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What is KuCoin?

Christina Comben
KuCoin is a cryptocurrency exchange initially from China that relocated to Hong Kong for a more favourable regulatory climate. It has a solid reputation for being user-friendly (great for beginners), trustworthy, and secure. The platform is currently ranked number 41 in the list of largest crypto exchanges by CoinMarketCap, with an adjusted 24-hour trading volume of almost $200 million. KuCoin lists over 400 cryptocurrencies and tokens and is known for being an early adopter of new digital coins. Traders who are looking to experiment with new cryptocurrencies are likely to find this platform a useful resource. KuCoin also has a native cryptocurrency called KuCoin Shares (KCS) which powers a loyalty scheme for end users. Low fees and incentives KuCoin doesn’tThe post What is KuCoin? appeared first on Coin Rivet.

KuCoin is a cryptocurrency exchange initially from China that relocated to Hong Kong for a more favourable regulatory climate. It has a solid reputation for being user-friendly (great for beginners), trustworthy, and secure. The platform is currently ranked number 41 in the list of largest crypto exchanges by CoinMarketCap, with an adjusted 24-hour trading volume of almost $200 million.

KuCoin lists over 400 cryptocurrencies and tokens and is known for being an early adopter of new digital coins. Traders who are looking to experiment with new cryptocurrencies are likely to find this platform a useful resource.

KuCoin also has a native cryptocurrency called KuCoin Shares (KCS) which powers a loyalty scheme for end users.

Low fees and incentives

KuCoin doesn’t have deposit fees. The trading fee is 0.1%, while withdrawal fees vary depending on the cryptocurrency. Relative to other exchanges, withdrawal fees are low – just 0.0005 for BTC, 0.01 for ETH, or 4.2 for USDT. NEO and GAS have zero withdrawal fees.

Transactions on the platform are fast. KuCoin processes low-value withdrawals in seconds while larger withdrawals require about 10 minutes to be completed. The exchange processes deposits in two minutes or less.

KuCoin uses a series of bonuses to encourage users to buy and use its native cryptocurrency, KuCoin Shares. Holders receive dividends daily and benefit from discounts on withdrawal and trading fees.

Moreover, users that hold KCS get exclusive promotions and extra rewards for their activity. This is a way for the platform to share part of its profits with KCS owners and encourage adoption at the same time.

People who have an account on the platform can receive incentives for bringing in new users. A trader who invites new members receives a portion of the trading fees collected from the new users.

If this sounds a little like a pyramid scheme, that’s because it is. Most probably, the platform will have to end this practice as it will prove expensive as the number of invitations grows.

No fiat currency

The downside of using KuCoin is that the exchange doesn’t work with fiat currency. So, you’ll need to use a different service to get Bitcoin or Ethereum before trading on KuCoin. While most digital coins can be purchased with BTC or ETH only, some cryptocurrencies can be bought with NEO, USDT, or KCS.

Besides this inconvenience, the platform works like most crypto exchanges on the market. Users can keep track of their assets easier and manage their funds through a modern, straightforward interface.

The exchange also has a two-factor authentication feature that adds an extra layer of security to users’ accounts.

KuCoin features

KuCoin has been working to build a solid reputation with more than just low fees. The Chinese cryptocurrency exchange relies on a tried and tested mix of features meant to separate its service from competitors.

Among these, the platform lists the most advanced API in the market, excellent customer service, scalability, safety, and an exceptional team of cryptocurrency experts.

API

The platform has a powerful API interface. KuCoin APIs are divided into REST APIs (with four categories of private and public data) and WebSocket feeds (which mostly provide public market data).

Customer service

The exchange provides 24/7 support through email, hotline, and directly on the website. Note that customer support is located in Hong Kong, so you may need to overcome cultural barriers when speaking to a consultant.

Scalability

The platform continues to add new cryptocurrencies and claims to support an infinite number of trading pairs. It is a pioneer in implementing pairs that aren’t yet listed by other platforms.

Safety

The crypto exchange has implemented a series of security levels to protect users’ funds. It has a standard transfer encryption protocol to ensure the privacy of its users. Moreover, the platform uses a private network powered by Amazon Web Services Cloud to store micro-wallets.

The team

KuCoin was designed and developed by a group of blockchain enthusiasts with a solid professional background in the industry. The team focuses on research and development as essential elements for success.

KuCoin Shares

The KuCoin cryptocurrency, KCS, is a decentralised cryptocurrency based on top of the Ethereum protocol. It also works with all Ethereum wallets.

It started with a total volume of 200 million KCS. The platform has issued a plan for buyback disposal, which aims to keep a constant 100 million tokens on the market. According to KuCoin, the company will use 10% of each quarter’s net profit to buy back and destroy KCS.

The takeaway

At first glance, KuCoin isn’t just another cryptocurrency exchange. The team appears to have a long-term plan, a vision for creating a viable service, and encouraging crypto adoption at a global level.

Despite not supporting any fiat currency, the platform continues to gain users thanks to its willingness to share profits and improve services.

The post What is KuCoin? appeared first on Coin Rivet.