Amidst the wide range of cryptocurrency platforms in this digital era, it is difficult to make a choice for oneself. Wondering what makes KuCoin the best platform for your crypto needs? Read this article to know more about the platform, its features, fees, pros, and cons.
KuCoin was launched in the year 2017 and provides trading options in Margins, Futures, Spots, and P2P fists. KuCoin’s native coin is known as KCS and users can transact and exchange electronic assets in a safe and convenient manner and also integrate premium assets from all over the world.
KuCoin-Trading and Orders
Following are the types of trading and order types of KuCoin trading platform –
- KuCoin Derivatives: KuCoin inaugurated its beta platform for derivatives called KuMEX. The platform offers nearly 20X leverage on its Bitcoin Perpetual Contract (XBTUSDM).
- KuCoin Futures: Launched way back in 2019, KuCoin’s Futures team developed its KuCoin Futures platform with an aim to trade a variety of leveraged Futures. It emphasizes the sustainable growth of cryptocurrency.
- KuCoin Options: KuCoin offers a huge range of options for trading including Bitcoin at a rate as low as 0.0005 BTC. It also offers cryptocurrency like Binance Coin (BTC) and Ethereum (ETH).
- KuCoin Custody: For people who wish to keep track of their crypto all by themselves and for those who think it will be safer to store their cryptocurrency on the platform itself, KuCoin offers two sorts of services:
- Custodial Service: This is a service whereby users can store their cryptocurrency right on KuCoin.
- Non-Custodial Service: This service allows you to connect a third platform with KuCoin and continue trading there. This service opts mainly through those who are methodical about their crypto assets.
- Limit Order: This is an order whereby the quantity and limit price of the asset is fixed or specified. The quantity, ideal price, as well as profit is taken into account.
- Market Order: This is a type of order whereby the customer can buy or sell an asset at the market price. Traders prefer these over limit orders.
Is Verification Required – Verification Levels
KuCoin requires customer verification on two separate levels, KYC 1 and KYC 2, one basic and the other advanced. Once your advanced verification process is complete, you will be able to trade but, with few restrictions and more benefits. For instance, an unverified account can trade up to 5 BTC. A KYC 1 verified account can trade up to 200 BTC, whereas a KYC 2 verified account can trade as much as 3000 BTC.
KuCoin Fees for Trading
The general fee for trading on KuCoin is 1.3%. The withdrawal fees for each cryptocurrency are different. For instance, the conversion of U.S. dollars into USDT can cost you about 1% – 3% if you use a card. For UPIs like GPay, the withdrawal fee for every $ 500 is $ 15.
KuCoin Security Features:
KuCoin is a considerably safe cryptocurrency trading platform. It features quite a few stringent security measures.
- Asset Protection: KuCoin has a micro-withdrawal wallet with industry-level multilayer encryption for the best protection.
- Trading Password: KuCoin also has a trading password requirement feature to lock your trading window for extra security. This option provides excellent security for users who move away from their screens or trade in a public environment.
- MFA: It has a multifactor authentication that keeps all assets of the users safe.
- Risk Control Department: KuCoin has a department for internal risk control that reviews all transactions and ensures customer security.
Is Your Money Safe With KuCoin?
This is a common question asked by most people before investing in any cryptocurrency. Here is why and how KuCoin is safe as far as the storage of your assets is concerned.
- Security Protocols: KuCoin uses stringent security protocols like Onchain Custodian as a cryptocurrency service provider to make sure its customers feel safe. Lockton further secures the assets.
- Account Security Options: KuCoin provides two-factor authentication, phone and email verification, security questions as well as passwords to safety of its users.
- Customer Support: The crypto exchange has an excellent customer support system, including, a help centre alongside chat and mobile support.
- Social Media Community: KuCoin has its online community on social media sites like Facebook, Twitter, YouTube, etc. Hence you can reach out to fellow users whenever you wish to.
KuCoin Pros & Cons
Like any other cryptocurrency platform, KuCoin has its own advantages as well as disadvantages.
- Comparatively Lower Fees for Trading: KuCoin offers a 0.1% fee for all trades. Comparatively, this is lower than the fees provided by well-known cryptocurrency platforms.
- Trusted Platform: KuCoin is used by as many as 5 million people worldwide. Over 100 countries have trusted KuCoin with their cryptocurrency assets making it one of the most trusted platforms.
- Loads of Options: KuCoin provides a huge range of coins for trading. It offers as many as 750 different coins for its customers. So you have an opportunity of developing diverse set of digital assets for yourself..
These are a few cons that you must keep in mind before you decide to invest in KuCoin.
- Verification Required for the Smallest of Transactions: Many of the customers of KuCoin have complained about the stringent verification policy. For instance, an unverified account can trade only 5 BTC, whereas a verified account can trade as many as 200 BTC.
- Not Beginner Friendly: KuCoin is designed for experienced cryptocurrency traders. It is not meant for beginners despite its super friendly trading bots. So unless you are a professional in cryptocurrency, KuCoin might not be your place.
With its wide range of over 750 cryptocurrency options, rigorous security measures, and comparatively lower fees, KuCoin has carved a niche for itself in the hearts of all its users. The exchange offers relatively high liquidity, a wide array of supported assets and services, and all of this comes with low trading fees. KuCoin doesn’t require KYC checks for all its users, which is a valuable feature for privacy-conscious users.