KuCoin Review 2022: Easy To Use, Safe, and Secure

What Is KuCoin?

KuCoin is a cryptocurrency exchange that was established in 2017. The platform allows users to buy and sell bitcoins, ether, and other altcoins. To trade cryptocurrencies on the KuCoin platform, you must first purchase Bitcoin or Ethereum with your credit card. After purchasing your coins, they are stored in a secure wallet on the KuCoin website.

When it comes to trading, KuCoin has a few key features that make it stand out from other exchanges. For one, the platform offers high liquidity, which means your order is filled quickly. This also allows users to trade on margin and leverage their positions. Another unique feature of KuCoin is its use of smart contracts. These are self-executing agreements in blockchain code that allow for transactions between two parties without the need for a third party such as an escrow account or bank.

As mentioned above, Kucoin offers high liquidity features to ensure users can trade quickly while also allowing margin trading to enable traders to leverage their positions. Users can purchase bitcoin or ether through credit card or bank transfer at the platform. The platform also offers a mobile app for iOS and Android devices to access the exchange.

How KuCoin Works

Kucoin lets you  buy and sell Bitcoin, Ethereum, Litecoin and other altcoins. You don’t need to register an account on KuCoin but you need a user ID that can be found in your email (for example: id@kucoin.com). After registration, go to the deposit page of the website with your email address you want to deposit coins. On this page, there is a button “Deposit” which will take you to another page where you will have a section for deposits and withdrawals. At the bottom of the screen there is an option “Withdrawal”. Click it and fill out all fields as per below:  

Fees

There are no fees to deposit and withdraw, but you will be charged a transaction fee when trading. The exchange charges 0.1% for Bitcoin trades and 0.06% for Ethereum trade on the platform, while altcoins have different rates that can range from 0-0.2%.

Security

 KuCoin is a pretty secure exchange. The platform uses multi-signature technology to ensure that no user can withdraw more than they have deposited when the funds are in their account. You can also use 2FA on your phone or email and you will need both of them to access your coins. If you lose one, then you won’t be able to log into the site and there is always an emergency back up email address for all users that enables sending out recovery emails with a password reset link.

Opening An Account

You can register an account on the website by clicking the ‘register’ link in the upper right corner of any page. You will need to enter your name, email address, password and a valid phone number or email address where you want to receive recovery emails.

KuCoin Features

There are a lot of features on the platform.  Here are some of the more important ones:

Verification

You can use 2FA (two-factor authentication) to secure your account if you have it enabled on your phone.

Fees

There are no fees to deposit and withdraw, but you will be charged a transaction fee when trading. The exchange charges 0.1% for Bitcoin trades and 0.06% for Ethereum trade on the platform, while altcoins have different rates that can range from 0-0.2%.

Minimum Requirements

You will need an account with 2FA enabled on your phone in order to use KuCoin’s features such as two-factor authentication (2FA). You also need a current email address or registered phone number where you want to receive recovery emails if something goes wrong with your account. Finally, you will need to have at least 1 BTC or ETH in your account at all times because funds cannot be withdrawn without them being present. If your wallet is not linked to your bank account, then it may take up to 30 days before withdrawals are possible even after everything is verified by the platform’s security team.

Buy and Sell

The most notable is the ability to buy and sell cryptocurrencies with your credit card, which many exchanges do not offer. You can also buy and sell Bitcoin, Ethereum, Litecoin and Ripple on the platform.

Trade

You can also trade altcoins through the platform, but you must first purchase Bitcoin or Ethereum with your credit card before trading altcoins.

 

 

KuCoin Pros And Cons

KuCoin is a cryptocurrency exchange that was founded in 2017. The company’s goal is to provide users with the best possible trading experience and has achieved this through its wide variety of features.

Pros

You can buy and sell Bitcoin, Ethereum, Litecoin and Ripple with your credit card on the platform. There are also a lot of other useful features like 2FA authentication on all accounts, two-factor authentication (2FA), multi-signature technology for cold storage, 24/7 customer support and more.  You can also trade altcoins on the platform with Bitcoin or Ethereum.

Cons

The exchange is relatively new, so you may not have a lot of coins available to buy and sell if you don’t already own some. You will need to purchase Bitcoin or Ethereum first before trading altcoins because there are no options for buying altcoins with credit cards.

The fees are relatively high compared to other exchanges because KuCoin charges 0.1% when you trade BTC and 0.06% when you trade ETH on the exchange. If you don’t have enough funds in your account then it may take up to 30 days before withdrawals will be possible even after everything is verified by the platform’s security team . Also there is no margin trading or short selling option on the platform which means that investors cannot maximize their profit potential by borrowing funds from others or using leverage trading strategies to get a greater return per unit of cryptocurrency they own.