Overview
KuCoin is a major cryptocurrency exchange that allows buying, selling and trading cryptocurrencies. In addition to basic trading options, the platform also offers peer-to-peer (P2P), margin and futures trading. Users can also choose to stake or lend their cryptocurrencies to earn rewards. KuCoin offers low trading fees, making it an attractive option. Founded in 2017, KuCoin is a crypto exchange headquartered in the Seychelles. Since its foundation, it has become one of the largest exchanges in the world in terms of trading volume. It now has over 10 million users and is present in more than 200 countries US users can sign up for a KuCoin account but have limited access to its features as KuCoin is not licensed in the United States.
Blockchains
Categories
Supported Languages
Pros & Cons
- Low trading and withdrawal fees
- User-friendly exchange
- 24/7 customer support
- Ability to buy crypto with fiat
- Ability to stake and earn crypto yields
- Not licensed in the US
- No fiat trading pairs
- No bank deposits
- Poor users reviews
Full Review
KuCoin is a major cryptocurrency exchange that allows buying, selling and trading cryptocurrencies. In addition to basic trading options, the platform also offers peer-to-peer (P2P), margin and futures trading. Users can also choose to stake or lend their cryptocurrencies to earn rewards. KuCoin offers low trading fees, making it an attractive option. Founded in 2017, KuCoin is a crypto exchange headquartered in the Seychelles. Since its foundation, it has become one of the largest exchanges in the world in terms of trading volume. It now has over 10 million users and is present in more than 200 countries
US users can sign up for a KuCoin account but have limited access to its features as KuCoin is not licensed in the United States.
Kucoin Fees
KuCoin provides some of the lowest fees among altcoin exchanges. The fee structure is relatively simple and easy to understand.
KuCoin offers a tiered taker/maker fee model with trading fees ranging from 0.0125%-0.1%. Fees are quite low compared to competitors who can charge up to 0.50% per trade. Users can also receive discounts on trading fees depending on their KuCoin Token (KCS) balance.
In addition to trading fees, KuCoin also charges withdrawal fees, which vary by asset and can change depending on market performance. Deposits are free on this exchange, but it is important to note that KuCoin currently offers limited fiat deposit options.
In spot trading, a fixed fee of 0.1% is charged for each trade. The cost usually decreases based on your 30-day trading volume or holding of KuCoin shares (KCS), which entitles you to an additional discount on trading fees. You can also use KCS tokens to cover a portion of your trading fees with KCS Pay.
In addition, the exchange has a program for institutional investors whose participants can receive significant discounts on trading fees.
As for Futures trading fees, there is also a 30-day variable trading volume or KuCoin Shares holdings based tier discount system.
As for futures funding fees, KuCoin Futures can adjust the USD/USDT lending rate as it adjusts to the relative funding rates and can be either positive or negative. With this adjustment, the spread between the base currency and the quote currency of the perpetual futures funding rate shifts from 0.030% to 0%, which means that KuCoin's perpetual futures funding rate becomes 0 in normal periods. The funding of KuCoin Futures occurs every 8 hours at 04:00, 12:00 and 20:00 UTC.
Finally, there are deposit and withdrawal transactions. Deposits are free of charge, while withdrawals incur a small fee that varies depending on the cryptocurrency. NEO and GAS are free of charge for KuCoin withdrawals.
Supported Currencies
KuCoin offers over 600 cryptocurrencies that you can buy, sell and trade. Those who are looking for a wide range of assets will appreciate what this exchange has to offer. Some of the supported assets on the exchange include:
Bitcoin (BTC)
Dogecoin (DOGE)
Ethereum (ETH)
Polkadot (DOT)
Shiba Inu (SHIB)
XRP (XRP)
Is Kucoin safe?
Since July 2020, there have been no reported KuCoin hacking incidents. The exchange has a compelling mix of security measures on both system and operational levels. At the system level, the exchange has been built to finance industry standards, giving it bank-level data encryption and security. At the operational level, the exchange employs specialized risk control departments that enforce strict rules for data use.
In April 2020, the exchange announced a strategic collaboration with Onchain Custodian, a Singapore-based crypto custody service provider that takes care of KuCoin's crypto assets. In addition, the funds under custody are secured by Lockton, one of the largest private insurance brokers.
As a user, you can maximize the security of your KuCoin account by setting up:
Two-Factor Authentication.
Security questions.
Anti-phishing safety phrase.
Login safety phrase.
Trading password.
Telephone verification.
Email notifications.
Restrict login
Deposits and Withdrawals
KuCoin is a crypto-only exchange, meaning you can not deposit fiat money unless you buy it directly through third-party integrations (like SImplex or Banxa). It does not support fiat trading pairs or deposits, but it is increasingly supporting fiat payment methods integrated with its crypto services.
KuCoin does not charge for deposits and has a varying fixed fee for withdrawals. Transaction processing times usually depend on the blockchain, but are executed within an hour, so withdrawals usually arrive in users' wallets within 2-3 hours. Larger withdrawals are processed manually, so users withdrawing larger amounts sometimes have to wait 4-8 hours.
Ease of use
KuCoin is clear and easy to use even for beginners. It has a modern and clear layout throughout all pages and is supported by a powerful API interface. The trading platform uses an advanced core trading engine that can process millions of transactions per second (TPS).
Moreover, users can switch between the old and the new exchange interface. Both are convenient in their own way. So, users can decide whether they prefer the old or the new exchange layout.
It is safe to say that KuCoin is a powerful and beginner-friendly exchange. For users who prefer to trade on the go, KuCoin offers a handy mobile app that is available for both Android and iOS mobile devices.
Kucoin Customer Support
KuCoin has a helpful customer support that is available 24/7 through the following channels:
KuCoin Help Center
FAQ Center
On-site chat
Mobile app support
You can also connect with other KuCoin users and join the exchange community through the following social media channels:
Telegram
YouTube
Medium
Overall, the customer service is quick to respond and help you with your questions within a couple of hours at most.
Customer Satisfaction
KuCoin receives poor marks overall from its users and has an average of just 1.7 out of 5 stars out of nearly 600 Trustpilot reviews. Several negative reviews report problems with customer support, the withdrawal process, and deposits. Others accuse KuCoin of market manipulation and say that their funds have randomly disappeared from their accounts, which is particularly concerning. Despite the negative feedback, some reviewers have been positive about KuCoin's low fees and wide selection of cryptocurrencies.
Final thoughts on Kucoin
KuCoin is an ambitious and innovative player in the cryptocurrency space. The exchange has experienced significant growth since its foundation in 2017 and is now one of the top players in the industry in terms of security, reliability, quality of service and features. Therefore, the exchange is suitable for both new and experienced traders looking to trade both popular and lesser-known small-cap crypto tokens and assets.