KuCoin Review 2022: Feature, Pros, Cons, Fees, Is It Safe and Legit?

KuCoin is one of the low-fee cryptocurrency exchanges allowing Canadians access to lots of great features.

Offering over a hundred cryptocurrency tokens, the KuCoin exchange has positioned itself as an international exchange.

I’d personally recommend KuCoin because of its low trading fees and many crypto coins.

The sign-up process on the KuCoin exchange is straightforward as you only require an email address or a phone number to create a new account.

It has a very friendly and accommodating customer support system.

In this KuCoin review, I’ll cover everything you need to know about KuCoin including its most remarkable features, the pros and cons, fees, and lots more.

Stay with me on this page as we get you all the information you need in this detailed KuCoin review.

What is KuCoin? What Are Its Features, Pros, and Downsides?

Launched in 2017, KuCoin is one of the largest cryptocurrency exchanges in the world today.

The objective of the KuCoin exchange is to offer a secure and straightforward platform where digital currencies can be bought and traded by individuals around the globe.

With its headquarters in Seychelles, KuCoin is currently available in over 200 countries with hundreds of cryptocurrencies listed on the app.

KuCoin offers a mobile trading app and a desktop version. These flexible options for accessing your trading account enable KuCoin to create a diverse user experience.

KuCoin is a crypto-to-crypto-only exchange. You cannot deposit any fiat. You have to buy it directly via third-party integrations.

KuCoin Features

Staking: As a KuCoin user, you can earn passive income by staking your crypto assets. If you stake your cryptocurrencies, KuCoin Earn Service pays you interest on your crypto coins.

KuCoin’s Trading bots: KuCoin exchange has over 5 million bots set up to help you automatically buy or sell cryptocurrencies and generate yields. You do not have to be online constantly to monitor the market. It’s easy and profitable to use.

KuCoin’s Margin trading: Kucoin’s margin trading allows you to leverage your position by borrowing money to buy more crypto tokens. However, margin trading can magnify losses and should only be undertaken by seasoned traders who can afford the risk.

KuCoin’s Futures: KuCoin’s Futures offer a variety of leveraged futures that can be bought or sold in cryptocurrencies.

KuCoin P2P Marketplace: The KuCoin P2P marketplace allows you to buy and sell cryptocurrencies directly to and from other merchants. You must verify your KuCoin account to use the KuCoin P2P.

KuCoin Instant Exchange: Through its Instant exchange, KuCoin facilitates instant crypto-to-crypto exchanges. You can swap BTC and ETH for USDT. It is currently free of charge and looks for the best exchange rates.

KuCoin Fees

Kucoin’s fees are generally low compared to other cryptocurrency exchange platforms. KuCoin charges 0.10% to make a trade on the exchange, but the fees for withdrawing depend on the cryptocurrency you are withdrawing.

Crypto withdrawal fees for some popular coins on KuCoin:

KuCoin Pros and Cons

Is KuCoin Safe for Trading?

Unfortunately No. I don’t personally trust KuCoin because it is not regulated by any national licensing body, and was banned by the Ontario Securities Commission for non-compliance with its regulations and policies.

Further, investors can trade cryptocurrencies without supplying any ID which means that dark entities can operate on this platform and use it for illicit purposes like money laundering, etc.

Therefore, the government and other regulatory bodies can decide to clamp down on them and close down their operations in Canada at any time.

In all, try not to trade with unlicensed companies, and if you must, understand that you do so at your own risk.

On the other hand, Kucoin is a solid exchange in terms of safety. There are a lot of security protocols at KuCoin including dynamic multi-factor authentication, micro-withdrawal wallets, and encryption.

KuCoin has a standard 2FA authentication to protect trading accounts and uses a Recaptcha to block bad bots.

What Cryptocurrencies Can You Trade on KuCoin?

With over 300 supported tokens, KuCoin has one of the largest arrays of cryptocurrencies. Look at the most popular tokens you can buy and trade on the KuCoin exchange.

KuCoin Shares (KCS)

KuCoin Exchange has its utility tokens, KuCoin Shares, and offers users who stake the asset lots of rewards. Interestingly, KCS assets are tradable on other exchanges.

As a KCS holder, you get 20% off your trading fees whenever you pay your fees with KCS.

You also receive rewards from the platform’s daily trading fees and discounted trading fees. 50% of the daily trading fees received by the KuCoin exchange are paid out to KCS holders.

So, the more your KCS asset, the higher your bonus.

KuCoin Referral Program

You can make profits by getting other persons to sign up at the KuCoin exchange. If you know a lot of high-volume traders, then this referral program will be beneficial for you. For every user you invite, you get 20% of the trading fees incurred by the invited user for their first year on the KuCoin exchange.

KuCoin Account Verification

Account verification is entirely optional at the KuCoin exchange. You do not need to verify your identity to trade on KuCoin. KuCoin recently implemented Know Your Customer (KYC) to combat criminals and money laundering schemes. Verified users enjoy increased daily withdrawal limits and simplified account recovery in case of a lost password.

KuCoin exchange has three levels of verification:

• Unverified account: Requires only email verification and allows you to withdraw up to 1 BTC daily.
• Verified Individual account: Your withdrawal limit increases to 100 BTC daily when you submit your ID or passport and country of residence.
• Verified institutional account: Increases your withdrawal limit to 500 BTC daily.

