In this Kucoin review for 2022, we take a deep dive into one of the fastest-growing and most popular cryptocurrency exchanges with over 10 million registered users.
This guide will give an in-depth review of KuCoin exchange. You will learn about KuCoin, their supported cryptos, features, fees, security, customer support and KuCoin´s Pros and Cons.
So, let’s dive into this Kucoin Review, to help you work out whether Kucoin is the right crypto exchange for you.
KuCoin Review: How to Use Kucoin?
KuCoin Pros & Cons
What is KuCoin?
KuCoin exchange was officially launched in September 2017 by Johny Lyu and has quickly grown into one of the biggest crypto exchanges in the world with over 700 assets and more than 1,200 trading pairs.
KuCoin operates in the Seychelles and has over 10 million registered KuCoin users across 207 countries and regions around the world. According to popular crypto sites CoinMarketCap and CoinGecko, KuCoin is listed in the top 5 crypto exchanges.
Known as the “People’s Exchange” it’s easy to use for beginners buying or exchanging their first crypto. Plus it’s also ideal for more experienced traders, who can use spot trading, margin and futures trading. Plus you can also maximise your earning by lending and staking crypto to earn interest on KuCoin.
KuCoin Shares Token (KCS)
KuCoin Shares (KCS) is the native token for the KuCoin cryptocurrency exchange. KCS holders receive trading fee discounts and get a further 20% discount on their already low trading fees of 0.1%.
If you hold at least 6 KCS tokens in your account, you will get extra money in the trading fee in your KuCoin account. The KuCoin exchange distributes 50% of its daily trading fee among all its KCS holders. This is a tiny amount, but it is still money that you get for just holding a KuCoin token.
KuCoin Supported Cryptocurrencies
Although KuCoin is crypto to crypto with no FIAT markets, there are still over 1200 trading pairs KuCoin users can trade with. With markets such as BTC, KCS, ALT, DEFI and USD stablecoins.
If you don’t already have crypto to deposit you can purchase crypto directly on the KuCoin site with fiat currencies via their FastTrade service.
This is where you can buy crypto with fiat currency using the likes of Visa, Mastercard or SEPA. However, just be aware that although the fees are lower than the industry standard (at 1.3%) it won’t be the cheapest way to buy crypto. This is because you’ll be paying higher fees for the convenience.
So you may be better off using other exchanges offering fiat currency trades. These include the likes of Coinbase Pro for example.
KuCoin users can deposit crypto into their KuCoin account for free. However, withdrawal fees are incurred on a crypto by crypto basis. For example with BTC the fee is 0.0005 BTC. Or ETH is at 0.005 ETH. There are also minimum withdrawal amounts that are on crypto by crypto basis.
To view, all platform fees click here.
Trading fees are based on a Maker/Taker model and will depend on your 30-day trading volume. I am not personally a day trader, and therefore fees are 0.1% for maker and taker orders.
The fees then start to differ when trading amounts are greater than 50 BTC in a 30 day period. Similar to the likes of Binance, you can also get reduced fees by holding the KuCoin KCS token.
KuCoin Fiat Accounts
On the KuCoin platform, under the “Assets Overview” screen, KuCoin offer different accounts to transfer, lend or deposit from.
- “Main Account” is used for cryptocurrency deposits & withdrawals, fiat to crypto purchases via credit card and margin lendings.
- “Trading Account” is for cryptocurrency transactions
- “Pool-X Account” is for staking and mining with yields up to 20%
- “Margins Account” is is for margin borrowing and margin trading
- “Futures Account” is used for futures trading such as XBTUSD perpetual futures
To start trading, you’ll need to deposit your funds into the Main account and then “transfer” to the Trading Account.
KuCoin offers a number of different ways for their users to secure their KuCoin account. This includes two factor authentication using the likes of Google Authenticator. Which supplies one time codes for actions such as logging in, withdrawing, etc.
You can also enable other security features such as enabling a trading password for buying and selling your crypto. Plus you can also restrict IP logins attempts and enable anti-phishing codes.
Is KuCoin Safe?
KuCoin is not regulated under any financial regulatory agency and was hacked in September 2020. $281 million were stolen by hackers obtaining the private keys to the centralized exchange’s hot wallets. However their CEO Johnny Lyu quickly promised that funds would be “covered completely” by an insurance fund.
I always advise you to store your crypto in a hardware wallet such as a Ledger or a Trezor (when your not trading your funds) so that they are kept offline and away from any potential harm.
Also, once you’ve signed up, implement 2-factor authentication as an extra level of security. This will help to secure your account.
With KuCoin you can trade quickly on the go any time, anywhere, 24/7. The exchange is available via the web, plus mobile apps are also available for Android and iOS. You can easily sync up your mobile device by scanning a QR code via the website with your mobile.
Where is KuCoin Available?
KuCoin is available in more than 207 countries, including the United States of America. According to CoinMarketCap, KuCoin is one of the top 5 cryptocurrency exchanges in the world today and is used by 1 in 4 crypto holders across the globe.
With KuCoin, crypto traders can trade, deposit, and withdraw funds without the need of completing KYC verification. However, to unlock the exchange’s full features, you must complete verification.
You can buy crypto on KuCoin using 28 different fiat currencies, with some lesser-known currencies like the Thai Baht, Polish zloty and Bangladeshi Taka. To check if your desired fiat currency is listed, see here.
KuCoin users can access 24×7 customer support via WeChat, phone, email and webchat. Plus they can use KuCoin’s comprehensive support center which has a lot of helpful information in relation to the crypto exchange.
I have personally used their webchat facility and they were super responsive, replying in under a minute which is rare compared to other exchanges.
KuCoin isn’t an exchange I personally use day-to-day. However, I can see it’s attraction with low trading fees and multiple trading options for both advanced traders and newbies.
Although I don’t sell my crypto for fiat, not having this as a trading option can be deemed as a negative. I know that they have the option to buy crypto with fiat currency via their FastTrade service, however you will be paying higher fees for the service which can cut into your profits.
When checking Kucoin Trust Pilot score they receive an unimpressive “bad” rate. However, most cryptocurrency exchanges do generally receive similar ratings. I believe the majority of these negative reviews, are due to their hack in 2020.
I don’t personally believe Kucoin is a scam as many of the reviews mention, but it will be very difficult for Kucoin to build trust again, especially in a competitive crypto market.
Similar to your bank, once you get used to an exchange, it can be difficult to change crypto exchanges and I don’t see myself moving any time soon. I would personally prefer to use the likes of Binance, Gemini or Coinbase Exchanges.