In a detailed KuCoin review, I will reveal everything about this crypto exchange you need to know before creating an account.
Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions.
Key Takeaways
Start by checking out the advantages and disadvantages of KuCoin. In a few seconds, you can see if this platform has pros you like and need.
KuCoin was founded in 2017 and is owned by Mek Global Limited/Kucoin Group with Johnny Lyu as the CEO. Its headquarters are located in Seychelles.
What is KuCoin? It is one of the best places to buy crypto when it comes to the number of digital assets it supports.
KuCoin allows users to buy, trade, or sell digital assets and use features such as P2P trading, futures, margins, lend or stake assets, and more. It is available in over 200 countries and has a massive number of users.
KuCoin nowadays is one of the largest hybrid crypto exchanges in the world. It has partnered with Bloktopia in an effort to start the first Meta Office completely dedicated to crypto traders.
In addition, KuCoin is also a partner with Talos, Fracton Protocol, Pyth Network, and Coinrule.
One of the main advantages of the platform here is the list of features. In this part of the KuCoin exchange review, I am going to explain all the main options users have at their disposal. There are plenty of them, so stay tuned.
The whole platform is modern and well-designed and it looks great at first sight. But when you start exploring it, you may face some difficulties.
KuCoin has a complex user interface, which makes it too complicated for beginners. On the other hand, experts enjoy using this particular exchange. If you have minimal experience trading cryptocurrencies, you may still need some time to get used to the KuCoin layout and features.
KuCoin supports trading pairs. In reality, this list is huge and you can basically see all common and some rare variations. I don’t believe trading pairs will be an issue for any type of user. Here is a glimpse of what you can expect:
Order types are average. Users have 4 of them at their disposal. The good thing is that these are all the most common options. An issue is that some rare order types, such as FOK and trailing stop orders, are not available.
A limit order is an instruction to buy or sell a cryptocurrency at a specific price or a better one. If a limit order is set to buy, it will only execute at the specified price or lower.
A market order is an instruction to buy or sell a cryptocurrency immediately at the current market price.
This order combines elements of stop and limit orders. It includes a stop price and a limit price. When the stop price is triggered, it becomes a limit order, meaning it will only execute at the limit price or better
Stop orders are used to limit potential losses or lock in profits. A stop-loss order becomes a market order when the cryptocurrency’s price reaches a specific level below the current market price.
The lending feature allows users to borrow cryptocurrencies from the exchange. But this feature always comes with some fees you need to know about.
The highest lending rate at KuCoin is 32% and it applies to almost all cryptocurrencies available here. The lowest rate is 0%, and it might be linked to most cryptocurrencies such as USDT, BTC, ETH, SKL, and others.
The maximum lending rate is 0.09% per day. It applies to BTC, ETH, some other cryptocurrencies, and stablecoins.
Keep in mind that exchange fees are susceptible to change, depending on your location, deposit/withdrawal methods, and other factors.
If you want to learn how to use KuCoin, you should know how to use crypto wallets. Like many other cryptocurrency exchanges, KuCoin supports:
KuCoin wallet is available as well. It can be a good choice for users who are planning to stay and use this exchange for a long time. It is known as the Halo Wallet .
A list of supported coins is one of the main advantages this exchange has to offer. First of all, there are over 700 coins available here. There is no need to add that all common and even rare tokens are available.
An interesting addition is the list of new coins you can even check on the homepage. There, you can see the latest coins added to the exchange. At the time of the KuCoin review, some interesting new cons were:
Each of the new coins comes with its own page where you can learn about the creator, and the basics, see the process, and so much more. It is definitely a nice addition and something all crypto exchanges should do.
KuCoin offers support for blue-chip NFTs. You can buy HIBAKC easily on the platform if you want to. However, this is not the most interesting feature here.
Users can even create their own NFTs at KuCoin. You will need to email the corresponding team and they will approve your request. After that, you can create your own NFTs.
KuCoin Earn is another feature of this exchange that is very appealing. It basically allows users to increase their wealth. This feature is divided into balanced and advanced.
In the balanced section, you can see options such as KCS bonus, ETH staking, and more. In the advanced section, you can use dual investment, Shark Fin, and protective earn.
