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KuCoin Exchange Reviews

Expert Review
May 25, 2020

First of all, when choosing an exchange, traders look at the reliability and functionality of the exchange. Also, many traders need the ability for anonymous trading. Today we look at one of the young but reliable exchanges - KuCoin. Is KuCoin secure enough to store the funds there? Is KuCoin a scam or reliable service? All of these questions we will review in this article.

  1. KuCoin Review
  2. Features
  3. KuCoin Fees
  4. KuCoin API
  5. How to Get Started with KuCoin
  6. How to Use KuCoin
  7. Customer Support and Reviews
  8. Is KuCoin Safe?
  9. Conclusion

KuCoin Review

KuCoin is a Hong Kong cryptocurrency exchange launched in September 2017. This is a third-party exchange that allows you to buy, sell, and trade various cryptocurrencies.

This exchange was created by a group of experienced business professionals who previously worked on projects such as Ant Financial and iBox PAY.

Welcome to KuCoin

Few people know that the KuCoin exchange was previously known as Kubi, which operated in China. The rebranding occurred due to the tightening of the rules for trading virtual assets, which forced the leadership to curtail their project and relocate to Hong Kong.

The founders' goal was to create a simple and secure platform for people around the world so that they could easily trade an extensive list of various cryptocurrencies. Also, the creators of the project strive to create a platform that will stand out from competitors by its user orientation. For example, the exchange offers a profitable bonus program, as well as round-the-clock and operational support. Since its launch, the KuCoin exchange has not experienced any noticeable problems, and in general, the platform does not suffer from system overloads. 

The coins on KuCoin are usually added even before they appear on competing platforms. On the site, you can find a list of cryptocurrencies preparing to be included in the listing in the near future. Currently, about 200+ coins and 400 trading pairs are supported, among them the most popular coins: Bitcoin, Ethereum, Litecoin, XRP, Tether, Bitcoin Cash, Bitcoin SV, EOS, Tezos, Stellar, Monero, Cardano, Tron, DASH, NEO, Ethereum Classic, ZCash, IOTA, NEM, Ontology, Cosmos, Dogecoin, Bitcoin Gold, etc. The full list of cryptocurrencies supported you can find here.

KuCoin is very popular among the new cryptocurrencies that passed through the ICO, which means that you can buy their coin while they are still at the beginning of their journey. You can access the KuCoin platform through a desktop computer, as well as through the Kucoin application on Android and iOS.

The exchange also has its own KuCoin Shares token (KCS), which allows you to trade on more favorable terms. A similar system is used on the Binance cryptocurrency exchange. KCS tokens are a decentralized cryptocurrency issued on the Ethereum blockchain (ERC20 tokens).

The exchange website has been translated into 15 languages, including English, Chinese, Russian, and others.

Features

In general, the platform is designed with the user's needs in mind. Let's dwell on the features of the platform that distinguish it from other cryptocurrency exchanges. 

Why KuCoin?

The main feature of KuCoin is its own cryptocurrency KuCoin Shares (KCS). For holders of coins on the exchange, developers offer a number of advantages:

  • Dividends. Every day, 50% of all commission fees on the exchange are evenly distributed between each KSC token, that is, all KuCoin Shares holders make a profit every day.
  • Discounts on commissions and withdrawals. Users who have a KSC receive a 1% discount on trading fees for every 1000 KCS they hold (up to a maximum of 30%).
  • Special offers. The exchange promises to periodically make promotions and special offers for all KSC holders.

The commission share is a kind of cryptocurrency cashback model, thanks to which the team successfully supports the influx of new customers, and experts make optimistic forecasts for the growth of the KCS rate. KCS tokens can be bought directly on the KuCoin exchange. 

