What is KuCoin?
KuCoin exchange is a digital asset platform that allows you to trade various cryptocurrencies, it is known for the numerous altcoins available for trading. Current KuCoin SEO Johnny Lyu is also a co-founder of the exchange, which was established in 2017. The exchange location of offices is going to expand to Hong Kong, Bangkok, Singapore, and Dubai, as the company stated in 2022. While the KuCoin headquarters are located in Mahe, Seychelles.
At the time of writing, the KuCoin crypto exchange ranks 4h in the overall rating of exchanges on Coingeco, and 37th in the cyber security rating. Assigned security level - A, the platform passes the Penetration Test, has Proof of Funds, and encourages the Bug Bounty program as the Coingecko says. The exchange funds are proven and publicly available on Coinmarketcap
KuCoin token (KCS), which stands for “KuCoinShares”, is the ecosystem token built on the Ethereum blockchain. It is aimed to provide benefits for the exchange users, power decentralized applications, and sponsor research and development of the KCS ecosystem. The initial supply of this ERC-20 token was 200,000,000 and was set to stabilize at 100,000,000, which is controlled by the burning mechanism relying on the exchange's overall revenue.
KCS holders can reduce trading fees up to 80%, collect the daily reward earned from 50% of the exchange trading fee revenue by holding more than 6 KCS, and gain access to token sales on the launchpad platform. The underlying blockchain technology behind the KCS token powers up the ability of the exchange to create Web 3 applications such as the Halo crypto wallet, which is compatible with all DApps built on the Ethereum blockchain. The management foundation keeps the token decentralized, as it is governed by the exchange team, KCC GoDAO foundation, institutional investors, and the KCS holders.
Trading volume - $310,000,000
Trust score - 10
Cybersecurity score - A
Financial reserves - $3,000,000,000
Monthly visits - 9,37 Million
Supported currencies - 764
Trading pairs - 1349
*Data from Coingecko and Coinmarketcap
KuCoin is ranking 4th on Coingecko, achieving a TrustScore of 10. The exchange has an A rating for cyber security, passing the Penetration test, providing Proof of Funds, and encouraging the Bug Bounty program. KuCoin reserved assets are displayed in real-time on the rating platforms and the exchange Proof of Reserves page, audited in 2022 by Mazars, mostly in USDT (33%), KCS (17%), BTC (15%), and ETH (10%). 9,37M monthly visitors provide KuCoin daily volume at an average of $700,000,000 per day.
KuCoin crypto list counts 764 cryptocurrencies, which creates 1349 trading pairs. The list of coins available for trading is exceptional, making it a leader in altcoins trading between centralized exchanges. You can trade all those supported coins to the following stablecoins: USDT, TUSD, DAI, and USDC.
Deposit and withdrawal
You can purchase USDT with a bank card for more than 70 fiat currencies. The transaction fee will be deducted from the payment amount and displayed in the confirmation window. The KuCoin debit card fees depend on the payment processor that you choose, take note that there can be a card issuer fee that is not under the exchange's responsibility.
It is also allowed to buy and sell crypto to fiat currencies via Apple Pay, and Google Pay, SEPA payments, Wire. and ACH bank transfers. KuCoin transfer fees for deposit and withdrawal vary by the payment type and the channel, as there are no direct transfers to the exchange. You can choose between Simplex or Banxa while paying with a card, or use the Legend Trading payment operator to transfer money from KuCoin to bank account. You can also make a fiat withdrawal and deposit with the Peer to Peer market via the P2P providers and payment solutions like PAYEER, Advcash, Transfer Wise, AirTM, Perfect Money, Zelle, Uphold, Skrill, Rovulut, Cash App, and WebMoney.
KuCoin deposit limit is 150,000 USD per day for fiat deposits, 50,000 USD to buy crypto for fiat, and 100,000 USD via bank cards with a $5 minimum and $5,000 maximum per transaction. KuCoin deposit fees for fiat payments vary from 3% to 12% depending on the payment method, while crypto deposits are free of charge and have no limits. Deposit variations are numerous due to many payment partners providing their services to fulfill clients’ needs.
KuCoin withdrawal fees on the crypto transfers depend on the blockchain load and are paid by the exchange to validators of the network. While a withdrawal fee for a fiat transaction relies on the payment operator and varies from 3% to 12%. KuCoin withdrawal limit for fiat transfers per day is 150,000 USD, with a daily limitation of 50,000 USD for selling crypto for fiat. Fiat withdrawal and the equivalent of the 200 BTC in crypto, are only available for KYC-verified users, while the withdrawal limit without verification is 1 BTC per day without an option of withdrawal to bank account.
- Leveraged tokens
- Trading bot
Trading opportunities of this exchange will satisfy almost all sophisticated trades, as it covers most of the trading needs. KuCoin leverage trading is available in two types - margin trading and leveraged tokens, where you can get up to 10X leverage on the first, and 4X on the second. KuCoin futures trading can give you up to 100X leveraged and can be settled in USDT, USDT, and cryptocurrency. KuCoin trading bot is a service for automated trading integrated into the exchange interface that can apply to the spot and futures markets. KuCoin API is designed for advanced users who want to connect their internal trading soft directly to the exchange database by bypassing the interface, there are spot and futures API options for trading.
KuCoin trading fees depend on the VIP status you can get by trading volume or KCS holdings and can be lowered by 20% by using KCS tokens as the fee payment. All the crypto coins on the exchange are separated into groups - A, B, and C, with individual fees for each group. The exchange is ready to pay for market-maker trades, which is why you can see the negative maker fees.
