Updated: Apr 10, 2020
KuCoin is loved by most traders in search of a secure yet modern platform. This relatively new addition to the crypto space has already proven itself and carved a niche. Since its inception, the team has launched mobile apps for Android and iOS, multiple additional currencies, and Kucoin Bonus Plan.
This quick guide will touch upon the pros and cons of KuCoin while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose KuCoin?
Low and transparent fees
Excellent trading platform
Great user interface
A large array of cryptocurrency assets
Various bonuses and promotions
What’s not to like?
No fiat trading pairs
Brief Background of KuCoin
KuCoin was founded by a group of passionate blockchain enthusiasts with strong reputations in the crypto space. The team is affiliated with industry giants like GF Securities, Ant Financial, Youling, Jianbang Communication, and iBOX PAY. KuCoin is focused on providing users with a safe and uncomplicated approach to converting their digital crypto assets.
What is the Trading Fees on KuCoin?
KuCoin does not charge anything for deposits while charging a nominal trading and withdrawal fee. This is a common approach to trading of major exchanges.
KuCoin trading fee is relatively competitive. They charge a flat fee of 0.1% fee from every trade from both maker and taker. On comparing with other exchanges, you would find that Bittrex charges 0.25% while Poloniex charges 0.15%.
KuCoin charges reasonable withdrawal fees, which depends on the type of cryptocurrency. For instance, a fee of 0.0005 BTC is charged for Bitcoin withdrawals, while GAS and NEO withdrawals are free.
Do KuCoin Shares (KCS) Help?
KuCoin Shares (KCS) helps to lower trading fees and offers lucrative bonuses to users holding the token. The incentive bonus amounts to 50% of the trading fee charged by the platform. You should have KCS deposited within the KuCoin platform to receive the daily bonus.
Eventually, it is expected that KCS would help holders gain access to one-on-one investment consultation, customer service Fast-Pass, and other exclusive services.
These are the main benefits of KCS:
Users holding at least 6 KCS get a bonus
Discounted trading fee for KCS holders that can be as low as 0.0125%
Airdrop giveaway benefits to KCS holders on the KuCoin Platform
Which funding options are offered by KuCoin?
Cryptocurrency is the only deposit and withdrawal option offered by KuCoin. This is a major drawback of this exchange since beginners would have to make their entry exchange elsewhere. However, the process is relatively quick, and deposits and withdrawals can be completed within seconds via the user’s assets page.
Since you cannot exchange your USD for cryptocurrencies, such as Bitcoin, you would have to purchase your elsewhere if you want to trade on KuCoin. The platform doesn’t even offer credit card transactions.
Is KuCoin Versatile in Terms of Trading?
KuCoin is limited in terms of trade versatility. It is strictly a cryptocurrency exchange and doesn’t offer anything more. However, it did launch margin trading services on October 31, 2019. Plus, there are a wide variety of crypto assets on offer to trade with new coins being added all the time.
In fact, if you wish to trade on the newer altcoins, then KuCoin is the platform to do it. As per CoinMarketCap, there are more than 398 markets live on the exchange. The more popular cryptocurrencies in the platform include BTC, BCH, LTC, and ETH. There are several ERC20 tokens as well such as OMG, DADI, KCS, etc. While KuCoin doesn’t support fiat currency, you can find many trading pairs involving the stable coin USDT.
The margin trading platform is initially set to support 12 different assets to trade with almost 10x leverage. The margin trading feature also marks the opening of KuCoin’s lending platform, which allows users to lend their tokens to others who want to margin trade.
How User Friendly is KuCoin?
KuCoin interface is hailed as the most user-friendly design. This is because they have developed a proprietary web-based trading platform. The platform is ideal for both beginners and experienced traders. It is easy to browse and allows users to select the assets they want to trade or analyze in a simplistic fashion.
KuCoin Customer Service
There is 24/7 customer support available on KuCoin through WeChat, Telegram, Twitter, Facebook, and other platforms. The team is fairly good at responding to the community, solving issues, and answering questions.
The Bottom Line
KuCoin is one of the more popular cryptocurrencies because of its high liquidity and numerous trading pairs. Where beginners are concerned, the platform offers a high level of security and an easy interface. The community is driven, responsive, and helpful. The only major factor that would turn off a beginner is the lack of fiat trading options.