What is KuCoin?
KuCoin is the second-largest trading platform by 24hr trading activity behind Binance. China's first major cryptocurrency exchange, founded in 2017, aimed to develop a safer and more user-friendly exchange than Bittrex and Poloniex. Because of its emphasis on simplicity and safety, other exchanges may consider KuCoin less sophisticated.
Over 8 million registered users, over $370 billion in trading volume (USD), and over 800 million deals are just a few of the stats that set this platform apart from the rest. It also provides several cutting-edge products and services, such as trading platforms, apps for smartphones and other mobile devices, futures and margin, indices, and a loan program, among others. Read our comprehensive KuCoin review to discover more about the system and its key offerings.
Does KuCoin charge fees??
Yes, it does. In addition to a broad range of services, KuCoin is noted for its low fees. Customers of KuCoin may rest assured that their rates will stay competitive despite the high costs of trading and depositing cryptocurrencies. Since each trade incurs a fee, traders are apprehensive about the total cost of using an exchange since fees can rapidly pile up. KuCoin has some of the lowest fees among the major crypto exchanges, and the fee structure is transparent and simple to comprehend.
What are KuCoin fees?
Another issue to think about is KuCoin fees and commissions. Unregulated exchanges indeed charge lower commissions than their regulated counterparts. Still, they do so to entice new customers willing to risk their money for lower costs and not having to meet verification standards.
Deposit and Withdrawal Fees
When you request a BTC withdrawal from KuCoin, you will be charged a fee of 0.0005 BTC. It is by the industry benchmark BTC withdrawal fee of 0.00053 BTC, as determined by the methodology in this research. It's excellent that KuCoin's trading and withdrawal costs are in line with or even lower than the industry standards.
Methods of Deposit
It used to be that deposits of any kind, including fiat currency, were not allowed at KuCoin. Therefore, no new cryptocurrency investors were allowed to trade here. KuCoin eventually allowed deposits of fiat cash on July 4, 2019. With the help of Simplex, this was made possible. Through KuCoin, you can purchase Bitcoin and Ethereum using Visa and MasterCard credit cards. Six U.S. states don't allow this deposit method to be used. These are Iraq, North Korea, Syria, Afghanistan, Libya, and the following six states in the northeastern United States. Simplex assesses a fee of 3.5% on each transaction. Because of this, Simplex will take $350 (plus a minimum flat fee of $10) to enable you to buy Bitcoin for US$10,000. For cryptocurrencies, KuCoin charges no deposit fee. This is one unique feature of KuCoin that sets it apart from competitors like
BlockFi interest,
OKX, and other
crypto lending platforms.
Lending Fees
You'll be able to view the coins you can lend on the left sidebar once the marketplace is up. You can check how much money you can make daily by clicking on a coin. Because returns are expressed as daily interest, multiplying them by 365 yields an annual return. However, depending on your lending currency, interest rates might range from 3% to 70%. Loan Amount, Daily Interest Rate (0% to 0.2%), and Lend Terms are required to start lending (7 days, 14 days, and 28 days). Once your order has been matched and moved to the Unsettled tab, it becomes a loan. As you can see, the lending process is quite simple. However, the following suggestions may be helpful.
- Consider how low the interest rates are before making a loan on KuCoin. A rough estimate of the rate you think will work will be required.
- Always choose the most sensible investing decision. The highest exchange rates are in USDT (currently at 12% APY).
- It is recommended that you employ auto-lending.
Rates of KuCoin Lending
Interest rates can be viewed as a percentage of the money invested, as previously stated. However, KuCoin's APR (yearly interest) ranges from 6% to 12%, with some specialized cryptos topping at 50% to 70% APR. It is possible to calculate the annualized return by clicking on the different cryptos and looking at the daily interest rates, then multiplying by 365.
Trading Fees
All traders on this platform pay the same amount of fees. Regarding trading fees, the exchange employs a so-called "flat" methodology. A flat trading cost of 10% is offered, which is lower than the global industry standard for this type of trading platform. Regarding a global industry average, different people have different ideas, but we'd estimate "about 0.25%." An additional discount may be available if you pay your trading expenses with KCS. KuCoin's native token, the KCS, has a 30-day trading volume and holdings quota, lowering the trading costs. When utilizing USDT/KCS as the trading fee token for BTC/USDT and LTC/KCS, for example, KuCoin deducts the token. The fee is sometimes deducted from the transaction amount. Usually, it differs between what is shown on the account and what is charged.
