KuCoin is a global exchange for cryptocurrencies that started operating in 2017. The platform enables trading in futures and margin products using an extensive selection of tokens. In addition, KuCoin is an attractive cryptocurrency exchange due to its low fees and extensive feature set.
KuCoin’s extensive features, low fees, and a wide variety of cryptocurrencies make it an ideal platform for experienced and even new cryptocurrency traders. However, KuCoin lacks an operating license in the United States, limiting its user base. Here are three reasons why you should use KuCoin.
What Is KuCoin?
In 2017, KuCoin began operations as a global cryptocurrency exchange. It has 10 million members and various trading options for those customers. This group includes spot trading, futures trading, peer-to-peer trading, margin trading, lending, and staking.
KuCoin asserts that it offers the industry’s highest level of security and a selection of approximately 400 different cryptocurrencies. It is designed to be user-friendly for novices, with a streamlined and straightforward interface, given the extensive number of capabilities it provides. In addition, the platform’s fees are among the lowest in the industry. KuCoin prioritizes the listing of lesser-known crypto tokens with significant expansion potential. It also gives users access to a huge number of tokens, some of which are not as well-known as other cryptocurrencies.
This exchange, KuCoin, is renowned for being one of the safest available, and it offers multiple security features to protect its users, including trading passwords, KYC verification, and 2-Factor Authentication (2FA).
KuCoin modernized its user interface by upgrading to Platform 2.0, resulting in the platform’s current appearance. The update added new features like advanced order types and a brand-new API. In the year 2020, KuCoin’s ecosystem will increase dramatically. The company’s most important accomplishments include launching its EARN Liquidity Trading Market and its one-stop exchange solution, KuCloud.
In addition, KuCoin announced in 2020 that its P2P cryptocurrency marketplace now supports PayPal transactions in addition to other, more efficient fiat currency payment methods. Due to its global growth, KuCoin is now available in almost every country and can be used in 17 languages.
3 Reasons Why You Should Use KuCoin
KuCoin is an excellent cryptocurrency exchange. But what makes it unique, and why should you use it? Continue reading below to learn more.
Advanced Features
A few unique features make KuCoin stand out from other cryptocurrency exchanges. It is one of the few cryptocurrency exchanges that allow US residents to open margin accounts.
Customers can therefore borrow money and utilize their assets to increase the return on their investments. When dealing with an asset that is already hazardous and has a volatile history, margin boosts your capacity to take on risk.
KuCoin members may lend to margin traders. Interest rates and terms vary by coin. Expectedly, crypto financing is risky. Even if the loans are secured, and the receiver must maintain a balance, asset price falls may cause unanticipated losses.
KuCoin may return lent coins when a user’s account falls below 97% of the amount borrowed. If KuCoin can’t fully refund you, their insurance should. Losses aren’t entirely protected under the exchange’s terms of service.
Users of KuCoin may pick from a wide variety of extra features. It’s up to you whether or not you choose to make use of them, though. Leverage is only recommended for experienced traders since it increases the volatility of an already volatile asset such as Bitcoin. Trading bots may also be used through KuCoin’s mobile app. Cryptocurrency trading bots can help you purchase and sell cryptocurrencies automatically.
You won’t have to worry about keeping an eye on the market when you’re away from your computer. Purchases meant to be maintained for an extended period have minimal influence on automated bots. Because of this, you need to know crypto trading bots’ strategies. Keep in mind that KuCoin also provides live trading charts like BTC/USDT and LUNC/USDT. You can get the latest price trending from there.
Top-Notch Security
Multiple safety features are available, as we’ve already discussed. One of these features is the trade password. On the exchange, the trade password is a brand-new feature that was just added.
This action was taken to protect your online visibility and digital assets. Users can create their own unique trade password, which they can then use to validate platform transactions, withdraw assets, and construct APIs, among other things.
The KuCoin exchange started using the “Know Your Customer” (KYC) method in November 2018 to protect its customers’ money when they do financial transactions on the platform.
As indicated in the User Identity Authentication Statement, KuCoin users must disclose their personal information to comply with industry standards. This was done to stop the website from being used for money laundering and other types of fraud.
In addition, there is a maximum daily withdrawal restriction of 3,000 BTC for KYC-certified users. In order to raise their daily withdrawal limit, users must meet both KYC1 and KYC2 verification standards.
Moreover, KuCoin strongly recommends two-factor authentication to enhance the safety and security of your account. The system additionally employs Google Authenticator as an additional layer of security to protect your account and deter theft.
The KuCoin website and mobile app are now compatible with Google Authenticator. Users must enter a code sent to their phone to log in or perform a transaction. Even if someone were to find your password, they would be unable to access your account without your phone due to this added layer of protection.
Low Fees
KuCoin’s trading fees are comparable with other prominent crypto exchanges. In addition, investors can receive a discount according to either their average monthly holdings of the platform’s native coin, KCS, or the number of trades they conducted the previous month. Clients who pay with KCS rather than other ways are entitled to a 20% charge reduction.
As with the vast majority of other cryptocurrency exchanges, KuCoin has a maker-taker fee structure. This means that you will face different fees depending on whether or not your order is determined to be a taker.
Similar to most cryptocurrency exchanges, you must pay a charge to withdraw practically any cryptocurrency from your KuCoin account. Suppose you wish to shift your assets to another wallet or platform in the future. In that case, you should check the fees associated with the specific currency you intend to purchase before making the transaction.
Takeaways
- KuCoin is a cryptocurrency exchange founded in 2017 with ten million users and various trading possibilities.
- KuCoin is largely regarded as one of the most reliable cryptocurrency exchanges accessible today, with numerous security measures.
- KuCoin distinguishes itself from other cryptocurrency exchanges by offering several features solely available on its platform.
- KuCoin is a great place for beginners to start trading cryptocurrencies because it offers many coins and superior security.