KuCoin is a big cryptocurrency exchange with millions of users. It has a number of functions, including crypto trading and staking. KuCoin Token (KCS), the exchange’s own token, is used to power many features.
The KuCoin exchange was founded in Singapore in 2013 by a group of software engineers and venture capitalists. KuCoin Token was released in September 2017 after the exchange gained significant popularity. From 2018 until 2020, the token’s price remained stable, at about $1. However, in November 2021, it skyrocketed, reaching all-time highs of about $28.
What Is KuCoin Token (KCS)?
KuCoin Token (KCS) is now used as a payment method, but its creators want to use it as a governance token in the future. The token is ERC-20, which implies it is built on the Ethereum blockchain.
One of the most common uses of KCS is in its bonuses program. By holding at least 6 KCS tokens, users can receive 50% of all trading fees. These benefits are also available to users who have their KCS locked into a staking pool or trading bot. This feature encourages people to purchase the token and serves as a tool that benefits holders.
KCS can also be used to pay fees on the exchange. Users can receive up to an 80% discount on trading fees when fees are paid in KCS. This is another method KuCoin encourages people to use their cryptocurrency. A burning system is another unique element of KCS. Burning tokens attempt to raise the value of each token still in circulation by removing them from circulation. The previous quarter’s volume determines the amount of tokens burnt at the end of each quarter. The initial supply of 200 million tokens was given. However, tokens will continue to be burnt until only 100 million remain. Almost 30 million tokens have been burned thus far. This one-of-a-kind method increases the value of each token while being discreet to the larger ecosystem.
KuCoin also plans to launch KuChain, a decentralized exchange (DEX) and blockchain. KCS will provide a significant amount of funding for both of these projects. However, neither project has a set release date, and these applications are purely speculative.
How To Buy KuCoin Token (KCS) on KuCoin?
Step 1: Open An Account
The first step you need to take if you want to purchase KCS is to open an account. This is an easy step to take as you only have to provide your personal information, such as email address and phone number, and set up a strong password.
Next, you need to verify your identity by using your ID photo.
Step 2: Fund Your Account
The next step is to fund your account.
Bitcoin and Ethereum are the most convenient currencies to deposit. They both feature trading pairs for most of the cryptocurrencies listed on KuCoin, giving you the most flexibility. KuCoin supports BTC and ETH, which can both be traded for KCS.
To make a deposit, click the top of the website’s navigation bar and select Assets > Deposit.
Enter the ticker for the cryptocurrency you want to deposit (BTC for Bitcoin, ETH for Ethereum) and choose it from the drop-down menu.
You will receive a deposit address for the currency you selected on the website. The address will be composed of a mix of numbers and letters (lowercase and uppercase). Copy the full address and save it in your chosen wallet. Send the amount you wish to deposit to the address you copied. Do not expect your cash to appear in your KuCoin account immediately because transactions might take up to half an hour to complete.
Step 3: Buy KuCoin (KCS)
The third and final step is to buy KuCoin Token.
To do so, go to the Exchange tab to place an order. We’ll assume you deposited BTC for this step. If you deposited Ethereum, the process is the same.
Select the BTC market in the upper left corner and search for KCS. The trading pair KCS/BTC should display.
If you want to purchase KCS at its current price, go to the Market tab and type in the amount of KCS you want to purchase. The order should be processed quickly, and the KCS will be added to your account shortly after.
How To Buy KuCoin Token (KCS) on Coinbase?
Step 1: Open An Account
Purchasing any cryptocurrency first requires having an account on any of the exchanges. The same goes for Coinbase. If you want to purchase KCS, you first need to download a Coinbase Wallet and choose a username.
Step 2: Fund Your Account
The second step is to fund your account. Coinbase offers you three ways to fund your account.
- Bank transfer
- Debit/credit card
- Third-Party
Step 3: Buy KCS
After choosing your preferred funding method, the third and final step is to buy KCS. However, you first need to buy ETH or any other coin and later trade it for KCS, which is an easy process.
After buying ETH, go to the trade page and search for KCS. Put the amount of KCS coins you want to purchase and press BUY.
Takeaways
- The KuCoin token (KCS) is built on the Ethereum blockchain.
- The KuCoin exchange offers many advantages to its token holders, such as 50% off any trading.
- If you pay fees on KCS, they will offer up to an 80% decrease in overall fees.
- In the future, KuCoin plans to launch the KuChain, decentralized exchange (DEXI), and blockchain.
- KuCoin Token is listed in some of the largest cryptocurrency exchanges.