KuCoin Review – TheCryptoUpdates
Discover the KuCoin platform in a few lines
KuCoin is a cryptocurrency exchange that allows you to buy, sell, and trade a wide range of cryptocurrencies. It was created by a group of seasoned business experts who had previously worked on projects like Ant Financial and iBox PAY in May 2017. Kucoin is one of the newest cryptocurrency exchanges available.
The goal of the organizers was to provide a straightforward and secure environment for people all around the world to use to exchange a broad range of digital currencies. In the long run, they want to be one of the ten biggest trades on Earth by 2021.
The KuCoin trade has had no major difficulties since it was sent, and the majority of the time, any framework over-burdens does not have a significant impact. It’s now feasible to reach the Kucoin stage through a PC just as on the app for both Android and iOS.
The advantages of Kucoin (the cons in brief)
- Low costs
- Low operating expenses
- High client base
- Extensive range of coins
- Income on your cryptocurrency
- Interest accrued on your investment
- Improved trading statistics
- Strong client service
- Not permitted in the United States.
- Restricted loan options:
The history of KuCoin
History and Background
KuCoin was founded in 2017, but its founding team has been involved with blockchain since 2011. The trade’s specialized design was created in 2013, but the stage was sharpened during the years leading up to the 2017 debut. Michael Gan and Eric Don, KuCoin’s creators, are crucial members of a supervisory team that includes eight center people..
In its ICO, KuCoin sold 100 million of its local KuCoin Shares (KCS), an ERC-20 cryptocurrency, for 0.000055 BTC each. Through its ICO held from August 13, 2017, to September 1, 2017, the company raised almost $20 million in BTC (as indicated by BTC’s value at that time)..
KuCoin, which is the world’s first and leading cryptocurrency exchange, has announced its entrance into the blockchain business. In February 2019, it completed its move to KuCoin Platform 2.0, which includes a more advanced application programming interface (API), increased security measures, another layer of trading rebate programs, and different customer experience and future improvements.
In comparison to other major transactions, KuCoin has yet to experience a hack or a security breach.
How to create an account on the KuCoin platform (step by step)
To begin, you must file a record with KuCoin. Clients do not need to go through a Know Your Customer (KYC) check when they join – this is done later. It adds further restrictions, such as extended withdrawal allowances, to name just a few.
You must hit the Sign Up button in the upper right corner and follow the enrollment procedure that springs once you’ve come onto the landing page. You may choose whether to enroll by phone or through email in both instances, but because you need to verify your record with a code, you must give true information.
Whenever this is done, you have your fundamental record set up, and you can investigate the stage’s components and start saving and trading.
Notwithstanding, if it’s not too much trouble, note that make a couple of extra strides for the expanded security of your record. From the ‘Record Security’ tab, you should go through the accompanying activities:
- Set up a Two-Factor Authenticator (2FA)
- Confirm your email and additionally telephone
- Set up a trading password.
- Set up safety phrases for email, login, and withdrawals
Furthermore, you may limit the login IP, which is suggested if you have a balance more significant than 0.1 BTC (at the time of this writing)..
You can withdraw up to 5 BTC each day if you don’t have a KYC confirmation. If you need to establish this breaking point, your own data should be verified. The cycle is moderately quick and easy to comprehend.
When you’ve completed all of the above, you may begin trading cryptocurrencies. Of course, first and foremost, you’d need to set aside reserves.
Verification (KYC) & security
Section 1: Why Should You Get KYC Verified on KuCoin?
To guarantee that it continues to be perhaps the most dependable and straightforward exchange, KuCoin successfully completed KYC on November 1, 2018, which means that it satisfies the industry’s improvement criteria. Additionally, KYC can help to minimize false representation, unlawful tax evasion, and psychological oppressor financing.
The ability to participate in a higher daily withdrawal quantity has now been added to KYC verified accounts on KuCoin, along with enhanced security measures.
The particular rules are as per the following:
In the event that a customer’s qualifications to reach the stage are forgotten or if his/her record is taken over by others as a result of the data spill, confirmed KYC data can assist customers in quickly recovering their records. Clients who do KYC verification may also use the Ku.
Section 2: How to Complete KYC Verification?
Login in to your account, click “KYC Verification” under the symbol, and fill in the required information. Only after you submit the data will our KYC auditing team contact you through [email protected] Meanwhile, please be assured that during this time, while there are a lot of requests.
Discover the types of accounts on KuCoin
KCS pay expenses are largely handled through the resources in the primary record, which are utilized for capacity, withdrawal, and asset storage. If you need to do spot trade, move your assets for your trading account compassionately if you need to pull out or perform P2P exchange, kindly keep your resources in your primary record. Kindly snap here
KuCoin trading account
The assets in the trading account are predominantly utilized for spot trading and KCS pay charges. Assuming you need to do spot exchange, kindly store tokens to your trading account straightforwardly or move the general resources for your trading account from different records. You might click here to begin spot exchange. If it’s not too much trouble, click here to realize how to do spot exchange on KuCoin.
KuCoin margin account
The assets in the Margin account fundamentally are utilized for edge getting and edge trading. Assuming you need to reimburse the obligation or do edge exchange, kindly store tokens to your edge account straightforwardly or move and keep the resources you need to reimburse/exchange your Margin account. (Tips: If you need to loan your resources out, kindly keep the overall resources in your Main record) . Kindly snap here to begin edge trading and snap here to enter the edge assist focus with knowing more.
KuCoin futures account
The assets in the Futures account are basically utilized for Futures trading. You might store or move resources for your Futures record to begin Futures trading from here.
