Is KuCoin Legitimate – Should you use KuCoin Crypto Exchange?

KuCoin is a cryptocurrency exchange that was established in 2017. Since its inception, KuCoin has expanded to become one of the major worldwide exchanges in terms of transaction volume and security. Additionally, it has grown to include more than 10 million members and has a footprint in more than 200 countries.

Even though KuCoin isn’t authorized to function in the United States, customers can consider signing up for a KuCoin account, but access to services is limited. Professional cryptocurrency traders will appreciate KuCoin’s wide range of coins, low fees, and extensive features. Is KuCoin legitimate? Find out if the platform is right for you by reading on.

What Is KuCoin?

Founded in 2017, KuCoin is a global cryptocurrency trading platform. It presently has over six million users and provides a wide range of trading options for individuals who use the service. Moreover, the platform includes spot trading, futures trading, peer-to-peer trading, margin trading, as well as lending and staking.

KuCoin promises to offer the best level of security and the widest selection of cryptocurrencies in the business. Because of its broad feature set, it was created with ease of use in mind, with a clean and uncluttered user interface. As a result, many of its fees are among the lowest of any cryptocurrency market.

More than 600 tokens may be purchased, sold, and traded on KuCoin’s exchange platform. Those in search of a wide range of assets may find this exchange to their liking. KuCoin now supports the following cryptocurrencies: Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Polkadot (DOT), Shiba Inu (SHIB), XRP (XRP), and many more.

KuCoin aims to include cryptocurrencies that are less well-known yet have significant growth potential. Furthermore, KuCoin (KCS) holders are entitled to up to 90% of the trading fees paid. Users of KuCoin may access their accounts via an internet platform or phone application. Its desktop website and mobile apps both include a multitude of features and functions.

KuCoin Token (KCS) 

Many common exchange tokens, including KuCoin’s native coin, KCS, are going up in value. Holders of KCS are eligible for daily rewards offered by the exchange. At first, there were only going to be 200 million of these coins available for circulation. The burning strategy, on the other hand, has brought the number down to about 145 million.

KCS now holds the 41st spot in CoinMarketCap’s rankings with a total market cap of $1,649,287,649 as of the time this article was written. There is a limit on the overall supply of KCS, which is set at 170,113,638. However, as of right now, there are only 98,379,860.95 in circulation. KuCoin will keep buying back tokens until there are just 100 million remaining in circulation, at which point they will be destroyed.

KuCoin Fees

KuCoin’s trading costs are comparable to those of market leader Binance. Investors can get a discount based on their average monthly KCS holdings or trade volume from the previous month. Furthermore, customers who pay using KCS get a 20% discount.

KuCoin charges maker-taker fees, like other cryptocurrency exchanges. If your order is a taker, you’ll be charged different fees and vice versa. Makers provide liquidity by placing open orders for other users to fill. Takers reduce liquidity by satisfying makers’ orders. 

The amount of fees you’ll have to pay is based on how much you traded over the previous month. Due to the fact that KuCoin’s monthly trading volume is calculated in Bitcoin (BTC) rather than U.S. dollars, it may be difficult to compare KuCoin’s fees to those of other exchanges.

As is the situation with the vast majority of cryptocurrency exchanges, you must pay a charge to withdraw practically any cryptocurrency from your KuCoin account. If you plan to shift your assets to a different wallet or platform in the future, you should examine the costs connected with the particular currency you wish to purchase prior to initiating the transaction.

If you anticipate shifting assets frequently, it may be a good idea to compare the all-in trading and withdrawal costs of this platform with those of another platform, especially one that offers a specific number of free withdrawals per month and is much more user-friendly for novices.

Is KuCoin Worth It?

Users of KuCoin have the option of logging into their accounts using a mobile app or via a website. Mobile apps are available for both Android and iOS. Its mobile apps and website for desktops both have a lot of different tools and functions to choose from.

When a user is signed into KuCoin on their desktop or mobile device, they have the option to click to view markets, purchase cryptocurrency, trade cryptocurrency, and much more. It is also possible to engage in peer-to-peer trading, futures trading, and margin trading, all of which may appeal to certain users. KuCoin also makes it easy to stake, and they just released a tool called Trading Bot that helps make trading easier.

Despite the fact that it provides a wide variety of trading choices, neither the desktop nor the mobile platforms of this exchange are especially user-friendly. Having said that, the website does include a serviceable help center where visitors may look for solutions to frequently asked questions.

KuCoin Security Features

KuCoin is known to be one of the most secure exchanges available; below are some of its security features.

2-Factor Authenticator (2FA)

KuCoin suggests that you make use of two-factor authentication so that your account may be protected and secured more effectively. To be more specific, the system makes use of Google Authenticator to protect your account, deter theft of assets, and add an additional layer of protection.

Now, you can use Google Authenticator on the KuCoin website or mobile app. This is a security measure of KuCoin that requires users to enter a code sent to their phone before they can log in or make a trade.

This extra layer of protection means that even if someone were to find out your password, they would still be unable to access your account unless they also had access to your phone.

Trading Password

The trading password is a new function that has been added to the exchange. This was done so that your profile and digital assets are protected. Users can make a unique trade password that they can then use to verify platform transactions, withdraw assets, build APIs, and do many other things.

KYC Verification

In November 2018, KuCoin started using a method called “Know Your Customer” (KYC) to protect customers’ assets when they trade on the exchange.

Users of KuCoin are prompted to enter their personal information in order to comply with the standards set forth by the cryptocurrency industry, as outlined in the User Identity Authentication Statement. This measure is taken to reduce the likelihood that fraudulent activities, such as money laundering, will take place on the platform.

Clients with the highest level of verification can withdraw up to 3,000 BTC per day from their KYC-certified accounts. If they choose to go through both the KYC1 and KYC2 verification processes, they can increase their daily withdrawal limit.

Customer Support

KuCoin is committed to safeguarding the privacy of its users and preventing infringement on their assets. As a result, the KuCoin security team has developed a security notice to protect users’ personal information and accounts.

In addition, there is a Help Center and a Frequently Asked Questions page available as online resources. If you have any questions about the platform or how to make use of its various features, your first port of call should be the Help Center and the FAQ page.

Takeaways

  • KuCoin is a cryptocurrency exchange with ten million users and a variety of user-friendly trading options.
  • Investors might receive a discount on the platform depending on their average monthly KCS holdings or transaction volume.
  • Users of KuCoin have the option of accessing their accounts using a mobile application or a website.
  • KuCoin is considered one of the most secure exchanges accessible, with several security measures.
  • KuCoin is a renowned cryptocurrency exchange website with a simple enough layout for beginners.
  • With so many coins available, KuCoin is a good place for beginners to start trading cryptocurrencies.