The KuCoin platform offers a number of pros and cons which should both be heavily weighed. Starting with pros, the platform offers a user-friendly interface website, with high levels of security as well as a wide range of cryptocurrencies. Besides this, users may also choose to participate in crypto lending. The site comes with certain cons including the length of time for identification verification for new users, as it has been reported to take a while. Past this point, however, the site is quite flawless.
If you’re looking at whether trading or buying and selling cryptocurrencies could be a new calling for you, it can be quite a daunting process to work out which platform is the best one for you, particularly with so many available on the internet, it is important to think about which is the best one for you. This article will look specifically at the features that KuCoin offers, its pros and cons, security, fees, the trading experiences, the top features of the platform and the coins that are available.
KuCoin offers a user-friendly interface website (as well as an app available on iOS and Android), with high levels of security and a wide choice of cryptocurrencies. KuCoin also offers unique features such as Lucky Raffling and Kanaria Fairdrop, which are KuCoin’s lottery style games that users can participate in. KuCoin also allows users to participate in crypto lending, which is a way in which users can either lend or borrow their cryptocurrencies.
As with any system, there are cons and drawbacks that you may encounter along the way. The length of time that the identification verification can be frustrating for new users, particularly if they are keen to get on with trading. With that being said, once the verification is complete, there are several attractive features for them to get their teeth into.
As with any program or website where you are dealing with finances and data, you want to know that your money and investments are safe. KuCoin have incorporated a set of security processes and procedures to ensure that all data and finances are kept secure. KuCoin’s procedure has been to create a dedicated risk control department (that constructs fake attacks against the KuCoin network to analyse whether the system is able to withstand such attacks in reality). As well as the dedicated security team mentioned, there are features within KuCoin itself that are designed to enhance the security of your account.
Upon signing up for KuCoin, you will be asked to start a verification process. This verification process does vary between individual verification and institutional verification. KuCoin have released a tutorial video on how to complete the individual verification process. The process itself is simple – make sure that you enter all details relevant to the ID that you’re using. It is important to note that a residence permit, voter or tax cards are not acceptable forms of ID for this process. You will then be asked to upload photographs of the front and back of your ID document. Afterwards, you will be asked to upload a photo of yourself holding your identity document and a handwritten note next to your face. It takes approximately three to five working days for the verification process to be completed, so you must be prepared to wait that length of time before you can start trading.
Two-factor authentication is not deemed mandatory on KuCoin, but it is highly recommended. KuCoin incorporates Google Authenticator, which will send you a unique code to your mobile number each time you login to your account. This prevents hackers from gaining access to your account, even if they have obtained your password.
KuCoin offers a great deal of flexibility in its system and allows you to add extra safeguards to your account as you please. These can include (but are not limited to) security questions, email notifications and an IP login restriction.
One of the more popular plaudits regarding KuCoin are its low deposit, withdrawal and trading fees. This section will break down these fees and what they will mean for you.
Depositing into KuCoin via cryptocurrency is free (with the exception of the blockchain transaction fee that can occur, but that would depend on which blockchain and cryptocurrency that you’re using.) However, when depositing with a debit or credit card, the additional fee can vary between 1% and 3% of your initial deposit. There are also options to use both Google Pay and Apple Pay to make deposits, but these do carry variable fees as well.
The fee for withdrawing your cryptocurrency can vary and there is a minimum withdrawal amount applied to each cryptocurrency on withdrawal. Taking Bitcoin as an example, the minimum withdrawal is 0.001 BTC and the withdrawal fee is 0.0005 BTC. The withdrawal fee and minimum withdrawal do vary for each cryptocurrency, so it is important to keep abreast of these fees by checking the terms and conditions on KuCoin, as these fees can change.
The trading fees on KuCoin are extremely low, which is why its popularity is rising amongst new traders. When trading, the fee is 0.1% of the amount that you are purchasing, which is a very competitive rate.
The trading experience on KuCoin does require a bit of a thorough understanding of how the trading industry works, as you are led straight into the market screens. Spot Trading leads you directly into an overview of your assets and of the live market as it is happening. Margin Trading gives you the updates and an additional 10x leverage and shows a line graph chart depicting the fluctuations of the market. Trading Bot is a menu system, which allows you to try different grids on the KuCoin app. This feature is highly recommended for new starters, as it allows them to get to grips with how the market trades work, what the interfaces can look like and introduces them to the parameters of spot trading.
In another unique feature, KuCoin offers a training program for experienced users to contribute to the API (Application Programming Interface). This allows the users to integrate their own experiences of using KuCoin and make any improvements that they feel need to be made. By doing this, users can win USDT rewards and a discount on trading fees.
As well as the typical trading features that you would expect to see on a platform such as this, KuCoin also offers unique features that involve peer to peer lending and lottery and raffle style games that allow users to win prizes in their cryptocurrency.
The first point that KuCoin make about the LuckyRaffling section is that it is a probability game and that the more lucky codes a user has, the greater their chances of winning. At the time of writing, there were two lotteries available to play – one with a 50% hit rate and another with a 25% hit rate. KuCoin do offer other lotteries where prizes such as AirPods Pro can be won. This is a unique feature in cryptocurrency exchange websites, as they often concentrate on the trading market alone.
Kanaria Fairdrop is another unique feature on KuCoin, where the user can collect eggs that hatch NFT (non-fungible token) birds. The user can influence the bird by sending it different emoticons and traits, which will then generate boosters that can be in decentralised exchange farms. KuCoin have defined this as the future of NFTs, by essentially combining digital market training with virtual pets.
The Crypto Lending feature on KuCoin allows users to borrow cryptocurrencies from other users or vice versa. When lending, the user is allowed to set the conditions of the loan before anyone can take up the offer. If the user is deciding to borrow their cryptocurrency, they are able to see the funding market before deciding how the repayment terms will be set.
KuCoin offers an extensive variety of cryptocurrencies, ranging from Bitcoin, Ethereum, Terra, Fantom and Avalanche. As KuCoin is able to offer such a wide variety of currency, this maximises the trading ability on the platform. With that being said, due to restrictions within the United States with regards to money laundering and tax evasion prevention, this does make it harder to access these currencies if you do live in the United States.
To conclude, KuCoin offers a unique trading service, with distinctive features such as lotteries, prizes and peer-to-peer lending opportunities, which often are not available on other cryptocurrency exchange platforms. These features do encourage more inexperienced traders to sign up for KuCoin, as it will inevitably gain and maintain their interest in the platform. The identity verification process, however, is a long one, which could discourage potential members from joining. There are also additional difficulties if you are living in the United States and wishing to use a platform such as KuCoin, as these services need to have the relevant licences in order to operate there. If you do choose to use them as a US citizen, you do run the risk of having your account frozen and being unable to access your cryptocurrency if you have used an unregulated exchange, so it is very important to read the terms and conditions of each exchange to make sure that it is the right one for you.
