Complete Guide to the KuCoin Crypto Exchange
Posted by Frank Gogol in Crypto | Updated on June 19, 2023
Whether you’re a budding enthusiast planning to enter the world of cryptocurrency coins or a veteran crypto trader looking for lower rates and better features, KuCoin has something for you.
In this article, we’re going to discuss everything you need to know about KuCoin, a rising star in the crypto exchange scene.
What is KuCoin?
Dubbed by its founders as “The People’s Exchange,” KuCoin was publicly launched by Michael Gan and Eric Don in September 2017, with their headquarters located in Seychelles.
The KuCoin exchange is founded on the principle of accessibility. For one, it has a beginner-friendly and intuitive interface. It also provides some of the lowest transaction fees on the market, suitable for traders who are just dipping their toes into the game.
More than that, KuCoin also prides itself in having one of the longest lists of available cryptocurrencies. In fact, one of the main reasons the exchange was founded was to give traders access to lesser-known cryptocurrencies. As of this writing, KuCoin has almost 400 coins available for trading.
Patrons can trade any number of mainstream and riskier coins as they wish, so long as they don’t violate any of KuCoin’s terms of service.
KuCoin takes plenty of steps to enhance its security, which will be discussed in a section further down. However, the exchange is still not licensed for use in the US, which means that the law won’t protect you should something go wrong.
Despite not having a license to operate in the United States, though, KuCoin still enjoys good liquidity and high trading volumes. This is likely because of its low fees, multiple ways to earn money, and dynamic trading platform.
How KuCoin Works
Just like any other exchange, KuCoin allows you to buy and sell cryptocurrency. However, you can do this at lower rates compared to other popular exchanges. You can also purchase and hold the KCS token, KuCoin’s native crypto, to earn rewards and further drive down fees.
KuCoin offers different trading formats. You can buy and sell crypto regularly, but you can also do margin, futures, and peer-to-peer trading.
Custodial and Non-Custodial
The platform also has both custodial and non-custodial cryptocurrency services. This means that you can keep your wallet yourself, or you can store it on the platform.
The non-custodial options are for the extra-cautious who only trust their wallet. You can even connect an offline wallet to KuCoin and use it just as effectively.
For those who prefer things to be a bit more convenient, you can also store your tokens in the crypto wallet. KuCoin has partnered with Singapore-based digital asset custody company Onchain Custodian.
Lastly, you can easily create an account on KuCoin with just your email address or phone number. However, if you want to use better, more advanced features, you must first verify your account. American residents, in particular, may find this difficult since KuCoin can’t operate in the country without a license.
KuCoin also offers other features, such as leverage, margins, and even trading bots for your convenience.
KuCoin Cryptocurrency Selection
As mentioned, KuCoin hosts a multitude of cryptocurrency tokens. It has more than 380 individual crypto tokens, as well as 750 currency pairs.
These coins include mainstream coins such as Bitcoin and Ethereum, but also lesser-known cryptos such as Stellar (XLM), Nano (NANO), and Qtum (QTUM), which promises to gain value in the long term.
Accessing lesser-known cryptocurrency coins is one of the main reasons why KuCoin is surging in popularity.
Top 20 KuCoin Markets
Here are the top 20 markets traded in KuCoin based on volume at the time of writing:
- Bitcoin (BTC) – $720,156,339
- Ethereum (ETH) – $432,379,081
- Kadena (KDA) – $128,573,833
- Terra (LUNA) – $126,881,672
- SHIBA INU (SHIB) – $125,378,008
- XRP (XRP) – $121,387,380
- KuCoin Token (KCS) – $95,789,424
- Veracity (VRA) – $89,595,635
- Polkadot (DOT) – $86,603,145
- Bloktopia (BLOK) – $66,418,093
- Litecoin (LTC) – $65,404,923
- Binance Coin (BNB) – $62,814,534
- VeChain (VET) – $62,348,030
- Avalanche (AVAX) – $58,444,460
- Cardano (ADA) – $57,291,208
- Decentraland (MANA) – $53,290,718
- Tether (USDT) – $51,073,308
- Fantom (FTM) – $50,012,532
- Solana (SOL) – $47,189,426
- Render Token (RNDR) – $42,623,868
As great a deal as some exchange platforms might offer, all of it would be for naught if the platform isn’t secure.
When talking about security and trustworthiness, KuCoin is a brilliant and responsible company, although there are a few hiccups.
For instance, it’s not licensed for operation in the US. This means US citizens can’t access the platform’s full benefits, and if you decide to use the platform on your own, you won’t be protected by the law.
On the other hand, KuCoin is pretty responsible when it comes to its security. The company partnered with Onchain Custodian for the custody of its digital assets. It’s a Singapore-based company specializing in digital asset custody and is backed by Lockton, the world’s most significant private insurance provider.
This means that should you decide to house your cryptocurrency at KuCoin, Onchain Custodian will handle it, which is insurance by a trusted international company.
In addition to this, the platform also has various measures in place to prevent security breaches.
KuCoin employs an industry-standard multi-level identity verification process to thoroughly verify your identity before allowing you to access higher-tier features. This prevents misconduct and fraudulent activities on the platform.
2FA is another effective, widely-imposed security protocol that further confirms the identity of the account holder.
If you have 2FA enabled, every login will require a unique code that only the account holder can only acquire. Even if someone gets your KuCoin account credentials, they won’t be able to access it without the code.
KuCoin employs bank-level encryption to all user data to provide the best possible environment for digital transactions.
Moreover, most of the crypto assets stored in KuCoin accounts are housed in cold storage, which is an offline wallet that is virtually impossible to access remotely.
That’s not all. Aside from industry-standard protocols and excellent encryption, KuCoin also implements several other security policies to maximize security.
One of them is the trading password, which is a 6-digit password that you will need to input for every transaction. KuCoin is also a part of the KuCoin Safeguard Program, an alliance of concerned entities seeking to improve cyberspace’s digital security.
Lastly, KuCoin also has a competent customer support team that responds to customers quickly.
KuCoin: Is It Worth Using?
KuCoin is an excellent, beginner-friendly cryptocurrency exchange that cares a lot about its reputation and security – and it’s certainly worth using. With this platform, people can now trade cryptocurrency easily and securely.