Kucoin Review
A Deep Look Into The Platform's Features

Kucoin Exchange reviews

Do you already own some cryptocurrency?

If so, perhaps you’re looking for a secure and legit platform so you can pair trade and diversify your altcoin portfolio?

As long as you have some crypto in place to invest or trade, KuCoin, with its strapline The People’s Exchange, should definitely make it onto your exchange shortlist.

In a market glutted with newcomers, KuCoin only went live as an exchange in September 2017. The team was lashed together in mid-2017. A round of angel investment was rapidly followed by the first iteration, KuCoin V1.0, bursting onto the digital exchange scene.

Although an unregulated platform with scant information available about its owners, KuCoin.com is carving out a solid reputation in an often murky space. A combination of top-notch security, low fees, flexible customer care alongside a broad spread of crypto coins means investors continue to flock to this pure cryptocurrency exchange.

If you’ve been going in concentric circles looking for a legit and secure platform upon which to trade your crypto, read on…

In this review we’ll look now at just how easy it really is to use this intuitive, swift and stable exchange to start or enhance your cryptocurrency portfolio.

What Coin is Kucoin Normally Used For?

checking btc value on the platforms dashboard

While KuCoin is a crypto-to-crypto exchange, you won’t be limited to Bitcoin.You’ll need some cryptocurrency to buy in since no fiat currencies are presently accepted. As long as you have some digital assets, you’ll be able to choose from more than 80 crypto coins to trade in. From Bitcoin and Ethereum through to Dash, NEO and an impressive range of altcoins, KuCoin is a great platform for straight-up crypto-to-crypto pair trading.There’s a web-based trading platform alongside apps for both iOS and Android.

Let’s review the currency pairs that are categorised into 5 groups:

  • Bitcoin
  • Ethereum
  • Tether
  • NEO
  • KuCoin Shares (KCS)

At present, there’s no facility for margin trading on this digital platform.There are a number of promotions available on the site. The most enticing of these offers is a discount of as much as 30% on trading fees when you use KuCoin Shares. There’s also an invitation bonus with a structure that allows you to benefit from anyone the invitee encourages on board.

The overview screen of the markets is clear, even if you’re just starting out on your crypto journey. Trading pairs are crisply laid out and, although slightly more complex, the trading screen is simple to navigate with an ever-evolving selection of cryptocurrency pairs. There’s a detailed but intuitive TradingView charting system in place

man using the trading system

Although KuCoin is fairly recently launched, there’s more than sufficient liquidity on the platform for the most popular crypto currencies.

In this review we’ll walk you through the key areas where this digital exchange stands and falls next so you can see if the platform gels with your investment needs.

Verification & Exchange Process:

reading reviews on the internet

Despite KuCoin’s infancy, cryptocurrency is a young space anyway so don’t let its youth put you off. Reviews are all-important in this industry where reputation is everything, and security is absolutely imperative.

Before investing in any platform, make sure to read plenty of reviews while keeping an open mind. A single complaint may well have no legitimacy… Multiple threads about the same issue should sound alarm bells.

Opening an account is straightforward. Sign up with your chosen email and password. You’ll receive an immediate activation email which can end up in your Spam folder depending on your settings.

Your account is now open, and there are no initial costs involved. Follow the simple instructions for Google 2-Step authentication. Choose an ID card, passport or driver’s license for the purposes of verifying your ID.

The crucial questions you need to ask yourself are whether or not this exchange site is right for you, and whether it aligns with your investment needs. To this end, in this review we have curated a snapshot of the principal advantages along with a frank appraisal of KuCoin’s shortcomings. See at a glance if this digital platform makes sense for your investment needs…

Advantages

holding the coins
  • Expanding Range of Cryptocurrencies: With over 80 coins currently available on the exchange, the underpinning technology supports i​​​​nfinite trading pairs. New coins are regularly added, often before they hit other exchanges enabling greater potential gains. You can even add your own crypto pairs.
  • Responsive Customer Service: In an industry beset by problems with sluggish, almost non-existent customer service, KuCoin is a shining beacon. The email team are highly responsive and there’s a 24/7 hotline for more immediate action. There’s very little negative press about customer care on forums.
  • Security, Speed, Stability: Although it’s not regulated, KuCoin embraces a multi-layered financial architecture like that employed by banks. With multiple centers and locations, security is uppermost. Wallets are protected in line with scale by Amazon Web Services Cloud. Deposits and withdrawals are actioned in minutes.
  • Low Fees:With crypto deposits free of charge, and cut-throat fees for trading and withdrawal, KuCoin has attracted plenty of bargain-hungry investors. Trading commands a flat fee of 0.1% against a sector average of 0.25% while withdrawal fees are highly competitive.
  • KuCoin Shares (KCS): KCS, also known as the KuCoin Token, is a decentralized Ethereum-based crypto currency. A 3-stage ICO saw 200 million tokens released and, after an ongoing buyback is completed, 100 million will remain. This asset pays dividends even when not increasing in value. Users also qualify for a worthwhile trading discount when using KCS.

Disadvantages

graph for cryptocurrency
  • No Fiat Currencies Supported: Since this platform is a crypto-to-crypto exchange, you won’t be able to use fiat currencies. As you won’t be able to trade dollars for Bitcoin or to cash out in real world currency, KuCoin is not the best platform if you’re a complete beginner. On this crypto exchange, you’ll need to buy in using a blockchain transfer rather than via your bank account or credit card.
  • Lack of Margin Trading: While margin trading is risky, especially in a highly volatile market like cryptocurrency, for savvy investors there are exchanges like Bitfinex and Poloniex that allow you to further hedge your assets in this way. If you know what you’re doing and you want to margin trade your digital currency, KuCoin is not the platform for you.
  • Minimal Company Information Available: While some exchanges like Gemini actively seek out regulation, other platforms like KuCoin are not licensed. On the site you can see a dozen pictures of the core team described as “a group of blockchain enthusiasts” with a raft of industry experience. Beyond this, little is known about the company so you need to make your own mind up here about this lack of transparency.

