KuCoin is one of the biggest crypto exchanges in the market. The platform is best known for its extensive altcoin selection. This article is a KuCoin review and beginner’s guide. We’ll go through all key features of the site and give you also our KuCoin experiences.
An overview of KuCoin
KuCoin is the sixth biggest crypto exchange when counting spot trading volume. It is number eleven in the derivatives market. This means there’s a long list of popular exchanges behind KuCoin. It’s safe to say KuCoin has established a solid position in the market.
The exchange was founded in 2017 after years of preparation. KuCoin also launched its own token, KuCoin Token, at the same time. It was originally known as KuCoin Shares. KuCoin started to gain popularity in early 2018, which was the peak of the altcoin boom.
KuCoin is best known for its altcoin selection. They list many small coins you can’t even find at Binance. There are over six million customers (Feb 2021), hundreds of trading pairs, and eight different fiat currencies available. The website is also translated into 18 different languages.
See the video below for a quick overview.
KuCoin has also launched its own blockchain in 2021. This is called KCC. Binance, Huobi, and Crypto.com have also done the same recently. KCC gives even more utility to KuCoin Token, which is the native token of this blockchain.
Do you have KuCoin experiences? Help to make this article better by sharing your views in the comment box below the article.
Note: this review is done from the desktop user’s point of view. If you are using a mobile device, some features will be slightly different.
Opening a KuCoin account is a quick and painless operation. Click the button below and you’ll be forwarded to the KuCoin website.
Once you land on the KuCoin front page, click the Sign up button in the top right corner. The following registration form opens.
The registration process is fast and simple. You only need to input an e-mail address and a password. Type in your e-mail first and click the Send Code button. A confirmation code should arrive in your mailbox momentarily. Input this code to the Email verification code field.
Alternatively, you can sign up using your phone number.
Set a password for your account and click Sign Up. That’s it! You are forwarded into the platform.
A welcome popup should appear next. You can go to deposit funds or claim your sign-up bonus. This depends on the size of your first deposit. These offers will also change over time.
You can close this welcome popup and browse around first.
How to deposit cryptocurrency to KuCoin
KuCoin is one of the crypto exchanges you can use without completing a KYC. PrimeXBT and Phemex are also in this category. This gives you a quick registration process and anonymity, which are important features for many users.
It’s also possible to perform KYC voluntarily. This will give you higher withdrawal limits and up to 100x leverage in the futures market. You can still withdraw 5 BTC worth of coins per day without KYC. This is more than enough for most users.
The lack of KYC means there are no direct wire transfers available. You can’t make a quick SEPA deposit to KuCoin or withdraw fiat currency to your bank account.
Most active users will deposit bitcoin or stablecoins, which can be then traded for rare altcoins. Next, we’ll show you how to deposit and withdraw using the USDT (Tether) stablecoin.
Click Assets from the main menu.
You’ll land on the Assets Overview page. This gives you a quick overview of your funds. KuCoin has four different types of accounts: Main Account, Trading Account, Futures Account, and Pool-X Account. The Main Account has crypto wallets, which are used for deposits and withdrawals.
Click the Deposit button. The following form opens. It has a dropdown menu, from which you can select the desired cryptocurrency.
This is how the USDT deposit form looks like. Note, that KuCoin supports USDT deposits from different networks. There’s Ethereum (ERC20), Tron (TRC20), KCC, and Algorand. Other cryptocurrencies have similar options. Make sure you are using the correct network.
Next, go to your crypto wallet and make a deposit to KuCoin’s wallet address.
We have only positive KuCoin experiences when it comes to deposits and withdrawals. Transfers are handled quickly and there are never any significant delays.
How to buy crypto using fiat currencies
We mentioned previously that direct bank transfers are not possible for non-KYC users. However, it’s still possible to buy cryptocurrency using fiat money. The most popular method is to use a credit/debit card.
Credit cards are popular among small investors, so this might be a preferred way of depositing funds for some users. If you like to deposit using a credit/debit card, click Buy Crypto from the main menu and choose the Credit/Debit Card option.
As you can see, it’s not possible to deposit fiat money into your account. You have to make a cryptocurrency purchase instead. It’s probably smart to buy Bitcoin or USDT already since they are the most popular trading pairs for altcoins.
SEPA and Apple Pay deposits are done using third-party services. These might require additional registration. They might also have minimum deposit limits and high fees. Be careful when using such services.
We recommend making a bank wire transfer to one of the exchanges which support them. Then you can purchase BTC or USDT safely & easily with fiat and deposit cryptocurrency to KuCoin.
How to withdraw from KuCoin
Withdrawals are as easy as deposits. You can withdraw any of the supported cryptocurrencies. Click Assets from the main menu to enter the account overview again.
Next, click the white Withdraw button.
Note that withdrawals are made from your Main Account balance. If you have funds in your Trading Account, they have to be transferred to Main Account first. We’ll go through this later in this article.
Almost every exchange requires 2FA before withdrawals can be done. This is good for your account security. KuCoin shows the following warning before the first withdrawal.
Click the Edit buttons and follow the on-screen instructions. The process for enabling 2FA is straightforward and similar in all exchanges. You’ll need the Google Authenticator app on your mobile phone. Remember to save the backup code too.
The trading password is a 6-digit code that is asked before trading and withdrawals. Make sure you select a code you won’t forget easily. Once 2FA and trading password is set, withdrawals can be done.