I can add that KuCoin also offers $10 in rewards for new users and you can get up to $500 after completing successful trades.
Futures overview, leveraged tokens, and more are some of the derivatives KuCoin has to offer. One interesting option is the Futures Bonus. Here, you can find different packages such as::
The best example is the daily limit-free package available at the time of testing KuCoin. Depending on the current offer, you might get 5 USDT for free. If you check KuCoin crypto reviews from other users, you can see that this feature is very appealing.
Web3, short for “Web 3.0,” is a concept and vision for the future of the internet that represents a significant evolution beyond the current Web 2.0. Web3 envisions a decentralized, user-centric, and blockchain-powered internet where individuals have more control over their data, digital identities, and online interactions.
In the Web3 section, you can find Wonderland, Fractional NFTs, Halo Wallet, and KCC. In the Wonderland section, you can play games to earn money, buy mystery eggs, and so much more.
In the KCC section, you can check out the KCC Gas Revenue Program, get KCS, and discover decentralized applications (dApps).
Trading Bot is available at KuCoin. It is programmed to monitor cryptocurrency markets 24/7 and execute trades when specific conditions are met. This automation reduces the need for constant manual monitoring and allows for faster execution of trades.
Those of you who want to use crypto cards can use one at KuCoin. It is basically a VISA debit card that allows you to use digital assets. It offers instant crypto-to-fiat conversion and rewards. The latter includes cashback, partner discounts, and more.
The user interface at KuCoin is excellent if you have experience with cryptocurrency exchanges. There are a lot of different features, services, and tools to help you manage your investments.
But if you are a beginner and this is your first crypto exchange, then KuCoin is a different story. It is complicated to use. KuCoin reviews from other users usually mention this as a main issue. There are a few more things you need to know about the overall user experience, though.
The platform is fast and reliable. There are no issues while using it. Add the fact that it is responsive and you can see why so many users like using KuCoin, despite the fact that it is not that straightforward.
The registration process at KuCoin is surprisingly easier than usual. You have the ability to register using either email or a phone number. You can also enter a referral code if you have one.
Once you are done with registration, you have to verify the email and telephone number. This is a straightforward process and there is nothing complicated about it.
However, if you want to start with P2P and even increase withdrawal limits, you will need to complete KYC/AML. The process includes sending photos of government-issued documents and proof of address. It typically takes a few days to have this process completed.
Educational resources are more important than most users think. First of all, these allow you to educate yourself about cryptocurrencies, trading, markets, and more.
Here we can see another reason why KuCoin is not always ideal for absolute beginners. The list of educational resources here is poor. However, you’ll find you can still learn a few basic things. But these usually apply only to how to buy a specific cryptocurrency. Other and more advanced guides are not offered at the moment.
Like many other cryptocurrency exchanges, KuCoin was hacked in the past. Luckily, this happened only once, back in 2020. Hackers stole around $150 million from the platform. After that, KuCoin strengthened its security and there were no similar security breaches.
Today, KuCoin is a safe cryptocurrency exchange. This exchange uses 2FA Google Authenticator, 2FA SMS, and SSL. These are some of the most common security features available online and each one has a huge role.
KYC/AML are common on KuCoin. The goal of these processes is to verify the identity of the users and prevent criminal activity such as money laundering or even financing terrorist cells. As stated above, users have to complete this verification process if they want higher withdrawal limits.
If you take a look at the KuCoin pros and cons, you can see that the license is not a strong side of this exchange. For instance, the exchange is not regulated in the United States and it doesn’t have any related licenses.
US users can still create an account and trade here. However, these accounts are not verified and the withdrawal limits cannot be increased.
KuCoin fees are applicable to trading. But these are much lower than usual. While some other exchanges can charge you a fee of 0.5% on a single trade, KuCoin will charge you between 0.005% and 0.1%. The fees here are determined by the classes, features used, and other factors. They can decrease thanks to the KuCoin Token (KCS) balance you have.
