- They provide sophisticated trading platform with interactive charting tools
- Low commissions compared to other competitors
- They provide a wide range of crptocurrency pairs for trading
- No phone support and no vendor particulars
- You cannot buy cryptocurrencies with cash
KuCoin is an online cryptocurrency exchange, which offers users the opportunity of exchanging cryptocurrency tokens and blockchain-based financial assets. Founded in 2017, KuCoin has become a global cryptocurrency exchange broker. The head office is located in Singapore but have networks in Asia-Pacific, Europe and North Americas.
The company claims to have millions of clients from over 50 countries around the world. They aim at providing their clients with a secured and easy way of converting currencies on a modern platform.
KuCoin actually started operations in August 2017, which makes it a very new company. As the crypto market is largely unregulated, there is no regulatory information for Kucoin. KCS is the trading name for KuCoin Shares and it is KuCoin’s own cryptocurrency. It has a total volume of 200 million. The official website is available in 13 languages which include the most popular languages in Europe and Asia like French, Spanish, English, German, Dutch, Portuguese and Turkish, Chinese and Japanese, Russian and Vietnamese.
The average daily trading volume is about 4,000BTC worth about $31 million. Let us take a closer look at their operations in order to determine what is obtainable on the platform.
After creating a KuCoin account, the client will have access to online wallets where the cryptocurrencies are stored. Each cryptocurrency has its own wallet and each wallet has its own unique address. KuCoin provides a trading platform where cryptocurrencies are traded as a pair. When a pair is selected, the system takes you to the trading platform. You will be prompted to enter the authentication code before trading.
The KuCoin’s trading platform is web-based and therefore runs on a browser. The interface is nice, user friendly and has fast execution times. It comes with advanced charting features along with some technical indicators powered by “TradingView”, a web service and social network for traders which provides a platform for technical analysis.
KuCoin only deals in cryptocurrencies. The cryptocurrencies are traded as pairs. After creating an account, you need to deposit cryptocurrencies into their various wallets. KuCoin do not allow trading with cash deposits or buying and selling cryptocurrencies with fiat money. So, you have to buy selected cryptos from another exchange, then deposit the cryptocurrencies into the correct KuCoin wallet. Each wallet has address which must be correct without mistakes during deposits or withdrawals or the assets is lost and may never be retrieved again. There are about 340 cryptocurrency pairs that can be traded on the KuCoin platform. Five cryptocurrencies are used for deposits on the KuCoin platform namely: BTC, ETH, NEO, USDT, KCS. Some crptocurrency pairs that are traded include NEO/BTC, CVC/BTC, LTC/ETH, FOTA/ETH, GAS/NEO, CS/KCS, ETC/KCS.
Fees and Commissions
A trading fee of 0.1% is charged for every trade placed on the trading platform. KuCoin proudly states that they do not charge deposit fees. However, withdrawal fees are charged. The withdrawal fee charged depends on the assets being withdrawn and the quantity. For example, the withdrawal fee for BCH is 0.0005, BTC is 0.001, ETH is 0.01, LTC is 0.001. GAS and NEO withdrawals are free. These fees are fixed by Kucoin. Withdrawal processing time depends on the volume. Withdrawals that are less than the current fee times 100,000 is processed in seconds or at most, 30 minutes. Higher amounts may take days to process. For e.g. BCH is 0.0005, so, 0.0005*100,000 = 50BCH. Therefore, for withdrawals below 50BCH, the processing time is instant, but anything above that takes more time.
Security and Fairness
KuCoin employed standard encryption technologies on all their systems. The website is equipped with modern security technologies which encrypts the transmitted data and authenticates the website. The use of Two-Factor Authentication (2FA) adds extra security layer to protect account holders from unauthorized access to the accounts. 2FA sends a code to the account owner’s phone which is then entered into the login page. The code changes every 30 seconds. 2FA is requested during logins, trading platform access, deposits and withdrawals.
KuCoin have also been fair to their customers by offering up to 30% discount on trading fees for KCS holders. They also give ‘referral bonus’ to encourage members to invite friends and family.
The official website provides a “KuCoin Help Centre” which features a detailed Frequently Asked Questions. The questions are grouped according to various topics like KYC, Login, security, deposit, withdrawal etc. The Help Centre has full explanations to the most common questions any newbie is likely to ask.
There are no hot lines to call for support. Support email is available. Instant web chat facility is available on the website and they say the support is available 24/7.
“Submit a Request” form is available for completion. This is for website visitors who need more info or who has a specific request. The enquirer will receive support through email.
Social media support is available. The platforms are Facebook, Twitter, LinkedIn and Google+
KuCoin is still a new cryptocurrency exchange firm that has done well given that they have just been in operations for less than a year. They provide a large number of cryptocurrency pairs for trading on their platform. Their web-based trading platform is sophisticated, secure and provides many charting and technical tools to assist the trader. They do not charge deposit charges and their charges are not very high when compared to other competitors.
However, they did not provide their complete identity. There is no office address and no company registration details. This is not unusual, given that many crypto exchanges are being targeted by government agencies opposed to the substitution of fiat with cryptos. No support is provided for the buying of cryptocurrencies with cash or credit cards. This is a problem because users are then forced to buy the coins from another exchange before depositing them on KuCoin.
Here are some common questions that customers always asked about KuCoin.
Is KuCoin regulated?
No, they are just a crptocurrency exchange firm and not regulated as a broker.
Is KuCoin a scam?
No, they may look like scammers because of anonymity and other negative traits but there have been no reports of scam. They already have a large clientele who have not complained of scam.
Where is KuCoin based?
They claim that they are based in Singapore.