attempt to stockpile it before its value skyrockets and prices soar.
1. KuCoin Overview
You may be familiar with some types of cryptocurrency, but KuCoin is a popular, though still under-the-radar, exchange method. For many seeking to invest in cryptocurrency for the first time, KuCoin may provide an easy, appropriate jumping-off point.
KuCoin’s origins are in China, although it’s now headquartered in Hong Kong and is a favored platform for cryptocurrency beginners since it offers simple and secure trading that can be done quickly and without a lot of fuss or frills.
In addition to the ease of use, KuCoin trades in over 400 different types of cryptocurrencies, putting all your trading options right at your fingertips in one place. If you invest in KuCoin’s native cryptocurrency, KuCoin Shares (KCS), you’ll also benefit from an associated loyalty program that involves bonuses and other perks.
KuCoin also boasts zero deposit fees, zero withdrawal fees for some cryptocurrency forms, and lightning-fast transactions that can take only seconds for small amounts and up to ten minutes for larger amounts.
Traders on the platform will also find that KuCoin offers superior 24/7 customer service. Because of its cutting-edge API (Application Programming Interface) and its innovative trading-pair offerings, this exchange allows users to go further and do more with less effort than other exchanges can.
Overall, KuCoin is an impressive platform that allows users to trade in multiple different forms of cryptocurrency in many different combinations. The ease of use, transaction quickness, and security of the exchange make KuCoin a great choice for beginners. It’s important, however, to weigh the pros and cons to make sure it’s the right platform for you.
2. KuCoin Services
According to KuCoin’s website, an impressive one out of four crypto-holders worldwide trades with KuCoin. While cryptocurrency trading is one of the main services available on the platform, KuCoin offers many other services as well.
One of the primary disappointments with KuCoin that users have noted in the past is that the site did not enable customers to purchase cryptocurrency on the platform, as it did not deal in fiat currency. However, last year, KuCoin made the initial leap to supporting the five mainstream fiat currencies: US Dollar (USD), Indonesian Rupiah (IDR), Chinese Yuan (CNY), Canadian Dollar (CAD), and Vietnamese Dong (VND).
Besides its peer-to-peer or consumer-to-consumer (P2P or C2C) market facilitating fiat-to-crypto transactions, KuCoin also offers futures trading, which involves two parties agreeing upon a contract which states that a seller and buyer agree to a future transaction at a certain price, on a certain date.
If the trading price on the agreed date is higher than the agreed price, then the seller pays the difference in cash, and the buyer must do the same if the trading price is lower than the agreed price on the agreed date.
KuCoin offers three futures trading options for users: Futures Lite, Futures Pro, and Futures Brawl, which comprise three different futures trading levels for new traders, comfortable traders, and those who want a higher risk to reward ratio.
While the KuCoin platform supports spot trading or regular trading in which someone purchases one currency with another of an equal value amount, many users also engage in margin trading on the site. This involves using money borrowed from a brokerage to trade or purchase an asset.
With cryptocurrency, margin trading means you borrow money against your current funds, leveraging them to increase buying power. On KuCoin Exchange, you can get up to ten times the amount of your funds in leverage. As you’ll find across the board, KuCoin offers low-interest rates and minimal fees, making it easy to borrow and trade with leveraged funds.
For those wondering “where is KuCoin exchange located,” you’ll find everything you need to know on the platform’s streamlined and easy-to-navigate website.
Another service that KuCoin offers to its users is the ability to stake their cryptocurrency. At its core, crypto staking earns passive income on cryptocurrency by holding onto it in a digital wallet. Crypto-holders earn from this method through a series of incentives, enabling the blockchain to verify transactions better and thereby strengthen the system.
KuCoin allows staking through its Pool-X system, which also allows users to liquidate their staked cryptocurrency through trading. POL (Proof of Liquidity) is the token that KuCoin uses to bridge between staked tokens and those in circulation, meaning that crypto-stakers can enjoy instant liquidity when using these tokens to trade.
KuCoin also offers soft staking, which allows users to earn rewards while keeping their funds flexible and protected.
