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KuCoin Review 2022

Author: Hanut Singh Updated: July 20, 2022

KuCoin is a cryptocurrency exchange headquartered in Mahe, Seychelles. Launched in the year 2017, it presently operates in more than 200 countries, and claims to have over 10 million users globally. Besides allowing its users to easily buy, sell and trade 600+ cryptocurrencies, KuCoin also offers peer-to-peer (P2P), futures and margin trading. Furthermore, KuCoin users can lend or stake their crypto holdings on the platform, to earn rewards as well. 

KuCoin exchange is particularly suited for seasoned non-US crypto traders who’d like access to a wide range of crypto coins and make the best use of the platform’s advanced features, all at comparatively lower fees. Let’s go over a detailed review of KuCoin to better understand its workings and various aspects.

How to Get Started With Kucoin

1

Register

Signing up with KuCoin is easy. Click the SignUp button located in the upper right-hand corner on its homepage to get started. You’ll need to input a valid phone number or email id, a verification code (sent to phone/email) and a preferred password to complete the process. 

While setting up your account this way will give you access to basic trades, fulfilling the KYC formalities will provide you access to enhanced trading features and higher daily withdrawal limits.

2

Deposit Funds

After you’ve registered an account, you can deposit funds through the ‘Deposit’ option on the dashboard. KuCoin allows you to deposit a wide range of crypto coins including BTC, USDT, ETH, AAVE and MATIC. 

There’s an option to deposit fiat currencies too, for which it accepts Visa/Mastercard Bank Cards or Advcash. Please note, the exact fiat currencies accepted and their deposit methods may vary from country to country. KuCoin doesn’t charge any fee on deposits.

3

Start Trading

You can begin trading as soon as the deposited funds show up in your KuCoin account. Trading can be done either through KuCoin’s mobile app or online, from within the browser environment. You can carry out spot crypto trades or even opt for advanced-level margin and futures trading with leverage. The platform also offers a trading bot that can be used to earn passive profits without having to monitor the market.

KuCoin Interface and User Experience

The KuCoin exchange comes across as an easy-to-use platform, with a user-friendly interface and easy-to-navigate features. The main dashboard gives the user multiple menu options like – Asset Overview, Main Account, Trading Account, Futures Account, Margin Account, Financial Account, Deposit/Withdraw, Deposit & Withdrawal History and My Bonus. 

Each one is self-explanatory and can be used to quickly ascertain the status of one’s investments, trades, deposits and withdrawals. The top-most menu takes you to different sub-platforms wherein you can make crypto investments and trades depending upon your needs. 

For instance, the ‘Buy Crypto’ drop-down has three different options that facilitate easy crypto purchases through Fast Trade mode, P2P or via Third-Party payment medium. The ‘Markets’ option gives you an overview of the Spot, Futures and New Listings markets. 

Under the ‘Trade’ drop-down, you get the choices of Spot Trading, Margin Trading or Trading Bot sub-platforms. Then there is the ‘Derivatives’ menu option that drops down to Futures Classic (with 100x leverage), Futures Lite, Futures Brawl (gamified approach) and Leveraged Tokens sub-pages.

Lastly, you can use the ‘Earn’ option to use various features like Crypto Lending, Cloud Mining, KuCoin Earn, KuCoin Pool, KCS Bonus and KuCoin Win, that promise passive income. 

It’s extremely easy to switch between all these pages and you never feel lost even while using the exchange portal for the first time.

Key Considerations for KuCoin

Let’s now acquaint you with some key aspects of KuCoin Exchange that may impact your decision of using the platform.

Limits and Liquidity

KuCoin is not licensed to operate in the United States, and hence if you stay in the US, any negative regulatory development in the future could potentially put your funds/investments at risk. 

KuCoin places a minimum and maximum limit on the number of cryptocurrency withdrawals you’re allowed to make on the platform. These min. and max. limits are based on the crypto coin and your account’s verification level respectively. 

For instance, the minimum withdrawal amount is 0.0008 for BTC, 0.01 for ETH - 0.01, 20 for MATIC (ERC20) and 2 for ADA. The upper limit, as mentioned above, is based on your verification level. Unverified and basic verified individual accounts are allowed up to 1 BTC withdrawal per 24 hours, while advanced verified individuals can withdraw up to 200 BTC within the same timeframe. 

Similarly, one can avail higher leverage on future trades and enhance their daily trading limit by fulfilling the KYC formalities. There are no minimum and maximum limits on crypto deposits.

KuCoin claims that almost 25% of the entire crypto holding population across the world uses its service. Having such a wide customer base adds liquidity to the market, ensuring that you’ll always be able to execute the trades you want to, on the exchange, just because there are so many people trading.

Safety, Security and Privacy

KuCoin claims to have one of the most sophisticated maintenance teams and security technology in the world. According to its official website, the platform constantly upgrades its security systems to make sure that the users’ accounts and assets stay secure, round the clock, throughout the year.

Apart from robust security features such as encryption and multi-factor authentication, KuCoin provides its users with a separate password for trading purposes. This is used in addition to the regular login credentials and is necessary for executing trades and withdrawing assets. This facility delivers an added protection layer that isn’t normally seen at other well-known exchanges in the cryptosphere.

Although KuCoin implements industry-standard security measures and requires KYC verification for bigger trades, it’s important to mention that it witnessed a major security breach in 2020. A total of $285 million worth of crypto assets were stolen from hot wallets in this hack. 

The funds were later paid back through a $239.45 million recovery by law enforcement and a $45.55 million reimbursement from the company’s insurance fund. The team at KuCoin claim that their response to the hack has helped to substantiate their reputation as a fair, reliable exchange

Deposit Times and Transaction Speeds

With a 24-hour trading volume of $5.2 billion (at the time of writing) and the company’s claim that one out of four crypto holders worldwide is on KuCoin, it can be safely inferred that the platform enjoys fairly high liquidity and a high transaction speed as a result. According to the KuCoin website, it has an efficient matching engine capable of supporting as many as 1 million transactions per second, without experiencing any overload.