The withdrawal form is simple and self-explanatory. Choose the desired cryptocurrency and enter your wallet address. Again, make sure you are using the correct network. Type in the amount and add a remark if you wish to do so. The remark field can be also left empty.
Once you click the Confirm button, the transaction is finalized. You’ll have to give the Trading Password and the 2FA code. KuCoin will also send you an e-mail confirmation. Withdrawals are normally processed quickly.
How to move funds to the Trading Account
Now it’s time to do some trading. How do you swap bitcoins or stablecoins to the hottest altcoins? First, you must have funds in your Trading Account.
Click Assets from the main menu and select Main Account. This is the account you have deposited into.
Check the Operation column. There are the following options for each cryptocurrency: Deposit, Withdraw, and Transfer. Some coins have also the Lend option. Click Transfer to move funds to the Trading Account.
A simple form opens.
Click the Available Amount number to transfer all funds. Alternatively, type in the amount you wish to transfer. Click Confirm and your funds will be moved instantly to the Trading Account.
There are just two actions for each currency in the Trading Account: Trade and Transfer. Click Trade to view the most popular trading pairs. When you wish to move funds back to the Main Account, click Transfer and reverse the previously described process.
Cryptocurrency trading at KuCoin
After funding your Trading Account, it’s possible to do some trading. Click Trade from the main menu to see different trading options.
Spot Trading is the traditional exchange. Select this when you want to exchange one cryptocurrency for another. Margin trading gives you access to leverage. Trading Bot is for professionals, who want to create automated trades.
Click Spot Trading to open the KuCoin exchange. The interface is quite typical for a cryptocurrency exchange (see the image below).
There is a price graph available with different tools for those who like to do technical analysis.
Your trade history is visible in the bottom left corner. It also shows your account balances. The order book is in the top right corner. You can see the depth of the liquidity and recent trades. Trades can be executed using the form in the bottom right corner.
To find a trading pair, click the button right next to the KuCoin logo (top left corner). It says STX/USDT trading pair in the image above. This button opens a list of all available coins.
Type in the ticker to see all trading pairs. In this example, we’re searching for a cryptocurrency called Stacks (ticker: STX).
Unlock the buy & sell forms in the bottom right corner by typing your Trading Password code. This was enabled earlier together with the 2FA.
You can make Limit or Market trades. The latter is easier for inexperienced users. You’ll make the trade using the current market price instead of defining a price limit yourself. Type in the amount you want to buy or sell and confirm trades. That’s it.
Once you have made all purchases, you can transfer coins back to Main Wallet if you want.
KuCoin is a popular exchange among active traders. Hence, the exchange must have competitive fees. Check your current fee status by clicking the round symbol in the main menu with your initials in it. Select Trading Fees from the menu.
You’ll land on a page, which shows the VIP account levels (and their benefits) at KuCoin. Fees (Maker and Taker) are just 0.1% even at the VIP 0 level. There probably are no exchanges with lower fees to start with.
If you hold KuCoin Tokens at your account and pay fees with KCS, there’s a 20% discount available. This lowers your fees to just 0.08%.
There are VIP account levels from zero to 12. Once you are at the highest level, Maker fees go below zero. You can also withdraw thousands of bitcoins per day. You can go up in VIP levels through high trading volumes or holding a large number of KuCoin Tokens.
Let’s have a quick overview of the KuCoin Token, which has been briefly mentioned already. This token was launched in 2017 through an ICO. It was called KuCoin Shares until a re-branding to KuCoin Token took place. The ticker has always been KCS.
The idea behind KuCoin Token is similar to Binance Coin (BNB) and FTX Token (FTT). Hold KuCoin Tokens and get lower trading fees. This is the main perk.
KuCoin gives also additional bonuses to KCS holders. In fact, they re-distribute 90% of the trading fees back to users.
KuCoin pays 40% of the trading fees as referral bonuses and 50% as dividends to KuCoin Token holders. You must hold at least six KCS tokens (7/2021) in your KuCoin account to receive dividends. The more KCS you have, the more rewards you get.
As mentioned in the first chapter, KuCoin Token is also the native token of the KCC blockchain. KuCoin follows the footsteps of Binance here. Both exchange tokens are now used as “digital fuel” on a smart contract platform.
KuCoin Token is not listed by other popular exchanges. This is quite typical. Exchanges don’t want to promote their competitors.
KuCoin experiences and overview
This article has given you an overview of the KuCoin exchange. It should be a good beginner’s guide for inexperienced users. There are also other useful features at KuCoin, which we won’t cover here. Check out the official KuCoin Youtube channel for more information.
KuCoin has also a popular lending service (Pool-X Earn) and leveraged tokens. There are even three different margin trading options: Futures Lite, Futures Pro, and Futures Brawl. On top of this, KuCoin has many smaller altcoins you can’t find anywhere else.
Needless to say, there is an excellent mobile app available for iOS and Android.
It’s difficult to come up with anything negative to say. We have so far only positive KuCoin experiences dating back to 2018. Everything works as it should, and currency transfers are handled quickly.
However, this is probably not the exchange where amateurs buy their first bitcoins using fiat money. Bitpanda and Coinbase are more newbie-friendly options. They also have wire transfers (SEPA) available due to a compulsory KYC.
KuCoin is best suited for active investors, who want to trade altcoins. The selection is pretty much the best in the business. When you combine this with small fees, it makes KuCoin an excellent choice for any altcoin trader.
We recommend following KuCoin on social media. There are new competitors held every week. The official Twitter handle is @kucoincom. There is also @KuCoinUpdates, which informs you of new tokens and promotions.