Looking for a comprehensive KuCoin review to help you decide whether this cryptocurrency exchange is right for you? Look no further!
KuCoin is a top-tier exchange that offers a user-friendly platform, low fees, and an extensive range of trading pairs. With its global reach, it serves traders in over 200 countries and offers over 400 cryptocurrency pairs, including popular coins and emerging options.
In this review, we’ll dive deep into everything KuCoin offers, including its pros, cons, fees, safety, and features. So, whether you’re an experienced trader or just getting started with cryptocurrencies, read on to find out if KuCoin is the right exchange for you.
Our Take on KuCoin
KuCoin is an international cryptocurrency exchange that offers a variety of features and tools that could be attractive to experienced crypto investors, especially those located outside the United States. Although the platform can be accessed in the US, it is not licensed to operate there. Therefore, it may be more suitable for traders who already possess cryptocurrencies and are interested in trading less common ones. Despite its mixed user reviews, KuCoin may be worth considering, but it's crucial to conduct thorough research before signing up.
- Low trading fees start at 0.10%.
- You can easily set up automated trading bots to generate a yield on investment.
- It offers a robust selection of cryptocurrencies for those looking to trade diverse coins.
- New users can practice trading with their demo account
- Solid user base (10 million-plus)
- The customer support is exceptional.
- The user interface could be intimidating for newcomer traders
- It does not have a license for Canada, and it is not a regulated exchange
- Limited payment options are available. You will not deposit fiat; you’re purchasing coins directly using a third-party mechanism, not your bank account
An Overview of KuCoin
Founded in 2017 and headquartered in Seychelles, KuCoin is a crypto exchange that has grown to be one of the world’s largest exchanges by trade volume. The exchange has over 20 million users in more than 200 countries worldwide.
Its easy-to-use interface, remarkably low fees, excellent trading experience and customer service, makes this crypto exchange a top choice for most investors. It also offers many trading pairs, like Bitcoin, Ethereum, Litecoin, and newer coins with high growth potential.
KuCoin Exchange has its utility tokens, KuCoin Shares, which can be used to pay trading fees on the exchange. Holders of KCS are eligible for discounts on trading fees, and the token has also seen significant price appreciation over time. KCS assets are tradable on other exchanges. You get 20% off your trading fees whenever you pay your fees with KCS.
In addition, KuCoin offers rewards for referrals. When you invite others to sign up at the KuCoin exchange, you get 20% of the trading fees incurred by the invited user for their first year on the KuCoin exchange.
KuCoin offers a range of features and tools that make it an attractive option for cryptocurrency traders and investors. Here are some of the key features of the platform:
1. Amazing Trading Experience
KuCoin exchange has a mobile app available for iOS and Android devices. Users can access their accounts through mobile apps or an online portal.
The app offers all the same features and functionality as the desktop platform, allowing users to trade and manage their portfolios on the go.
When you log into KuCoin via desktop or mobile, you can click to view markets, buy, trade, and lend crypto, and more. You can use any of the four order types: market, limit, stop-limit, and stop-market.
Also, you can stake coins and use KuCoin’s latest feature, Trading Bot, to help simplify your trading process.
The KuCoin trading process may be overwhelming for beginners, so the site offers a robust help centre where you can find answers to common questions.
2. Low Fees
KuCOin offers relatively low fees compared to its competitors, which charge up to 0.50% per trade.
KuCoin charges trading fees ranging from 0.005% to 0.1%, depending on your tier level. You can also get discounts on your trading fee based on your KCS balance.
In addition, deposits are free on KuCoin, but you will be charged withdrawal fees based on the asset. The withdrawal fees are subject to change based on market performance.
3. Excellent Customer Support
There is 24/7 customer support available on the KuCoin exchange. Their customer service can be reached by email or their website ticketing service.
Though you can’t contact them via phone or email, KuCoin provides a live chat where you can get answers to basic questions and also submit a request for assistance for complicated issues.
In addition, KuCoin has a helpful FAQ section on its website to answer all the questions of its users.
KuCoin offers lots of security measures to keep your digital assets safe. They offer multi-factor authentication, encryption, and a separate password for trading. The trading password is required to make trades and withdraw assets.
KuCoin also has a business wallet address verification system that reduces the rate at which users fall victim to phishing scams.
The exchange partnered with Singapore-based crypto asset security platform, Onchain Custodian, to maintain custody of KuCoin’s crypto assets. The assets are also backed by Lockton, a private insurance brokerage.
5. Margin and Future Trading
KuCoin offers margin trading, which allows users to borrow funds to trade with leverage. This can increase the potential profits of trade but also comes with increased risk.
In addition to margin trading, KuCoin offers futures trading, allowing users to speculate on the future price of a particular cryptocurrency.
6. P2P Marketplace and Instant Exchange
The KuCoin P2P marketplace lets you buy and sell cryptocurrencies directly to and from other merchants. You must verify your KuCoin account to use the KuCoin P2P.
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’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:
Bitcoin (BTC) 0.0005 BTC XRP (XRP) 0.1 XRP Ethereum (ETH) 0.004 ETH Tether (USDT) 1 USDT/10 USDT Cardano (ADA) 1 ADA
1 USDT/10 USDT
Is KuCoin Safe for Trading?
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.
Also, KuCoin has a standard 2FA authentication to protect trading accounts and uses a Recaptcha to block bad bots. Unlike other exchanges in Canada, the exchange has no history of ever being hacked.
However, KuCoin is not regulated by any national licensing body and was banned by the Ontario Securities Commission for non-compliance with its regulations and policies. Investors can trade cryptocurrencies without supplying any ID, meaning 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; if you must, understand that you do so at your own risk.
What Cryptocurrencies Can You Trade on KuCoin?
