KuCoin Review
Still not sure of what third party exchange platform to go with. Well, not to worry. In this article, we will look at one of the best third party exchange platforms in details. You will know how to make deposits and purchases, the payment methods available, the verification processes involved, how to get signed, and how to navigate the platform effectively. So shall we? Today, I will introduce you to the cryptocurrency exchange KuCoin, the leading crypto trading platform. In the KuCoin review, you will get all your answers.
Introduction To The KuCoin Exchange Platform
The KuCoin cryptocurrency exchange platform based in Singapore was founded in 2017 by Michael Dan and Eric Don. The platform is being managed by the founders and some experts in blockchain technology.
The platform is an ever-growing one, and they keep trying to improve daily. It was created with the intention of making cryptocurrency exchanges easy and swift for traders.
Like every company, it did face little issues at the beginning, but the interface remains superb. The company has a management team made up of experts, and hence they have been able to manage the platform effectively. There seems to be no record of any significant problem encountered by users on the platform. Users worldwide can easily access the platform via the KuCoin app on Desktop, Android and IOS. They offer a wide range of cryptocurrencies to be traded. They hope to grow to the list of top ten cryptocurrency exchanges in the world, and from analysis, they seem to be heading there in the nearest future.
At the beginning of the year 2018, KuCoin recorded a population of over one million users. Despite the population, they never suffered from technical issues or system problems. Though, they seem to have a lower trading volume when compared with competitors.
The company also has its own cryptocurrency known as KuCoin shares and KCS for short. KuCoin users are welcomed and encouraged to become shareholders of the cryptocurrency. The company has created several enticing benefits for shareholders.
As a shareholder, you will get the privilege of having your trading fees discounted. In addition, KuCoin shareholders are given a 50% share of the total profit made from exchanges. That is, shareholders will get 50% of all the profit gotten from the fees placed on trading and transactions. Perhaps due to the benefits attached, the KuCoin cryptocurrency exchange had its peak high in 2018, amounting to over 1.8 billion dollars. For such a stable company, being a shareholder is indeed tempting.
Since we have discussed the overview of KuCoin in detail, let’s look at the kind of coins available on the platform and the perks involved.
Abundance Of Coins
The KuCoin platform provides users with a lot of coins to purchase and trade. Currently, the platform supports the use of over 300 different coins. This is quite large for any buyer to select from freely. And, not just that, they are on a path to being able to support over 1,000 different coins on their platform. That would be a huge milestone achievement, and they seem capable of meeting their goal.
Although a large percentage of coins available on their platform are popular coins, these include Bitcoin, Ethereum, Litecoin, Cardano, and so on. They also support several upcoming cryptocurrencies with the potential for success. All new cryptocurrencies that have completed their initial coin offering stand a chance to be placed on the platform. Currently, there are a good number of such coins on the platform.
Again, this platform proves to be pretty amazing. All crypto investors and enthusiasts looking to invest in coins at the early stages of their launch can easily find such coins on this platform.
Transaction Fees On KuCoin
One of the many benefits of using the KuCoin app is the relatively low transaction fees. All trades on the platform come with a 0.1% charge. That is, any amount used in trading will only be charged a 0.1% service fee. This is relatively cheap compared with the rate offered by its competitors, and the charge is almost nothing, especially when you place high trades.
Also, all deposits in any cryptocurrency do not attract any service fee, but when you desire to withdraw your coin, it comes with a fee. The charge for withdrawals, however, depending on the cryptocurrency, you will be trying to withdraw. So, when trying to make withdrawals, you can check out their page to see their fees and know what charge you will have to pay. The good thing is, it’s also very low.
Means Of Payment On KuCoin Platform
KuCoin app also offers very smooth mediums for payment. As stated previously, KuCoin is continuously on a path of growth. A few years ago, users could not purchase cryptocurrencies on the platform directly by using their own currency or paying with a credit or debit card. So fiat exchanges were impossible, and the users had to purchase from other platforms, but trading of cryptocurrencies was very much supported.