Another way to earn income with your cryptocurrency on KuCoin is through crypto lending. As with traditional lending means, you can use your cryptocurrency funds to earn you interest by loaning it out. Different forms of cryptocurrency such as Bitcoin, Tether (USDT), or Ethereum (ETH) will earn different interest rates based on the coin type and the term rate.
Likewise, you may choose to borrow on the platform using a wide variety of cryptocurrency forms. The low fees and low risk of lending through KuCoin make it an ideal way to earn some passive income with your cryptocurrency.
KuCoin also makes it easy for beginners to break into lending and borrowing, offering a wide variety of resources right on the site to help you get started.
In all, KuCoin offers a vast array of services on par with any other exchange platform. The real advantage lies in KuCoin’s low fees, ease of use, and streamlined programs that make it effortless to engage in all the crypto lending, trading, staking, and purchasing that your heart desires, all from the same engaging platform.
3. Currencies and Payment Methods
The foundation of any cryptocurrency investment, of course, is purchasing the cryptocurrency itself. As we mentioned before, KuCoin hasn’t always offered on-site fiat-purchasing of cryptocurrency, but with the platform’s updated capabilities, you can truly do it all from the same source.
When accessing KuCoin’s platform, the Cryptocurrency Exchange is easy to find, denoted by a tab at the top of the page which reads “Buy Crypto.” From there, you have multiple options for purchasing your currency.
After adding capabilities to support the five mainstream fiat currencies for P2P purchases and trades, KuCoin upped the ante and now supports 22 different fiat currencies for cryptocurrency purchases. For a full list of all the fiat currencies supported on the platform, visit this release from KuCoin.
Regardless of what fiat currency you use for your purchase, KuCoin supports PayPal, Apple Pay, and credit or debit. The purchase screen is straightforward and streamlined, allowing you to choose between the 15 cryptocurrencies currently available for fiat exchange.
From there, you can choose between two different third-party payment channels that will enable your fiat-to-crypto purchase. These channels offer data protection and ease of conversion, ensuring that your purchase will be quick and secure.
Take note, though, that cryptocurrency purchases are often irreversible. Make sure all the details are correct before you confirm your purchase!
4. KuCoin Price and Fees
KuCoin is unique in that it doesn’t charge different fees for specific services within the platform. Instead, it employs an attractive and nearly unmatched flat-fee model, which for trading is 0.10%. The industry standard, though highly debated, hovers around 0.25%, making KuCoin a no-brainer in terms of capitalizing on services without suffering exorbitant KuCoin listing fees.
Even that small trading fee is subject to reduction based on a user’s tradings and holdings of KuCoin’s previously mentioned native coin, KCS, which could be considered one of the best coins on KuCoin to invest in. KuCoin price, of course, as with other cryptocurrencies, varies, but users will also enjoy discounts based on the loyalty program associated with it.
KuCoin is also a cut above the rest of its competitors in the area of withdrawal fees. While withdrawal fees will vary amongst each type of cryptocurrency, you’ll find that each is noticeably lower than on other platforms. For example, KuCoin’s standard withdrawal fee for Bitcoin (BTC) is .0004 BTC, whereas, throughout the crypto industry, the average is closer to .000812.
So really, no matter how you slice it, KuCoin offers the most competitive rates for fees across the board in the industry. This is one of the most appealing benefits of the platform and what draws many of its 6 million users. For this reason, many users give a glowingly positive KuCoin Exchange review.
5. Supported Countries
With all of the advantages that KuCoin has to offer, it’s thankfully available all around the world. For those asking, “where is KuCoin based,” it was founded in 2017 when its operations were centered around China. It moved after that to Hong Kong, leaving some users frustrated with the language differences on the website and when engaging with customer service.
However, KuCoin has since expanded its scope to live up to its commitment to making cryptocurrency buying, selling, and trading accessible and easy for everyone. KuCoin’s site is available fully in English, and it has also expanded its customer service centers into multiple KuCoin locations worldwide to offer more local support to customers worldwide.
