KuCoin Exchange Review 2020

KuCoin is a relatively new cryptocurrency exchange that has quickly developed a fervent fan base thanks to its intuitive design and high level of security. Although it is based in Hong Kong, it has a number of international investors, which helps position it as a truly international organization. It’s sometimes referred to as “The People’s Exchange”.

KuCoin Exchange Overview

KuCoin Exchange Logo

KuCoin

  • Relatively new exchange
  • Extremely simple sign-up process
  • Very high level of security
  • Users can invest in the success of KuCoin through KuCoin Shares

KuCoin General Overview

The Benefits PRO's
  • Users can invest in the success of KuCoin through KuCoin Shares
  • Integration with Arwen allows users to trade without depositing their funds to a third party wallet
  • KuCoin’s dedication to quickly adding new, innovative crypto assets means users have access to a large number of trading pairs
  • Users have access to a large number of trading pairs
The Downside CON's
  • Can be difficult to use for crypto newcomers as it is a Crypto-only exchange
  • KuCoin does not have the trading volumes found at some of the more established platforms

KuCoin at a Glance

Users
5+
million
Volume
20+
million
Trust rating
medium
Overall rating
medium

Funding Methods

Funding Method Deposit Withdrawal Speed
Bank Account (ACH) No No n/a
Credit Card No No n/a
Debit Card No No n/a
Wire Transfer No No n/a
Crypto to Crypto Yes Yes Variable

KuCoin Sign-up Process

KuCoin Exchange Homepage

Being a crypto-only exchange, the sign-up process at KuCoin is extremely simple. Here is all of the information that is required to make a new account:

  • Email address or a phone number

Seriously, that’s it. Once you provide KuCoin with your email address or phone number, you will then be asked to input a verification code that was sent to you. After that, you’ll be ready to start trading.

What You Can Buy

There are over 100 cryptocurrencies available for trade on KuCoin. Here are some of the most popular crypto assets that can be purchased on the KuCoin platform:

KuCoin Supported Applications

In addition to offering the ability to trade on all major desktop operating systems (MacOS, Windows and Linux), It also has apps available on both the Android and iOS app stores, and has an internal risk department that investigates any potential shady business on the site.

Is KuCoin Safe?

Yes. It is considered one of the safest cryptocurrency exchanges thanks to its stellar reputation over the years and its high volume of trades. The site also offers two-factor authentication for its users. To date the site has never been hacked, which is a stark contrast to some of the competing exchanges. It’s worth noting that because it is crypto-only it has slightly differently security protocols than sites that except fiat (paper) currency.

Customer support is also quite strong and you can always send concerns directly to the staff.

Keep in mind that it’s generally not a good idea to keep large amounts of cryptocurrency on an exchange as several high-profile exchanges have been hacked in the past. If you have a large amount of cryptocurrency we recommend getting a personal wallet.

Fees

While all of the exchange’s markets have a 0.1% trading fee, users are able to receive a discounted rate by holding KuCoin Shares. Users receive a 1% discount on fees for every 1,000 shares they hold. There is a maximum trading fee discount of 30%.

KuCoin Shares (KCS) Explained

KCS are the native token of the exchange and offer users plenty of rewards for those who hold and stake the asset. By holding a minimum of 6 KCS in their exchange account users receive rewards including dividends from the site’s daily received trading fees, discounted trading fees, and access to additional trading pairs.

The dividends are the most intriguing part of the reward system. 50% of the daily trading fees received by the exchange are paid out to KCS holders in proportion to the number of shares they hold, with the aforementioned 6 KCS being the minimum you can have to receive the bonus. The more shares you hold the higher the bonus you receive. Payouts occur daily and are paid in KCS which you can keep to earn a higher bonus or trade for another asset of your choice. If the exchange were to start seeing consistently high trading volume and therefore make money on fees, there is potential for great dividends to all holders.

To ensure inflation of KCS does not occur, the exchange uses 10% of its net profit to buyback and burn KCS every quarter. This process will occur until there are only 100 million KCS left in circulation. There are currently about 171 million KCS left, with an initial supply of 200 million after the Initial Coin Offering.

Unique Aspects of Kucoin

The platform has a number of features and programs that it uses to set itself apart from some of the other, similarly-sized exchanges on the market.

In terms of bonuses, the site regularly runs trade competitions allow the top traders to earn even more. Many of these competitions give out rewards to the top 50 users in terms of the trading volume around a particular digital asset.

Another unique aspect comes in the form of higher security found via the Arwen protocol. This platform uses technology somewhat similar to Bitcoin’s Lightning Network, which allows users to remain in complete control of their funds instead of having to trust the exchange with cryptocurrency holdings.

Moreover, there is a referral program that allows users to profit from getting other people to sign up for an account at the exchange. When a user invites someone to the exchange, that initial user will receive up to 20% of the trading fees incurred by the invited user for the first year of their time on the platform.

KuCoin Referral Program

KuCoin’s referral program allows users to profit from getting other people to sign up for an account at the exchange. When a user invites someone to the exchange, that initial user will receive up to 20% of the trading fees incurred by the invited user for the first year of their time on the platform.

FAQ's

About the Author

Arthur Crowson, CryptoVantage

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to the online arena in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.