Today, the platform supports fiat exchanges in 33 currencies. Users from these geographic locations can purchase currencies with either a credit card or a debit card. And this is a big improvement as this will ease transactions and make your experience on the platform more enjoyable.
You can make purchases with the American dollars (USD), Canadian dollars (CAD), Indian rupees (INR), Euro (EUR), Great British Pound (GBP), Russian Ruble (RUB), Australian dollars (AUD), South Korean Won (KRW), Japanese Yen (JPY), Turkish Lura (TRY), Indonesian Rupiah (IDR), South African Rand (ZAR), New Zealand dollar (NZD), Hungarian Forint (HUF), Israeli Shekel (ILS), Polish Zloty (PLN), Swedish Krona (SEK), Swiss Franc (CHF), Czech Koruna (CZK), Danish Krone (DKK), Norwegian Krone (NOK), Hong Kong dollar (HKD), Malaysian Ringgit (MYR), Nigerian Naira (NGN), Singaporean dollar (SGD), New Taiwan dollar (TWD), Bulgarian Level (BGN), Brazilian Real (BRL), Moroccan Dirham, Romanian Leu (RON), Ukranian Hryvnia (UAH), Mexico Peso (MXN), Chinese Yuan Renmini (CNY), and Vietnamese dong (VND).
So users can make purchases in these currencies, and users outside these geographic locations can try using platforms that allow them to have wallets with these currencies. This is an easy way out, or such users can go the previous method, which may be much more stressful but still meets the end goal.
KuCoin has made the improvement of adding these 33 currencies in such a short while. This is a positive indicator for users from other locations. In the nearest future, they may add more currencies and maybe grow to a point where all currencies in the world are accepted. At that point, the fiat exchange will be seamless for any user, regardless of location. For now, we can give them some time to grow and take advantage of the platform’s other benefits.
How To Go About The Verification Process
While other platforms will place limits on withdrawals and deposits, KuCoin relieves you of such troubles. You can make as many withdrawals and deposits as you want. Also, other platforms will require you to submit verification documents like a Government-issued ID that is a password or national identity card. With KuCoin, you don’t have to worry about constant KYC verifications but fulfilling this will only be to your advantage. However, it is important to note that you can use the platform without verifying.
To complete the verification process, do the following:
- Log into your KuCoin account
- Go to account security and click on KYC verification
- If you are using an individual account, you can now click on the individual verification icon
- Now click on start verification
- Complete the verification to advanced verification as this comes with added benefits
- Fill the form correctly and ensure to answer all areas highlighted with an asterisk
- And that’s it; you just wait for approval
Please note that the basic verification will be done and approved first before moving to advanced verification.
To verify an institutional account, do the following:
- Log into your account
- Go to account security and click on KYC verification
- Click on the institutional account
- Start and complete verification
Based on the guidelines provided on the KuCoin website, your verification document can only support three KuCoin accounts. Must be uploaded in JPG or PNG and with a good network connection to make the process stress free.
Some old users are wondering why KuCoin now has this policy that is in line with their growth culture. They have raised the limit verified users can have daily. This is just to encourage everyone to become verified members in order to keep the platform as free and save as possible for everyone.
How To Sign Up On The Platform
To create an account on KuCoin, go to their website’s homepage. On the homepage, you will see a signup button. This is located at the top of the right view, so check for the button and click on it. After hitting the sign up button, the terms and conditions page will pop up. These are the terms and conditions that the company functions with so kindly take out the time to read and understand yourself before proceeding. Once you are done reading the terms and conditions, kindly click on the next button to continue.
Now, an email and password page will come up. You can type in your email address there and then pick a good password. It is recommended that you use both letters and numbers and maybe a special character to keep your password strong and account secure. Then, you have to complete a routine check that proves you are human. You will see a movable button on a bar at the left; kindly slide the bar from left to right.
