There are various different cryptocurrency exchanges by offering many different features. Today, I brought you another unique cryptocurrency exchange for review. The KuCoin exchange. Is it legit? Is it safe to use? I’m going to cover everything in this KuCoin Review. Stay tuned…
A while ago, I used to trade on the KuCoin exchange. There’s something I noticed about this exchange which is its simple to navigate and easy to do whatever I want.
So I thought this could be one of the best cryptocurrency exchanges someday. Today, it’s on top 100 cryptocurrency exchanges. I would like to share my experiences with you.
I’m going to discuss everything in this KuCoin review. Including fees, supported assets, security and more.
However, you might have some experiences too. Then leave a comment at the bottom of this article.
Please note I write articles to cryptocurrency beginners. So as this KuCoin review. I cover everything A to Z so beginners don’t miss anything.
Let’s get this started with a Basic Introduction to KuCoin exchange
Introduction To KuCoin Exchange
So what is KuCoin? Basically, this is a cryptocurrency exchange that allows users to buy and sell cryptocurrency assets. The KuCoin company started in 2017 by a group of business specialists.
We can see that was started in 2017. But it succeeds as same as the exchanges older than KuCoin. Fast gaining is always a good sign for a cryptocurrency exchange.
In 2018, KuCoin achieved 1 million users. With that, it’s became more advanced than before. Besides, KuCoin came this far with no issues. I think these facts help KuCoin to get more and more user trust.
However, there are official mobile applications released at the same time period when the exchange started. With 4.3 rating out of 5 on the App Store and 3.8 out of 5 on the Google Play Store.
Talking about trading in KuCoin, unfortunately, there is no fiat currencies supported. Personally, that’s not a thing I concern. The thing I concern about is, you can buy cryptocurrencies directly with debit/credit card.
Currently, KuCoin supported in a lot of countries worldwide. Including the USA, UK, Canada, etc.
Let’s dive in and check out the security of KuCoin.
Security Features Of KuCoin
The first thing to look at when you choosing a cryptocurrency exchange, the security. Why is this so important?
You know most cryptocurrency exchanges these days are centralized. That means, which exchange is controlled by a central authority. In that case, we’re running into a problem.
Because centralized exchanges have more potential to get hacked rather than decentralized exchanges. I explained more in this post. Make sure to check that out too.
So a situation like above, we do need to consider the security at first. Let me show everything.
In KuCoin, I think the security in a decent stage. Here’s why. There are five main security features available. Which are,
- Two-factor authentication
- Email verification
- Phone verification
- Trading security
- Anti-phishing safety phrase
With the combination of all the above. The security of KuCoin is in great situation. Let’s discuss one by one.
Two-Factor Authentication
This is the best security method so far. Two-factor authentication is a security enhancement with the combination of a mobile device.
You set up two-factor authentication on the exchange and in your mobile device as well. Once you done, you will need an access code from your mobile device in order to access your account.
Most cryptocurrency-based platforms these days using this security feature.
Email Verification
Used to verify when you making withdrawals, API creations, etc. This is really useful to make sure your transactions. Most exchanges having this feature.
Phone Verification
This is used for the login verification, withdrawal, API creation, etc. and when you have to switch google verification.
However, this security feature supported in limited countries.
Trading Security
Here is the best part. This feature does not support in most cryptocurrency exchanges.
What this does is, when you making buy and sell on KuCoin, you have to verify it via email. A good feature in my point of view.
Anti-Phishing Safety Phrase
It’s a weird feature. But it’s perfect. Let me explain. Phishing means when you log into your account, a phishing attacker could track your account information and steal your account.
And this feature is to avoid that in both ways which are, email safety phase and login safety phase. Those phases can be set up in the account security section.
And that’s all it. But there is an additional security feature that I noticed. When you signed in, the KuCoin will automatically log you out if there’s no activity detected within a couple of minutes.