Commissions on Trading
KuCoin's costs are so much cheaper than those of other crypto exchanges and it's one of the key reasons for its success. Traders may easily comprehend KuCoin's trading price because it is straightforward and clear. When you log in to your KuCoin account, you'll be able to see your trading fee level. Upon logging in, simply click the Fee button on your user interface. The page will show your current level. A negative fee rate is possible if your level is high enough.
Prices for Trading, as well as their Variations Overview
The trading fees associated with various roles in KuCoin vary. If you're a market maker or a market taker, the following is an overview of how your trading costs are affected.
- Different costs will be charged for Makers and Takers.
- There will be a taker fee if you accept certain orders (e.g., market, concealed, or iceberg).
- You will be charged a Maker Fee if you activate the Post Only option in a limit order.
- With the KCS Pay Fee option, you can save even more on spot or margin trading costs by paying with your KCS holdings. Discounts of up to 20% are possible.
- KuCoin can also use the token you're trading as the fee itself, eliminating the need for an additional fee payment from the user. The fee can also be paid using another type of token. KuCoin, for example, can charge a fee in USDT/KCS while trading BTC/USDT.
- However, it is important to remember that KuCoin can remove the amount directly from your exchanged tokens, affecting your total deal amount.
Margin Trading Fees
There are a variety of options available. For example, the trading fee is reduced based on how much KCS has been traded and held in the previous 30 days. As a result, consumers can cut their commission costs by raising their trading volume for 30 days. Another option is to retain KCS coins for at least 30 days to reduce fees. Participants in institutional investor programs, for example, might save a significant amount on trading fees by taking advantage of additional discounts based on several characteristics.
Futures Fees
When funding futures contracts on the
KuCoin platform, there are variable expenses. In other words, the USD/USDT loan rate can go from positive to minus. Futures contract financing rates can range from 0.03% to 0%, with the latter serving as the base rate in current market conditions. But compared to industry standards, these are still quite modest. For more information on the fees associated with trading KuCoin futures, see the whole fee schedule.
Exchange fees
When it comes to fees, KuCoin has decided on levels. Consequently, the 30-day trading volume or the 30-day KCS holdings assign a level between 1 and 12 to Spot and Futures transactions. Fees range from 0.015% to 0.1%, depending on your grade level, on KuCoin's maker/taker fee scheme. Compared to its competitors, which can charge up to 0.50% for every trade, it charges a relatively low price. KuCoin Token (KCS) balances can also be used to reduce fees for Trading. Costs vary by investment and vary depending on market performance and trading fees. Deposits are free on KuCoin, but there are a few alternatives for depositing fiat currency now.
Spot trading fees
KuCoin does not charge different fees for takers and makers for the most popular feature on the platform, Spot Trading. As a result, KuCoin Spot Trading charges a flat cost of 0.1% for every transaction, which is lower than the world average of 0.5%. The 0.1% maker and 0.1% taker fee levels do not apply to all exchanges, and traders should be aware of this when making trades. There is a detailed breakdown of trading fees on the trading page. KuCoin does not charge different fees for takers and makers for the most popular feature on the platform, Spot Trading. As a result, KuCoin Spot Trading charges a flat cost of 0.1% for every transaction, which is a pretty low 0.5%. The 0.1% maker and 0.1% taker fee levels do not apply to all trades, and traders should be aware of this when making trades. There is a detailed breakdown of trading fees on the trading page.
Transaction fees
You can lower the fees you pay on KuCoin by trading more or holding at least 1,000 KCS. The maker/taker charge starts at 0.1% and rises as you level up. By paying in KCS, you will further reduce your fees. Even the highest cost of 0.1%t is lower than you'd get at several large exchanges. However, you also need to consider the deposit and withdrawal costs. KuCoin says it is free to make deposits. That's true if you're depositing crypto, but you'll need to pay to put KuCoin transfer fees, (mostly fiat or conventional) money into your account. KuCoin is partnered with numerous third-party providers, and it calculates the best offer depending on how much you deposit and how you want to pay. For example, to change U.S. dollars into USDT, the costs can be anything from 1% to 3% by card. The cost with Google Pay was roughly $15 for deposits of less than $500 at the time of this writing.
Conclusion
KuCoin is a low-cost and easy-to-use cryptocurrency trading platform. KuCoin's minimal trading costs should be at par with the best whether you're preparing to start a cryptocurrency trip or if you want to make more deals. To make your deal more effective we recommend using
KuCoin promo bonus code. As a result of these factors, KuCoin is a well-established decentralized cryptocurrency that offers some of the lowest trading charges in terms of Spot, Futures, and withdrawal fees. In addition, the platform's cost structure is clear and transparent, making it easy for traders to understand the setup. The native utility token, KCS, is available to all KuCoin customers, and consumers that pay their trading costs with KCS will be available for further discounts.