You can leave the homepage now as you have completed the first part of the process. KuCoin will send a link to the email address you added. You will be required to verify your email by logging into your email account and clicking on the link sent. Once you complete this step, you are done with the process for KuCoin account creation. You may choose to verify your account immediately so as to get the additional benefits recently added by KuCoin. The procedures for that have been stated above. If you decide not to verify, maybe because you do not have the necessary verification document, you can still access the platform and use it freely to deposit and trade coins.
Funding Process On KuCoin
All new account owners face the trouble of not knowing how to go about the KuCoin app. Although the user interface is quite simple and friendly, navigating as a first-timer is a little complicated to handle all alone. This is why I will be explaining this now.
Firstly, you need to fund your account. To do this, you have to log into your account either via the KuCoin app or the website. Now, you can go to the asset bar and click on it. Next, you click on the main account button, which will take you to deposit and withdrawal. But via the app, you just click on assets, and it will take you to deposit. Copy your deposit address and also choose the coin you will be using.
Once you have funded your account, you can proceed to make purchases. On the KuCoin interface, you will see a button next to the home page button “market”. Click on it. You can now go through the market to find the coin you will like to purchase. The search box is there to make your search quick and easy.
A list of pairs you can get will come up when you type your desired coin in the search box. All you have to do is go through the list to find the pair you are looking for. Beneath the list, you will see a button that states “buy”. Once you have made your choice, you can click the buy button. So you see, the purchasing process via the platform is quite easy, even for newcomers.
It is great to have in mind that their customer support is top-notch, so if you ever run into any trouble using the platform for purchases, you can reach out to their customer care at any time of the day. They will guide you on what to do if you face any challenges. They’ve got you covered!
How Safe Is KuCoin?
We have discussed so many things about the KuCoin app, purchasing, signing up and navigating the platform. For new and potential users like you, I’m sure you want to be clear about its authenticity before having anything to do with it. Hence, we will discuss this now.
We have heard so many stories of exchange platforms being hacked and the hackers carting away with lots of coins worth billions of dollars. So it’s okay to be sceptical.
The KuCoin platform, as I have already started, is a third party exchange platform. Although there have been no issues with the platform being hacked, they continuously work on improving their security.
It is a regular site; hence it operates on a centralized server but also notes that it has an encryption system that keeps all user data and private information sealed. Blockchain experts manage the team, and they do have systems in place to ensure your coins are safe. Also, I recommend you use their Google authenticator option to extra safeguard your account. This will require you to enter a code every time you try to log in or place a trade. But it’s a safe option as a third party can not have access to your account merely by having your password. Nonetheless, your password is private and should be known to only you.
In summary, KuCoin is safe enough to use and trade with.
Advantages and Disadvantages of Using The KuCoin Platform
No platform is completely perfect; hence there are some merits and demerits. Let’s quickly look at them so you can get a complete knowledge of the site.
Advantages
- You would not be charged high fees on withdrawal, trading and any transaction at all as their transaction fees are extremely low.
- The interface is easy to navigate.
- A large reservoir of cryptocurrencies to buy and trade with.
- It is highly secured.
- You can navigate the platform either with a verified or unverified account
- Amazing customer support.
- Ability to hold coins as a shareholder and earn.
Disadvantages
- Trading volume is relatively low.
- Fiat exchanges are not available for everyone.
Conclusion
So we have come to the end of this article; hence I will do a quick run through all we have discussed. The platform is safe and great for beginners. The signing process and purchasing process is really swift and easy to navigate. Although liquidity when it comes to trading is low on this platform, its other features like transaction fees are great, so decide if it’s something you will be okay with.
Cryptocurrency investors can have a great time on this platform as everything is designed to make your experience a smooth one. On the issue of security as regards using the platform, it is highly secure but should not function as a wallet for storing your coins to be on the safer side.
Now you have an idea about the KuCoin platform; you can try to get acquainted with this and make your choice.
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