KuCoin is reputable even though it only has a trade volume of 1 billion , smaller than Binance which has 35 billion trades . The particularity of KuCoin is that we will find more atypical currencies on KuCoin. Indeed, the specificity of Kucoin is that this website is less careful about the currencies accepted on the platform.
Thus, we will find more than 250 different currencies, more varied than those offered by such as: PRL/BTC, UTK/BTC, TFL/BTC… And as soon as they are listed later on a larger exchange site, they will potentially explode.
Otherwise we find the basic functionalities of an exchange platform with the purchase and resale of Cryptocurrencies . We obviously have transaction fees that are relatively low compared to Binance around 0.10%.
Contents:
1 KuCoin – Review & Overview
1.1 Features of KuCoin
1.2 Why use KuCoin?
1.3 Registering for KuCoin: the connection steps
1.4 How to buy cryptocurrencies on KuCoin?
1.5 Reviews and presentation, the advantages and disadvantages of KuCoin
1.6 KuCoin our final opinion, KuCoin or Binance?
Features of KuCoin
KuCoin Token (KCS)
KuCoin has its own currency, KuCoin Token (KCS), running on the Ethereum network . The KYC site allows KuCoin users to benefit from discounts on cryptocurrency purchase fees . Moreover, they are also entitled to share a percentage of revenue from KuCoin trading fees every day. To do this, users must obtain at least six KCS tokens.
Margin of negociation
KuCoin is one of the few cryptocurrency exchanges that allows US residents to have a margin account. This risky investment method allows users to take out a loan in order to increase their profits (and potential losses). The use of margin increases the level of risk you can take by investing in a risky and historically volatile market, so it is best left to experienced cryptocurrency investors.
Why use KuCoin?
Crypto loan
KuCoin also allows members to lend their cryptocurrency holdings to other potential traders on margin. Interest rates and conditions vary depending on the object, but beware, there are real risks in taking out a cryptocurrency loan .
This is because the recipient is required to maintain a specific level of equilibrium , price declines may cause unforeseen losses. KuCoin automatically makes margin calls, which reinstate your loaned coins if the beneficiary's account balance falls below 97% of the amount owed to them.
If they can't give you a full refund, KuCoin's insurance will cover the difference , although the platform cautions that this doesn't guarantee losses will be fully covered.
The main downside of loans on KuCoin is that you don't really earn interest on your loan, but if you take out a loan, you'll need to get KCS in your account first in order to get a loan afterwards.
This is because the loan is denominated in KCS, so you will need KCS as collateral. If you don't have KCS, you'll need to buy some before you can get the loan.
trading bot
KuCoin's Trading Bot offers users the ability to automate their cryptocurrency trading by scheduling actions that are performed automatically when certain circumstances are met. You can use it for anything, including rebalancing your portfolio , when your asset allocation goes through a custodial program to take advantage of price movements while you're away.
KuCoin fees
KuCoin is a platform with transaction fees of 0.10% , which is 0.25% lower than the global market average. The amount is the same for buyers and sellers.
Sign up for KuCoin: the connection steps
Step 1: Registration
Go to the KuCoin website by clicking on our link:
Then, enter your information and check that the promo code allowing you to obtain 40% is registered.
No need to deposit any money for now and close the next window.
Step 2: KYC verification
In the top right tab containing your initials, me YC, press "KYC verification".
Step 3: Security
It is important to secure your account if you don't want to lose all your money! We can start with Google Verification.
We are not going to do all the verifications together, but for example for Google verification, download the “Google authenticator” mobile and tablet application, normally you have received a code on the Google Authenticator application, so follow the instructions.
How to buy cryptocurrencies on KuCoin?
Step 1: open the card payment tab
The "pay by card" tab is at the top left
Step 2: follow the payment steps
Then follow the payment steps as below using USDT which is a stablecoin pegged to the dollar.
Step 3: Go to the "Active" tab
This money will appear in your “Assets” or assets in French. In the ACTIVE tab in the Trade part (for the English version), we have two different accounts, one main and the other for trading. However, you cannot trade with your main account, you must transfer your money from the main account to your trading account.
Step 4: buy cryptocurrency on the market
Go to the market or market tab
Step 5: choose the currency you want in the currency table
On KuCoin there are many currencies, to explain how to place your money in a currency, let's take the example of KYC currency.
You will then find yourself on a large black page.
At the bottom right, you will need to enter your trading code.
Final step: how to buy cryptocurrency?
There are two options either to impose a limit on yourself (ie a specific time to buy) or to buy directly on the market.
By going to " limit " If you think the price of the cryptocurrency is too high to enter, you can decide to buy the KCS when the market price simply enters the price at which you want to buy it here you can put 2.5. Here is your order.
Reviews and presentation, the advantages and disadvantages of KuCoin
Advantages
We liked the support for over 600 cryptocurrencies
On the KuCoin platform it is possible to obtain a crypto loan
This platform is one of the only ones to offer margin trading , ie you can use funds provided by a third party.
Since the cryptocurrency market is known to be volatile and unstable, because of this, one can see prices go down and up quickly. Thus, KuCoin offers customizable trading bots allowing you to adjust your investments according to certain pre-filled rules.
Disadvantages
If you live in the United States, KuCoin is not available, however you can use KuCoin without KYC verification. You would then have restrictions on the withdrawal amount, but also on the leverage you could access.
Unfortunately, withdrawals are restricted to 1 Bitcoin and $400 peer-to-peer transactions per day.
Last disadvantage, KuCoin was the victim of a major hack as recently as 2020.
KuCoin our final opinion, KuCoin or Binance?
KuCoin is an interesting platform for the variety of currencies available, the many functions that the platform has. In addition, these trading fees are particularly competitive. In fact, the main disadvantage of the platform is that it is not available in the USA .
Indeed, American investors cannot deposit in Dollars directly on the platform, unlike people who already own virtual currencies who can then trade on KuCoin.
Therefore , we recommend using another platform called Binance US which was launched in San Francisco for US residents. Binance lets you buy, trade, and sell cryptocurrencies, charging 0.1% on transactions or using Coinbase.
Disclaimer: This article contains affiliate links. I will earn a small commission if you click on any of the links and ultimately make a purchase but at no additional cost to you.
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