KuCoin pool-X account
The Pool-X record has a variety of resources, with an emphasis on marking and delicate marking. You may keep or move resources for your Pool-X record to stake resources or take an interest in delicate marking from here.
How to deposit KuCoin money?
Find “Assets” and click “Main account (Deposit&Withdraw)” from the drop-down menu in the upper right corner of the website.
Select “Deposit” from the left-hand menu, choose a coin and an account to deposit from the drop-down list, or search for the name of the currency and select it.
To withdraw from the exchange, simply copy your deposit address and paste it into the withdrawal platform. After that, you may send coins to a specific account on KuCoin.
How to make your first KuCoin trade?
When you land on the trade, you will see in the base right corner that you need to enter your trading password. That is an additional safety effort, and this is the reason we referenced in the first place that you need to set it up when you are setting up your record. When you input it, it would consequently open the various orders, and you are great to start trading.
You’ll find a position board directly below the chart, where you may track how your transactions are progressing. You have two options for placing a buy order – a limit order and a market order.
What is a Limit Order?
If you place a limit order, you’re telling the market that you want to buy or sell at a specific price.
To put down a boundary request, you need to determine the cost at which you need to purchase or sell. In this model, we are utilizing the BTC/USDT trading pair, which, at the hour of composing, exchanges at around $54,000. We need to purchase 1 BTC when the value drops to $50,000, and that is the way our limit request resembles. When the value drops down to this point, our limit request will be submitted in the request book and get filled.
What is a Market Order?
It’s the most basic request type: it allows you to buy Bitcoin at the current spot price.
Simply enter the amount of USDT you require to spend in order to acquire BTC at the ‘Best Market Price’ accessible at the moment you submit the request. It will go into your request book quickly and fill at the best available rate as of now.
How to withdraw your money from the KuCoin platform?
In most situations, KuCoin will execute your withdrawals within 30 minutes of receiving your request. This is done automatically according to the platform and personal permission is only necessary if the amount of money you’re sending is larger than 100,000 times the processing fee (mining fee). Customers can also send their coins to a bitcoin address of their choosing after departing from KuCoin.
What are the Kucoin fees?
KuCoin Deposit and Withdrawal Fees
The fees for withdrawing funds on KuCoin are among the lowest in the sector, and millions of users use the exchange for that reason. When you withdraw BTC from KuCoin, for example, you will be charged a fee of 0.0005 BTC, which is somewhat less than the current global industry average of 0.00064 BTC.
KuCoin Futures Trading Fees
A futures contract is an agreement between two parties to buy or sell products at a certain price on a predetermined date. Initially known as KuMEX, the futures trading system at KuCoin was developed. It was introduced in July 2019.
What crypto currencies are available on KuCoin?
As of now, there are over 750 currency sets (two coins that are compared to one another) and more than 380 monetary standards available on KuCoin. One reason for KuCoin’s success is the large number of cryptocurrencies it offers. Giving individuals access to lesser-known financial forms was one motivation for the business’s foundation.
Here are the main 20 coins accessible on KuCoin by market capitalization at the hour of this composition:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tie (USDT)
- Binance Coin (BNB)
- Cardano (ADA)
- USD Coin (USDC)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Chainlink (LINK)
- Polygon (MATIC)
- Wrapped Bitcoin (WBTC)
- Heavenly (XLM)
- Web Computer (ICP)
- Ethereum Classic (ETC)
- Filecoin (FIL)
About the Trading platform (design, ease of use…)
It is smooth and simple to utilize. You have an outline shown on the fundamental board, and on top of it, you can add your number one trading sets. On the right side, there’s the request book, and right underneath it, you can see the various kinds of orders you can open.
KuCoin’s native currency (KSC)
KCS is the native token of KuCoin, which was launched in 2017 as a profit-sharing cryptocurrency that allows traders to reap value from the platform. It was created as an ERC-20 token running on the Ethereum network and was compatible with most Ethereum wallets.
About the Kucoin smart chain
The KuCoin blockchain has a higher TPS rate and block production than Ethereum. Every 3 seconds, the KuCoin blockchain creates blocks. It takes 13 seconds for Ethereum to produce a block. This additional scalability provides faster response and operation times for users..
KuCoin customer support
Traders should first check the KuCoin website’s FAQ area before contacting customer service. If they are unable to resolve their problem using this method, they may contact the support team at any time of day or night. There is no live chat option available for contacting the staff by email.
Our conclusion on Kucoin
Because of technological progress, experts believe that the way we generate and share value will change.
KuCoin is a cryptocurrency exchange based in Hong Kong that was founded in 2017 by seven of the best minds from China. It is one of the most popular and reputable exchanges worldwide, with millions of users across its different platforms. In the sector, it claims to be “the most advanced and secure digital currency trading platform.”
With hundreds of currencies, Kucoin IOS and Android apps, low KuCoin fees, and a unique profit-sharing mechanism, the platform is rapidly growing.
Despite the fact that KuCoin is not a regulated entity, you may trade crypto-to-crypto pairs anonymously, but your money will never be entirely secure. Finally, it’s easy to see why KuCoin has become one of the most popular cryptocurrency exchanges in the industry since it not only offers access to over 450 cryptocurrency pairing, but also bitcoin futures.
I’m a highly experienced and respected author in the field of Cryptocurrencies. I have written numerous articles and books on the subject, and my work is highly regarded by my peers. I have a strong understanding of the technology behind cryptocurrencies, and I am always up-to-date with the latest developments in the space. I am also an active investor in cryptocurrencies, and I have made a significant profit from investing in this new asset class. In addition to my writing and investment activities, I am also an active member of the cryptocurrency community, and I frequently speak at industry events.