There is a bunch of other advantages that distinguish the exchange from its competitors:

  • KuCoin Exchange has created its mobile application for the convenience of users. The mobile application is available for iOS and Android.
  • A quick exchange and withdrawal - KuCoin declares that cryptocurrency assets arrive in customer accounts within 2 minutes, and withdrawals within 10 minutes.
  • Stable service - KuCoin uses the “advanced multi-level and multi-cluster architecture” of the banking level, based on three data centers that can perform many tasks simultaneously.
  • High-performance engine - The KuCoin trading engine is capable of processing up to two million orders per second and up to one million other requests.
  • Many cryptocurrencies - KuCoin supports many cryptocurrency markets. The exchange compares favorably with the advanced server part, which allows it to add new cryptocurrencies in the shortest possible time.
  • Support Service - KuCoin offers round-the-clock support on Telegram, WeChat and other platforms. Practice shows that they answer all questions very quickly, which most cryptocurrency exchanges today cannot boast of.

KuCoin Fees

One of KuCoin’s main goals is to provide very low trading fees. Cryptocurrency deposits are free, with the exception of the transaction fee on the blockchain that you pay for the transfer. Of course, this will depend on which cryptocurrency you use.

When making a transaction, you pay only 0.1% of the amount you spend on the purchase. For example, if you want to buy Bitcoin for $ 1.000, you will only pay $ 1. This is one of the lowest commission rates among exchanges, which is a good reason to use KuCoin.

In terms of withdrawing your funds from the exchange, the commission depends on what cryptocurrency you want to withdraw. Click here to learn more about the fee structure of KuCoin.

KuCoin API

The KuCoin’s trader and developer documentation documents outline the exchange functionality, market details, and APIs.

The whole documentation is divided into two parts: REST API and Websocket feed.

The REST API contains four sections: User(private) , Trade(private), Market Data(public), Margin Trade and Others(public).

The WebSocket contains two sections: Public Channels and Private Channels. You can find more information about KuCoin API here.

How to Get Started with KuCoin

One of the first questions that interest a potential customer of a service is “Do I need a registration?”. Nowadays, privacy and the ability to protect personal data are more relevant than ever, and sometimes the user wants to gain access, including to anonymous cryptocurrency trading. And the KuCoin team is ready to meet this need. 

Registration
First of all, to get started you need to click on the “Sign Up” button in the upper right corner to start the registration process.

Sign Up

In the form given to you, you will need to fill the email and verification code fields. Use the correct email address in the case to be able to get access to it.

Verification Code

After entering your email, a verification code will be sent to this address and you will need to enter it in the second field within 60 seconds. 

Setting a login password

Upon a completion, you will need to set a login password. Enter your password twice and click “Submit” to finish the registration process.

Menu

That’s it! The registration is completed and you can start work with KuCoin exchange.

How to Use KuCoin

Verification

To trade on the KuСoin exchange, you do not need to go through the procedure of mandatory verification. But if you want to rise your limits and get more benefits, you need to be prepared that KuCoin verification can take a couple of hours or several days. The latter happens extremely rarely, and the user usually manages to verify the account on the same day when he/she provides the system with all the necessary documents.

KYC Verification

To start the verification process, you need to click on the account icon in the upper right corner and in the drop-down menu click on “KYC Verification”.

Individual Verification 1

KuCoin reminds us of our current benefits: Deposit, Exchange and Margin Trade. However, after successful verification, the following benefits will be available to you: Daily Withdrawal Limit 2 BTC, Max. Leverage on Contract Trading 100x, Daily Trading Limit 1400 USDT. To start verification press the green button in the lower right corner. 

Verification Form 1

To strengthen the security of your account you need to supplement the information in the form provided. You need to enter your Country, First Name, Last Name, Identity Document Type and ID Number. Upon a completion press “Submit”. 

Individual Verification 2

That’s it! Now you have a Second Verification Level. If you want to rise your limits (Daily Withdrawal Limit 100 BTC and Daily Trading Limit 70000 USDT) you need to pass the next verification level. To start, press to “Continue to Get More Benefits” button.

Verification Form 2

In this form, you need to scan your Identity Document (front, back, and handheld ID) and attach the files to the page. Please ensure the characters on the photograph are clear and recognizable. Supported formats: JPG and PNG. Maximum file size: 4 MB. Once all the photos/scans are attached, press the “Submit” button. 

