In this article, we will discuss the origin of KuCoin, how to use it, and all things about KuCoin. Check out this article!
KuCoin is a crypto exchange platform that allows users to trade different cryptocurrencies.
KuCoin was created as a solution to the problems of Bitcoin exchange and trading in the early years of crypto being introduced to the public.
KuCoin was officially launched in May 2017 by a group of experienced businessmen who have worked on top technology projects such as Ant Financial and iBox PAY.
KuCoin’s goal is simple, which is to create a safe and simple platform that can be used by people all over the world. KuCoin also hopes that everyone can become “digital”.
To date, KuCoin has managed to become one of the 10 largest exchanges in the world. KuCoin has never had a critical problem.
In general, the exchange has never faced an overload on its system or the like.
KuCoin can be accessed via a laptop through their official website or through the KuCoin application on Android or iOS.
KuCoin itself supports more than 75 types of cryptocurrencies and popular coins such as Bitcoin, Ethereum, Litecoin are definitely on the list.
KuCoin has many features and services that will help it to cater to its growing user base, among others.
- Known as People’s Exchange, KuCoin is a top five crypto trading platform and is named as the best crypto exchange in 2021 by Forbes Advisor
- KuCoin offers high security, low fee with a friendly interface, KYC policy and customer support
- KuCoin is the biggest altcoin exchange, with 540+ assets and 960+ trading pairs.
- KuCoin is built for all classes of investors, offering trading bot, crypto lending services to beginners and margin & futures trading to advanced traders
- KuCoin is transforming into the first and biggest social trading platform in crypto. It launched social trading features such as copy trading, news feed, in-app community on KuCoin App to further boost the mass adoption of cryptocurrency.
1. KuCoin Basics
1.1 History & Background
Launched in September 2017, KuCoin is a Seychelles-based global crypto exchange. The platform’s technical architecture was created in 2013, yet it took years of polishing to make it a seamless experience KuCoin is today.
In November 2018, KuCoin announced $20 million (USD) round A funding from IDG Capital and Matrix Partners.
Known as “People’s Exchange”, it currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8 million users in 207 countries and regions around the world.
According to CoinMarketCap, KuCoin is a top 5 crypto exchange. In 2021, Forbes Advisor named KuCoin as one of the Best Crypto Exchanges.
1.2 KuCoin Account Verification (KYC)
On November 1, 2018, KuCoin implemented know your customer (KYC) verification to combat against criminals and money laundering. Nevertheless, account verification at KuCoin is optional, especially if you’re a small volume trader.
The KYC will affect your daily withdrawal amount. Specifically, account without KYC can withdraw 2 BTC in 24 hours, which is still enough for most traders. Comparatively, Binance only allows users without KYC to withdraw 0.06 BTC in 24 hours.
1.3 KuCoin Fee
KuCoin offers a competitive fee structure starting from 0.1%. And it also offers multiple way to enjoy a lower fee. One way is to pay fee with KuCoin Token (KCS), which offers a 20% fee discount. Also, by holding KCS or increasing the trading volume, your VIP level will grow which gives you a lower fee.
For instance, a user with 2000 BTC monthly spot volume can enjoy 0% for maker and 0.07% for taker.
1.4 KuCoin Interface
With a simple user interface, KuCoin is easy to use even for beginners. It has a modern and straightforward layout that extends through all pages.
1.5 KuCoin Fiat Services
KuCoin now supports over 50 fiats such as USD and EUR from services like KuCoin Fiat Account, P2P market and third-party fiat onramps like Simplex and Banxa.
For European countries, KuCoin Fiat Account is the best choice as it offers a hassle-free experience with a fee lower than the industry average. And for countries like India and Vietnam, the P2P market is ideal as it offers 0 fee for buying and selling.
As more traders want to own this crypto currency, the technology used is also growing. This is solely to maintain the convenience of all stakeholders involved in it. In line with this, Kucoin makes its services easier for traders, one of which is by building and developing a mining pool.
- Low trading and withdrawal fees
- User friendly exchange
- Large selection of altcoins
- 24/7 customer support
- Ability to buy crypto with fiat
- No forced KYC check
- Ability to stake and earn crypto
The KuCoin platform has made its mark as a place to exchange crypto assets with various features and services ranging from staking, lending, soft staking to Trading Bot and its own P2P marketplace. The KuCoin platform has seen a lot of development since its inception and they have carved their own name on the cryptocurrency ecosystem.