KuCoin Review

Behind the KuCoin shares, is a young but promising Chinese exchange called KuCoin, of course, with the same name. KCS (KuCoin shares), a KuCoin token, is not an ordinary KuCoin coin. It is also an investment in the tokenized trading platform itself, and there are already advantages.

Introduction

KuCoin distinguishes itself from other exchanges by providing over 300 trading pairs from which to make investment decisions.

This portal provides:

• Many new features.
• Constantly providing investors with a sense of freshness by suggesting new additions regularly.
• Allowing you to have this option to the “traditional” investment.

Let us discuss a legal and safe platform, and from this perspective, the usage of KuCoin does not include any risk or danger that may restrict someone’s willingness and confidence to make investments on the same portal.

What is KuCoin?

KuCoin is a centralized cryptocurrency exchange with approximately 503 cryptocurrencies available for trading, according to CoinMarketCap. Through Simplex, Banxa, and OTC, the exchange accepts fiat currencies such as EUR, CZK, NZD, HUF, CAD, and others. It now has over eight million users in 207 countries around the world.

KuCoin also has its cryptocurrency, KuCoin Shares or KCS, which has been renamed KuCoin Token. The platform provides spot trading, margin trading, contract (futures), X-pool, lending, and trading bots.

Services offered

While KuCoin stands out for its benefits and what makes it unique, any trader should be aware of the drawbacks before investing. Make certain that you do not miss out on the risky elements.

Investing in something new comes with its own set of risks. The exchange’s unique features may entice you, but do your homework before investing. KuCoin provides five different types of accounts.

• Main account: used for storing, withdrawing and depositing funds.
• Trading account: used for spot trades and KCS payout fees.
• Margin accounts are used for margin lending and margin trading.
• Futures account: for trading in futures.
• X Group Account: for smooth stalking.

KuCoin also provides an over-the-counter trading desk. Traders can use this service to execute larger trades at specific prices. It is done without causing any fluctuations in the cryptocurrency’s price.

●         API for KuCoin

KuCoin provides API users with a quantitative trading strategy, trading strategy, trading fee reduction, interest-free loans, sandbox trading competition, and referral bonuses.

A goal is to encourage investment. Michael Gan and Eric Don are the creators of KuCoin. Michael was an exceptional child who began programming at the age of eight.

At the age of 16, he founded his first company. After learning about Bitcoin from his boss Eric in 2012, he attempted to sell some on Mt. Gox. That’s when he realized that the most popular platform at the time was difficult for beginners to use.

It made Michael and Eric realize the importance of creating a system that would support all laypeople, and the result was KuCoin.

Bitcoin Trading

The ‘Market’ button is located in the upper left corner of the page. Clicking on it takes you to the market page. Clicking on it takes you to the market page. All trading pairs are displayed here. When you click on a currency, you will see all trading pairs that use that currency.

10X can be found near some currency pairs. It means you can trade this currency pair with a 10X leverage. You can mark some currency pairs as favorites, giving you quick access to that currency pair.

You should then transfer the currency to the trading account. Simply select the transfer option and enter the currency you want to trade and the amount you want to transfer. Then click the confirm button.

Also, before you trade, enter your trading password, which you will not have to enter again for the next two hours. Choose your order type and order details.

KuCoin accepts four kinds of orders:

• Limit order
• Market order
• Stop limit order
• In addition, a market stop order

You can also use the currency option to search for specific currency pairs. Furthermore, you can use the small clock icon at the page’s top to set price or volatility alerts.

●         Staking

Staking is also an excellent way to earn passive income on KuCoin, which even has a platform called Pool X.

Discover how to stake cryptocurrencies and earn passive income.

• Select the earning option below the ‘Finance’ button at the top of the page.
• It will launch the Pool X platform.
• Scroll down and select ‘More’ next to the staking head.
• The website will display a list of all coins that you can stake.
• KuCoin can be staked in two different ways.
• The first is the flexible term, and the second is the fixed term.

●         Pool

The KuCoin pool is a mining pool that supports proof-of-work assets. It only charges a mining fee of 2%. The exchange has even optimized its algorithm to ensure maximum mining efficiency.

• Log into the KuCoin pool after logging into the KuCoin account.
• Create a miner account and finish your miner configuration in general settings.
• The platform employs a revenue model that includes an FPPS-based settlement mode for BTC mining and an FPPS-based settlement mode for BCH mining.

KuCoin lending

Users can lend cryptocurrencies to other users using KuCoin in exchange for interest. It is a peer-to-peer lending system.

Lenders enter the amount they are willing to lend and the interest rate they are willing to pay (the interest rate is 0 to 0.2 percent.

Furthermore, the lender has the authority to determine the loan’s term length. It could be 7, 14, or 28 days. The default loan term, however, is 28 days. In addition, KuCoin provides an auto loan option. You can reserve the amount you do not want to borrow here. In other words, this is kept as a reserve value.

Simply enable the automatic loan option to accomplish this. In addition, the lender can determine the lowest daily interest rate. Your funds will be automatically lent to other users by the system.

●         What exactly is a KuCoin leveraged token?

KuCoin has introduced a new type of derivative called leverage tokens. These are assets that you can trade on the KuCoin spot market.

Furthermore, by trading leveraged token shares, they aim to provide a multiple of the asset’s earnings. The currency type, profit multiple, and long or short direction are used to name these tokens.

