Home Cryptocurrency Kucoin Review: All you need to know about Kucoin | Budget-Finance

Kucoin Review: All you need to know about Kucoin | Budget-Finance

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Kucoin Review: All you need to know about Kucoin | Budget-Finance

Kucoin is a cryptocurrency exchange making waves in the community for its easy-to-use interface and lightning-fast transaction speeds. This article is about Kucoin review and FAQs about Kucoin.

Kucoin offers an extremely high number of trading pairs – 185 as opposed toCoinbase’s four – including some very rare cryptocurrencies such as DragonChain and Bread (BRD). Kucoins fee structure is also unique: most exchanges charge 0.1% per trade; however, with Kucoin, you can enjoy 50% off this charge if you manage to trade against the market’s currency. The company was made by a group of blockchain enthusiasts who saw the need for secure, reliable, and simple-to-use exchanges to help people quickly trade cryptocurrencies.

KuCoin is one of the world’s most popular cryptocurrency exchanges. They have a few novel features that set them apart from other exchanges, including KuCoin Shares (KCS), allowing you to earn passive income for holding KCS in your account. Their referral program pays you 20% of all trading fees generated by people you invite to join the exchange.

Here’s A review of KuCoin’s features and how it compares with other popular exchanges like Binance or Coinbase. What are some pros and cons? Which cryptocurrencies can be traded on KuCoin? And what are its limits for withdrawal? All these questions will be answered here!

1. What is Kucoin?

Kucoin is a cryptocurrency exchange making waves in the community for its easy-to-use interface and lightning-fast transaction speeds. The company was created by a group of blockchain enthusiasts who saw the need for secure, reliable, and simple-to-use exchanges to help people quickly trade cryptocurrencies.

History

Kucoin’s story begins with his predecessor, K coin or KCS (Kcash), which started before Kucoin but failed due to technical difficulties. People behind Kucoin noticed these issues and worked on fixing them to deliver an exchange free of problems caused by server delays, traffic jams, DDoS attacks, etc. This project started back in August 2017 when Kucoin also distributed its ICO tokens to investors who had put money into the KCS project.

2.   How to register an account with Kucoin?

Visit their website at https://www.kucoin.com/#/signup and fill out the required information to create a new account (email address, password, first name, last name, country of residence, etc.). After creating an account, you need to go through the KYC process by submitting a government-issued ID card/passport photo page and clear photo holding a written paper with the words “KuCoin” and “registration.” Also, you will need to add your phone number for SMS code confirmation when withdrawing from Kucoin.

3.How to deposit?

You can deposit BTC, ETH, BCH, LTC, and USDT. You will go to the “Assets” tab and click on a wallet you want to deposit (you have a wallet with every coin listed). There is a transaction fee depending on the cryptocurrency you will transfer: 0.015% of the withdrawal amount if you pay with KCS in your account balance or 0.001 BTC/gas if not holding KCS in your account balance. In general, it can take up to 1 hour for Cryptocurrency deposits to be reflected in the account balance.

4.How to buy Kucoin?

It’s time to trade! If you want to buy cryptocurrencies listed on KuCoin, they are sold in BTC, ETH, and USDT pairs. You need one of those three currencies (or KCS), which you deposited earlier, so now you can start buying any coin you like. To purchase your first crypto, click on the “Markets” tab, find an appropriate pair (for example, LTC/BTC for Litecoin), choose how much LTC you wish to buy for 1 BTC, and click “Buy” then confirm the transaction. This is all; your coins are now they’re waiting for their price to rise

5.What is Kucoin Shares (KCS)?

Kucoin shares are an ERC20 token released by Ku coin. It has a total supply of 200 million tokens, 50% of which were distributed during the ICO, 20% going to the founding members, 10% to the community rewards, another 10% to the angel investors, and finally, 20% going towards the public auction.

6.How do I purchase Kucoins Shares?

To get your hands on some KCS tokens, you need first to ensure that you have an account with one of the given exchanges Bittrex, EtherDelta, Cryptopia, HitBTC, or Livecoin. Then you need to find a trading pair that has KCS listed in it, e.g., if you want Ethereum, search for ETH/KCS. Once this is done, buy the number of KCS you want and wait until they are credited into your account, which shouldn’t take too long.

7.How to withdraw from Kucoin?

Kucoin withdrawal fees are 0.001 BTC, 0.01 ETH, 100 BCH, 1 LTC, and 8 USDT per transaction with a standard confirmation time of 10 minutes. In some cases, it can carry more than one hour for a BTC or ETH deposit to be credited, as this is highly dependent on the congestion of the network.

