Cryptocurrency exchanges – some come and go, others try to offer something new and exciting. Things sure did change from the years when the only place you can trade your BTC would be just Mt. Gox!
But with the progress, awareness, and rise of cryptocurrency today, there definitely is a need for a better way to make some trades. Such is the case with tons of groups creating platforms that offer safe, fast, and convenient means to complete trades between cryptocurrencies.
And as a relatively new player in the block when it comes to cryptocurrency exchanges, KuCoin may just have the right stuff to make it big in this industry. Let’s find out more if this exchange is a hit or a bust in this review below.
How the KuCoin Exchange First Started
So, how did KuCoin first start? Backed by a clear vision, fast and rapid deployment, and real passion for driving cryptocurrency benefits for others, the KuCoin team does have a great beginning. Let’s find out more on how this crypto exchange first started (and for us to gauge if this is a viable exchange to be part of!).
KuCoin officially launched last August 2017 – but even years before that, the KuCoin team had been researching, building, and plainly just developing ideas on creating a good and solid architecture that will allow safe cryptocurrency trades. This team of young and driven individuals has been in the game since 2011! 2013 was a great year for the team – it was during this time that the prime technical architecture that the platform uses today was created.
Started in Hong Kong (with main headquarters now in Singapore), it took just a single year since its inception into the cryptocurrency fold of exchanges for KuCoin to make a solid impact. It had been recorded that in early 2018, KuCoin had managed to have more than 1 million users in its platform. Granting the fast signups of these users (and with the platform growing), the KuCoin team truly has something to make it special.
It isn’t everyday that you get to win the hearts of traders. And to go up against the big exchanges like Bittrex and Coinbase (and even outclassing these massive exchanges!). More importantly, ever since its launch in 2017, there had been no major technical issues on the KuCoin platform. Trades have been smooth and easy in this exchange.
Now, isn’t that impressive? And we’ve only just begun this cryptocurrency exchange review!
When KuCoin did an ICO…
For platform (and its own coin, KCS – KuCoin Shares) development, the team raised funds through an ICO after its August 2017 launch. The ICO lasted approximately less than a month (from August 13 to September 1 of 2017). It was also during the ICO phase that the team gave out the mentioned KCS. KCS, which still is a strong figurehead in this platform (more about this later), was used as access to special KuCoin promotions, discounts on trades, and even as a way to solidify exchange profits.
It should also be noted that the KuCoin ICO crowdsale is a milestone for this group. Raking in approximately $20,000,000 in BTC (this was for 100,000,000 KCS, considering the BTC price or rate at that time – KCS price during that time was 0.000055 BTC) during that phase, it can then be considered that trust and a generally positive outlook by investors can be seen on the KuCoin platform’s growth!
The KuCoin Core Team
Let’s find out more about the people behind this trailblazing cryptocurrency platform:
- Michael Gan – KuCoin’s CEO and founder. Formerly part of Ant Financial (of the massively successful Alibaba Group) as a technical expert, Gan is known to be a key player when it comes to conceptualizing and launching financial solutions. Gan’s role of CEO requires him to create both short and long term strategies for the exchange. He also handles day-to-day management decisions for the firm. Gan is also known to be a keen and really active cryptocurrency expert – he uses his Twitter account to promote and inform the market of the latest promos and changes on the KuCoin platform.
- Eric Don – KuCoin’s president and co-founder. Don is known for his massive online presence. He is also an expert system architect and a reliable and senior internet researcher. He has managed to create a very impressive footprint in the online IT scene, with his senior partner and CTO roles in several progressive ventures (to name a few, REINIOT, KITEME, and YOULIN.COM). Don focuses on the functionality features the KuCoin is known for. He also creates and accomplishes the sustainability and expansion of the platform.
- Top Lan – Kucoin’s vice president of research and development. Lan is known for his extensive knowledge of open source projects. He is known for his prominent role as a manager of several of these projects in Github. Seeing his experienced take on managing the technical aspects in community systems, Lan is also the lead designer and deployer of KuCoin’s financial exchange system features. Considering as well his technical know-how, Lan’s skill set allows the team to align KuCoin’s business goals towards the most profitable use of the given tech.
- Kent Li – KuCoin’s vice president of security. An expert in internet systems architecture, Li mainly deals with KuCoin’s operations and maintenance platform issues. His expertise has been known to be reliable, with Li even managing Stanford University’s REAP project. Li headlines KuCoin’s business strategies and guidelines. As such, he works with almost every department in the firm, ensuring that processes and optimized workflows are implemented and smoothly followed.
