Kucoin Review 2022 – Should you sign up?
In this verified Kucoin review (updated for 2022). We focus on the following key points. You can skip ahead at any time by clicking on the links below. Should you sign up? Read this first and find out the facts…
- What is Kucoin? (a quick overview)
- What service does Kucoin offer?
- How long has Kucoin been operational?
- Kucoin Pros and cons
- Comparison table Kucoin Vs Binance Vs Coinspot
- Kucoin fees 2022
- Is Kucoin a legitimate crypto exchange?
- Can I swap coins on Kucoin?
- Kucoin App
- kucoin wallet
- How to create an account on Kucoin (full sign up process)
- Kucoin Verdict
What Is Kucoin (A quick overview)
Kucoin is an international exchange based out of Seychelles. It services over 8 million customers in 207 countries around the world. The cryptocurrency exchange has become a popular option for users as it offers multi-language customer support and access to over 400+ coins.
The Kucoin cryptocurrency exchange allows users to directly deposit AUD on its platform and accepts the Australian dollar. It’s important to note it’s not licensed for US citizens, but supports the UK, Australia, India and Germany (just to name a few)
There are fewer fees on KuCoin’s exchange compared to similar platforms, and it uses extra layers of security, including two-factor authentication and SMS or email login, to protect users from fraud and phishing attacks.
What services does Kucoin offer in 2022?
1. Trading Pair
The Kucoin platform provides buying/selling in cryptocurrencies. The exchange offers multiple coins and more than 800 trading pairs for its users. Many tokens had their primary listings on the KuCoin platform. All popular tokens can be easily traded on the exchange site at the click of a button.
2. Kucoin Margin Trading
fThe KuCoin platform also offers the ability to margin trade while utilizing leverage. This is an advanced feature and allows users to take loans from the platform to carry out trading. The loan can be returned and is offered at low rates of interest. However, advanced users should only use margin trading as the risk of losing all their funds is higher.
3. “Kucoin Earn” interest on assets
The Kucoin Earn section allows users to stake or earn interest on their idle cryptocurrency assets. The tokens can be staked or lent on the platform to earn an interest ranging from 0.9% to as high as 21%. This is a good way to earn a passive income from idle crypto assets without much risk.
4. Futures Trading
The Kucoin platform also provides support for Futures trading where a user can bet on the price action of a particular cryptocurrency without buying the token. However, derivatives or futures trading should be carried out by advanced users as the risk of losing funds is very high. The advantage of utilizing futures trading is that a user can also make a profit even when the price movement is on a downturn (known as going short). A user simply needs to predict the price movement successfully.
5. Kucoin Automated Trading
KuCoin also allows users to carry out automated trading through the use of Trading Bots. A user can select a pre-defined strategy and automate trades without having to carry out manual inspections frequently. This is a very useful feature and is of great help for frequent traders who are busy and do not have the time to monitor their trades frequently.
6. Kucoin “News section”
The news section on KuCoin provides updates to its users in the cryptocurrency space. It covers the cryptocurrency space by providing articles that offer unique insights and in-depth opinion pieces. The platform also has a useful support section that documents answers to frequently encountered issues. Customers can also access the FAQ section for getting answers to commonly raised queries on the site.
7. Kucoin Cloud Mining
KuCoin also provides cloud mining options on its platform and the fee is currently waived for the first month. Users can mine popular cryptocurrencies such as Bitcoin through the platform.
8. Kucoin Native Launchpad platform
he KuCoin site also launches new coins through its native launchpad platform where users can get access to new projects in the cryptocurrency sector. Users can invest in tokens right at the inception stage and support new projects.
How long has Kucoin been operational?
The KuCoin platform was founded in 2017. Since then, the platform has introduced many features for the benefit of its users. Many users from around the world use the exchange for carrying out trading daily.
1. No fees for peer-to-peer trading
2. Low trading fees
3. Access to trading bots
4. Multiple cryptocurrencies available for trading
5. Demo trading feature available
6. Multiple payment methods available on the platform
7. Allows staking for various coins
1. High deposit fees ranging from 3-12%
2. No fiat withdrawals
3. Does not suit US citizens
2022 Comparison table KuCoin vs Binance vs CoinSpot
|Deposit fees||Varies||Free||No fees on bank transfer, POLi, PayID, OSKO. For BPAY-0.9%, and for Cash-2.5%|
|Withdrawal Fees||No fiat withdrawals available||Free||Free|
|Coin Staking||Available||Available||Not available|
|Customer Service||Live chat support||Live chat support||Live chat support|
|Demo feature||Available||Not available||Not available|
|Fiat currencies||More than 40 fiat currencies supported including AUD||More than 40 fiat currencies supported including AUD||AUD|
KuCoin fees 2022
Kucoin charges fees depending on the volume of trade carried out by a person and the number of KuCoin tokens (KCS) held by the user. The fees start from 0.1% and can be reduced to as low as 0.0125% depending on the KCS tokens held in the users’ account and the overall trade volume. So a user gets rewarded if he carried out more trading on KuCoin. The more you trade, the lower the fees.
Is KuCoin a legitimate crypto exchange?
Yes. Even though KuCoin is not registered in Australia, it does have a lot of presence in many countries of the world. It has been hacked in the past but was able to refund users and it has greatly helped its reputation. It regularly monitors cryptocurrency transactions of the site to identify suspicious behaviour. KuCoin has incorporated several measures to ensure clients’ funds are safe at all times. It also insists on the Know Your Customer (KYC) verification procedure if a client’s trading volume exceeds 1 BTC.
The platform also provides login security phrase and SMS based login to prevent malicious actors from gaining access to a user’s account. The customer support team can also be contacted at any time for help in case a user faces any problems while navigating the exchange. Live chat support is also available for instant resolution.
Can I swap coins on KuCoin?
Yes. The KuCoin platform supports direct swapping between different cryptocurrency pairs. You can convert one cryptocurrency into another directly by using the swap function. Simply select a suitable cryptocurrency pair such as BTC/USDT and convert your BTC into USDT at any time.
KuCoin can be accessed through multiple devices. The KuCoin app can be downloaded for both android and apple devices from the app store. The KuCoin app supports all functions and is an excellent choice for people who wish to access cryptocurrency markets on a mobile device or tablet.
KuCoin provides all its customers with cryptocurrency wallets. The user also has the choice to stake the cryptocurrency assets from the wallet. The KuCoin exchange has also partnered with Onchain Custodian to provide insurance for clients’ funds. However, if you plan to hold onto your cryptocurrency assets for the long term, it is better to transfer coins into a cold or hardware wallet for safekeeping. Hardware wallets will need to be purchased and the cost can be a deterrent factor for some users.
You can also make use of freely available software wallets to store your crypto assets.
How to create an account on Kucoin? (full sign up process)
Complete Step by Step Sign up tutorial
KuCoin verdict 2022
KuCoin is a secure cryptocurrency exchange that provides insurance for its clients’ funds. Users can buy a cryptocurrency such as USDT (Tether) on the platform with the fiat option. KuCoin does not support fiat withdrawals and you will need to withdraw cryptocurrencies if you wish to move your funds off the platform. However, the exchange is not registered in many countries and does not support direct fiat deposits.
KuCoin offers access to passive income generation on its platform and also provides the ability for automated trading through the use of bots.
In 2022, KuCoin offers users the opportunity to mine cryptocurrencies on the platform via its cloud mining section. KuCoin is a one-stop-shop for users looking for multiple features on a cryptocurrency exchange. It is a holistic solution for all your cryptocurrency investments.