Kucoin, kucoin crypto exchange review, Is KuCoin a safe exchange?

 kucoin crypto exchange review, Is KuCoin a safe exchange?

KuCoin is a cryptocurrency exchange that operates in over 200 countries. Although experienced traders are satisfied with some of the features of the exchange, KuCoin is not licensed in the United States and has received negative reviews from users.

PROS

You can earn interest on cryptocurrencies

A wide selection of cryptocurrencies

low commissions

CONS

Prohibited in the United States

Bad user reviews

Ability to earn interest on cryptocurrencies: KuCoin users can earn interest on cryptocurrencies by investing in certain assets or lending to others and earning interest. Rewards earned with cryptocurrencies can help you build a larger portfolio.

Wide selection of cryptocurrencies: Unlike some exchanges that trade dozens of cryptocurrencies, KuCoin offers more than 600.

Low Fees: Compared to other major exchanges, KuCoin offers relatively low transaction fees. Users can expect to be paid between 0.0125% and 0.10% per transaction.

Explanation.

No US License: KuCoin is not licensed in the US, so US users should consider other exchanges.

Negative User Reviews: While negative reviews are common on cryptocurrency exchanges, KuCoin's user reviews are particularly negative. Reviewers report issues with returns, customer service, and market manipulation.

KuCoin is a large cryptocurrency exchange that offers the opportunity to buy, sell and trade cryptocurrencies. In addition to the main trading options, the platform also offers margin trading, futures, and peer-to-peer (P2P) trading. Users can also borrow or borrow cryptocurrency to get rewards. Compared to some of its competitors, KuCoin offers low transaction fees, making it an attractive option.

 Investing in cryptocurrencies, decentralized finance (Defi), and other initial coin offerings (ICOs) is highly risky and speculative, and markets can be extremely volatile. Consult a qualified professional before making any financial decisions. This article is not a recommendation to invest in cryptocurrencies by Investopedia or the author, and the accuracy or timeliness of the information cannot be guaranteed.

Overview of settings

Launched in 2017, KuCoin is a Seychelles-based cryptocurrency exchange. Since its inception, it has grown to become one of the largest exchanges in the world by trading volume and now has over 10 million users and is present in over 200 countries.

Although US users can register a KuCoin account, access to features is limited as KuCoin is not licensed to operate in the US. However, registering an account may involve certain risks. For example, you will not be able to recover your assets if US regulators decide to shut down KuCoin.

There are cryptocurrencies.

KuCoin offers users more than 600 cryptocurrencies to buy, sell and trade. Those looking for a variety of resources will appreciate what this exchange has to offer. Here is a partial list of cryptocurrencies currently available on KuCoin:

Bitcoin (BTC)

Dogecoin (DOGE)

Ethereum (ETH)

Polkadot

Shiba Inu (SHIB)

XRP

Commercial experience

KuCoin users can access their accounts through a web portal or mobile apps available for Android and iOS. Both the desktop website and mobile apps offer a variety of features and tools.

By logging into their account on a computer or mobile device, KuCoin users can browse markets, buy cryptocurrencies, trade, lend cryptocurrencies, and more with a click. The platform supports four types of orders: market, limit, stop-limit, and stop-market. Markup, futures, and P2P trading are also available, which may be an advantage for some users. In addition, KuCoin supports staking and recently introduced a trading bot feature to simplify the trading process. It essentially acts as a Robo-advisor for your cryptocurrency wallet.

Although this exchange offers many possibilities, desktop and mobile platforms are not very intuitive. However, the site offers good help where users can get answers to frequently asked questions.

taxes

KuCoin offers a tiered producer/customer commission model with trading fees ranging from 0.0125% to 0.1% depending on the tier. Their fees are relatively low compared to competitors who can charge as low as 0.50% per month. companies Users also receive a discount on transaction fees.

security

While Cookin offers standard KYC authentication and security features, a major attack hit the market in 2020. Hackers stole over $280 million from users’ hot wallets. Fortunately, there are insurance companies behind the house, but security breaches of this magnitude remain a concern.

In addition to security features like certified authentication and cross-platform encryption, Kucoin provides users with a password for transactions. This password is in addition to the user's normal access credentials and is required to process or store data. This provides additional security and is a rare security feature among crypto exchanges.

Opening an account

Creating an account with Kucoin is very easy and the process takes only a few minutes. To get started go to the KuCoin login page and click on the "Register" button at the top right of the page. Enter your phone number or email address, login, and password here. Once your account is created you can start trading.

You can then go through the KYC verification process, which will provide you with daily withdrawal limits and additional features. KuCoin offers basic and advanced KYC verification options.

To complete the basic process, log into your account, click on “KYC Verification” under your avatar and enter some basic personal information. If you choose to go through the advanced process, you will need to submit additional documents like a selfie or photo of your official ID card along with your important information. Making sure you finish early allows you to maximize your business profits.

Providing customer service

Like many competitors, Happinesskucoin offers customer support options, but you can’t contact anyone directly by phone or email. However, users can participate in the chat to get basic questions answered or to ask for help with more complex issues.

Kucoin also provides a help page that can be helpful if you need help navigating the website or its features and tools.

Customer happiness

Kucoin generally gets low ratings from users, with an average of just 1.7 stars out of nearly 600 Trustpilot reviews. Some negative reviews pointed out issues with customer support, credit card processing, and investing. Others accused Kukoin of manipulating the market, saying their assets were wrongly removed from their accounts, which is a serious concern. Despite the negative comments, some analysts had positive things to say about kucoin’s low fees and several select cryptocurrencies.

Keeping accounts

Users can access their kucoin accounts through desktop, Android, and iOS mobile devices. The platform is offered for free, and once logged in, you can log into your account at any time to buy, sell and trade cryptos. If you have any issues or questions regarding your account, you can contact KuCoin via live chat or ask for assistance.

KuCoin compared to other cryptocurrency companies

kucoin offers a variety of cryptocurrencies with very low fees compared to other crypto exchanges. It supports staking and margining, futures, and P2P trading, which may be more interesting to more experienced users. But there are also glaring mistakes. Kucoin is not licensed in the United States and recently suffered a major hack. If you want to buy or sell cryptocurrencies, check out the comparisons with another popular exchange, Coinbase.

Kucoin and the currency industry

kucoin and Coinbase are among the largest cryptocurrency exchanges in the world in terms of the trading volume.

 However, there are key differences between the two platforms;

Kucoin is not authorized in the United States, but Coinbase is authorized in the United States.

KuCoin offers more than 600 cryptocurrencies while Coinbase only supports more than 150 cryptocurrencies.

Coinbase has higher transaction fees than Cookin.

While Coinbase users can access phone support, Kucoin does not offer this option.

For U.S. users, Coinbase may be a better option despite higher transaction fees. But people outside the U.S. might appreciate Cookoin’s low fees and wide selection.