KuCoin Reviewed: Pros, Cons, and Everything You Need to Know in 2024

Since its establishment in 2017, KuCoin has rapidly grown into one of the world’s renowned cryptocurrency exchanges. Self-proclaimed as “The People’s Exchange,” KuCoin is committed to providing users with convenient and secure trading services, along with a wide selection of cryptocurrencies. This review will delve into KuCoin’s various services, user experience, and security measures to help you understand why KuCoin stands out in the competitive crypto market.

What is KuCoin?

KuCoin, also known as “The People’s Exchange,” is a centralized cryptocurrency platform founded by Michael Gan and Eric Don in 2017, headquartered in Seychelles. The native currency of KuCoin is the KuCoin Token (KCS).

KuCoin Exchange offers spot trading, margin trading, P2P, and derivatives trading, with transaction fees as low as 0.10%. If you pay using KuCoin Token, you can get an additional 20% discount.

Initially, KuCoin Exchange had only 10 employees, now boasting over 200 staff members from more than 70 countries.

Currently, they have 20 million users from over 200 countries. To better serve them, they will soon open regional headquarters in Bangkok, Hong Kong, and Dubai.

KuCoin has a very good referral and affiliate program, allowing you to earn up to 50% commission. Moreover, staking and dual investment schemes are an added advantage for any cryptocurrency investor.

Features

• Trading Options – KuCoin offers spot, margin, P2P, and derivatives trading.
• Transaction Fees – Maker and taker fees are 0.10%.
• Crypto Loans – A unique feature where you can lend your cryptocurrencies to other users and earn interest. You can also borrow cryptocurrencies from the exchange if needed. The best part is you can set your own rates and terms.
• KuCoin Earn – It’s like a fixed deposit scheme where you can deposit cryptocurrencies for a fixed/flexible term and earn interest. The interest rates vary for different cryptocurrencies.
• KuCoin Spotlight – A token and crypto project launch platform where users can participate and earn profits with low risk.
• KuCoin Pool – A high-performance mining pool offering miners the lowest mining fees and optimized mining algorithms for higher mining efficiency.
• KuCoin NFT – Windvane is an NFT marketplace supported by KuCoin for buying, selling, and showcasing NFT collections. It also promotes programs aimed at identifying talented artists and empowering them through NFT art.
• KuCoin Wallet – A self-custody wallet where users have full control over wallet keys. You can store all your digital assets, including NFTs, in this wallet.
• KuCoin Trading Bot – An essential trading bot advisor for your trading needs. Designed for beginner traders. It helps to gain better returns based on sentiment trading and reduce losses. The trading bot is essentially a pre-written trading strategy that automatically executes orders once conditions are met. You can create your own trading strategy or choose from a range of trading strategies offered by the KuCoin exchange.

Cryptocurrencies Offered on KuCoin

KuCoin offers over 700 cryptocurrencies. Thus, any trader interested in a wider portfolio will find this exchange more attractive.

How to Register on KuCoin?

Creating an account on KuCoin is straightforward. Let’s learn how to create an account on KuCoin:

1. Go to the KuCoin website and click on [Sign Up].
2. Enter your email address and the 6-digit code sent to your email address. Click [Activate Account].
3. After activation, you’ll unlock a mystery box, eligible for rewards up to 10 USD.
4. Click on the profile section, complete KYC verification (ID Card/Passport/Driver’s License) to unlock all features of KuCoin like high withdrawal limits, high leverage, high trading limits.
5. KYC verification can be done on the mobile app as it’s simpler.

How to Buy Cryptocurrency on KuCoin?

1. Log into your KuCoin account.
2. Click on [Buy Crypto] then click on [Fast Trade].
3. Select the fiat/crypto you want to spend and the cryptocurrency you want to buy from the dropdown menu.
4. Choose a payment method like Debit Card/Credit Card/Bank Transfer/ Banxa/Simplex/ BTC Direct, etc. Make sure your Debit Card/Credit Card is linked before purchase.
5. Review and confirm the transaction.
6. You will receive a confirmation receipt after the transaction is completed.

How to Sell Cryptocurrency on KuCoin?

1. Log into your KuCoin account.
2. Click on [Buy Crypto] and click {Fast Trade}. Then click on [Sell].
3. Select the cryptocurrency you want to sell and enter the amount.
4. Choose the fiat currency you want to receive.
5. Click on the payment method (Bank Transfer/Simplex/Banxa), etc.
6. Click [Immediately Verify].
7. Confirm details.
8. You will receive a transaction receipt after the transaction is completed.

How to Deposit Cryptocurrency on KuCoin?

1. Log into kucoin.com and click on [Deposit] in the header section.
2. Select [Deposit Cryptocurrency] and choose the cryptocurrency you want to deposit and the correct network.
3. Now copy the deposit address and paste it into the withdrawal platform, then deposit to the relevant KuCoin account.
4. Ensure the network you select is the same, otherwise, you may lose funds.

How to Withdraw from KuCoin?

Before withdrawing cryptocurrency from KuCoin, you need to configure security settings and enable two-factor authentication. This can be done within 10 minutes.

1. Log into kucoin.com and click on [Withdraw] in the header section.
2. Select the currency you want to withdraw.
3. Select the wallet address and choose the correct network.
4. Select the amount of cryptocurrency and click [Confirm].
5. After the security window pops up, fill in the trading password, verification code, 2FA code, and submit the withdrawal request.

Exchange Fees and Supported Payment

KuCoin charges its customers based on the past 30 days’ trading volume and KCS holdings. They categorize users into VIP levels based on this. Level 1 is the lowest, and Level 12 is the highest. For new users, maker and taker fees are 0.10%. However, if you pay the fee using KCS, you can enjoy an additional 20% discount on transaction fees.

For VIP level 12 customers, maker fees are 0.005%, and taker fees are 0.025%.

There are no deposit fees. However, each cryptocurrency has a minimum withdrawal amount and withdrawal fee.

Mobile App

KuCoin mobile is a highly-rated app for checking your portfolio, mobile trading, tracking updates in the crypto industry, and more. It is available on the Apple and Google app stores. KuCoin offers lower transaction fees and smooth order execution.

Customer Support

KuCoin has a help section where you can find answers to your queries. You can also submit an email support ticket simultaneously. There is no call support.

KuCoin has established a dedicated technical support team to resolve customer issues more effectively. Users can send their queries to [email protected], and the technical support team will reply within 48 hours.

Referral Program

The referral program allows you to invite friends and start earning income as they trade and complete registration, KYC verification, first trade, first staking, and other tasks. Each task completed earns you a star. The more stars you get, the higher the level you reach, and the better prizes you get.

Users can continuously invite friends, and successful task completion earns more stars. They can redeem any level of prize they choose. Level 10 users get the highest reward of 1000 USDT.

Bottom Line

The People’s Exchange, KuCoin, is a centralized cryptocurrency with over 700 digital assets. The trading mode is smooth and beginner-friendly. Besides, it offers a very good referral and affiliate program for additional income. Compared to other exchanges, the transaction fees are very low.

New users will get a 10 USD reward and a chance to win a mystery box containing multiple trading discounts and rebates. KuCoin is a user-friendly platform for advanced traders, but their mobile app needs improvement in performance. KuCoin provides you with a self-custody wallet where you can store all digital assets, including NFTs, in one wallet.

Despite suffering a security hack, KuCoin has recuperated the losses and compensated affected users. However, such a large-scale security hack is a severe concern for traders. KuCoin is not licensed in the U.S., but if you are a non-resident of the U.S., KuCoin is an excellent choice for trading.