KuCoin is a cryptocurrency exchange based in Hong Kong. It was launched on September 15, 2017 and it operates on a crypto-to-crypto basis, which means that no fiat currencies are supported. Nonetheless, its digital assets portfolio is pretty extensive and besides, the platform uses KuCoin Shares (KCS) in a similar way to Binance. Read our complete guide to Binance here.
KuCoin does not offer margin trading and they aim to be a more user-friendly exchange than traditional exchanges available today. It’s important to note that they have not disclosed whether there is any minimum investment required. They also offer 24/7 customer service and they have also been known for posting coin pairs before they hit other major cryptocurrency exchanges.
What are KuCoin Shares (KCS)?
They’re called KuCoin Shares because they act like shares in the exchange, and they grant variety of bonuses including income from fees, lower trading fees and other special services. Users that hold KCS will get discounts on their trades and also they will jointly be awarded 50% of the trading fees.Trade Coins on KuCoin
Like many other exchanges, KuCoin charges trading and withdrawal fees, while cryptocurrency deposits are free of charge. This is the approach of many other exchanges. However, the fees of KuCoin are really competitive and they charge a 0.1% fee from every trade, both from the maker and taker. On the other hand, fees on Poloniex start at 0.15% and on Bittrex at 0.25%. Besides, as I already mentioned, there are attractive discounts for those who hold KuCoin Shares.
In addition, KuCoin also offers reasonable withdrawal fees. For example, Bitcoin withdrawals are charged with a fee of 0.0005 BTC, while NEO and GAS are free of charge. In the picture below, you can find the complete information about withdrawal charges:
Nice Platform with Advanced Charting
KuCoin has developed a web-based trading platform with nice design that is well arranged, user friendly and most importantly functional. The design has some advanced charting with technical indicators, powered by TradingView, and I must say that I consider the graphs as a strongest selling point of KuCoin. Besides, they announced to release a mobile app for Android and iOS soon, currently available in beta version. Below, you can see a snapshot of KuCoin’s platform:
The KuCoin team seems to recognise the importance of attracting users to their platform and they offer a bunch of promotions – discount options for those holding its KCS token, top traders bonus promotion, and a referral program.
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- A Refferal Program – KuCoin offers a very strong referral scheme that could really help to grow the platform. With KuCoin’s scheme, you receive 20% of the transaction fees of every person you refer, which is a fairly generous reward for attracting new users to the platform. But there is more. KuCoin will also pay 12% of the fees earned from the users referred by that user to you, and if this 3rd generation user invites someone to KuCoin’s platform, you receive 8% of that person’s transaction fees. The referral program has been discontinued.
- Discount Option – When you use their KuCoin Shares you get up to 30% discount on trading fees.
- Top Traders Bonus Promotion – Users will receive extra bonuses if they trade in the eligible exchange pairs and achieve ranking by volume in the top 3000.
Highly Responsive Team
The KuCoin team seems strong, with many of the team members having a good amount of experience working in some impressive companies. The founders have been involved in cryptocurrencies since 2011 and they have a reasonable amount of experience in managing large projects.
KuCoin offers 24/7 customer support through WeChat, Telegram, Twitter, Facebook, and other platforms. From my own experience, they are fairly good at responding to the community, answering questions and solving issues that they have.
KuCoin aims to provide bank-grade encryption and security and their system uses industry standard transfer encryption protocols.Trade Coins on KuCoin
No Margin Trading
KuCoin does not offer margin trading, which means that if you want to gear-up your trading, you may either choose another exchange (like Kraken, or Quoinex ), or try out trading cryptos with a forex broker. However, the problem with them is that most of them offer higher levels than crypto-exchanges.
Exchange Is Not Regulated
KuCoin is not a regulated exchange, which is not a big surprise. However, most countries have not developed relevant legislation regarding such service providers yet so very few exchanges operate with some sort of licenses.
Not Much Information about the Company
On KuCoin`s website, there is no information about the company owning the site and the brand. The only thing that you can find on their website is a bunch of pictures of the exchange’s team members.
Does Not Support Fiat Currencies
KuCoin operates on a crypto-to-crypto basis, which means that you cannot exchange your USD for Bitcon, or vice versa. Supporting fiat currencies is an advantage, especially for newcomers in the cryptocurrency world, who don’t have any coins yet. Accordingly, blockchain transfers are the only payment methods accepted by the exchange. Those who’d rather use their credit cards or bank accounts may check out some exchanges which offer such options.
KuCoin is a newly-launched crypto-to-crypto exchange that allows you trade in BTC, ETH, LTC, and many more plus its own KCS Token, which is great because you can earn some passive income with it.
There are a number of benefits of trading on KuCoin – trading volumes on most assets are good, their team is extremely responsive, it has an easy to use interface, it is low-cost trading on advanced platform, and besides, there are different promotions running that could really help to grow the platform.
On the downside, fiat currencies are not supported, bank transfers and credit cards are not accepted, and the information about the company owning and operating the exchange is limited to its Hong Kong headquarters. Of course, like most crypto-exchanges, KuCoin is not licensed, nor overseen by any governmental authority, as currently the legal status of crypto-exchanges is still unclear.
If you prefer to trade in digital coins via a regulated company, there is yet another option – to trade cryptocurrency CFDs with forex brokers.Trade Coins on KuCoin
KuCoin Pros and Cons
- A lot of altcoins offered
- Has advanced features
- Nice customer support
- Competitive trading and withdrawal fees
- Promotions available
- Not regulated, nor overseen by any governmental authority
- No margin trading available
- Fiat currencies not supported,
- Credit cards and bank transfers not accepted
Make sure to check out our guides on other cryptocurrency exchanges:
- Read how to buy coins on Coinbase in our complete review of Coinbase exchange.
- Another popular exchange is Cex.io – learn more about it in this full guide on Cex.io.
You can also check comparisons we made between some of the most known exchanges:
- Coinbase vs Bitstamp
- Changelly vs Shapeshift
- Coinbase vs Coinmama
- Xapo vs Coinbase
- GDAX vs Gemini
- Changelly vs Coinbase
- Coinbase vs Bittrex
- Poloniex vs GDAX
- Poloniex vs Bittrex
- Coinbase vs Kraken
- Difference between GDAX and Coinbase
- Gemini vs Coinbase
- Binance vs Kucoin
- Binance vs Bittrex
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com