Supported Assets On KuCoin
Supported assets are also important. Those are the things you put your money on. So this needs to consider.
In fact, the number of cryptocurrencies in an exchange mainly depends on its liquidity. also known as the total volume. Higher the volume, the higher the ranking goes in that exchange.
Then let’s see what KuCoin exchange supports. According to coinmarketcap.com, there are 400 assets supported. Here’s the list.
There’s something interesting to mention. KuCoin officially launched its own cryptocurrency called KuCoin Shares (KCS).
And they are so proud of that because this coin having the second highest trading volume on KuCoin.
Fees Of KuCoin
What are the fees? Now you already know this is a centralized cryptocurrency exchange. In that situation, the central authority is the third party of your trades.
For the service that exchange gives you, they are charging a small fee as follows.
Here’s the fun part. In KuCoin, fee tiers are categorized with “VIP Benefits” which are Gold, Platinum, and Diamond. You can upgrade your level with KCS coin which I mentioned earlier.
What benefits do you get when you upgraded your account? Generally, lower your fees. And also fees are categorized according to your monthly trading volume. Let me show you.
Maker fee is known as the fee when you selling assets. And the taker fee is when you buying assets.
In KuCoin, there are no deposit fees for cryptocurrencies. But including withdrawal fees for the process of transaction. Here are the fees for each cryptocurrency.
Verification Process
In this KuCoin review, I’m going to show how you get verified. Because be verified in a cryptocurrency exchange is useful sometimes. But in some exchanges, it doesn’t make any reasonable changes.
This is also known as KYC (Know Your Customer). So let’s get started.
Once you successfully created your account,
Then fill the form with your legit details that exact same appears in your verification document. This is so important in order to get succeed in the next process.
Once it’s successful, you will see some additional features unlocked in current benefits.
Want to increase your limits once more? Then click on Continue To Get More Benefits. Now you have to upload your verification documents that you selected on the previous step.
And have to upload a portrait of you with a handheld identity document and a handwritten paper which includes your signature, dynamic code specified and the date you’re uploading.
Make sure to get these photographs in a clean and clear surface so you won’t face any issues.
Referral Program
I did not expect to mention this kind of program in this KuCoin review. In this program, you will get a unique link that you need to share with friends.
If they registered via your unique URL and you will receive up to 20% bonus each time they making an order. You’re getting those bonus with KCS coin which is own coin of KuCoin.
This is even better. Are you willing to create an account on KuCoin? Then Here’s my referral link.
Advantages And Disadvantages Of KuCoin
These two are the first thing you look I’m pretty sure. Because this helps a lot to take a simple idea of what exchange you’re looking for.
Advantages
1) Low trading fees. As you might notice, KuCoin trading fees are lower than other exchanges which is a great point.
2) Excellent security. Now you know all of them. Having a better security is the best for anyu cryptocurrency exchange. To be honest, I have never seen security features like this on any exchange.
3) User-friendly interface. This is perfect for beginners.
4) VIP Benefits. If you have enough funds, you can upgrade your account to higher levels to enjoy more benefits than having a regular account.
5) Buy with cards. One of the useful features as a cryptocurrency exchange. Because you know transaction fees are everywhere.
Disadvantages
1) No fiat currencies supported. And that is the only one disadvantage in KuCoin.
Conclusion
KuCoin is a simple to use cryptocurrency exchange with fantastic features. Most importantly, the security is in the best condition. Even the most popular high liquidity exchanges don’t offer security features like KuCoin.
There are no complaints about the KuCoin exchange. Only having positive feedback instead. However, KuCoin becomes one of the top 100 best cryptocurrency exchanges because of its features attracted many users from worldwide.
Here’s my recommendation when choosing a cryptocurrency exchange. Don’t choose by just someone’s saying. Do your own research every time.
Follow this kind of reviews on the internet. Most importantly, read user opinions on Reddit and Quora. That will help you with about 60% when researching.
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