How to Deposit on KuCoin

The KuCoin trading platform is considered one of the easiest to use, so it is also easy to replenish your account and withdraw funds from the exchange. In order to top up the funds, just click on the "Deposit" button in the assets menu and select the currency in which you are going to transfer. 

Deposit

Once you choose the cryptocurrency, KuCoin will generate you the recipient address right away. 

There are some tips that KuCoin team is giving to us:

  • The address is not allowed to deposit other assets other than BTC, and any other asset deposit will not be recovered.
  • The deposit transaction will be automatic, and the BTC transfer will need to be confirmed by the entire BTC network, and your BTC will be automatically deposited to your account after 2 confirmation.
  • This address is the only one you can use on your own, and you can do multiple recharging at the same time.

Copy this address or scan a QR-code and send the funds to this address.

How to Withdraw from KuCoin

Withdrawing funds is as simple and quick as depositing. In order to withdraw the funds from your account, just click on the "Withdraw" button in the assets menu. In the opened window you must enter the withdrawal amount, wallet details, code from Google Authenticator to order payments. Also, immediately the system shows a KuCoin commission for withdrawing funds from the exchange. As a rule, money arrives at the destination address 10 minutes after the creation of the withdrawal request.

How to Trade on KuCoin

In order to go to the trading window and familiarize yourself with the tools, you need to click on the "Trading Account" in the assets menu. In the window that opens, in the list of currencies, select the asset you want to start trading with.

Trading

The interface of the trading terminal is designed taking into account all the needs of professional traders. Here you can see a graph of price and market depth changes for different periods for the selected currency with the possibility of fine-tuning from TradingView, see the latest news about the exchange, see the available balance in the context of the selected currency pair and see the statistics of the latest transactions. Also in this section you can create and view the history of created orders for the purchase/sale of cryptocurrencies.

KuCoin offers users 3 types of orders:

  • Limit - you buy/sell cryptocurrency at the desired price. Upon reaching the price set in the order, the operation will be automatically performed.
  • Market is the easiest and fastest option. You buy/sell cryptocurrency at the current market rate.
  • Stop orders - complex orders, there are 2 options available on the exchange:

- Stop market - is used to limit the loss on the exposed position. Immediately after the purchase/sale of cryptocurrency, the trader can place a stop market order and if the position brings a loss, it will close when the stop price is reached.

- Stop limit - when the asset price reaches the set stop price value, a limit order for buying or selling is immediately placed. The value of the limit order may be the same or different from the value of the stop price.

Customer Support and Reviews

The exchange has a very developed Help Center system, where the user can easily find the answer to any question in the search line. Zendesk platform includes FAQ, Guides, Articles, etc.

In case you did not find an answer to your query or you have any other questions, you can submit a request in the KuCoin form. Also, you can forward your questions to the KuCoin social media Facebook or Twitter. Subscribe the pages in case to be aware of the latest news and updates.

Users are generally satisfied with the work of the exchange, they like a large number of trading pairs, convenient interface and the lack of mandatory verification. However, users lack the ability to purchase cryptocurrency inside the service for fiat. Also, there are often problems with trading volume. More reviews you can find on Trustpilot.

Is Kucoin Safe?

The KuCoin exchange's website is protected by an encryption protocol that ensures the security of personal account information. In addition, there is also an internal risk department that ensures the safety of users ’funds.

To protect your account even more, the exchange offers you the option to set up Google Authenticator two-factor authentication. If you do this, you will need to enter the code from your mobile phone to the KuCoin website, and this will need to be done every time you log in and complete the transaction.

Also, due attention is paid to data security. KuCoin provides a multi-level security system. Client assets are stored on “cold” servers, and transactions are confirmed on independent subnodes. KuCoin wallet includes several levels of encryption, offline storage, escrow service and passes regular bank checks. 

