Kucoin is one of the newest Cryptocurrency exchanges in the industry. It was birthed in may 2017 by an experienced team of business specialist, with Michael Gan being the founder and CEO. His objective was to create a safe and simple platform for people all over the world to trade all sorts of digital assets.
In the earlier days days of Kucoin, They focused on offering trading pairs not found on other exchanges and they also offered a crypto exchange that was legitimate, trusted and offered users a good experience both in terms of customer support and user interface of it's website and apps. The Kucoin team understood that people were very skeptical about having to gamble on shady exchanges, Many of which came and made away with traders money.
So far, Kucoin has been ranked on coinmarketcap as one of the top 3 exchanges in 2021 and Forbes also listed this exchange as one of the best to trade and invest in crypto products. You can get access to the Kucoin exchange space on both Android and iOS stores, also desktop app.
Here are some Benefits/Pros of using the KuCoin Exchange:
As at the time of this writing, Kucoin has over 300 different trading pairs that supports over 75 cryptocurrencies and this list is consistently updated with new crypto assets added.
If you intend to trade less popular coins unlike Bitcoin, Ethereum and Cardano, Then you should checkout Kucoin as they seem to put the spotlight on less popular crypto coins so people can trade and invest in them earlier before the crowds get involved. BUT, be aware that newer and less known crypto coins could be much more risky.
Their trading fees are amongst the lowest in the crypto industry. It's free to deposit crypto in Kucoin, but you may be paying to deposit via paper/fiat money. There are no account fees, And when it comes to trading on Kucoin, you will be paying 0.1% of the amount you intend to buy. For example, If you intend to buy $1000 worth of Ethereum, you may just need to pay $1 to do this.
They offer very low fees when compared to a lot of more popular exchanges, But most of the time, The fees depend on which crypto asset you are buying or selling.
Before depositing your money on any crypto exchange, It's important to know whether its safe or not to do this. There was a report back in 2017, that the total amount of coins that has been hacked was $15 Billion, And from 2017 till now, there has been some other hacks that have occurred.
Hackers have been doing what they do best, which is looking for loopholes in crypto security networks and taking advantage of these leaks. Lots of major other exchanges have also encountered losses from hacks.
In September 25, 2020, $150 million dollars was stolen from Kucoin as hackers gained access to their hot wallets, But the losses were fully recovered and covered by insurance, And Kucoin was also transparent about this hack and took all necessary action to improve the security of the exchange to the next level, by adding all sort of security checkpoints inside the platform to make it much more secured for it's users.
As said earlier, Most of your favorite exchanges have experienced some sort of attack from hackers. But these also makes them tighten up and improve their security, This should not be an excuse to run away from investing in cryptocurrencies, Life is about risks and rewards, Do your part by choosing the best crypto exchange that will secure your funds and have insurance incase of incidents like hacks. This will ensure you won't lose your money.
Kucoin still has one of the best secured and insurance backed platforms in the world, your crypto assets will be safe using them.
This exchange also has it's own Cryptocurrency token called Kucoin shares(KCS) and users or customers of Kucoin can get discounted trading fees when they hold KCS coins.
Kucoin keeps half(50%) of their trading fees for itself, Then, it distributes the other half/50% proportionally to every wallet that holds KCS. So the more KCS holdings you have the more coins you receive. These means as long as the exchange is in business, growing and is profitable, you as a KCS shareholder will have a share in the companies' success.
Other Benefits of using Kucoin exchange are:
This exchange has a desktop app, web interface and mobile app platforms that lets you sell and buy a diverse range of crypto assets as explained earlier. KCS should be bought in your holdings, if you have decided this exchange is right for you. Having KCS coins will give you access to earning rewards in form of distributed dividends and reductions in trading and transaction fees.
You can also choose to store your crypto coins on the Kucoin exchange or connect a third-party wallet like trust wallet directly to your Kucoin account then trade. whatever works for you. Also, The account verification process is not compulsory on Kucoin unlike other exchanges. You can choose to remain anonymous or just go ahead and trade with an email address. But for you to access more advanced features, You may need to verify your account.
Kucoin will provide you access to trading Futures, Margin, Staking, crypto earning and using Leverage , and lots of other functions.
THE TOP 10 COINS ON KUCOIN.
USD TETHER (USDT)
BINANCE COIN (BNB)
USD COIN (USDC)
As at the time of this writing this are the top 10 on Kucoin based on their market cap ranking.
Kucoin is currently not licensed in the united states, the U.S has strict regulations and rules for crypto exchanges before they can be allowed to function, so at the moment, Kucoin have not been given these license, These means there could be restrictions if you try to access the app or website from the U.S, And going ahead to Use the platform to trade may result in your account being frozen or entire loss of your crypto assets.
You cannot deposit money by bank transfers or buy cryptocurrencies with fiat(paper) money, But you can buy via Google pay, Apple pay, Credit/debit cards and other third party apps. These limited payment options on the exchange can make it not very suitable to some people. There are other exchanges that offer unlimited varieties of payment options, Coinbase for example offers several payment options to it's users, You can check and compare if this part is important to you.
The trading platform of this exchange is not very beginner friendly. The Kucoin platform is more for professionals and can be frustrating and confusing for newcomers in the crypto space. But after a while you will get the hang of it. But on the other-hand, if you're a professional, you will like and enjoy trading on Kucoin.
I've used Kucoin a few times and my experience has always been great. Everything from Trading, user interface, deposits and withdrawals has always been easy, fast and efficient. The Kucoin exchange is the right choice for you if:
- You want to EARN interest on your crypto investments with minimum risks.
- You're not a U.S citizen and you intend to trade/invest in newer cryptocurrencies.
- You're experienced, or a professional in the crypto space and you are looking for an advanced trading interface that meets your needs in simple ways.
For more information and guide on how to trade or setup your Kucoin account, earning or staking your coins for more profit, and how to recognize the best new coins to invest in, You can send us a message here at Sampedia, We will be glad to Assist.