I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolComplete Guide to the KuCoin Crypto Exchange
Updated on January 7, 2024
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit MittalAt a Glance
- KuCoin is a cryptocurrency exchange known as “The People’s Exchange” that provides accessibility, low transaction fees, and a wide selection of cryptocurrencies.
- It offers custodial and non-custodial services, allowing users to store their funds on the platform or in their own wallets.
- KuCoin emphasizes security with features such as identity verification, 2-factor authentication, encryption, and cold storage.
- While it is not licensed in the US, KuCoin maintains good liquidity and high trading volumes, attracting users with its low fees and diverse trading options.
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.
Coins
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.
Security
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.
Licensing
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.
Wallets
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
KuCoin Security
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.
I.D. Verification
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.
2-Factor Authentication
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.
Encryption
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.
Other Features
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.
Frequently Asked Questions (FAQ)
What is KuCoin?
KuCoin is a global cryptocurrency exchange platform that allows users to buy, sell, and trade a variety of cryptocurrencies. It is known for its wide range of supported coins and user-friendly interface.
How do I create an account on KuCoin?
To create an account on KuCoin, visit their website, click on the ‘Sign Up’ button, and provide the required information, including your email address or phone number. Complete the verification process to activate your account.
What cryptocurrencies are available on KuCoin?
KuCoin offers a wide range of cryptocurrencies for trading, including major ones like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), as well as numerous altcoins and lesser-known digital assets.
Does KuCoin offer wallet services?
Yes, KuCoin offers an integrated digital wallet where users can store various cryptocurrencies. The platform provides both a hot wallet (online) and options for cold storage (offline) for enhanced security.
What are the trading fees on KuCoin?
KuCoin charges trading fees based on a maker-taker model. The fees are generally competitive and can vary based on your trading volume and KuCoin Shares (KCS) holdings.
How secure is KuCoin?
KuCoin employs multiple security measures, including encryption, multi-factor authentication, and internal risk control mechanisms. However, like all online platforms, it’s important for users to also take personal security measures.
Can I trade with leverage on KuCoin?
Yes, KuCoin offers margin trading with leverage. This allows users to trade with more funds than they have in their account, increasing potential returns as well as risks.
Does KuCoin have a mobile app?
Yes, KuCoin offers a mobile app available for both iOS and Android devices, providing users with the flexibility to trade and manage their accounts on the go.
How does KuCoin handle customer support?
KuCoin provides customer support through various channels, including 24/7 online chat, email support, and a help center with FAQs and guides.
Can I stake cryptocurrencies on KuCoin?
Yes, KuCoin offers staking services, allowing users to earn rewards by staking certain cryptocurrencies. The platform offers a variety of staking options with different terms and rates.
Read More
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- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.