KuCoin, which began operating in 2017, is a global cryptocurrency exchange that offers its six million users numerous trading options. These include spot, margin, futures, and P2P trading, along with lending and staking. KuCoin offers the most advanced level of security and a selection of nearly 400 cryptocurrencies. Despite its various features, it is a beginner-friendly exchange with an elegant and simple interface. The exchange also charges some of the lowest fees in the crypto industry.
KuCoin offers users more than 600 cryptocurrencies to buy, sell, and trade. Those looking for a wide selection of assets may appreciate what this exchange has to offer. Here are some of the most notable cryptocurrencies currently available on the KuCoin exchange:
- Bitcoin (BTC);
- Dogecoin (DOGE);
- Ethereum (ETH);
- Polkadot (DOT);
- Shiba Inu (SHIB);
- XRP (XRP).
This platform was founded by a group of experts who had experience developing Ant Financial, iBOX PAY, and other serious projects in the industry. The purpose of the exchange is to provide people with a secure way to exchange cryptocurrencies using modern technologies. The platform began operating in August and has since been available as a mobile application for smartphones on Android and iOS.
KuCoin also has its own cryptocurrency called KuCoin Shares (KCS). Any registered user can acquire it, and it generates passive income for them. It continuously grows in value, as its price depends on the number of active users on the exchange. Acquiring these tokens reduces trading fees.
Today, KuCoin is a quality cryptocurrency trading tool with a user-friendly interface. The website is translated into multiple languages, including Russian, English, German, French, Spanish, Portuguese, and several Asian languages.
Registration on the KuCoin Exchange
To start using the KuCoin crypto exchange, you must first register on their website KuCoin.com, where you click the ”Sign up” button.
- Registration with your email address. Enter your email address and click the “Send Code” button. Wait to receive a verification code at your email address and enter the verification code you received. Then set a login password, read the message and check that you agree to the “Terms of Use”, and click the “Sign Up” button to complete registration.
- Registration with your phone number. Select the country code of the country you live in, enter your phone number, and click the ”Send Code” button. Wait for the SMS verification code to be sent to your phone and enter the verification code you received. Set a login password, read and check that you agree to the “Terms of Use”, then click “Sign Up” to complete registration.
Tips:
- If your email address or phone number has been linked to an account on the KuCoin exchange, they cannot be registered again.
- Users from the list of supported countries for phone registration can register an account via mobile phone. If your country is not on the supported list, register an account with your email address.
- If you have been invited to register a KuCoin account, check whether the referral code has been entered in the password setup interface or not. If not, the referral link may have expired.
Log in to your new account
On the official KuCoin.com website, you need to log in, where you have two different login options. You can log in with your email address and the password you chose in the previous step, or you can download the official KuCoin app on your smartphone, use it to scan the QR code on your computer, and authorize your device to confirm that it is really you.
To protect your account and funds, KuCoin strongly recommends that you configure your security settings before you start buying and trading cryptocurrencies. After successfully logging in, click on ”Account Security” in the menu. There you will have several different options available, though you likely won’t be able to complete all of them at once. On the KuCoin Support page, they suggest that you first set up ”Google verification”, ”Trading password”, and ”Safety phrase” settings.
- Google verification: Use your phone or Google verification to verify your identity when logging in or completing a transaction. You can choose whichever you prefer, or configure both for additional security.
- Set a trading password: Your trading password on KuCoin is a 6-digit number used for verification when trading, selling and buying cryptocurrencies, creating an API, and other actions to add a new layer of security to your account.
- Set an anti-phishing security phrase: A security phrase can help you determine whether you are using the official KuCoin website and not a phishing website. KuCoin supports security phrases for email, login security phrases, and withdrawal security phrases. Go to the ”Security settings” page, then click the ”Create” button next to each security phrase to create it.
How to buy your first cryptocurrencies on KuCoin
If you don’t have any cryptocurrency, you can use FIAT to purchase your first cryptocurrency. KuCoin now allows you to buy cryptocurrencies with your credit card, debit card, or through third-party payment gateways (Third party payment).
- If you want to buy cryptocurrencies with a credit or debit card, you need to select ”Assets” from the menu and then ”Deposit”. Then choose how much money you want to transfer to your account, where it will later be converted into Tether (USDT). If you want to buy a specific cryptocurrency, after selecting ”Assets” from the menu, click on the desired cryptocurrency, where the process is the same, except that instead of Tether you will see your desired cryptocurrency.
- Third party payment: After logging in to the official KuCoin website, press ”Buy crypto” and then ”Third party payment”. Select the type of coins you want to buy, enter the amount, and confirm the fiat currency. Depending on the selected fiat currency, various valid payment methods will be displayed, where you can choose from: Simplex, Banxa, BTC Direct. After selecting a payment method, you will receive a notice that KuCoin will redirect you to one of the aforementioned payment options, where you will then confirm the payment.
How to trade on KuCoin
After successfully logging into your account, select ”Spot trading” from the menu. You will be redirected to the trading market. Depending on which tab you select, you will see different markets. The options are Stable Coin (USD), Bitcoin (BTC), KuCoin Token (KCS), ALTs (including Ethereum (ETH) and Tron (TRX)), and more hot markets. Not all tokens are grouped in every market, and prices may vary depending on the market you are viewing.