If you are asking “where is KuCoin located” for issues with customer service, South Korea, Russia, Italy, Japan, Vietnam, Turkey, India, Spain, and several other regions are currently home to KuCoin’s support communities. So no matter what language you speak, you are greeted with great customer service 24/7.
Although KuCoin USA does not currently offer KYC services to US users, this does not impede your ability to buy and trade on any KuCoin markets.
Another advantage of this platform is that it’s accessible through the KuCoin app, which allows users to buy and trade on the go no matter where they are. Since our phones are always just an arm’s reach away at most, this added convenience translates the simple and easy layout of KuCoin’s web platform to your phone screen.
All in all, KuCoin sounds like a fantastic platform on paper. The simple, easy-to-use services, low fees, and instantaneous transactions are appealing and stand out from the competition. But as with any other method of investment, it’s important to evaluate the risk and drawbacks involved and answer all the all-important question: is KuCoin safe to use?
One major upset in the smooth running and otherwise mostly unmarred history of the platform was its substantial hack, which occurred in September 2020. The platform suffered the largest hack of any cryptocurrency exchange to date, involving around $281 million in cryptocurrency tokens. This has led to questions about whether users are safe from a KuCoin scam on the platform.
Thankfully, KuCoin was quick to make reparations. However, it had to restrict the functionality of several cryptocurrencies until it rectified the issue. That October, the culprits of the hack, who were able to gain control of large quantities of multiple types of tokens within KuCoin exchange, were apprehended.
All the stolen funds have now been returned to the hacking victims, and the platform has taken measures to keep Kucoin login secure through updated blockchain measures and encryption. In an increasingly digital world, the risk of data and funds hacking is always present when engaging in financial activities online. This is something to keep in mind before investing in cryptocurrency.
Besides KuCoin’s hack, the major drawback that users site is the occurrence of low trading volume, especially for smaller coins. When the KuCoin volume and for trading and demand is low, it becomes more difficult and less profitable to liquidate specific cryptocurrencies. On the other hand, some users report difficulties using the site during high-trafficking periods, which can increase transaction times.
Compared to competitors, KuCoin is aimed at making cryptocurrency accessible and easy for everyone. While many of KuCoin’s competitor platforms, such as Binance, Coinbase, and Kraken, rake in well over $100 million in profits, KuCoin’s profits are in the $13 million range, owing to its guarantee of fair, low fees.
KuCoin is also a mid-range platform for the industry. Still, compared to Binance and Coinbase, which comprise over 1,000 employees, KuCoin retains only 300 employees, ensuring fair pay without having to up fees. For this reason, the KuCoin market continues to grow.
When it comes down to it, KuCoin’s accessibility and lower risk compared to other platforms make it an ideal starting point for would-be cryptocurrency buyers and traders. The proof of its efficiency and popularity is in its 6 million users worldwide and its many positive KuCoin reviews. Even after its hacking incident, KuCoin continues to grow and thrive amongst its competitors in the industry.
Getting started in the world of cryptocurrency can be overwhelming and confusing. With so many options, it’s best to weigh the risks carefully and make the smartest choice for you.
In an industry that can be tricky, choosing KuCoin takes a great deal of the guesswork out of the equation. It reduces the whole process down to brass tacks, making it easier for you to understand your financial objectives and what action to take to achieve them. The platform’s design and API ensure easy, intuitive use that will help you catch onto using cryptocurrency fast.
On this platform, you can engage in many types of crypto activity, such as fiat-to-crypto buying, futures trading on multiple different experience levels, and accruing passive income through crypto lending or crypto staking. And KuCoin makes it easy to learn about all these processes through the resources offered on the platform.
You can take advantage of the low fees that KuCoin offers from anywhere in the world with the KuCoin smart app. Despite its hack in 2020, KuCoin works harder than ever to keep your data secure and allow you to buy and trade without reservation.
Compared to competitors, KuCoin takes a minimal cut of the processes it oversees and also keeps its employee teams small so you can reap big benefits while also enjoying the human touch of a small operation.
In all, KuCoin is perfect not just for beginner crypto-holders but also for experienced users who appreciate a simple, streamlined platform committed to accessibility and exceptional user experience.