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How to Buy Cryptocurrency Using KuCoin – A Step-by-Step Guide

Despite numerous concerns, the future of cryptocurrencies appears to be bright. 

We would all love to be a part of this world. The first step you need to take is to invest in the crypto of your choice. This can be done by using a cryptocurrency exchange platform. 

In this article, we will go through the KuCoin exchange, explain its features, and show steps on how you can purchase cryptocurrencies in it. 

What Is KuCoin Exchange?

KuCoin, founded in 2017, is an international cryptocurrency trading platform that primarily serves traders and investors.

KuCoin’s several features provide numerous benefits. Aside from its smooth, user-friendly interface and typical trading platform features, it also provides Peer-to-Peer (P2P) futures and margin trading. Users can trade about 400 different cryptocurrencies on the website. As such, making it one of the most comprehensive lists of cryptocurrencies any exchange platform provides. Best of all, it offers some of the lowest base fees among the current leading crypto market exchanges, which only adds to its popularity.

Moreover, if you want a beginner-friendly cryptocurrency with a robust trading environment and low transaction costs, KuCoin is an excellent choice. 

Trading Bot

KuCoin provides the Trading Bot service, making it easier for users to trade.

Users may set precise trading criteria and let the bot take control after opening an account and depositing funds. Its Trading Bot analyzes prices and predicts using market information, analytics, and other tools. The bot then uses this combination of information and the user’s preferences to make buy and sell orders as the price moves. Just like this, Trading Bot assists cryptocurrency traders in generating money while they sleep by recovering invested funds and creating pure profit. 

KuCoin’s Trading Bot also provides long-term trading strategies. Instead of investing thousands of dollars in a single cryptocurrency, customers can instruct the Trading Bot to invest tiny sums at regular intervals throughout time. Human traders are incapable of keeping up with the constant changes. KuCoin acknowledges that its tool will address the issue of sleep deprivation and emotional trading. It is a passive strategy for trading cryptocurrencies with the goal of maximizing possible profit. 

Because their crypto trading portfolio will work for them, trades will have more time to enjoy life and do what they want. 

What Is KuCoin Token (KCS)?

KuCoin Shares (KCS) are ERC-20 Ethereum tokens that can exclusively be used on the KuCoin exchange.

A total of 200,000,000 KCS were distributed through a crowdfunding campaign, with almost 90,000,000 in circulation. Every quarter, KuCoin invests 10% of its income in buying back and burning KCS tokens until only 100,000,000 remain. The following are some of the advantages of KCS holders:

  • Receive daily cryptocurrency payouts equal to 50% of the trading fees paid daily
  • Get a discount on your trading fees
  • BTC, ETH, LTC, USDT, XRP, NEO, EOS, CS, and GO are among the numerous trading pairs available
  • Fast-track customer service

How Does KuCoin (KCS) Work?

Most importantly, staking KCS allows KuCoin users to participate in daily exchange profits. 

The exchange’s transaction and trade volume performance directly reflects these payouts. The daily rewards pool increases in proportion to the number of trading fees received by the platform. The dividends paid are proportional to the number of KCS owned. 

If you have 10,000 KCS and the exchange charges you 20 BTC in trading fees (0.1% of daily trading volume), you will get 0.001 BTC each day. The rewards are calculated for each token pair on KuCoin and are paid out primarily in KCS and occasionally in other altcoins. Payments are made automatically every day at 2 AM, and the bonus might take up to 24 hours to arrive. 

Some of the main requirements to be eligible for the bonus are:

  • For at least 24 hours, a user must hold at least 6 KCS.
  • A user’s account 2FA must be activated.

Another advantage of KCS tokens is the possibility of earning a discount on trading fees. For a 1% discount, you must purchase at least 1000 KCS, with a maximum discount of 30% for 30,000 KCS. Every day at 12 AM, the system calculates the relevant discount rate by taking a snapshot of users’ KCS holdings.

How To Buy Bitcoin Using the KuCoin Exchange?

We will now show you how you can buy cryptocurrency on KuCoin, and we will be focusing on Bitcoin.

Step1: Open An Account

The first step you need to take if you want to start trading on KuCoin is to open an account. This is an easy step as all you have to do is to provide your email address and phone number. After providing your phone number and email address, a code will be sent to you. In order to activate your account, you must put the cote in the required box. 

KuCoin uses Two-Factor Authentication as a means of securing your account. 2FA is required if you want to proceed to create your account on KuCoin. 

In order to enable 2FA for your account, follow these steps:

  1. After you log in to your account, you’ll receive a pop-up box reminding you to enable your 2FA. Go to Accounts and choose “Bind 2-Step Verification.”
  2. Follow the on-screen instructions to protect your backup key, then click “Next.”
  3. Install the Google Authenticator app on your mobile device
  4. Scan the on-screen barcode and put the verification code. then, click “Submit.”

After securing your account with 2FA is time to verify your identity. This is also a requirement if you want to start trading in KuCoin and secure your assets. You can verify your identity only by providing a copy of your ID. 

Step 2: Fund Your Account

The next step is to fund your account. 

KuCoin offers you three options to fund your account:

  • Credit/Debit Card
  • Peer-to-Peer Trading (P2P)
  • Third-Party 

After choosing your preferred option to fund your account, you can put the amount you want. Below we are going to show a few simple steps on how you can fund your account:

  • Click the Assets option
  • Choose the cryptocurrency you want to deposit or search it in the search bar
  • Right next to your chosen asset, click the Deposit button
  • Enter your wallet address in the following field. A QR scanner could also be used to scan the barcode.
  • Complete your transaction

Step 3: Buy Bitcoin

The third and final step is to purchase Bitcoin. 

You can begin earning money from trading as soon as your account gets the deposited funds, which should not take long.

  • Go to the Markets tab once your funds have been out into your account
  • Choose Bitcoin, then click the Trading icon to the right of it
  • Enter your desired amount in the Buy field and click Buy. The procedure for the Sell option is the same.

Frequently Asked Questions (FAQs)

Can you buy crypto on KuCoin in the US?

KuCoin exchange secures accounts using industry-standard security standards, and you can also enable two-factor authentication. Because KuCoin is not authorized to operate in the United States, you must go through a procedure to use USD. There is also no protection for cash deposits through FDIC-insured accounts, as you may have with other major exchanges. 

How much does it cost to buy crypto on KuCoin?

This trading platform does not impose separate fees for takers and makers. Instead, the exchange employs a “flat” fee model. They charge a flat 0.10% trading fee, which is lower than the global industry average. You could be eligible for an additional discount if you pay your trading fees using KCS. Trading fees are decreased based on trading volume and holdings. So you can expect to pay between 0.0125% to 0.10%.

Takeaways

  • KuCoin is an exchange platform that was founded in 2017.
  • The exchange offers around 400 different cryptocurrencies you can trade.
  • Trading Bot is a feature of the KuCoin exchange that helps traders trade more easily.
  • KuCoin Shares (KCS) are ERC-20 Ethereum tokens that can be used exclusively on the KuCoin exchange.
  • Buying cryptocurrencies on KuCoin is a straightforward process.
  • KuCoin is not authorized to work in the US, so you must undergo a whole process to use USD. 

 

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