Leveraged tokens have no expiration date. Furthermore, they have no negative value. Settlement risk is eliminated regardless of token price fluctuations. It operates under the supervision of the fund manager.

When trading KuCoin leveraged tokens, you do not need to pay a margin or borrow funds to try margin trading. Users with at least six KCS receive a 50% bonus from the daily income from the KuCoin trading fee.

KuCoin Exchange

KuCoin allows you to buy, sell and store a wide range of cryptocurrencies. It has a web interface as well as a popular mobile cryptocurrency website app. You can buy KCS to lower your fees and earn rewards.

The account verification process is optional, so people can trade cryptocurrencies using just an email address. However, if you want to use its advanced features, you must verify your account. And Americans can’t do that because of US regulations on cryptocurrencies.

The exchange offers both custodial and non-custodial services. You can either store your crypto assets directly on the exchange or connect third-party wallets directly and trade from there. It is a great option for those who prefer to control their cryptocurrency.

The exchange also offers less common features such as trading bots, leverage, and margin.

Cryptocurrencies

To buy cryptocurrencies with a credit or debit card, go to the KuCoin homepage and select “Buy cryptocurrency” at the top. Choose “Third Party” as your option.

It’ll take you to a payment form. You can select the currency you want to purchase here. Then enter the amount you wish to spend and choose the cryptocurrency you wish to purchase.

Choose a payment method from Visa, MasterCard, or Apple Pay. You will be given a list of payment options.

Choose a payment method from the list, read the disclaimer, and agree. Then press the confirmation button. You will also be required to enter your credit card information and pay.

KuCoin token

KuCoin has its cryptocurrency, KuCoin Shares, or KCS, which has now been renamed KuCoin Token. In relation to dividends, KCS is utilized as a utility token to pay crypto trading costs on the KuCoin exchange, enabling users to get savings of up to 80%.

The KCS use case also includes participation in the token sale on KuCoin Spotlight and LockDrop/BurningDrop on the Pool-X platform. But that’s not all, as KCS tokens also serve several other purposes on the platform.

KCS holders, for example, may become KuCoin VIPs, and users no longer require a large BTC trading volume to access lower production and taker costs. KCS may also be used to pay for shopping, hotel reservations, gaming equipment, and so on.

Interest rates

On this platform, KuCoin helps clients lend cryptocurrencies to other clients to earn interest in USDT, BTC, ETH, etc. Lenders only need to specify the Loan Amount and the Daily Interest Rate (interest rate range from 0 to 0.2%), and the loan term can be 7 days, 14 days, or 28 days. By default, this period is 28 days.

KuCoin Wallet

KuCoin Wallet users can send, receive, and store cryptocurrencies and interact with De-Fi protocols and other Web3 applications. In addition, the developers have built NFT support into the wallet.

Reliable asset protection is one of the main criteria for a good crypto wallet. The Hacken group has successfully tested KuCoin Wallet. Therefore, the exchange guarantees reliable protection of the assets of its clients.

Among other things, it is a self-storage wallet. In other words, no one will ever get access to investors’ private keys.

Mobile & App

The KuCoin exchange has also developed mobile applications for devices running Android and iOS operating systems, which are extremely popular. This step had a positive impact on the development dynamics of the platform,

How to create a KuCoin account?

You can sign up for KuCoin with your email address or phone number. When you enter your email address, you will receive a code. You must create a password after entering the verification code. Also, read the terms and conditions, agree to them, and then click the subscribe button. If you have a KuCoin referral code rPZBH4J, you can use it too.

If you sign up with your phone number, they will send the code to your phone number. After entering the verification code, repeat the preceding steps. You can also only use an email address once.

Register with your email address if your country code is not listed in the drop-down menu. You will receive additional benefits if you are verified through KYC (know your customer). Once you’ve completed your registration, go to www.kucoin.com and enter your email or phone number.

Scanning the QR code is another way to log in to the platform. Enable two-factor authentication as well to ensure the security of your account.

How to buy on the KuCoin app?

To buy cryptocurrencies with a credit or debit card, go to the KuCoin homepage and select “Buy cryptocurrency” at the top. Choose “Third Party” as your option.

It’ll take you to a payment form. You can select the currency you want to purchase here.

Then enter the amount you wish to spend and choose the cryptocurrency you wish to purchase. Choose a payment method from Visa, MasterCard, or Apple Pay.

You will be given a list of payment options. Choose a payment method from the list, read the disclaimer, and agree.

Then press the confirmation button. You will also be required to enter your credit card information and pay.

Pros and Cons

KuCoin is one of the top ten cryptocurrency exchange platforms in terms of volume when compared to other platforms like OKX exchange, SmartFi review, and SimpleSwap. Given all of the advantages, this comes as no surprise. Furthermore, it is reasonable to expect KuCoin to hold the position in the long run.

Is KuCoin legit?

Over time, the exchange has shown to be a reputable service. So yet, there is no cause to dispute the exchange’s sincerity.

Contact & Support

KuCoin’s customer service is available on both its mobile and App versions.

Mobile version: Go to KuCoin’s official website, click “More,” then “Support,” and finally “Online Chat.”

App Version: After logging in, go to my profile and then Support – Online Support.

Conclusion  

KuCoin has a lot of benefits as an crypto exchange platform. You can give it a trial to see for yourself. This is only a review, not financial advice. All information in this article should be used for informative purposes only.