Spot Trading Fees (Class A) | Spot Trading Fee (Class B) | Spot Trading Fee (Class C) | Futures Trading Fee (Class A) |
---|---|---|---|
Maker = 0.1% – -0.005% | Maker = 0.2% – -0.005% | Maker = 0.3% – -0.005% | Maker = 0.02% – -0.015% |
Taker = 0.1% – 0.025% | Taker = 0.2% – 0.05% | Taker = 0.3% – 0.075% | Taker = 0.06% – 0.03% |
Trading fees
Keep in mind that there are withdrawal fees as well. More on that later, in the payment methods section.
The list of supported countries is very long. This means that users from most parts of the globe can use KuCoin and trade cryptocurrencies.
If you want to use KuCoin, you will need to deposit funds. These are used for buying cryptocurrencies. When you want to withdraw the funds, you will still have to use one of the supported payment methods.
Keep in mind that you can deposit almost any cryptocurrency at KuCoin and use it to buy another one. There are no deposit fees of any kind. This even applies if you use one of the fiat payment methods supported by KuCoin.
The minimum deposit is $35, which is a bit higher than some other exchanges. The list of supported payment methods includes but is not limited to:
Withdrawal methods at KuCoin include cryptocurrencies only. The withdrawal fee is applicable. For instance, if you want to withdraw Bitcoin, the fee is (0.0005 + Amount * 0%) BTC. This is just an example.
The withdrawal fee will depend on the blockchain technology you use and the coin you want to get to your wallet.
Withdrawals are usually completed within 30 minutes. However, they can take a few hours as well. This doesn’t happen often but it might still happen.
The withdrawal limits are applicable as well. These depend on the coin you are planning to withdraw and will be specified on the withdrawal page. KYC verification also affects the limit.
For example, users who haven’t completed KYC can withdraw 1 BTC per day. After you complete KYC, you’ll be able to withdraw 200 BTC per day.
Customer support at KuCoin is as you would expect. It is available 24/7 via live chat or email or you can even use an online form. It is up to you. If you use live chat, keep in mind that it will begin with a chatbot, which is common nowadays.
Once you are done with the chatbot, you can get help from a support agent. There’s also a support email you can use: [email protected] . While it’s not the fastest in the industry, it’s helpful and can assist you with any issue you may have.
The overall feedback from users is average. There are a lot of happy and satisfied users who have been using KuCoin for years and will continue using it. But there are some unhappy users as well. Most of them have the same type of complaint—a complicated user interface.
Most users ask “is KuCoin legit,” what features are available, what are supported cryptocurrencies, and is the app available? I have covered all of these above, except the app. Now is the time for the app.
The app is available for smartphones. You can get it on the App Store and Google Play. But you can also download the APK file and install the app manually. (This is available for Android smartphones only.)
There is no direct link to the app download pages. You will need to scan the QR code and head over to the download page. This ensures safety and eliminate the risk of users downloading the wrong app.
KuCoin offers a comprehensive platform for cryptocurrency trading, supporting various fiat payment methods and a wide array of coins. The minimum deposit of $35 may be higher compared to some exchanges, but the supported payment methods offer flexibility.
Withdrawals on KuCoin are swift, usually completed within 30 minutes. Withdrawal fees vary depending on the blockchain used, with applicable limits that are influenced by KYC verification. Customer support, available 24/7 through live chat, email, or an online form, is adequate but not the fastest in the industry. User feedback on KuCoin is mixed, with satisfied long-term users coexisting with those finding the platform’s interface complicated.
Using KuCoin is not as easy as you may think. Due to the countless features, services, and options users have, it is complicated. Intermediate users and experts find it ideal and perfect, while beginners do not so much.
KuCoin supports over 700 different coins. New coins are added on a regular basis hence, this number will increase in the near future. It is one of the exchanges with the longest list of supported tokens.
Yes, KuCoin offers an app. It is available for Android and iOS devices. You can download the app from the official website, Google Play, and the App Store.
Fees on KuCoin are much lower than on some rival crypto exchanges. These fees apply to trading and there are small withdrawal fees. There are no deposit fees of any kind, regardless of which method you use.
Yes, you can use a trading bot on KuCoin. This is an automated system that allows you to trade according to the specific instructions you provide. As such, there is no need to check out the trading page all the time.