- Miles Mu – KuCoin’s chief operating officer. Mu has a broad knowledge of operating several industries of different niches. With a varied background managing big names such as Uber and Didi Chuxing, Mu brings in a fun and profitable mix into the table. By incorporating pricing and incentive plans, Mu has been able to not only hit goals – he had efficiently created milestones as well. By managing the KuCoin marketing team, Mu is expected to come up with innovative plans for the platform to elevate (which, with the growth as seen these past few months, has already worked its magic).
- John Lee – KuCoin’s vice president of business development. Lee has a very impressive background in managing and growing businesses. As the former president of Jianbang Communication, Lee had managed to hit profitable customer touchpoints and transform these data into profitable ventures. Considering his extraordinary take on both personnel and consumer matters, Lee oversees KuCoin general administration, daily business management and operations, and also staff matters.
- Johhny Lyu – KuCoin’s vice president of investment. Lyu has keen insights on technical development, operational management, and product design. With an impressive background of being CEO to several industries (to mention some, cultural media, retail, jewelry, and e-commerce) all over China, Lyu has a nice view on how and which investment ventures work. Lyu’s expertise helps KuCoin develop enterprise-wide projects that stay in touch with company protocols and goals, maximizing investment potential and the like.
- Jack Zhu – KuCoin’s vice president of strategy. Zhu’s marketing prowess can be seen with his time spent as a key player of iBox Pay, with him managing a staff of over 300 personnel. His experience helps KuCoin leverage future partnerships with other firms. Zhu also oversees the operations team of KuCoin.
The eight core members (let us name them the Magic 8!) allows KuCoin to be one of the most exciting (and if not, the best) cryptocurrency exchanges ever created.
KuCoin Exchange Details
Let us now focus on the nitty-gritty details on what makes KuCoin a standout cryptocurrency marketplace.
Signup Process Overview
Signing up for a KuCoin account is an easy and hassle-free experience.
- A standard email sign-up process is followed.
- KuCoin follows the required AML/KYC (anti-money laundering/Know Your Customer) process.
- Once an account has been created, a KuCoin user can also enable several safety features. As good and practical practice, you may want to consider the 2-factor authentication (Google 2FA) to safeguard your information and cryptocurrency assets.
KuCoin accounts that have been successfully KYC-verified enjoy several benefits. In terms of daily withdrawal limits:
- KuCoin Verified Individual Account: 100 BTC per 24hr
- KuCoin Verified Institutional Account: 500 BTC per 24hr
- KuCoin Non-verified Account: 2 BTC per 24hr
Depending on the volume of signups, KuCoin KYC verification may take up to 2-4 weeks. KYC-verified accounts will also enjoy being part of the Fiat-Crypto exchange service that the KuCoin platform plans to launch in the future.
Trading Password Overview
Considering KuCoin’s strong stance on security, the platform has pushed for a trading password to safeguard activity on the platform. Here is the general flow on how you can set this important detail up:
- Login into your KuCoin account.
- Access Security Settings.
- Click on the Trading Password section to set your password.
- Allow the Google 2FA protocol to verify your account.
- Set and confirm your password.
You are now on your way to get some trades up and running!
Depositing Coins into your KuCoin Account Overview
Now that you’ve got your KuCoin account up and running, deposit some cryptocurrency into it! Here is the general flow on depositing funds:
- Login into your KuCoin account (make sure to have both your trading password and Google 2FA verification already setup!).
- Access the Asset Center tab and select the Deposit option.
- Either input your desired coin or choose among the cryptocurrency listed from the dropdown list.
- Once you’ve selected the desired coin, copy your receiving address to the withdrawal platform.
- You’re done!
A really simple – and effective – process!
Trading Platform and Markets Overview
KuCoin’s main and innovative feature. What makes KuCoin’s trading marketplace page is its clean and user-friendly layout. No frills, whatsoever, with UI/UX clearly prioritized in monitoring, setting, and making the trades you want.
Typical Trading Flow on Kucoin
Here is how a basic trade happens in KuCoin:
- Login to your KuCoin account.
- Access the Exchange tab.
- Check the various markets available by clicking on the available tabs. Do keep in mind that not all of the tokens displayed on the platform will be paired in every market. Another good practice to follow is that you should always refer to the fiat currency price to the coin and token that you are comparing.
- Select your desired market then use the search box to find the coin you want to trade. Once done, enter the trade pair interface screen.
