Reviews
12
Mar
kucoin review

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KuCoin review

KuCoin is one of the world’s largest cryptocurrency exchanges. We have had KuCoin experiences since the beginning of 2018. Opening an account on KuCoin is easy and quick. You can deposit euros into KuCoin with a SEPA transfer. Depositing cryptos is also really easy.

You can quickly buy the most popular cryptocurrencies at KuCoin with euros. Trading takes place in a separate Trading account. The KuCoin exchange offers the hottest meme coins and rare cryptocurrencies.

In addition to trading, KuCoin offers other exciting features. KuCoin is an excellent crypto exchange for active altcoin traders.

General information about KuCoin

KuCoin is one of the world’s largest cryptocurrency exchanges. It was launched in the fall of 2017 after years of groundwork. KuCoin gained massive popularity in the altcoin craze in 2017 and 2018. The exchange has been a favorite platform for altcoin traders since the beginning.

In 2017, KuCoin also launched the KuCoin Shares (KCS) cryptocurrency. It is now known as KuCoin Token. Holding KuCoin Tokens will give you a 20 percent discount on trading fees.

KuCoin has over 30 million customers and supports all major fiat currencies. Its website has also been translated into 18 different languages. The exchange’s crypto offer is one of the most extensive on the market. As of this writing, KuCoin has 774 cryptocurrencies! This is 50 % more than what Binance’s market leader offers.

In 2021, KuCoin launched the KCC blockchain. Competing crypto exchanges like Binance, Huobi, and Crypto.com have made the same move earlier. KCC gives one more use case for the KuCoin Token.

Our KuCoin experiences

We have had KuCoin experiences since the beginning of 2018. Many of our team members opened an account with KuCoin in January 2018 during one of the biggest altcoin booms in crypto history.

KuCoin gained massive popularity in 2018 for two reasons:

  1. The exchange did not crash under a large number of users
  2. Its altcoin offering was superior.

For these reasons, KuCoin’s popularity has remained strong over the years. Its offer is still extensive today, and the exchange reacts quickly to market events and lists the coins its customers want to trade.

For a long time, it was possible to use KuCoin anonymously, i.e., without a KYC process. This is no longer possible. However, light authentication can be done quickly. Our team members have used the exchange mainly with USDT deposits and withdrawals.

The exchange has a lot of liquidity with USDT pairs, even for rarer cryptos. It has rarely had any technical issues, and our experiences with KuCoin have been positive.

KuCoin registration

Opening an account on KuCoin is easy and quick. Click the link below to go directly to the registration form.

Open a KuCoin account here

Below is a picture of the registration form. You can also click the Sign-Up button at the top of the page, and the registration form will open.

kucoin registration

The process is fast and straightforward. You only need an email address to open an account. Finally, click the Create Account and Claim Reward. You will then receive a verification code in your inbox. Enter the verification code to proceed. Your KuCoin account is now created!

Next, we recommend installing the KuCoin mobile app. You can download it for free from the Apple or Google app store. You need the app to go through the KYC process. This guide is also made from the perspective of KuCoin’s mobile app, as most of our readers use crypto exchanges on their smartphones.

Identity verification (KYC) at KuCoin

Like all popular crypto exchanges, KuCoin has also introduced mandatory identity verification (KYC). When you log in to the exchange for the first time, you will be asked to confirm your identity.

KuCoin asks to complete the verification in the mobile app by providing a QR code. You can scan it with your phone. This will direct you to the right place in the Apple or Google app store. Download the mobile app, log in, and continue the process in the app.

Identity verification takes place quickly. You’ll need a passport photo and to finalize the process using your smartphone camera. The entire procedure takes about five minutes.

KuCoin has different levels of verification. If you want to deposit on the exchange with cryptos, you don’t need to complete the most demanding verification. The highest level of verification is required to make bank wire transfers.

How to deposit euros to KuCoin

You can deposit euros into KuCoin with a SEPA transfer. Click Assets from the mobile app’s main menu (see image below). We use euros in this example, but the process is similar to that for other fiat currencies. Depending on your location, additional deposit options might be available.

kucoin menu assets

Next, you will see a screen listing all your fiat and cryptocurrencies. You can make deposits and withdrawals from this page. Click the Deposit button from the top menu.

On the deposit page, you will see two tabs: Crypto and Fiat. Choose Fiat if you want to deposit euros. You will then have the following view.

kucoin deposit fiat

Next, choose EUR as the currency. KuCoin offers Advcash and SEPA transfer as options for euro deposits. SEPA transfer is the best and cheapest option, but it requires the highest verification level from your account. Alternatively, you can use Advcash.

How to deposit crypto to KuCoin

Depositing cryptos is also really easy. First, click Assets from the mobile app’s menu and select Deposit – just like with a euro deposit. Next, search for the cryptocurrency you want in the Crypto tab. You should deposit USDT, as it is the most common trading pair on the exchange.

You will be prompted to choose the network when you select USDT (or any other cryptocurrency). This is very important. All the most popular cryptocurrencies operate in several different networks. You can deposit USDT tokens to KuCoin via 13 networks.

If you are unsure which network to use, ask for help or make a small test deposit to ensure the deposit goes through into your KuCoin account. Once you have selected the network, you will receive a deposit form on your screen. In the example below, we deposit USDT tokens on the Ethereum network (ERC20).

kucoin deposit crypto

In the Address line, you can see the deposit address. Transfer cryptos to this address and the funds will be transferred to your KuCoin account. Copy the address by clicking on the small green square at the end of the address line. You can also scan the QR code if you have a mobile device.

You can select Trading Account under Deposit To if you want the funds to go directly to your Trading Account. The minimum deposit is shown in the Min Deposit line. Do not try to send a smaller amount. Deposit Confirmation tells you the number of confirmations required on the blockchain before the funds appear in your account.