Coming to the deposit times, they vary depending on the medium used to deposit funds. Crypto deposits show up instantly and so do the fiat deposits made via debit/credit cards and PayPal. However, deposits via bank transfer take longer, and are completed within 1 to 2 business days.

KuCoin Fees

KuCoin has a tiered maker/taker fee model per which varying percentages are charged as trading fees, based on the tier level of the user. It ranges from 0.1%/0.1% (Level 0) to -0.005%/0.025% (Level 12) for spot trades. Traders can avail themselves of a 20% discount on trading fees by opting to pay it in KuCoin exchange’s native currency KuCoin Token (KCS). More details regarding the trading fees can be found here on this page

Apart from the trading fees, KuCoin also levies a withdrawal fee that differs from asset to asset and can change based on the cryptocurrency’s market performance. No fees are charged on the deposits.

Customer Support

KuCoin provides a comprehensive on-site support repository, extensive enough to answer any general question that may arise during one’s day-to-day usage of the platform. It features multiple sections as follows: 

  • Beginner’s Guide

  • Finance

  • Deposit & Withdraw

  • Spot Trading, Margin Trading, Trading Bot, Leveraged Tokens & Margin Trading Promotions

  • Futures Trading

  • Buy Crypto

  • Earn

  • FAQ

Apart from the above, users can seek 24/7 help through an Online Chat facility. KuCoin is active on multiple social media platforms including Facebook, Twitter, LinkedIn, YouTube and Instagram too. However, the exchange lags behind in the customer satisfaction department, particularly because there’s no dedicated phone or email support.

How to Use KuCoin

Let’s take you over some important steps that will help you learn how to buy, sell and spend cryptocurrencies on the KuCoin exchange.

How to Deposit on KuCoin

KuCoin allows both crypto and fiat deposits to its platform. In order to start the deposit process, access the deposit option either from the dashboard or from the wallet-shaped icon’s (top right-hand side) drop-down list.

You’ll see two tabs – one for the crypto deposits and the other for fiat. To make a crypto deposit click on the Crypto tab, and select the cryptocurrency you’d like to deposit from the drop-down list. After you’ve selected the account that you’d like to make the deposit to (Main, Trading or Margin) and the network to be used, you’ll be shown the wallet address to which you should send the funds. 

To make fiat deposits, click on the Fiat tab and choose the fiat currency from the drop-down list. You’ll then be shown the available payment methods to make the deposit. Use whichever suits you best and deposit funds to your account.

How to Buy Bitcoin on KuCoin

To buy Bitcoin on the KuCoin exchange, click the ‘Buy Crypto’ option on the extreme left of the top menu. You’ll be shown three different ways to buy – Fast Trade mode, via P2P or from a Third-Party.

As evident, the fastest and most effective of these is the ‘Fast Buy’ method which can be used to quickly buy as much BTC as you may like, using 70+ payment methods.


How to Send Bitcoin on KuCoin

Access the ‘Asset Overview’ section from the dashboard, which will take you to the page shown below. This page will show you the current BTC balance in your exchange wallet.

Now click on the Withdraw button (middle right, in green), which will bring up the page shown below. Here, make sure that you’ve selected the ‘Crypto’ option. Select BTC from the drop-down list, enter the wallet address you’d like to send BTC to, network type, amount and remarks. Click the ‘Confirm’ button to send the BTC.



How to Withdraw Money on KuCoin

In order to withdraw funds from the KuCoin exchange directly into your bank account, you’ll need to access the Withdraw option as detailed in the previous step. But instead of withdrawing to ‘Crypto’, you must select the ‘Fiat’ option. 

This will lead you to the page shown below where you can use any of the available withdrawal methods to transfer funds to your bank account. Please know, you’ll need to complete the basic identity verification process to be eligible to withdraw funds in fiat currency.


Pros & Cons

Pros

Offers more than 600 cryptocurrencies
Allows users to earn interest on their crypto holdings
Charges lower trading fees as compared to other exchanges
Has a large user base, spread over 200+ countries
Provides advanced trading features, ideal for seasoned traders
Provides a customizable trading bot capable of delivering profit in auto mode
Is among a few crypto exchanges that offer margin trading

Cons

Doesn’t have a license to operate in the US
Not enough educational resources
Witnessed a major hack in 2020

Final Thoughts | Is KuCoin Legit?

KuCoin is an established, totally legit and globally-recognised crypto exchange that offers many tools and features that work very well for advanced level traders. Having said that, its interface is friendly enough to help even new traders find their feet in no time. 

While some people avoid KuCoin citing the 2020 hack, it’s worth highlighting that the exchange paid back all the impacted users in quick time. To close, if you’re based outside of the US and prefer advanced level trading features, there’s a lot that KuCoin has to offer to you.  

Frequently Asked Questions

    1. Is KuCoin better than Coinbase?

    Both KuCoin and Coinbase have their own pros and cons. Hence, it will not be right to say that one is better than the other.

  1. KCS is the ticker for KuCoin Token, the native token of the KuCoin cryptocurrency exchange. It helps KuCoin users reduce trading fees on the platform and earn various rewards.

  2. No. KYC verification is not mandatory on KuCoin exchange. However, being verified can help you make the most of the platform’s services and enjoy higher withdrawal limits.

  3. Yes. KuCoin has a staking feature that allows users to earn both POL Credits and staking rewards by staking their digital assets.

  4. Yes. KuCoin can be used on a mobile device either through its app (Android/iOS), or from within the browser environment. It works very well in both modes.

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