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Is KuCoin Safe – KuCoin Detailed Review

To date, KuCoin has established itself as a popular one-stop-shop for all kinds of crypto transactions. The exchange, with a wide range of cryptocurrencies and multiple advanced features, launched in 2017 and has since become one of the most popular crypto exchanges online.

It is possible for clients in the United States to open a KuCoin account, despite the fact that KuCoin is not permitted to operate there. Customers of KuCoin will be pleased with its vast selection of currencies, minimal fees, and many advanced options. But is the platform safe to use? Learn more by reading further down below.

What’s KuCoin?

KuCoin is a cryptocurrency trading platform with a worldwide reach that was initially launched in 2017. The platform also lets you do a lot of different things, like spot trading, futures trading, peer-to-peer trading, margin trading, lending, staking, and a lot more.

Since its inception, KuCoin has become one of the world’s most popular cryptocurrency exchanges. An impressive selection of crypto services has been produced by the company, giving both new and veteran investors a good time. The platform has put together a wide range of crypto services that are suitable for both novice and experienced investors.

KuCoin, being a crypto exchange, claims to provide the finest security and the widest variety of tokens in the crypto industry. It was designed with simplicity in mind, having a simple and straightforward user interface to match its extensive feature set. As a result, many of its fees are among the most affordable in the cryptocurrency industry.

KuCoin’s exchange platform allows users to buy, sell, and trade a whopping 600 different types of digital assets. This exchange is ideal for those looking for a broad variety of assets. KuCoin also has some of the lowest fees of any alternative cryptocurrency exchange. It has a simple fee structure that is easy to grasp for novice users, which we will explain further below.

KuCoin aims to include cryptocurrencies that are less well-known yet have a lot of development potential.  Users of KuCoin can access their accounts through an online platform or a mobile application. In addition, a wide range of features and functionalities may be found on its desktop website as well as its mobile applications.

Is KuCoin Safe?

But, is KuCoin secure? In this article, we’ll go over every aspect of this platform and the security it provides for its users. Checking a project’s history is the best approach to determine whether it is secure. So without further ado, let’s begin.

KuCoin’s History

The cryptocurrency exchange didn’t begin its operations until the middle of 2017. However, the platform’s development team has been conducting experiments even since the start of the decade. Although the technical framework of the platform was developed back in 2013, it took many years of tuning and improving to make KuCoin the flawless, easy-to-use interface it is today.

The Seychelles is the current location of the company’s headquarters. It is reported that the firm has more than 300 workers all around the globe. During 2019, the KuCoin platform saw a number of substantial updates and improvements.

The exchange modernized its user interface by upgrading to Platform 2.0, which resulted in the platform receiving the look that it has today. The update introduced more functionality, such as sophisticated order types, a new API, as well as other functionalities in addition to those already mentioned.

In the year 2020, KuCoin expanded rapidly in its ecosystem. The introduction of its EARN Liquidity Trading Market and the release of its one-stop exchange solution, KuCloud, were among the most significant developments made by the company.

Moreover, KuCoin made the announcement in 2020 that its P2P cryptocurrency marketplace now accepts financial transactions through PayPal, in addition to other more efficient forms of fiat currency payment. With KuCoin’s global expansion and support for 17 languages, it is now available in almost every country.

Security Features

This exchange, KuCoin, is reputed to be one of the safest out there, and here are some of the security measures it offers to keep its users safe.

Trading Password

The trading password is a brand new feature that has just been implemented on the exchange. This was done in order to safeguard both your online presence and the digital assets you own. 

Users have the ability to generate their own one-of-a-kind trade password, which they can subsequently use to validate platform transactions, withdraw assets, construct APIs, and perform a wide variety of other tasks.

Individual Verification

The KuCoin exchange began implementing the “Know Your Customer” (KYC) approach in November 2018 to safeguard the funds of its users when they engage in financial transactions on the platform.

In order to comply with industry standards, KuCoin users are required to provide their personal information, as specified in the User Identity Authentication Statement. This was done to prevent money laundering and other fraudulent activities from occurring on the site.

Furthermore, there is a maximum daily withdrawal limit for KYC-certified customers of 3,000 BTC. Users must meet both the KYC1 and KYC2 verification requirements in order to increase the amount of money they can withdraw every day.

