KuCoin

Kucoin is now an overgrowing and highly valued cryptocurrency exchange founded by two geeks, namely Michael and Eric. They were early blockchain adopters. They thought of building a new system overcoming the shadows of bitcoin, which could be used by even the uneducated, unemployed, and unbanked people. Headquartered in Singapore, Kucoin has over 8M+ global users at present. It is planning to reach greater heights within the coming decade.

According to official records, Kucoin is said to be operational from 2017. Thus, it is considered a young cryptocurrency exchange. But in reality, the paperwork and technical architecture were started way back in 2011 when the two blockchain adopters decided to build a new system that everyone can use. So in 2013, in a café, they wrote down their first code and began the ‘People’s exchange’ journey as it is commonly called. 

Kucoin offers some of the lowest trading fees compared to the big market crypto exchanges. The base transaction fees are 0.1% for trading pairs and 0.25% for GGC trading pairs. Kucoin has been upgrading and improving its system slowly and steadily. Recently, they launched Pool-x liquidity market and Kucloud. 

How to create an account?

Setting up or registering on Kucoin is easy; you have to just follow the below steps:

1. Go to the Kucoin’s official website and click on the ‘sign up’ option present at the top right-hand corner.

2. Like any other account, you have to sign up using your email address and ensure the email verification is complete. After that, set a login password and read the ‘terms of use’ before completing your registration.
3. You can also do this by mobile verification, where SMS verification is done. After that, you set up your password, and your sign-up is completed.
4. You can log in later by providing your email and password or by scanning the QR code.
5. If you don’t recollect the password, click on the ‘forgot password’ tab. If you enter the incorrect password five times, your account will be locked out for 2 hours.

After that, for trading and buying crypto, you can read in the given link- https://support.kucoin.plus/hc/en-us/categories/360001255374-Beginner-s-Guide

Security

Security is something you should never endanger with some cryptocurrency agency. Many cryptocurrencies face the danger of hacking and piracy as these third-party exchanges deal with lots of money. Though there are no reported hacks on the Kucoin system, how can you be sure of the Kucoin security before investing your hard-earned money?

Well, the Kucoin website is highly protected by an encryption protocol. This keeps the private account information safe and secure. There is also an internal risk department in Kucoin that looks after potential threats and risks. For security, you can also set up google-authenticator.

Kucoin give great importance to verification of account and has three verification levels

1. Unverified account – Email verifications are completed and allows you withdrawal of 2 BTC per day.
2. Verified individual account – When your Identity details like insurance and address are well uploaded, your withdrawal limit will increase to 100 BTC per day.
3. Verified Institutional account- Withdrawal limit is now 500 BTC per day.

In April 2020, strategic cooperation with Onchain custodian (a Singapore-based crypto custody service provider) looked after Kucoin’s crypto assets. Also, the funds present are backed by Lockton, which is considered one of the largest private insurance brokers.

Other features that Kucoin deploy for security include

1. Two-factor authentication Security questions
2. Anti-phishing safety phrase
3. Phone verification KYC verification
4. Login safety phrase
5. Email verification
6. Restrict login IP

Hacks and frauds are common in every cryptocurrency agency, but how the exchange deals with the situation and how many coins they can restore are essential. So, it’s always much safer to withdraw your coins to your personal wallet. 

Install iOS and Android KuCoin app

Kucoin is present in both iOS and Android platforms.

KuCoin for Android 

Go to the ‘play store’ and search for Kucoin mobile app. Then, click on the download of the app to install it. Unfortunately, some Android systems (Android 8.0 or higher) turn off the third-party application download process. This will result in not succeeding in the download process. For this, go to settings >More settings in your android phone and click on ‘enable unknown apps to be installed.’

KuCoin for iOS

Go to the ‘App store’ and search for the Kucoin application. Next, click on the ‘get’ button and wait for downloading. Next, go to settings> General> Device management> New times securities Co. ltd and click on the ‘Trust” button. Clicking on the Trust button will enable you to open the application.

Supported currencies

Supported cryptocurrencies include- Ethereum, NEO, Bitcoin, Fortuna, Trinity, Tecoin, Dash, OmiseGO, Bitcoin gold, EOS, Qtum, Asian, Bitclave, etc.

Supported countries

There are more than 150 countries where Kucoin is accepted. These include Canada, India, Japan, USA, UK, Australia, Singapore, Greece, and Iceland.

KuCoin Fees

Kucoin platform does not support fiat currency, and hence you have to fund your account with cryptocurrency. However, one of the best features of Kucoin is that it offers its traders pretty low fees. 

Here the cryptocurrency deposits are free, and only a blockchain transaction fee is present that you pay when making the transfer. This transaction fee will depend on which cryptocurrency you are using. The trading fee is currently 0.1%, and the transaction speed is also relatively high. 

If you have the platform’s native Kucoin shares token, then it can reduce your fess some more. Depending on how much amount you are holding, the minimum discount you can get your fees is 0.0125% and 0.3% for makers and takers, respectively. 

Withdrawal and deposits

You know that Kucoin is not a regulated exchange, and hence they do not promote fiat currency deposits. 

Withdrawal

When you withdraw coins, the fee will depend on which cryptocurrency you are taking out. Kucoin withdrawal fees are seen to be the lowest in this big crypto industry. For example, 0.0004 BTC is charged when a user makes a withdrawal of BTC. You have to remember that you should not withdraw to the ICO or crowdfunding address. Generally, withdrawal time is 30 mins but will hugely depend on the blockchain. Bug withdrawals can be manually assessed for security; this can take a more considerable time.

Deposits

Kucoin deposits are free of cost, which means that it will not charge any fees to users regarding deposit transactions. First, find which coin you want to deposit and specify funds in that particular address. After that, you go for a crypto pair on which you like to trade and then click on it. The deposition transaction will be automatic. The specific address for any crypto will not be allowed for depositing other assets other than that particular coin. You can do multiple recharging at your own address at the same time. It takes about 10-20 minutes to credit your account.

Kucoin also has the feature of rewarding its members. They can share up to 90% of their generated trading fees with their members. $0% of the fees is given to members who can invite other users to trade in Kucoin. 50% of the fees are given to members who are holding KSC as a Kucoin bonus.

Pros and cons

Mentioned below are some of the pros and cons of the platform: 

Pros

• Trading fees are meager in amount
• No hacks history to date
• High liquidity levels and improved trading volumes
• Very high rated and 24/7 customer support
• Crypto yields can be staked and earned
• Forced KYC checks are absent
• High security

Cons

• Newbies may not be able to cope up with the interface
• Bank deposits absent
• Fiat trading pairs absent
• Fiat crypto trades have higher fees
• Sometimes not regulated
• Offline wallet not offered

Summary

Kucoin can be a young but exciting prospect. The high success rate which it received in its early years gave a significant boost to its foundation. Plus, their motive of making the crypto exchange available and affordable to most sections of society demands respect. Currently, it conquers a high position based on quality, reliability, services, security, and other things. 

Though this exchange doesn’t accept real-world deposits and doesn’t have proper regulatory licenses, this exchange still looks to improve in each department. For experienced traders, this is an excellent ground because it provides a good range of charting tools. However, Kucoin also offers a very advanced and interactive API that helps new users. It has about 456 trading pairs and is built with many exceptional features.