Last Updated on 5 November 2023 by CryptoTips.eu
KuCoin Review 2024
KuCoin is a cryptocurrency exchange that grew enormously after it came online in 2017. Their succes was mainly because of the bull run at that time and that they added a lot of (new) cryptocurrencies very fast. Nowadays KuCoin is a little less popular and Binance clearly won ground. Nevertheless, they are still active and developing a lot of new features for the exchange. Read more about this exchange in our KuCoin review of 2024, such as what it is, its history, verifications and reliability.
10% Off All Trading Fees + 5 USDT Free Airdrop
What is KuCoin?
KuCoin is a cryptocurrency exchange based in Hong Kong. The company wants to make it as easy as possible for everyone to trade in cryptocurrency. They do this mainly by adding as many new coins as possible to their offer, but above all by keeping costs low. KuCoin went live for the first time in 2017 and has grown very rapidly since then. It is also possible to buy the native currency KuCoin Shares, so you can benefit from KuCoin’s growth. The more this platform will be used, the more the holders of KuCoin Shares will earn.
The company is an exchange that stands for its customers. They do everything they can to make trading in crypto coins as easy as possible, but also as cheap as possible. By offering KuCoin Shares and distributing 50% of their commissions to shareholders, they want to ensure that KuCoin will become a large exchange. They want to be as customer-friendly as possible and above all, they want to do better than all existing exchanges at the moment. The platform is, therefore, very user-friendly and easy to use even for the absolute beginner.
What can you expect from KuCoin?
If you are going to trade on this platform, you can expect it to be very easy. Several explanations are given, and the platform is made to be user-friendly. Also, trading on the exchange is relatively fast and you can quickly execute buy and sell orders.
Also, customer service is available 24/7 via Telegram and WeChat. So, if you have any questions, you can rest assured that you will be helped quickly.
By buying KuCoin Shares (KCS), they offer you an opportunity to generate a passive income by distributing 50% of their commissions. These commissions are paid daily and you will receive them immediately. It is possible to trade via the website, but recently there is also an app available for Android and iOS. You can download the app in the Play or App store.
The offer
Above all, the website looks professional and user-friendly. You can easily navigate to the exchange and the exchange is also easy to use. If you don’t know how something works, you can easily go to the explanation of it on the website and see how it works.
KuCoin has a huge range of cryptocurrencies and you can trade them yourself against different cryptocurrencies like BTC, ETH, NEO, USDT and KCS. The range consists of hundreds of coins and tokens and is regularly expanded. See this list for all the available coins.
How to trade cryptocurrency?
When you want to start trading, you first need to own Bitcoin or another base currency. You can transfer your base currency to a dedicated wallet of KuCoin. For every coin on the exchange, you can generate an unique wallet. As long as you own the currency, your coins will be stored in this wallet.
This also makes it possible to store your coins for a longer period and to send them from KuCoin to your own wallet. In any case, we don’t advise you to keep cryptocurrency on an exchange for a longer period. If you are no longer trading with a coin, it is best to store it in a wallet where you manage the private keys yourself. Like the Nano Ledger X.
Starting trading on KuCoin is very easy. All you have to do is sign up and you can start trading almost immediately. As soon as you have Bitcoin in your KuCoin wallet, you can start trading. Also, you don’t need to verify yourself at KuCoin to trade. This makes it even more attractive to trade at KuCoin, because it allows you to stay more anonymous.
10% Off All Trading Fees + 5 USDT Free Airdrop
KuCoin fees
For every trade you execute on KuCoin, you’ll pay a fee of 0.10%. KuCoin does not charge any fees for deposits. However, the transaction costs that apply to a certain coin or token will be charged to the user.
KuCoin does not charge any fees for withdrawals (Withdrawal). However, some coins do have their own fee structure, so there may be costs associated with sending your coins. This is a part where KuCoin distinguishes itself from other exchanges.
Also, for trading, withdrawing and depositing cryptocurrencies there are no limits on KuCoin. Because of this, it is entirely up to each crypto trader how much money he or she will invest. The nice thing about this is, is that even large players are going to make use of KuCoin faster. This makes investing in KuCoin Shares extra attractive.
KuCoin hack 2020
The KuCoin hack of 2020 was one of the biggest hacks in the history of cryptocurrency. Almost $280 million of assets got stolen from the hot wallets of the exchange. KuCoin has an insurance fund to protect their users for hacks like these and they communicated that no user will be a victim of this hack. The hacker had a very hard time to sell the stolen coins, because of the good cooperation between exchanges. Whenever the stolen funds were deposited at an exchange, the exchange froze the funds and send it back to KuCoin.
A couple days later all stolen funds were recovered and the hackers were arrested. The KuCoin had almost no impact on the Bitcoin price or the whole crypto market. The KuCoin trading volume declined drastically after the hack and the trust in the exchange might be at stake.
Is KuCoin safe?
KuCoin is a relatively new exchange that has already made some great gains in a short period. The offer is huge, and the use of this exchange is very easy. If you would like to build up a passive income, it might be an idea to add KuCoin Shares to your portfolio. With this, you will receive a payout every day, because KuCoin pays out 50% of all commissions to all coin holders. It is very easy to start trading on the KuCoin exchange, because no verification is required before you can start. All you need is Bitcoin in your wallet, and you are ready to trade.
KuCoin is an exchange that is mainly for its customers and wants to make trading in crypto coins as accessible as possible. They do this by having customer service available 24/7 and not setting any limits. We have traded on this exchange and we can say that KuCoin is safe.
KuCoin is a fast exchange where trades are executed quickly. As a result, you will always get the best price when buying and selling. Both depositing and withdrawing money is very easy and processed quickly.
If you are looking for an user-friendly exchange, KuCoin is an option for you. Even for the beginner, it is very easy to get started at KuCoin, because the platform is set up in such a way that everyone can use it!
10% Off All Trading Fees + 5 USDT Free Airdrop
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I set up an account with KuCoin today (Sept, 29th 2020). I went through all the steps, entered all my information, mobile number, email address, passwords, two factor authentication etc. Then I had a message to say that they had been hacked on the 26th and all transactions had been blocked!!! Why was I not told this before I gave them all my information??? I contacted support to delete my account and I was told that there is no way to delete accounts!!! They said I should just leave the account with all my information in it, but just not use it!!! Surely this is illegal? I should be able to delete my account if I wish to!
People need to be warned about this!!! There is no mention of it on their site even though it happened 3 days ago.
Bob
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