There are a few ways to submit a request to withdraw from KuCoin Exchange:

– Via the website:

log in, and go to the “Assets” tab, then click on “Withdrawal,” which will lead you to a wallet address where you need to send your funds first, fill in the amount in numbers you want to withdraw, and attach 2FA code number sent by SMS on your phone (do not send any deposit before you get a code).

– Via the mobile app: go to the “Assets” tab, click on your BTC or ETH wallet, and select “withdrawal”; input your wallet address and attached 2FA number.

8.Pros and Cons of using the exchange “kucoin.”

Pros of Kucoin:

Accessible, easy to use platform Lots of promotions (such as free GAS for NEO trades) Impressive list of coins available on the exchange (currently at 70+ and counting!) Listing new coins almost every week Low trading fees Available in many different languages

Cons of Kucoin:

Not yet listed on CoinMarketCap Only available in 2 countries at time of writing (Hong Kong/China) Minimum withdrawal amount slightly higher than some other exchanges Cannot trade fiat currency into cryptocurrency Cannot be used with Ledger Nano S at time of writing No advanced order types offered (market or limit orders only)

9.Final thoughts about the service of kucoin.

KuCoin is a new exchange that has been taking the cryptocurrency world by storm. By far, they are one of the most accessible exchanges to use for beginners while still offering many features found in more advanced exchanges. While it’s still relatively new, this fast-growing exchange is already making big waves in the crypto community and will undoubtedly start challenging other established discussions soon enough. I hope you enjoyed and got some info reading my article about Kucoin! If you have any questions, please reply below – cheers!

The tokens are currently available on two exchanges – EtherDelta and KuCoin. In time they’ll appear more places, but they’re still relatively new. A great way to keep up with them is to check their Twitter feed. There you can find all the latest announcements about listings and other improvements coming soon.

Kucoin vs. Binance:

Binance is another top cryptocurrency exchange with a user-friendly website and smooth operation. In terms of similarities, both platforms offer simple ways to buy coins using fiat currencies, have sleek mobile apps and support many common cryptocurrencies.

There are some differences between Kucoin and Binance, however, including:

  • Kucoin has an easy way to convert from one coin to another while this feature is missing on Binance.
  • It offers a referral program that gives 40% of a referred user’s trading fees, while Binance does not have this option.
  • Kucoin offers unique features like chatbox and safety tips while Binance does not.
  • They claim that their transaction fee is meager, but when I tried withdrawing just $1000 in ethereum, it cost me $1.30 in transaction fee! Binance charges $1, with an additional.5% if you want your order executed within 10 minutes. This is the only reason why you would choose Kucoin over Binance
  • One significant upside to Kucoin’s business model is that they offer incentive coins every day, so there may be some good trading opportunities between distributions of these free tokens (obviously after you’ve met the daily trading and withdrawal limits).
  • The advantage or benefit here is that you don’t need to affiliate your bank account or credit card. You can deposit using your “crypto wallet” address, and if it’s not a big deal to you personally, then withdraw by sending it back to the same (or other) crypto wallet.

Kucoin vs. Coinbase:

The two most significant exchanges in the USA are Coinbase and Kucoin. Although they have different ways of operating, both give their users simple ways to purchase coins.

A few things that are similar between these two platforms include:

  • Support for many common cryptos
  • Offers mobile apps (Kucoin offers Android/iOS while Coinbase only has iOS)
  • Simple way to buy cryptocurrency with fiat via bank transfer & credit cards (more on this later)
  • coinbase and kucoin differ in a few key ways that may make one more appealing than the other for specific users. The differences between coinbase and kucoin include:
  • Coinbase has slightly lower fees
  • Kucoin offers a wide range of altcoins (fewer than coinbase but still pretty extensive selection)
  • Kucoin offers more coins that are available for purchase with fiat (both Coinbase and Kucoin offer Bitcoin, Litecoin & Ethereum; however, Coinbases only lists three coins in total that can be purchased via bank transfer
  • Coinbase also allows the direct purchasing of cryptos using credit cards; however, they charge much higher fees, making it far less appealing. Kucoin, on the other hand, not only lists all four cryptos mentioned above as well as many many more but also allows users to buy them using either bank transfers or credit cards.
  • It charges very reasonable rates when one uses either of those options).
  • Kucoin offers a referral bonus system for users that bring in new people to the platform. It doesn’t offer much, but it’s an excellent addition.

Conclusion:

Kucoin shares have certainly been among the most talked-about cryptocurrencies recently due to its incredible success, with prices going up over 200% since July 2017. The fact that there is also a steady stream of coins entering the market and an increasing number of people using the platform can only be good for the KCS token since they will continue to receive dividends! I hope you enjoyed this review and Kucoin’s potential as an investment.

Featured Image: Photo by Alesia Kozik from Pexels

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