With over 400 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.
USD Coin (USDC) Bitcoin Cash (BCH) Theta (THETA) Litecoin (LTC) Tether (USDT) XRP (XRP) Stellar (XLM) Wrapped Bitcoin (WBTC) Internet Computer (ICP) Polkadot (DOT) Chainlink (LINK) Ethereum Classic (ETC) Polygon (MATIC) Filecoin (FIL) Binance Coin (BNB) Uniswap (UNI)
USD Coin (USDC)
Bitcoin Cash (BCH)
Wrapped Bitcoin (WBTC)
Internet Computer (ICP)
Ethereum Classic (ETC)
Binance Coin (BNB)
How To Open A KuCoin Account
Opening a KuCoin Account Is very easy. Simply follow the steps below to set up your account:
- Step 1: Go to the KuCoin Website
- Step 2: Click on the Sign-up button
- Step 3: Enter your email (KuCoin will send you a verification code, and you can input it to set up your password)
- Step 4: Enter your security settings (identity verification, trading passwords, and anti-phishing safety phases)
- Step 5: Click “Sign-up” and you can start trading crypto.
How Does KuCoin Compare To Other Cryptocurrency Exchanges in Canada?
There are several crypto exchanges in Canada. Each exchange platform is unique in its own way, and we can see how they compare to KuCoin.
Features KuCoin BitBuy Newton CoinSmart Coins Supported 300+ coins 17 coins 71 coins 16 coins Security 2FA Cold storage 2FA Cold storage 2FA Cold storage Cold storage Fees 0.1% Trading fees 0.1% - 0.2% Trading fees Spread of 0.5-0.7% 0.2% Trading fees Apps Andriod/iOS Andriod/iOS Android/ iOS Andriod/iOS Regulator None FINTRAC FINTRAC FINTRAC CDIC Coverage No No No Credit & Debit card, SEPA, Google Pay Interac e-Transfer, Bank Transfer Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft Promotion - $40 bonus when you make a minimum initial deposit of $250 $25 bonus when you make a minimum initial deposit of $100 $30 bonus when you make a minimum initial deposit of $100
0.1% Trading fees
0.1% - 0.2% Trading fees
Spread of 0.5-0.7%
0.2% Trading fees
Credit & Debit card, SEPA,
Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets
Credit & Debit card,
$40 bonus when you make a minimum initial deposit of $250
$25 bonus when you make a minimum initial deposit of $100
$30 bonus when you make a minimum initial deposit of $100
KuCoin Vs. Bitbuy
KuCoin and Bitbuy are both cryptocurrency exchanges that serve different types of users. KuCoin is a global exchange that offers a wide range of trading pairs, margin and futures trading, and a user-friendly interface.
Bitbuy, on the other hand, is a Canadian exchange that provides a simple and secure platform for buying and selling Bitcoin and other popular cryptocurrencies. It has a user-friendly interface, and it is easy to use for both beginners and experienced traders.
Bitbuy is also one of Canada’s most trusted and regulated exchanges, making it an excellent choice for Canadian traders. Both exchanges offer competitive fee structures, but Bitbuy’s fees are generally higher than KuCoin’s.
Bitbuy’s fees range from 0.1% to 0.5%, depending on the trading pair, while KuCoin’s fees range from 0.1% to 0.2%. Bitbuy also charges network fees for withdrawals, which can add to the total cost of trading.
KuCoin Vs. Newton
KuCoin and Newton are cryptocurrency exchanges catering to different types of users. KuCoin is a global exchange that offers a wide range of trading pairs, advanced security measures and cold storage of funds, making it a popular option for experienced cryptocurrency traders.
In contrast, Newton is a Canadian exchange that focuses on providing a simple and easy-to-use platform for buying and selling Bitcoin and other popular cryptocurrencies. It has a streamlined interface that is accessible to new and experienced traders.
Newton is also one of Canada’s most trusted and regulated exchanges, making it an excellent choice for Canadian traders. Both exchanges offer competitive fee structures, but Newton’s fees are generally lower than KuCoin’s.
Newton’s fees range from 0.5% to 0.75% depending on the trading pair, while KuCoin’s fees range from 0.1% to 0.2%. Newton also does not charge any network fees for withdrawals, which can make it more affordable for traders who want to withdraw their funds.
KuCoin Vs. CoinSmart
KuCoin and CoinSmart cater to different types of users. KuCoin is a more comprehensive and feature-packed exchange for experienced traders who want access to a wider range of trading pairs and tools.
CoinSmart, on the other hand, is a simpler and more beginner-friendly platform for Canadians who want a secure and reliable way to buy, sell, and trade Bitcoin and other popular cryptocurrencies, albeit at higher fees.
Both exchanges offer competitive fee structures, but CoinSmart’s fees are generally higher than KuCoin’s. CoinSmart’s fees range from 0.2% to 0.4% depending on the trading pair, while KuCoin’s fees range from 0.1% to 0.2%. CoinSmart also charges network fees for withdrawals, which can add to the total cost of trading.
Final Thoughts on KuCoin Review
KuCoin is a leading global cryptocurrency exchange that offers traders and investors an extensive range of trading pairs, low fees, and a user-friendly platform.
Its native token, KuCoin Shares (KCS), offers holders discounts on trading fees and rewards for daily and discounted trading fees.
The exchange also has a referral program, margin and futures trading, a P2P marketplace, and instant exchange.
While KuCoin is a secure platform, it is not regulated by any national licensing body and was banned by the Ontario Securities Commission for non-compliance.
However, with over 400 supported tokens and an easy-to-use mobile app, KuCoin remains an attractive option for traders and investors looking for a reliable and feature-packed cryptocurrency exchange.
FAQs on KuCoin Review
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.