KuCoin – Still the Best Altcoin Exchange in 2022? [Review]


As the fifth largest cryptocurrency exchange in the world (by trading volume), KuCoin really needs no introduction.

It has been around for over four years now, serving over 10 million users in over 200 countries around the world. The weight of these measures is enough to grant KuCoin a place at the high table of crypto exchanges.

However, no exchange – no matter how large – can insulate itself from the changing dynamics of the rapidly evolving crypto space. New players are constantly emerging, and the resulting competition is sometimes too intense for old guards to handle.

This is precisely why today we are going to revisit KuCoin and try to reassess whether it can still legitimately pronounce itself as “the exchange of peoples” and the “best altcoin exchange”.

KuCoin: an overview

For the uninitiated, KuCoin is a centralized cryptocurrency exchange launched in 2017 to facilitate crypto trading and investing for all users, including those with little or no prior exposure to currencies. digital.

Since then, the exchange has expanded its presence across more than 200 countries and regions.

According to the latest data from CoinMarketCap, KuCoin offers over 1,000 trading pairs and supports 51 fiat currencies. Undoubtedly, this makes it a particularly tempting choice for traders who prefer to have their skills (and luck) tested on a wider range of trading/investing opportunities. So yes, if you are someone who is keen on trading all kinds of altcoins, including relatively unknown coins with high ROI potential, KuCoin offers an advantage.

KuCoin in a nutshell

  • Number of cryptocurrencies and tokens supported: 600+
  • Number of fiat currencies supported: 51 (EUR, CZK, NZD, HUF and CAD, to name a few, via Simplex, Banxa and OTC)
  • Number of trading pairs: 1,000+
  • Over 20 payment methods (more on that later).
  • Supports both spot and margin trading, as well as contracts (futures), KuCoin Earn, loan and trading bot services.

Get started on KuCoin

Registering with KuCoin is relatively simple and you can do so using your email address or phone number.

If you sign up using an email address, a verification code will be sent to your inbox with a link you can use to set your password. Once you have accepted the terms and conditions (T&C), your account will be instantly created.

Similarly, you can also register using your mobile number. A verification SMS will be sent to your number with instructions on how to set a password and activate your account. If your country code is not listed in the drop-down menu, the only solution is to register using an email address.

Before moving on to the next segment, you might want to note that new KuCoin users have a chance to win a welcome bonus worth $500 just by signing up. New users also benefit from several other incentives. For example, the possibility of winning a place in the KuCoin Spotlight Trial Fund.

KYC Verification

Although you can create an account without going through the KYC verification process, your unverified account will be subject to certain restrictions. For example, an unverified account can only withdraw 1 BTC per 24 hours. In all likelihood, however, this limit is more than enough for most retail users.

On a related note, unverified users on Binance can only withdraw a maximum of 0.06 BTC per day. So KuCoin wins hands down on this “KYC leniency” front.

However, if you decide to go through the KYC verification, two options are available: KYC1 (basic) and KYC2 (advanced).

Additionally, KYC verified users also enjoy other benefits such as:

  • Easier account recovery if they lose access to their account – either due to a forgotten password or a security breach.
  • Access to KuCoin fiat-crypto deposit servicewhich basically lets you buy crypto in fiat.

To start the KYC verification process, log in to your account, click on your account menu (at the top right corner for desktop users) and navigate to “KYC Verification” from the drop-down menu.

KuCoin Account Types

KuCoin offers five account types including:

  • Main account: for storing, withdrawing and depositing funds
  • Trading account: for spot trading
  • Margin accounts: for margin trading
  • Term account: for future transactions
  • KuCoin Finance account: For staking and soft staking

The exchange also supports over-the-counter (OTC) trading to allow users to execute large orders without affecting the wider market.

Community chain KuCoin (KCC) recently launched a $50 million accelerator program to empower promising projects within its ecosystem.

KuCoin Key Features

Margin of negociation

KuCoin’s leveraged trading desk is a popular destination for traders who practice margin trading. Note that margin trading is best suited for advanced traders with a knack for high risk, high gain strategies. For those not in the know, here is a helpful guide outlining some basic strategies on how to stay safe while trading cryptos on margin.

KuCoin Token (KCS)

Holding KCS, the native token of KuCoin, is a great way for users to get deep discounts on trading fees. Additionally, KCS holders also receive a portion of the trading fee income from the exchange each day.

KuCoin trading bot

The trading bot on KuCoin is a free tool that you can use to automatically execute your trading strategy. As of March 2022, the KuCoin trading robot supports five trading strategies, including Spot Grid, Futures Grid, DCA, Infinity Grid, and Smart Rebalance. The exchange claims to have over 6 million active bots on the platform, helping beginners get started quickly and learn from more experienced users.

Crypto loan

With KuCoin crypto lending, you can lend your crypto stock to traders on margin and earn interest in return. All loans are secured and borrowers are required to maintain a certain minimum balance all the time. In the event that a borrower fails to repay you, the exchange has an insurance plan just for that to ensure that your losses are minimized. All in all, it’s a pretty nifty way to earn passive income from your otherwise unused cryptocurrency stash.

Demo trading account

By now, you may have already noticed that many of KuCoin’s key features are also designed to make life easier for those new to crypto and/or trading. This is not surprising, however, given that the company has always strived to assert itself as “the exchange of people”. The Demo trading account is another feature that helps KuCoin onboard new users with little or no exposure to crypto trading. The Demo trading account helps beginners gain in-depth knowledge of different trading strategies and practice them safely without having to shell out real money.

In addition to standard security features such as multi-factor authentication and encryption, KuCoin users can also set a separate password for trading.

Other benefits that still give KuCoin an edge in 2022

  • Low Fees: KuCoin charges a maker/taker fee of 0.1%, which is further reduced as levels increase. There is an additional 20% discount if you pay with $KCS. The withdrawal fees are also quite competitive, if not the best in the industry.
  • Advanced Charts: KuCoin has improved its charts significantly over the years and it has paid off as the platform offers in-depth analytical charts that help you execute and track your trades easily and efficiently.
  • Wide range of payment options: KuCoin allows you to buy crypto using debit and credit card (Visa and MasterCard). Other supported payment methods include ApplePay and SEPA. The KuCoin peer-to-peer exchange also supports wire transfer as well as 20 different payment methods.
  • Decent Customer Support: KuCoin provides 24×7 live chat services. Response from the support team is usually quick. You can also generate a support ticket by contacting the support team via email. From our research, there aren’t too many complaints against the quality of KuCoin’s customer support – relatively speaking, of course. (On a platform with over 10 million users, there are bound to be more than a few disgruntled users with genuine grievances and we are in no way minimizing their negative experiences).
  • Free escrow deposits.

Where KuCoin can and should improve

  • Lack of Educational Resources: For a platform that pays a lot of attention to helping beginners get started with crypto trading and investing, KuCoin surprisingly offers a very limited collection of learning materials and other educational resources on its website and app.
  • Unavailability in several key markets: KuCoin is currently unavailable (or only partially available) in many high-potential markets, including China, Comoros, Syria, Thailand, and the United States.

To sum up, KuCoin still offers serious advantages with its competitive pricing structure, ease of use, enhanced security, and helpful features for both new and experienced users. So whether you are new to crypto trading or a veteran with years of experience, if you are currently considering switching exchanges, KuCoin is definitely an option worth seriously considering.

To learn more, visit the official KuCoin website. While you’re at it, you might also consider signing up to pretend that welcome bonus worth $500 we mentioned earlier.

Warning

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

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