Finally, it is also worth mentioning that the exchange has never been hacked, even though it operates for not a long time. All of the above items may indicate that the exchange is not a scam.

Conclusion

KuCoin exchange is a great platform that guarantees a high degree of protection for your assets. Transactions occur quickly enough, and the withdrawal of funds is almost instant. The main difference of the exchange is the existence of its own blockchain and cryptocurrency KuCoin Shares. For exchange currency holders bonuses are provided. It will be a good choice for newbies and experienced traders.

Our Score
Functionality 4 / 5
Reputation 4 / 5
Security 4 / 5
Support 4 / 5
Fees 4 / 5
Our Score
4.0 / 5

pros

- A large number of trading pairs
- Lack of mandatory verification
- Operational platform work
- User friendly interface
- Low fees
- Having your own cryptocurrency and bonuses for holders
- Mobile app for Android and IOS

cons

- Does not support fiat
- Trading volume is small - sometimes there are problems with liquidity

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User reviews
Fond 25 January, 11:43 AM
5.0

It's an amazing place in the crypto world. . I found a very easy verification procces, a fee 0,1 for all kind of the operations and the simple to use site, I use it with a big pleasure. Everything here is on the high level. I like trading on this platform very much.

Musta 7 January, 10:52 AM
5.0

It's an amazing place in the crypto world. I found a very easy verification procces, a fee 0,1 for all kind of the operations and functional and the simple to use site, I use it with a big pleasure. Everything here is on the high level. I like trading on this platform very much.

Kristian 25 November 2019, 7:46 PM
2.0

I didn't get why I have no longer the ability to trade here. I've been doing it since this summer, but out of blue my account was blocked and I have to verify it. But I've done it already, I've provided all the necessary documents to the support! That's high level of frustration, I'm extremely annoyed by this situation.

Delic 21 November 2019, 9:19 PM
4.0

I am begging the exchange to add margin trading. I prefer this way of trading and it’s a pity that I can’t do that. Apart from that everything is great. I am waiting for the margin trading.

Henry 13 October 2019, 10:25 AM
3.0

I get tired while I using Kucoin. I like the support and mobile app, but I definitely don’t like this puzzled level of the security. In order to make any actions I am supposed to enter a mass of information including password, google number and so on. That’s awesome that exchange is trying to protect the users. But sometimes I lose any desire to trade when I am asked to complete all this procedures.

Levi 7 October 2019, 11:49 AM
5.0

I only can say good thing about Kucoin. The dev team has done a great job. It’s a big pleasure to use the mobile app or communicating with the support. Kucoin has to be considered as one the best cryptoexchange on the market.

Sabolch 5 October 2019, 9:36 AM
5.0

Kucoin is a good service to transfer and withdraw money. I like the way they developing the exchange ; new tradings feature, mobile app and so on. The exchange is a credible and I trust it.

Damir 4 October 2019, 9:42 AM
5.0

Kucoin has got a great feature; it’s a carefully structured KYC process. Everything is a clear and fast as well. It didn’t take much time and I appreciate it. You’ll be ready to trade within the day or two after the initiating the procces.

Hoodl 3 October 2019, 9:32 PM
5.0

Kucoin is a transparent exchange. Kucoin provides an official support on the different place including the social networks and the own website. All the system works correctly and I got the responds both in facebook and Kucoin site. That’s a good professional approach and the exchange deserves much more traders then it has it now.

Diego 2 October 2019, 9:34 PM
2.0

There something to be done with the website. It’s an appropriate. I can see some coins and then I’d like to buy them. But I log in and the page doesn’t work and I can’t do that. I’ve tried all the ways to overcome this situation and none of them has helped me. I don’t use the Kucoin because they don’t allow me to do that.

Raven 2 October 2019, 12:41 PM
5.0

Kucoin is a robust exchange. Since January 2018 I haven't got any problems or obstacles thus far. I don't know what to say because everything is great, the support, the mobile app the trading platform are absolutely fantastic. I haven't known that exchange is able to work so perfect.

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KuCoin Exchange Reviews