- As an additional safety feature, every trade done on the KuCoin platform will require you to enter your trading password. Once your trading password has been accepted, this password will be active for 2 hours (which means within that time frame, you wouldn’t need to enter your trading password again).
- You will now then be offered four different order types:
- Limit Order – a trade (either buy or sell) of specified assets will only occur at a limit you have set (the trade will still push through if the price is better than what is specified).
- Market Order – a trade (either buy or sell) of specified assets will be determined by the best available price in the current market. No commission price is set for this order – only the order quantity. This type of order is usually done instantaneously.
- Stop Limit Order – a trade (either buy or sell) of a preset amount of assets and the preset limit price will occur once the preset price is triggered. This order involves setting your trigger price, and the ideal commission price and quantity.
- Stop Market Order – a trade (buy) of a preset amount of assets at the current market price will occur once the preset price is triggered. No commission is set for this type of order – only the order quantity and trigger price are both set.
And it’s just that easy and efficient!
Withdrawing from the KuCoin Platform Overview
Similar to depositing, withdrawing from this platform is also a hassle-free affair. The main/most important details needed to complete a KuCoin withdrawal are your trading password and being Google 2FA verified! Here is the general flow on how to withdraw:
- Login into your KuCoin account.
- Access the Asset Center tab and select the Withdrawal option.
- Either input your desired coin or choose among the cryptocurrency listed from the dropdown list.
- The address to your withdrawal wallet will be requested – simply copy your chosen wallet address here.
- Input your trading password then email verification code to finalize the withdrawal.
See the trend? KuCoin offers simple processes for users to use!
Key KuCoin Exchange Features
Aside from the impressive cryptocurrency marketplace, the KuCoin Platform also has these excellent features:
KuCoin’s own cryptocurrency. KuCoin Shares (KCS) as mentioned earlier, offers multiple incentives by simply owning some units. the KCS’ ICO was done when the platform’s site was launched in August 2017. Let us explain this and other KCS features in more detail:
- KCS is a decentralized cryptocurrency patterned on Ethereum (ETH).
- KCS, at issuance, is at 200 million units.
- There is a buyback disposal during the ICO, which would mean a constant of 100 million KCS units.
- For the disposal, a minimum of 10% has been allocated for each quarter’s net profit to buy back the targeted amount of 100 million KCS units.
- The KCS units part of the buyback disposal are destroyed immediately.
- The first phase of the ICO involved 70 million KCS units (35%).
- The first phase of the ICO focused on founder issuance.
- The first phase of the ICO followed a lockup period (that will last for four years – to end on September 2, 2021). This means that the founders cannot sell or assign the KCS holdings that they have.
- The second phase of the ICO involved 30 million KCS units (15%).
- The second phase of the ICO focused on consultants, angel investors, and top cryptocurrency industry players issuance.
- The second phase followed a lockup period (that will last for four years – to end on September 2, 2019). This means that individuals part of this phase cannot sell or assign the KCS holdings that they have.
- The third phase of the ICO involved 100 million KCS units (50%).
- The third phase of the ICO focused on all users issuance.
- The third phase of the ICO did not follow a lockup period.
In terms of benefits, individuals who own KCS enjoy an incentive bonus. These users enjoy trading fees at halved prices. Percentage benefits are also planned to adjust in the future. Additionally, using KCS on the platform does not involve any trading fees whatsoever.
KuCoin also comes with daily bonus issuance of KCS. This fun strategy offers an interesting and fun incentive by simply holding some KCS and actively being part of this platform. Details of KuCoin Bonus are as follows:
- The KuCoin bonus amount will be distributed on a daily basis.
- You need to have at least 6 KCS to be part and obtain the distribution bonus.
- The distribution is set at 02:00 (UTC + 8) daily.
- The amount to be distributed is set at the trading fee of KCS during the 00:00 hour.
- Users are expected to receive the bonus within 24 hours after it has been distributed.
All in all, a nice way to be rewarded by simply contributing and being part of this awesome cryptocurrency marketplace platform!
More about Bonuses (Yes, KuCoin is that Exciting!)
Aside from the unique use of a cryptocurrency (more than for trades) for a profit-sharing aspect on the platform, KuCoin does provide even more incentives or bonuses for users.
The KuCoin rewards incentives can be summarized mainly in the trade activity done on the platform. Main points to consider are the following:
- 10% of the transaction fees are kept by the KuCoin platform (for maintenance and whatnot).
- 40% of the transaction fees are redistributed towards referrers.