How to Use Kucoin's Platform:

In this review we’ll get straight down to the nuts and bolts of using this nimble trading platform now by outlining just how easy it is to trade on this platform.

Opening an Account

Open up an account as directed above, and enable 2-Factor Authentication.

Make absolutely certain you use the official site and remain vigilant of any phishing attempt at this stage. This is nothing peculiar to KuCoin, but rather a precaution you should always take with hackers increasingly targeting crypto exchanges on all fronts.

With a basic account in place, you’ll be able to deposit funds.

bitcoin price index on device

Depositing Funds

You’ll need to buy some cryptocurrency on an exchange such as Coinbase that accepts fiat currency. Coinbase works particularly well for sending currency between platforms. On your chosen crypto exchange, you’ll need to withdraw your digital assets at which point you’ll be prompted to enter a deposit address to send them to, in this case to KuCoin…

To generate this address, hit the Assets tab on the upper menu. Ensure you choose the correct virtual currency then click Deposit. You will not be charged a fee for making a deposit onto the platform. Your wallet address will be generated and you can then send your funds from the other exchange to KuCoin, and you’re ready to roll.

Trading Cryptocurrency Pairs on KuCoin

Select Markets on the top menu of the trading screen, and choose your crypto pair from the clearly laid out table.

If you have some Bitcoin and want to purchase some Litecoin, choose BTC from the top menu and search top right for LTC. Click anywhere on the row to begin trading.

You’ll now be presented with a full page devoted to trading that pair of coins. Do not be overwhelmed here. Most of the screen is for reference purposes only which we’ll now break down for you…

The majority of this page is composed of a large chart showing the price of the coin you’re buying against the coin you’re selling. The small chart below this forms the order book segregated by Buy orders and Sell Orders. Any active orders you have appear to the right of this.

So…to review...

That just leaves the small segment on the bottom right of the screen. Here’s where you buy and sell your coins. Since KuCoin currently restricts you to basic limit orders, the act of trading is incredibly easy.

Enter your Google 2-Factor Authentication if prompted. View this as a security positive rather than a tiresome chore.

To buy coins, you need to manually enter the price of the keenest sell order which is displayed in the Order Book above. Click the lowest red number to get the best price available. Enter the amount of coins you want to buy at this price then click the green Buy button.

internet money trading

Selling coins operates on exactly the same principle. The only difference is that you use the green numbers on the Order Book, this time looking for the highest sell price. You hit the red Sell button to complete your transaction.

How Can You Withdraw Funds From KuCoin?

As you can see from many reviews, withdrawing crypto coins is a breeze. Follow the same steps as when depositing digital assets except click Withdraw.

You can send your chosen coins to another digital exchange, or to your own wallet. Enter the address, and your funds will rapidly make their way to your designated deposit address. There is a fee attached for withdrawals so we’ll give you the lowdown on costs right now…

withdrawing funds to real currency

About Trading on KuCoin: Fees

As mentioned, depositing is free of charge.

Trading sees a 0.1% flat fee across the board.

For withdrawals, the fee depends on the coin in question. Bitcoin costs 0.0005 BTC to withdraw while Ethereum is 0.01 ETH. Gas and NEO can be withdrawn fee-free. KuCoin lists a clear table of all withdrawal fees right here. Consult this for the coin you want to withdraw.

Overall, costs for trading on this digital exchange site are below industry average making it an inviting platform whatever the size of your investment. KuCoin only retain 10% of trading fees with the remaining 90% returned to users. 50% of fees are returned directly to investors with KCS in their accounts with the other 40% accounted for through the invitation bonus scheme.

The Benefits of Holding KuCoin Shares

business ventures on crypto coins

To round out, what’s the purpose of KuCoin Shares (KCS)?

These ERC-20 compliant tokens are built based on the Ethereum blockchain. The founders retain 35% of the tokens (70 million) and 15% were distributed to angel investors. The remaining half, 100 million tokens, are up for grabs on an open exchange.

KCS has kept up a market cap exceeding $1 billion. You can store this token in any ERC-20 supported wallet.By holding KCS tokens on the exchange platform, you’ll qualify for a daily bonus amounting to a share of 50% of trading fees.

​To ice the cake, if you hold at least the minimum number of KCS, you’ll also qualify for reduced trading fees.

Verdict: Is Kucoin a Worthy Platform?

If you’re hoping to cash out from a trading platform with USD paid into your bank account, or to buy in using your credit card, KuCoin is not for you. If, on the other hand, you have some Bitcoin or Ethereum you want to trade with a substantial spread of altcoins, this young but robust and secure digital exchange is a smart bet.

With trading and withdrawal fees lower than average, no fees at all levied for deposits, and incentives such as the invitation bonus and discount for using KCS in place, it’s no surprise that this crypto platform seems an attractive proposition. Throw in a customer care team that actually seems to care and a self-releasing feature for crypto pairs slated for 2018, and the future seems glimmering for this particular marketplace.

If you can overlook the lack of regulation - mitigated to a great extent by the top-tier security in place - and you’re happy trading in pure crypto, this is a strong, agile exchange with ambitious plans for growth. Easy and inexpensive to use, this platform makes a solid choice for beginners or experienced investors looking to pair trade in crypto coins.