KuCoin maker taker fees for group A start with 0.1%/0.1% and can be lowered to -0.005%/0.025%, group B from 0.2%/0.2% to -0.005%/0.05%, and group C from 0.3%/0.3% to -0.005%/0.075%. KuCoin futures trading fees are starting from 0.02% for makers and 0.06% for takers and can be lowered to -0.015%/0.03% with no discount for using KCS tokens as a fee payment.
Is KuCoin safe?
KuCoin KYC is not mandatory for trading on this crypto exchange, but certain restrictions like withdrawal limits will apply without it. To increase security, the exchange uses the following security methods: two-factor verification via Google 2FA authenticator, IP whitelisting to prevent unauthorized access, cold storage to store customers’ assets offline, and regular security audits.
The KuCoin hack took its place in 2020 when the security breach resulted in a cryptocurrency loss worth $280 million. The hackers gained access to the exchange hot wallets to steal clients’ funds, which were partially recovered due to on-chain tracking and collaboration with other exchanges. The KuCoin hack refund has been paid to users in full, as the assets were insured. Since then the exchange has improved its security with new wallet architecture, a better risk-monitoring system, and an increased bug bounty program.
Terminal and mobile app
The terminal interface will be familiar to most users who previously have been using any other cryptocurrency exchanges. However, it could be difficult for beginners, as there is no simplified version. It works quickly, the graph is displayed without friezes. Convenient filters by sector, for example, De-Fi; NFT; Metaverse tokens are very easy to track. The KuCoin app is available for IOS and Android saving all the features available on the exchange website. KuCoin desktop application isn't available for downloading from the official website.
- Mining pool
- Cloud mining
- Structured derivatives
- IEO platform
KuCoin staking platform allows its users to earn additional income from Proof of Stake tokens mainly from the network fees gained for locking the assets into the blockchain. Staking rewards depend on the asset you stake and the staking product you choose, it can be Saving, Staking, or Promotions. Staking rates also rely on the terms and duration of the token lock, fixed and long staking will have higher APR, while flexible and short will bring less profits.
KuCoin mining pool is the exchange initiative to connect miners from all around the world, where you can commit your computing power to the public pool and earn guaranteed mining rewards. For now, it is only available to mine Bitcoin and Litcoin, but the exchange is planning to add more Proof of Work cryptocurrencies. Cloud mining on the other hand is a great opportunity to earn mining rewards without owning a mining machine. You can rent a hasrate from the cloud mining platform and profit in Bitcoin or Bitcoin Cash.
KuCoin lending allows you to loan your crypto to other users for profit, or you can borrow assets for specific terms and interest rates. You can choose between dozens of cryptocurrencies and lenders while setting up your own terms for a loan. Interest rates depend on the crypto asset and the duration of the loan, it can be 7, 14, or 28 days.
KuCoin Wealth is the service of structured derivative products, that allows to invest with fewer risks by using a combination of financial instruments, mainly options. With Protective Earn you can invest stablecoin into a crypto asset with an additional return, if the price of crypto stays the same as the initial or reaches Auto Take Profit - you will have your principal + return, if the price reaches the Protection Price - you will have the stablecoin converted into underlying assets + additional return in that asset. Twin Win is a highly leveraged product that allows you to profit if the price moves in any direction. You can bet on how much the price changes and get an increased income if the price movement is greater than or equal to your bet. If the price movement is less than what was indicated, you lose your investment. Convert Plus will help you to buy the crypto asset at a specific price with up to a 30% premium if the price stays in the defined range.
KuCoin Spotlight is the token launchpad platform that helps new crypto projects enter the market and investors get the allocation in token sales. The allocation system is based on lottery tickets, and the amount you can get is calculated based on your USDT, USDC, BTC, ETH, and KCS holdings. After the holding snapshot, you will get the lottery tickets that define your allocation size. Depending on the sale, you can buy new tokens with USDT or KCS.
KuCoin NFT services can offer a range of platforms for different purposes. Wonderland is the platform for launching NFT games and trading in-game items. KuCoin NFT marketplace Windvane is the decentralized platform for trading non-fungible tokens with low-entry level and advanced security. Fractional NFT is a service provided by the exchange that allows you to buy shares of blue-chip NFTs.
KuCoin reviews on Trust Pilot have an overall rating of 1,5 out of 5 among 860 votes. Lots of negative comments about customer support. However, there is also many negative KuCoin exchange review regarding the problems of withdrawal and deposit transfers. The most complaints you can read about account restrictions which lead to fund freezes. For almost all of the 2023 year, there are negative thoughts about the exchange prevailing on the Trust Pilot.
Customer support and contacts
KuCoin support is available with the ticket request or via live chat on the website. Support email has been added to tackle technical issues, such as product bugs, security issues, or API connection errors. With no phone support available, you can find most of the answers by yourself in the Help Centre.
KuCoin support email (for technical issues): firstname.lastname@example.org
KuCoin supported countries
The exchange officially supports more than 200 countries and you can use the exchange without KYC with certain restrictions, such as inability to trade fiat, in any country. However, citizens of some jurisdictions are not allowed full KYC verification. KuCoin restricted countries are the United States, Canada, Vietnam, South Korea, and China. This list also includes the OFAC countries - Iran, Iraq, Afghanistan, North Korea, Yemen, Syria, and Cuba.
Is KuCoin available in the US?
KuCoin exchange has no licenses in the USA, which makes it illegal to use for US citizens. Despite that it is available in US to register and use the exchange, KuCoin US customers can trade only crypto-to-crypto and withdraw crypto assets to other wallets. Many services such as fiat withdrawals are only available for verified users, while the KuCoin KYC verification isn't available in the USA.