- 50% is redistributed to KCS unit owners (which was the mentioned KCS bonus).
In terms of referrers, KuCoin follows a very interesting referral program. By inviting new users into the platform (via means of an invitation code), the platform allows you to have a cut from the new user’s trading activity.
So this means:
- Directly-invited users: you get 20% of the fees from these users.
- Indirectly-invited users: if the user you invited then lets other people to signup using their invitation code, you still get a cut from these indirect users (12%)!
- Indirectly-invited users (third-degree): following the same logic, new users invited by these indirectly invited users still allows you to earn (8%).
It’s actually a tiered-activity system! So, the more active trades done by the people you invited (and for those they invited as well) allows you to get more in return!
No other exchange platform seems to have this – which makes the KuCoin cryptocurrency exchange a winner in our books!
The KuCoin team takes pride in making transactions done on the platform a fast and easy experience. This is why (as based on the overview we’ve mentioned above for the signup, depositing, trading, and withdrawal functions) the platform offers simplified workflows – after all, who would want to go through complicated steps just to trade cryptocurrency, anyway? As such, deposits on the platform are usually done almost instantaneously (at the max, it’s not even more than 2 minutes). And even if the team does claim withdrawals are done within a 30 minute time frame, the funds to be transferred out are usually completed at 10 minutes max. Fast, indeed!
They’ve Got an App for That
Essentially covering all possible bases (and giving users an even more convenient reason to use the platform), KuCoin also has an app! The app is available both for Android and iOS devices. Take note that the KuCoin app does not only provide the excellent trading features available on the main platform website – it also comes with its own security protocol, really a must considering that safety is paramount when dealing with cryptocurrency assets!
Customer Service You Can Rely On
Another reason why KuCoin is a platform that more cryptocurrency traders are getting into is the fast, responsive, and knowledgeable customer service. We really ought to give a hand to the KuCoin Magic 8 – not only do they know their stuff when it comes to trading! Focusing on customer service that matters does make this platform stand out from the rest (not to name any names, but actually talking and getting information from a real person – and someone who does understand how trades or cryptocurrency work – is a big deal!).
In fact, the platform’s live chat feature does provide you access to talk to people who’d actually help you out – and resolve – with any minor issues that you may encounter on the site (or app). For more complicated problems and inquiries regarding trade, KuCoin does also have a ticketing system for you to file any issues and the like.
ICOs are Hot
Another exciting reason to get on board on this platform is KuCoin’s keen interest on getting more altcoins. And they actually prioritize these other cryptocurrencies!
It’s a win-win scenario. New coins get an avenue to have an ICO; users in that avenue gain access to new coins!
As any strategic cryptocurrency investor knows, owning more coins is a great way to diversify your assets. With KuCoin actually pushing developers to have their coins on their platform, users now gain access to the hottest and newest coins in the market. And with the growing number of cryptocurrencies now available in the KuCoin exchange, you sure won’t go wrong being here – this is solid marketplace to get even those hard-to-get coins!
Multilanguage on the Go
KuCoin is actually pegged as “The People’s Exchange”. And they sure aren’t kidding that they’re opening new doors for cryptocurrency enthusiasts from all sorts of locations and backgrounds. We did mention on how excellent this platform’s customer service is – and we’re now raving on how the team goes the extra mile on helping others out! KuCoin has several support channels to provide some much-needed help in different languages. Focusing on the major backgrounds of the platform’s users, KuCoin provides different social media network support and messaging systems help in these languages:
This is really “The People’s Exchange”!
Soft Staking is a Blast
Proving that KuCoin knows its stuff in providing innovative programs and plans, the platform has recently launched its exciting Soft Staking program.
Staking (in the cryptocurrency sense, and to generally define it) primarily involves the opportunity for a coin validator to lock up tokens in a system as collateral (or, locking up an investment). Why do this? Because once those tokens have been minted as coins, investors would now get rewards for their support on these collateral units.
Of course, the volatile nature of cryptocurrency may be problematic – it’s a high-risk industry, after all.
Now, this is where the KuCoin Soft Staking feature shines. We’ve mentioned that conventional staking involves locking up units (investment), right? Well, with KuCoin’s Soft Staking feature, you wouldn’t feel limited. Users can still access their coins at any given time, which means that these tokens can still earn even during topsy-turvy fluctuations in the market. And this program does not even have a minimum staking period!