2-Factor Authenticator (2FA)

Two-factor authentication is strongly recommended by KuCoin to ensure the safety and security of your account. Additionally, the system uses Google Authenticator as an extra layer of security in order to safeguard your account as well as discourage theft.

The KuCoin website and mobile app now support Google Authenticator. In order to log in or make a deal, users are required to input a code delivered to their phone. Even if someone managed to discover your password, they would be unable to access your account without access to your phone thanks to this additional degree of security.

KuCoin Fees

KuCoin’s trading fees are equivalent to those of other major cryptocurrency exchanges. Investors are eligible for a discount depending on their average monthly KCS holdings or the previous month’s trading volume. In addition, consumers who pay with KCS get a 20% discount.

Like certain other cryptocurrency exchanges, KuCoin imposes maker-taker fees. If your order is a taker, different costs will apply, and conversely. Makers provide liquidity by making orders for other users to fulfill. Takers limit liquidity by fulfilling orders from makers.

The number of fees you’ll be required to pay is proportional to the amount you traded in the previous month. Due to the fact that KuCoin’s monthly trading volume is measured in Bitcoin (BTC) as opposed to U.S. dollars, it may be difficult to compare KuCoin’s fees to those of other exchanges.

As is the case with the overwhelming majority of cryptocurrency exchanges, there is a fee associated with withdrawing almost any coin from your KuCoin account. If you want to move your assets to a different wallet or platform in the future, you should check the fees associated with the currency you seek to buy before making the transaction.

KuCoin Token (KCS) 

The value of several major exchange tokens, including KuCoin’s native currency, KCS, is increasing. KCS holders are eligible for daily incentives from the exchange. Initially, only 200 million of these coins were to be available for circulation. In contrast, the burning method has reduced the number to around 145 million.

KCS is currently ranked 39th on CoinMarketCap, having a market valuation of $1,585,138,275 at the time this article was published. There is a cap of 170,113,638 KCS on the global supply. Currently, however, there are only 98,379,861 in circulation. KuCoin will continue to purchase tokens until just 100 million remain in circulation, at which time they will be destroyed.

KuCoin Features

As with every other cryptocurrency exchange, KuCoin has a few advanced features that make it stand out from the others. So let’s check them out.

Margin Trading

KuCoin is one of the few crypto exchanges that permits US citizens to create margin accounts. So, customers can borrow money and use their assets to get a better return on their investments.

Margin improves your ability to take on risk when dealing with an asset that is already risky and has a history of being very volatile. Because of this, experienced crypto investors should frequently utilize margin.

Crypto Lending

KuCoin members may lend their crypto to margin traders. Each coin’s interest rates and durations vary.  Crypto lending isn’t risk-free, as expected. Even though the loans are secured and the receiver must maintain a certain balance, unforeseen losses may arise if the asset price declines. 

KuCoin will initiate margin calls when a user’s account falls below 97% of the amount they borrowed, giving you back any coins you loaned. KuCoin’s insurance should cover the gap if they can’t completely repay you. The exchange’s terms of service state that losses are not fully covered.

Advanced Features

KuCoin has a slew of add-ons available for users to choose from. However, you should think long and hard about whether or not you want to make use of them. 

Because it enhances the volatility of an already high-risk asset like bitcoin, leverage is only appropriate for the most experienced traders. Additionally, KuCoin’s mobile app allows for the usage of trading bots. Automated trading bots may buy and sell cryptocurrencies for you.

When you’re gone from your computer, you won’t have to worry about keeping an eye on the market. Automated bots have little impact on purchases intended to be kept for a lengthy amount of time. As a result, you must be aware of the bitcoin trading tactics used by the bots.

Takeaways

  • KuCoin is a cryptocurrency exchange founded in 2017 with six million users and a variety of trading possibilities.
  • As a crypto exchange, KuCoin makes the claim that it offers the highest level of security and the broadest selection of tokens available.
  • KuCoin is widely recognized as being among the most trustworthy cryptocurrency exchanges currently available with multiple features ensuring safety.
  • Users of KuCoin may access their accounts using either a mobile application or through a desktop, depending on whatever method is most convenient for them.
  • KuCoin is distinguished from other cryptocurrency exchanges by a number of features that may be found only on its platform.
  • Investors might get a discount on the platform depending on their monthly average KCS holdings or transaction volume.
  • KuCoin is a wonderful spot for newbies to start trading cryptocurrencies since it offers so many coins and top-notch safety.

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