How to buy crypto from KuCoin (Fast Trade)

You can quickly buy the most popular cryptocurrencies at KuCoin with euros. KuCoin has the Fast Trade feature, a quick purchase method suitable for beginners. Fast Trade offers two dozen common cryptocurrencies, which makes it sufficient for most users.

You need to go to the exchange to buy rarer cryptocurrencies. The following two chapters will walk you through this process.

Get started by clicking Assets in the mobile app’s menu.

kucoin menu assets

From the Assets page, you can view the cryptocurrencies you own. Click the Buy Crypto button from the top menu. Next, the purchase form opens on your screen. It has the Buy function selected by default.

Select the desired cryptocurrency from the drop-down menu and enter the amount in euros. In the example image below, we are buying Bitcoin for 100 euros.

kucoin fast trade

If you want to change the units from euros to cryptocurrency, click the circle icon with two small green arrows. You need this option to buy an exact amount of cryptocurrency, such as 0.01 BTC.

Finally, click the black Buy button to confirm the purchase. You will finalize the purchase by choosing the payment method. If you have previously made a euro deposit, you can pay your account with the balance.

If you want to sell cryptos quickly on KuCoin, you can select the Sell tab on the Fast Trade page.

KuCoin’s Funding and Trading accounts

Trading takes place in a separate Trading account.  The purpose is to separate the funds used for trading, which helps to manage leverage and risks.

Deposits are made to the Funding account by default, but you can also make deposits directly to the Trading account. If your Trading account is empty and you want to trade on the exchange, transfer funds there.

First, click Assets from the mobile app’s submenu to access the page where you manage Funding account funds. Next, click the Transfer button to access the funds transfer form.

kucoin asset transfer

In the picture above, we transfer 50 USDT tokens to the Trading account. Most trading is done with USDT pairs, so you’ll need Tether to trade rarer cryptos.

Click Confirm, and your funds will be transferred to the Trading account. You can transfer them back to the Funding account at any time.

Crypto trading on the KuCoin exchange

The KuCoin exchange offers the hottest meme coins and rare cryptocurrencies. Before trading, you need to transfer funds to your Trading account. This process is described in the previous chapter.

Click on Trade from the main menu. The spot trading page opens on your screen with BTC selected by default. Click BTC/USDT in the top left corner, and a search form will open. You can search for the currency pair you want.

kucoin exchange

Note that the limit buy option is selected by default. You can choose the Market buy options when you click the drop-down menu. It is a more suitable option for beginners, and the transaction is made immediately at its current market price.

Many functions are available on the KuCoin exchange that we won’t go through in detail. If you are a novice user, stick to Spot trading. You want to use a large monitor for trading if you are an active trader. Trading on a mobile app can be awkward.

The Open Orders view shows your open orders, and the Order History shows completed trades.

KuCoin fees

KuCoin fees are only 0.1 percent. These are the transaction fees at the lowest VIP level in spot trading. KuCoin’s fees are at the same level as those of competitors. You can find information about fees in the Settings menu, which you can access by clicking on the round user icon in the top left corner of the mobile app’s Home view.

Next, a menu opens on your screen where you can see the options:

  • Trading Fee Level
  • Pay Fees with KCS

You can see KuCoin’s fees and your current VIP level on the Trading Fee Level page. The more you trade, the lower the fees. In addition, there are different fees in spot and futures trading. You can also find the fees for deposits and withdrawals on this page.

If you click Pay Fees with KCS, you can pay the fees using KuCoin’s KCS token. You must have KCS tokens in your account for this. When you pay with a KCS token, you get a 20 percent discount! Your fees will thus drop from 0.1% to 0.08%.

Other features of KuCoin

In addition to trading, KuCoin offers other exciting features. Some might be unavailable in the mobile app, so check them with a web browser. You can access these features from the KuCoin main menu.

KuCoin has, for example, the following additional features:

  • KuCoin Earn: Earn interest income on your cryptocurrencies
  • Futures:  A versatile futures and derivatives market
  • Staking:  Stake cryptos through KuCoin and earn a yield
  • KuCoin Learn: Lots of helpful material for beginners
  • Trading bot:  You can build your trading bot in KuCoin
  • KCC: KuCoin’s blockchain
  • KuCoin Token: Invest in KuCoin’s token to get discounts on trading fees and other benefits

The above list only scratches the surface of all the features. KuCoin is a versatile exchange.

Summary of KuCoin

KuCoin is an excellent crypto exchange for active altcoin traders. The exchange has a long history and serves over 30 million users. KuCoin is also one of the most active exchanges on the market when it comes to bonuses and competition.

KuCoin is not the best option for beginner investors who want easy and smooth SEPA deposits and mostly purchase the biggest cryptos. For such investors, we recommend domestic exchanges. You can use local exchanges in your language, and identification is also easier.

KuCoin is an excellent option for a more experienced trader who wants to access the hottest cryptos on the market. The exchange’s fee structure is also very competitive. Active traders quickly rise to higher VIP levels and access low fees. In our opinion, KuCoin is a competitive alternative to ByBit and Binance.

Try KuCoin today

Follow the exchange’s official Twitter account @kucoincom to stay up to date. The account @KuCoinUpdates also lists various promotions.

Update on 28th of March 2024: KuCoin was charged by the US authorities. This legal issue has no impact on the day-to-day operations of the exchange.

AboutBitcoin Team

Hey! We're the AboutBitcoin squad, a team of crypto lovers who've been all about cryptocurrency since 2017. Every week, we drop the latest news and cool insights from the crypto world. Come hang with us as we dive into the crazy, ever-changing scene of cryptocurrencies – it's gonna be an awesome adventure!