KuCoin Customer Support

There is 24/7 customer support available on the KuCoin exchange. The customer service can be reached by email or their website ticketing service.

KuCoin has a helpful FAQ section on its website to answer all the questions of its users.

Although KuCoin has been receiving some bad reviews about its customer service, some users say they receive slow and unhelpful responses. It makes it seem like they are chatting with a bot.

KuCoin Mobile App vs. KuCoin Web Version

KuCoin exchange is available on desktop and via mobile app. The mobile version of KuCoin exchange is loaded with information and may be overwhelming for beginners.

I would recommend the desktop version as a starting place for new users.

How To Buy Crypto on KuCoin

Using Ethereum (ETH) as an example, you can buy a cryptocurrency by following the following steps:

1. On your KuCoin dashboard, go to your main account
2. Go to search and type in Ethereum
3. Click on “Deposit”
4. The next screen displays a string of numbers and letters, that is your wallet address
5. Copy your wallet address
6. Go to your other exchange, where you already have Ethereum e.g. coinbase
7. At the top right corner, click on “Send/Receive”
8. Choose Ethereum from the list of crypto
9. Paste the wallet address you copied from KuCoin
10. Type the amount worth of Ethereum you want to buy e.g. $1000
11. Click continue, double-check to see if everything is correct, and click “Send Now”
12. It might take 10 minutes or more to complete the transaction
13. Switch over to KuCoin and you will see it appears on your main account

Best Cryptocurrency Exchanges in Canada

Let’s have a close look at the best crypto exchanges in Canada. Each of these exchange platforms is unique in its own way, and we can see how they compare to KuCoin

With all the advantages of the KuCoin exchange, there are a few exchanges that can compare to it. Let’s take a look at these available alternatives that you might consider for your tradings.

KuCoin vs. Other Crypto Exchanges

KuCoin vs. Wealthsimple Crypto

Wealthsimple has amazing features like Wealthsimple Invest, Wealthsimple Trade, Wealthsimple Cash, Wealthsimple Crypto, and Wealthsimple Tax.

Like KuCoin, Wealthsimple Crypto has 24/7 customer service available to its users; KuCoin and both exchanges both have no minimum deposit limit.

KuCoin vs Crypto.com

Crypto.com offers a bit higher fee, starting at 0.4% while KuCoin has a low trading fee of 0.1%. Also, Crypto.com supports around 140 cryptocurrencies while KuCoin supports over 500 cryptocurrencies.

KuCoin vs Coinbase

KYC verification is optional on the KuCoin exchange, which makes many traders choose it over Coinbase whose KYC verification is mandatory. The mandatory KYC update helps increase safety and transparency on Coinbase.

Also, Coinbase offers around 150 cryptocurrencies as compared to the KuCoin exchange which offers over 500 cryptocurrencies.

KuCoin vs Binance

Binance is the largest crypto exchange in the world. Kucoin and Binance are two exchange platforms with lots of similarities leaving traders with a hard time choosing which exchange to use.

They are present in over 200 countries and they both support over 500 cryptocurrencies and offer a trading fee starting from 0.1%.

KuCoin vs Shakepay

Shakepay is not a crypto exchange; it is registered in Canada as a money service business and regulated by FINTRAC. Shakepay does not have any trading fees, deposits, or withdrawal fees.

Unlike KuCoin exchange which supports at least 500 cryptocurrencies, Shakepay support only two coins, Bitcoin and Ethereum.

KuCoin vs BlockFi

BlockFi is a cryptocurrency lender and not a crypto exchange. With an exception of watch-listed countries, Blockfi is available worldwide.

There are no trading fees for transactions and with BlockFi, customers do not worry about minimum deposits.

Conclusion

KuCoin is one of the largest cryptocurrency exchange platforms in the world. Your experience with KuCoin depends on your involvement with the cryptocurrency space broadly.

KuCoin boasts of 1 to 4 crypto users in the world. Although KuCoin isn’t regulated in Canada, its excellent features set it apart from other exchanges.

Yes, the interface needs time to get used to; their trading fees and multiple trading coins compensate for the learning curve.

KuCoin Review FAQs

Can I withdraw from KuCoin without verification?

Yes. You can withdraw without completing a KYC procedure. However, you have to remain within the 1 BTC withdrawal limit. For most users, this is sufficient.

Do I need a crypto wallet with KuCoin?

YES! For security purposes, it is better if you have a private wallet.  Even though there is the KuCoin wallet, It would be best to have a cryptocurrency wallet to make deposits and withdrawals from the KuCoin exchange.

Does KuCoin require KYC for Canadians? KuCoin Canada Verification

KYC update is optional for Canadians on the KuCoin exchange. You can trade anonymously on KuCoin with partial verification unless your trading is suspicious. However, KuCoin has a withdrawal limit of 1 BTC for accounts that do not complete KYC.

Is Kucoin banned in Canada?

KuCoin is legal in Canada. KuCoin is an excellent crypto exchange that many Canadians use for day-to-day trading.

Is there a demo account?

KuCoin offers a demo account for users who are new to trading. You can log in to your demo trading account and practice before shifting into the real trading environment as a new user.

When and who founded the KuCoin exchange?

KuCoin exchange was founded in 2017 by Joseph Lyo.