KuCoin for Trading in 2022: Good Idea?
The crypto market is volatile and ripe for trading. But, numbers don’t always go up and there are a lot of unsafe platforms out there. You need to know what to invest in. You also need to find the right platform that is safe, allows you to go short and long, and has other added features.
In this article, we’re going to take a look at a crypto exchange that has the boasting rights of being one of the busiest exchanges in the world: KuCoin!
What is the KuCoin app?
Founded by Michael Gan and Eric Don in 2017, KuCoin is one of the most popular digital exchanges in the crypto industry.
The idea behind the platform is simple—provide users with a safe, easy-to-use platform for crypto currency traders around the world. Kucoin operates in over 200 countries and has garnered the nickname “The People Exchange”.
With over 700 cryptocurrencies assets available for users to trade, the platform has no shortage of opportunities. Couple that with the low trading fees (compared with some of its competitors), and the result is an exchange you can rely on.
KuCoin users can view markets, trade crypto, lend crypto, and more once logged in on desktop or mobile. Market, limit, stop-limit, and stop-market orders are all supported by the platform. Margin, futures, perpetuals and peer-to-peer trading are also accessible.
The platform also allows staking and has recently implemented a free Trading Bot tool.
Traders facing difficulties using the platform can check out the Help Center for some quick answers or a chat with the 24X7 support team.
What is the KuCoin token?
The KuCoin token ($KCS) is the native token of KuCoin. It launched back in 2017 as a profit-sharing, ERC20 token that allows users to earn a share of the Kucoin platform’s trading fees.
While it was first issued as an ERC-20 token, it was migrated to the native KCC chain in 2021. KCS now fuels all the dApps on the KCC chain.
The total supply of KCS had been set at 200 million with a monthly burn until we’re left with just 100 million KCS. At the time of writing this article, KCS is among the top 50 cryptocurrencies on CoinMarketCap with a total market cap of over $1.5 billion.
What is the KuCoin trading bot?
Limited by sleep and attention span, humans can only do so much trading. Trading bots, on the other hand, have no such limitations. They can make split-second decisions hundreds of times every minute 24/7.
Given the popularity of KuCoin, it makes perfect sense that they made a trading bot of their own. Launched in early 2021 with three basic features, the Kucoin Trading bot now has these six interesting features:
- Dynamic Rebalancing:
- Infinity Grid
- Margin Trading Grid
- DCA (Dollar Cost Average)
- Futures Grid
- Classic Grid
You can learn all about the different types of bots and how to use them here: Kucoin Trading Bot – Tips for Getting Started
What trading pairs does KuCoin offer?
KuCoin offers more than 1200 trading pairs.
The most popular trading pairs on the platform are BTC/USDT, and ETH/USDT. That said, you can find almost any major cryptocurrency paired with BTC, ETH, or USDT here.
For additional platforms and trading pairs check out our FTX vs Binance Review
What is the withdrawal process on KuCoin like?
The withdrawal process on KuCoin is simple.
If you’re on a desktop using the web app, all you need to do is click on Asset in the top right corner (it’s the wallet icon). You then need to head over to the Withdraw tab, select the coin, enter the destination address and amount, and hit confirm. This should open up a security verification window. Enter the required data (trading password, email verification code, and/or the 2FA code) and you’re good to go.
If you’re instead using the mobile app, you need to tap on Assets and head over to the Withdraw tab. Once there, search for your coin and input the destination wallet address, destination network, and amount. You would then see the security verification options that need to be filled to fulfill the transaction.
What fees does KuCoin charge?
KuCoin charges different types of fees for different products. Generally, the more KCS you hold, the lower you need to pay in fees. The maker/taker fee begins at 0.1% for LV0 accounts and it goes lower as you level up. By opting to pay the fee in KCS, you can reduce it further.
In the case of Futures, the general rule of “longs pay shorts when Funding Rate is positive and shorts pay longs when it is negative” holds true here. To calculate the Funding Rate, refer to this.
When the Funding Rate is positive, longs pay shorts. When the Funding Rate is negative, shorts pay longs.
Does KuCoin require KYC?
It isn’t necessary for you to fill out the KYC form on KuCoin to trade. However, if you want to expand. your withdraw limits, you need to fill out the KYC form.
Here’s how the limits work:
If you’re an individual, the first level of KYC would only require you to give KuCoin basic information about yourself. This includes an ID number. However, you don’t need to present an image of the ID here. In the second level of KYC, you need to upload images of your ID.
Looking for an exchange that is KYC in the US check out our review of the Coinbase products
In which countries is KuCoin restricted?
While opening a KuCoin account is something you can do in almost any country, the platform limits the usage of Futures and Staking features in the following countries:
- Afghanistan
- Belarus
- Bosnia & Herzegovina
- Burundi
- Burkina Faso
- Central African Republic
- Cambodia
- Cayman Islands
- Cuba
- China (mainland)
- Democratic People’s Republic of Korea
- Democratic Republic of Congo
- Guinea
- Guinea-Bissau
- Georgia
- Haiti
- Iran
- Iraq
- Lebanon
- Libya
- Jamaica
- Jordan
- Mali
- Malta
- Montenegro
- Morocco
- Myanmar
- Nicaragua
- Panama
- Russia
- Servia
- Senegal
- Somalia
- South Sudan
- Syria
- Tunisia
- Turkey
- Ukraine
- Uganda
- Venezuela
- Yemen
- Zimbabwe
Which cryptocurrencies does KuCoin support?
KuCoin supports more than 700 cryptocurrencies. This includes most of the major cryptos in the market and quite a lot of the lesser-known ones. You can find all the supported cryptocurrencies here.
Check out our Binance Futures Review if you want to trade futures
How secure is KuCoin?
To ensure maximum security, the platform has industry-standard security features like multi-factor authentication and encryption. It also has KYC and the option to use a separate password for trading. Despite all the security features, the exchange suffered from a major hack back in 2020 in which over $280 million worth of crypto was stolen.
Fortunately, insurance covered the assets so users were reimbursed.
Check out our Kucoin Trading Bot Results
Conclusion
KuCoin has been a leading crypto exchange for years. They offer a wide variety of trading pairs and some excellent beginner friendly features.
A particular plus of the Kucoin platform is their free trading bots. If you are looking to trade crypto Kucoin is an excellent exchange to get started.
Thanks for reading an happy trading!
Further reading – Save on Taxes with an Alto Crypto IRA
