Launched back in 2017, KuCoin is a global crypto exchange that provides a number of trading options to its six million users. These include spot, margin, futures, and P2P trading, along with lending, and staking. It claims to offer the most advanced level of security and a selection of nearly 400 cryptocurrencies.
Despite its variety of features, it is a beginner-friendly exchange, with a sleek and easy-to-use interface. The exchange also charges some of the lowest fees in the crypto industry.
It is a popular exchange platform that brings complex trading functionality to the palm of your hand. With an interface that is simple enough for beginners to understand and good enough to provide avid investors with the opportunity to make a steady income
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How KuCoin Works
KuCoin lets you buy, sell, and store a wide range of cryptocurrencies. It has a web interface as well as a popular mobile cryptocurrency app. You can buy KuCoin’s native token (KCS) to reduce fees and earn rewards. The Good thing is, with KuCoin account verification process is optional, which means people can trade crypto with just an email address.
However, in other to use the advanced features of the cryptocurrency exchange, you’ll need to verify your account. And Americans can’t do this due to U.S. crypto regulations. The trading platform offers both custodial and noncustodial services.
That means you can either store your crypto assets directly on the KuCoin exchange or connect a third-party wallet directly and trade from there. This is a great option for people who prefer to be in control of their crypto.
Is KuCoin Safe
According to cryptonews.com, Overall, most users agree that KuCoin is a safe and reliable platform. In my opinion, is a safe and secure trading platform. And this is why; KuCoin has a “Safeguard Program” where security breeds prosperity is a crypto asset and industry security alliance dedicated to offering complete protection and support to people and institutions harmed by “trading incidents.”
This includes, but is not limited to, technical help, evidence archiving, asset confirmation, and providing preferred policy. All been said, it’s one of the most liquid marketplaces with billions of dollars in daily trading activity, allowing traders from all over the globe to swap digital currency assets quickly and inexpensively.
Who Owns KuCoin
Johnny Lyu is the Co-Founder and CEO of KuCoin, a global leading cryptocurrency exchange. Founded in 2017, It has grown into one of the most popular crypto exchanges and already has over 8 million registered users across 207 countries and regions around the world.
As the CEO he is mainly responsible for the day-to-day operations of KuCoin, KuCoin Futures, Pool-X as well as the expansion and prosperity of the KCS ecosystem.
What Makes KuCoin Unique
KCS incentives are considered to be one of the best ways for people to make a good income, as they reap the benefits of joining the KuCoin community.
People who hold more than 6 KCS can get a daily dividend, which comes from 50% of its daily trading fee revenue. The amount of rewards that users can get depends on the number of KCS held and the trading volume of the KuCoin Exchange.
What Can Be Improved
- Not licensed in the U.S.A
The United States has strict regulations for cryptocurrency exchanges, and KuCoin is not licensed to operate in the states. If you live in the U.S, you may be tempted to use it without completing the KYC verification.
You’d have restrictions on how much you could withdraw, and how much leverage you could access
Assets of Holders might get frozen if the U.S. cracks down on people accessing unlicensed exchanges, KuCoin doesn’t offer the same support to unverified accounts in the case of hacking, fraud, or theft.
So proceed with caution if you’re a U.S.-based user. Since there are a number of excellent cryptocurrency exchanges that are licensed in the U.S., it is safe to check them out before signing up with KuCoin.
- Limited Payment Method
KuCoin does let you buy cryptocurrency with fiat money, but you’ll need to do it through a third-party app. You can pay by credit or debit card, Apple Pay, and Google Pay, but you can’t deposit money by bank transfer. And the fees can be steep.
KuCoin Trading Bot
It offers the availability of a Trading Bot that makes it easier for users to trade even when they are asleep.
After creating an account and making a deposit, users can enter specific trading parameters and allow the bot to trade for them.
The Trading Bot uses information and analytics about the market in addition to other tools to analyze prices and forecasts
In addition to the users’ preferences, the bot then uses this combination of information to place buy and sell orders as the price moves.
KuCoin Trading Bot offers long-term trading strategies as well. Instead of investing several thousand dollars into any cryptocurrency all at once, users can instruct the Trading Bot to invest small amounts at certain intervals over time, so the bot trade how they want it.
KCS, The Native Token Of KuCoin
KCS is a profit-sharing token that allows traders to draw value from the exchange, it was launched back in 2017 as the official native token of the exchange. The growth of financial and social metrics has also boosted the value of the exchange’s native token ( KCS ) in 2021, which has reached an all-time high since 2018, and a 3,000% increase in price compared to the beginning of this year.
Also, KCS performs as the key to the entire KuCoin ecosystem. With the development of DEX and KuChain, KCS will also be the underlying fuel and general token for future KuCoin decentralized products. More details will likely be released in the near future.
The Token was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million but with time, as the KuCoin decentralized trading solution goes live, KCS will be the native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.
What is KCS Used For
According to coinmarketcap, Besides being paid out as a dividend, KCS, as a utility token, is also used to pay for trading fees on the KuCoin Exchange, allowing users to enjoy discounts of up to 80%.
The use case of KCS also includes participation in the token sale on KuCoin Spotlight, as well as LockDrop/BurningDrop on the Pool-X platform. But this is not all, as KCS tokens also serve a series of other purposes on the platform. For instance, KCS holders can become KuCoin VIPs and users no longer need to have a huge BTC trading volume to unlock the reduced maker and taker fees. KCS can also be used as a payment method for shopping, making hotel reservations, buying gaming equipment, and more.
Where Can You Buy KCS?
If you would like to know where to buy KuCoin Token, the top cryptocurrency exchanges for trading the KCS Token are currently,
- ProBit Global
- AscendEX (Bitmax)
How Is The Exchange Network Secured
KuCoin uses the standard encryption protocol which hides user data and data transfers in the system so other users are unable to see.
Also, it uses a multi-cluster and multi-layer architectural system that can accommodate more than one transaction at the same time, ensuring system stability throughout every transaction.
KuCoin vs Binance
They are cryptocurrency exchanges that offer hundreds of altcoins that are otherwise hard to purchase. They both have a similar fee structure of 0.1% and reducing this fee as you move up the trading tiers.
When it comes to fees, Kucoin has a more aggressive tier structure, with very competitive fees for higher-tiered users. If you are going to trade large volumes and level up through the tiers, Kucoin is a clear winner. Kucoin also offers dividends of 50% of the exchange earnings on its token.
With customer care, Kucoin has incredibly fast customer service. There’s a 24-hour telegram support chat with a quick response rate. But Binance offers customer service through tickets. Although there is a longer waiting time with tickets, the customer service you receive from Binance is still better than most other crypto exchanges so I think Binance has a +1 with customer service.
The main difference between Kucoin and Binance is how Kucoin has automated trading and lending. Kucoin offers all its users a free trading bot. The bot functions across the regular trading market and on the future market.
Although Binance supports third-party trading bots, it does not offer a native, free bot.
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