Key Takeaways
- KuCoin is a popular cryptocurrency exchange platform that offers a wide range of trading options, including spot trading, margin trading, and futures trading.
- Established in 2017, KuCoin has gained a significant following due to its user-friendly interface, low fees, and extensive selection of cryptocurrencies.
- KuCoin also has its own native token, KCS, which provides various benefits to holders.
The KuCoin cryptocurrency exchange is one of the fastest-growing blockchain platforms today. It was officially released on September 15th, 2017, and has recorded over one hundred million dollars worth of transactions daily.
Before you start trading on KuCoin, take a moment to read our in-depth review. We have covered everything from fees and security to available features!
What Is KuCoin?
KuCoin is a prominent cryptocurrency exchange that allows users to buy, sell, and trade crypto. However, its services are not limited to buying, selling, or exchanging crypto tokens for altcoins or fiat legal tender.
Its operation and mechanism aim to provide users safe and convenient digital asset transaction and exchange services. It does so while integrating premium assets worldwide and constructing state-of-the-art transaction platforms.
The exchange’s impressive collection of supported cryptocurrencies and fiat currencies is impressive. Additionally, the platform offers multiple auto-trading and financial tools, such as trading bots and crypto lending. As such, it becomes a preferred exchange for passive earnings.
The crypto exchange is a convenient option that is accessible from most countries. However, KuCoin is not allowed to operate in the United States.
Cryptocurrencies Available
KuCoin allows users to purchase, sell, and trade 700+ different cryptocurrencies in more than 1,000 trading pairs. Traders and investors seeking a diverse range of assets might find value in the offerings provided by this exchange. Here is a sampling of some of the cryptocurrencies presently tradeable on KuCoin:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- XRP (XRP)
- Dogecoin (DOGE)
- KuCoin Token (KCS)
For more information on new token listings added to the platform, click here.
KuCoin Products And Services
The KuCoin Exchange has many products and services, from trading crypto-assets and derivatives to lending crypto tokens. Let’s explore these features closely:
Spot Trading
The platform instantly lets users buy and sell cryptocurrencies for a spot exchange rate. KuCoin has a fixed trading fee of 0.1% for makers or takers, which is an excellent reason to use the exchange.
Margin Trading
Introduced in 2019, margin trading enables traders to use the crypto tokens of other traders to acquire a higher capital amount for leverage positions. In the exchange, the crypto tokens used for this type of trading on KuCoin include KCS, BTC, and ETH. Margin trading is ideal for long and short-trading positions and offers up to 10x leverage.
Futures Trading
KuCoin futures trading or contract trading service allows users to buy and sell the asset’s future standard contracts. The buyer orders a crypto asset for a particular price and time (future), while the seller must deliver the asset at the agreed-upon time and price. KuCoin supports margin trading with up to 100x leverage.
With such high leverage, traders can trade contracts worth more than the trading funds in their accounts. Some of the most popularly traded contracts include those of BTC and ETH.
Crypto Lending
Crypto lending in the exchange allows investors to loan their crypto tokens for a specific interest rate. With this feature, investors can loan digital tokens to other users for margin trading. The loan tenure ranges from 7-28 days, where lenders can earn up to 12% interest.
KuCoin P2P
KuCoin’s peer-to-peer trading enables investors to move cryptocurrencies from their KuCoin accounts to other users’ accounts without going through a broker or financial institution.
Users can buy and sell crypto coins like BTC, ETH, USDT, etc., through KuCoin’s P2P marketplace.
Features
The platform also has some unique features that have driven the exchange to the top in the crypto market. These features include:
Excellent Trading Experience
KuCoin offers its users the convenience of accessing their accounts through an online portal or mobile apps compatible with Android and iOS devices. The desktop site and mobile applications provide many features and tools for users to utilize.
KuCoin users can easily navigate and explore various functionalities. They may include viewing market information, purchasing cryptocurrencies, engaging in trading activities, lending digital assets, etcetera. The platform supports four types of orders: market, limit, stop-limit, and stop-market orders. Furthermore, KuCoin supports staking, allowing users to earn rewards, and has recently introduced a Trading Bot feature that acts as a robo-advisor, simplifying the trading process by managing users’ cryptocurrency portfolios.
KuCoin Token (KCS)
KCS is KuCoin’s native token. It serves as a utility token within the KuCoin ecosystem and offers various benefits to holders.
One of the primary advantages of holding KCS is the trading fee discount. When holding KCS, you enjoy lower trading fees on the KuCoin platform. This can significantly reduce your costs, especially if you are a frequent trader.
Another benefit of holding KCS is staking. You can stake your KCS to earn interest over time, providing a passive income stream and supporting the security and stability of the KuCoin network.
Furthermore, KCS is often used for airdrops and token sales on the KuCoin platform. By holding KCS, you may be eligible to receive free tokens from new projects that launch on the exchange.
Halo Wallet (Formerly KuCoin Wallet)
Halo Wallet (formerly known as KuCoin Wallet) is a decentralized wallet designed to provide users with a secure and convenient way to manage their digital assets. Initially launched in June 2022 as part of the KuCoin Group, the wallet quickly gained popularity due to its user-friendly interface and extensive support for various cryptocurrencies and tokens.
In April 2023, KuCoin Wallet underwent a significant rebranding, officially changing its name to Halo Wallet. This rebranding marked a strategic shift, as Halo Wallet aimed to expand its focus beyond traditional wallet functionalities and delve into the broader SocialFi ecosystem with the support of prominent investors like KuCoin Ventures, IDG Capital, and HashKey Capital to fuel its growth and innovation.
Is KuCoin Safe?
KuCoin provides KYC verification and standard security measures. However, it experienced a significant hack in late September 2020. Hackers exploited vulnerabilities in the exchange’s hot wallets, gaining access to a substantial amount of cryptocurrency. The total value of the stolen funds was estimated to be over $280 million, making it one of the largest hacks in the cryptocurrency industry at the time.
Today, KuCoin has implemented strong security measures to prevent a recurrence of the 2020 hack. One of the most significant improvements is adopting multi-signature technology, which requires multiple private keys to authorize transactions. Additionally, the platform has invested heavily in cold storage, a secure offline method of storing cryptocurrency.
Furthermore, KuCoin has strengthened its user verification processes to enhance account security. New users must undergo rigorous identity verification, including providing personal identification documents.
Moreover, the platform offers users an extra trading password in addition to features like multi-factor authentication and encryption. This password is separate from their regular login credentials and is mandatory for conducting trades or withdrawing assets, adding a layer of protection not commonly found in other cryptocurrency exchanges.
Pros And Cons
Pros
- Supports over 700+ cryptocurrencies.
- The platform supports the exchange of fiat for crypto and vice versa.
- It is easy to download the mobile app for Android and iOS devices.
- Lower trading fees.
Cons
- They are not licensed in some countries, including the US.
- The exchange already has a history of being hacked in 2020.
Final Thoughts
KuCoin is a prominent crypto exchange known for its robust security measures, extensive range of supported cryptocurrencies, and user-friendly interface. The platform offers various trading options, including spot trading, margin trading, futures trading, crypto lending, and peer-to-peer trading. It supports over 700+ cryptocurrencies and provides multiple payment methods.
Overall, KuCoin caters to both newbies and experienced traders and provides a range of features and tools for seamless cryptocurrency trading.