Innovative, right? The program currently supports these tokens:
- Tron (TRX)
- Cosmos (ATOM)
- Loki (LOKI)
- EOS (EOS)
- Neblio (NEBL)
- Energi (NRG)
- NULS (NULS)
- DeepOnion (ONION)
- Internet of Services (IOST)
So – get on this platform now!
Recent KuCoin Announcements
The KuCoin team works it magic by providing even more excellent financial products and solutions. Here are the two most recent ones:
KuMex: Worth the Wait
So much innovation – isn’t this more than enough reason to see that this platform does know its stuff? Another recent announcement that KuCoin made this year was KuMex. Managed by the platform’s expert technical team, KuMex focuses on derivative trading solutions. By developing and providing users with a wide variety of financial products, KuMex efficiently lessens the amount of risk of handling cryptocurrencies.
In fact, KuMex promises a whopping 20x leverage by trading on this platform. If that isn’t enough, KuMex traders even get the chance to score rebates for activity!
Lastly, the KuMex platform makes use of the Bitcoin Spot Index to monitor and gauge the price index of BTC. By matching data from six major exchanges (Bittrex, Bitstamp, Coinbase Pro, Kraken, Liquid, and Gemini), the platform can determine a fair and profitable rate.
This was definitely worth the wait.
KuCoinPlay: the Excitement Never Stops!
Wow – KuCoin managed to do a lot this year alone! Another recent announcement is KuCoinPlay. This platform, seeing how users are engaged on bonuses and promotions, focuses on contests to support blockchain projects!
And support is done with games – just how cool is that? Winners get to win tons of cryptocurrency prices.
Now, cryptocurrency can be really complicated. But by including a fun factor in it, it is likelier that more people will get to see how beneficial owning coins are!
Miscellaneous KuCoin Details You Need to Know
Here is some other information that you may need to know about this amazing platform:
A common notion (especially after reading up on the incentive programs mentioned above) is that because of the potential of earning through trade activity, is that trading fees on KuCoin would be expensive.
In fact, it’s not! Both for trading and withdrawals, KuCoin aims to provide minimal charges. Depositing does not involve any fee, and trading fees are set at only 0.1% (wow! But, of course, this would be based on your chosen cryptocurrencies)! Additionally, some cryptocurrencies even provide zero trading fees (such as NEO and GAS).
Additionally (the platform’s really going way and beyond offering promotions), trade fees are discounted for certain users. The platform follows a tiered trading fee discount program, which allows users with KCS assets to get even more out of the coin! A general guide on the ruling is as follows:
- The platform will take note of the user’s KCS amounts and total trading volume during the past 30-day time frame (this is at 00:00 AM (UTC+8); amount will be based on BTC).
- Depending on the level, users will enjoy the corresponding discount on the tier they are in.
- The tier level of a user and the tier benefits they will have access to will be updated at 10:00 AM (UTC+8).
- That current state will stay in effect for 24 hours.
In terms of the tier, fee discounts are applied if:
|User Tier||User’s Trading Volume (30 Days) = X||User’s KCS Balance = Y
|1||100 ≤ Y < 1000
|2||1000 ≤ Y < 10000|
|3||10000 ≤ Y < 20000|
|4||300 ≤ X < 1000||20000 ≤ Y < 30000|
|5||1000 ≤ X < 3000||30000 ≤ Y < 45000|
|6||3000 ≤ X < 8100||45000 ≤ Y < 65000|
|7||8100 ≤ X < 20000||65000 ≤ Y < 85000|
|8||20000 ≤ X < 45000||85000 ≤ Y < 110000|
|9||45000 ≤ X < 92000||110000 ≤ Y < 135000|
|10||92000 ≤ X||135000 ≤ Y|
Cryptocurrency Security Details
The KuCoin team also definitely prioritizes security on the platform. Wallets on the platform are integrated with multiple safety parameters. The platform also uses Amazon Web Services Cloud for the massive firewall that this service is known for. Encryption is of a high level of difficulty!
KuCoin Supports these Altcoins
The platform supports multiple altcoin matches! Approximately 400 (and growing) altcoins are available for trades in the platform, with BTC, KCS, ETH, USDⓈ, and NEO as current favorites!
Get on the KuCoin Platform Now!
There’s no mistake about it – KuCoin is one of the best cryptocurrency exchanges to be in! Signup for an account today!
Official links about KuCoin Exchange
Beginner’s Guide to Kucoin: Complete Review in 2020
Cryptocurrency exchanges - some come and go, others try to offer something new and exciting. Things sure did change from the years when the only place you can trade your BTC would be just Mt. Gox!