If you want to use BTC to buy KCS, select the BTC and KCS market so that you have the BTC/KCS trading pair. Before trading, you must enter your trading password for security purposes. Once entered, you will not need to enter it again for the next 2 hours.
You have 4 different order types available:
- limit order: an order placed to buy or sell a specific quantity of assets at a specified limit price or better; this involves setting the ideal price and fee amount;
- market order: an order placed to buy or sell a specific quantity of assets at the best available price on the current market; in this case, the fee price is not specified; only the quantity or order amount is specified, and the purchase is made at the set quantity or amount upon purchase;
- stop limit order: an order placed to buy or sell a predetermined quantity of assets at a predetermined limit price when the last price reaches a predetermined trigger price; this involves setting the ideal price and fee amount;
- market stop-loss order: an order placed to buy or sell a predetermined quantity of assets at the current market price when the last price reaches a predetermined price. For this type, the fee price is not specified, but only the trigger price and the quantity or order amount are set.
Fees on KuCoin
If you want to trade cryptocurrencies, fees are one of the first things you need to be aware of. Some exchanges charge very expensive fees. This can quickly reduce your earnings, especially if you are a beginner. To trade more effectively, you need to be well acquainted with the fees of your chosen platform.
You might think that only people at the highest level (Level) can take advantage of the low fees that KuCoin boasts about. Fortunately, KuCoin still has one of the lowest trading fees even at the basic rate, with only a 0.1% fee for each transaction.
There is a 24-hour withdrawal limit, with amount limits also varying by level. This may seem complicated, but KuCoin’s fee structure is quite reliable and transparent, so customers can easily understand how much their fee will be for each transaction.
KuCoin has a system of different levels from 1 to 12. The higher your level, the lower your trading fees. Your level changes every day, depending on your 30-day average trading volume and KCS holdings. Requirements are set for each level and must be met by 00:00 to qualify for the next tier. In short, the more you trade and the more KCS holdings you have in a day, the lower your fees will be.
- KuCoin Users, Level 0 to 4: This level includes all accounts without KCS or a 30-day average trading volume of less than 50 BTC. It charges 0.1% for each trading transaction. However, if KCS fee payment is enabled, these fees will be reduced to 0.08% per transaction due to a 20% discount.
- KuCoin Users, Level 5 to 12: This includes accounts up to 40,000 KCS or with a 30-day average trading volume of up to 4,000 BTC. The regular fee at this level is only 0.07%. With the KCS Pay Fee feature enabled, this fee will be further reduced to 0.056%.
- KuCoin Users, Level 12: To be at the highest level in KuCoin’s fee structure, you must own 150,000 KCS or have a 30-day average trading volume equivalent to 80,000 BTC. The regular fee at this level is only 0.025%. With the KCS Pay Fee feature enabled, this fee is reduced to 0.02%.
KuCoin does not charge for cash deposits to their exchange, but has certain withdrawal fees that depend on cryptocurrency market conditions, however GAS and NEO are free. Since withdrawal fees are primarily tied to the network’s own transaction fees, you will find that the fees for withdrawing cash from KuCoin are similar to those on other popular exchanges such as Binance.
KuCoin is an affordable and accessible cryptocurrency exchange that anyone can use for trading. If you are planning to start your cryptocurrency journey or want to trade more efficiently, KuCoin’s low trading fees should put it at the top of your list.
Are your cryptocurrencies safe on the KuCoin crypto exchange?
KuCoin has partnered with Onchain Custodian to secure the crypto assets stored on its exchange. This includes Lockton insurance against hackers. It also has a dedicated bug bounty program that encourages the identification of any weaknesses in the system.
KuCoin stores customer funds offline in cold storage (which makes hacking more difficult). However, it does not state what percentage is kept offline. Some funds must be kept online in hot wallets so that customers can make withdrawals and trade, but it would be useful to know what percentage is stored where. Late last year, several KuCoin hot wallets were hacked, and the losses were fully covered by insurance. KuCoin also acted quickly and was transparent about what happened. KuCoin also has excellent user-level protection. The website encourages users to set up two-factor authentication and an additional trading password. You can also set up security phrases that will appear in all KuCoin emails to protect you from hacking attempts.
Conclusion
KuCoin is certainly a good choice for crypto investors looking for an exceptionally wide selection of crypto tokens. While KuCoin may initially seem intimidating, its extremely low fees (only 0.1% per trade) and a vast selection of over 600 cryptocurrencies along with support for 45+ fiat currencies make it an attractive option for investors. KuCoin’s additional features such as staking, futures, and margin trading are an excellent option for experienced crypto enthusiasts.
Despite past hacking incidents, KuCoin has implemented new security measures to ensure that investors’ funds remain safe. Ultimately, KuCoin’s low fees and vast selection of digital assets make it an appealing choice for all investors. On KuCoin, investors can purchase all major crypto assets such as BTC, ETH, BNB, XRP, ADA, as well as virtually any altcoin you can think of.
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If you are interested in learning more about cryptocurrencies, we invite you to read other articles on our website, which can be found in the Cryptocurrencies section. You can also join us for a free webinar where we will discuss how to earn with cryptocurrencies. You can register at this link: https://zannekrep.com/brezplacno20/.
We are not financial advisors. All information regarding cryptocurrencies is accepted at your own risk. Do your own research as well.
