In this post we are going to look at the KuCoin platform, with a full analysis on this Exchange.
With the platform token rising to high levels, and the listing of many cryptocurrencies not found on the major exchanges, kucoin has become increasingly popular around the world.
Like many exchanges, it has a wide variety of options within its platform, but we will focus on those aspects that almost everyone uses and are most relevant. Such as the commissions it has, the usability of the platform, its security and the ease of depositing and withdrawing our funds.
What is KuCoin?
kucoin is part of the investment group IDG Capital, a fund that has investments in companies as large as tencent, coinbase, ripple and many more, and the investment group Matrix partners. With a daily volume of 1.8 billion dollars, it is one of the leading exchanges with the highest volume and usage worldwide. You can see the platform from the inside, in the following video, highlighting the most relevant aspects of the platform.
Kucoin’s commissions are 0.10% when you buy and 0.10% when you sell your cryptocurrencies on spot. And they can be lower, as you trade higher amounts as you can see in the different levels. They are not really high or low. They are currently the standard commissions found on the major exchanges and you’re rarely going to see lower. It’s a really small percentage if you’ve bought stocks or other types of assets on other platforms. So the commissions on this platform are good.
Security is another very relevant factor when you have your money on the platform. This platform has a 2/3 on cybersecurity accredited by certified, which is a positive thing even though it is not perfect. The team and workers are public, so it is another aspect to be able to trust the platform. In terms of regulation, kucoin is regulated by coinfirm and AMLT. Also, when creating an account you will see that it requires you to use two-factor authentication, which adds another layer of security to your account to prevent theft or hacking.
Deposits and Withdrawals
Depositing and withdrawing funds from your account is also another important factor to look at. On kucoin, to deposit, you can buy 22 different cryptocurrencies, among it, the most known ones, such as Bitcoin, ethereum, tether or even doge coine in Buy Crypto, credit/debit card with your credit card. The only negative aspect is the commission of the payment method that is external to kucoin. As you can see, if we buy tether, we have two options. The best option is to use Banxa, with a commission of around 6%, somewhat high for what you find on other platforms. Simplex is about 14% commission, so it is not worth using this option.
Another way you can use to save on commissions and not pay 6%, is to buy cryptocurrencies in another Exchange, in my case I use Binance, which is very easy to deposit funds, and withdraw them from binance to deposit them in your kucoin wallet. This way you can also have the cryptocurrencies in kucoin to buy and sell the one you want. To do this, simply go to the deposit of the cryptocurrency you want to move from binance to kucoin and copy the address. The best option is to use the tron TRC-20 network in case of USDT because of the low commission it has.
To withdraw funds, kucoin works in the same way as all other platforms, and with no extra fees. Go to the cryptocurrency you want and click withdraw. Here you can select the network you prefer depending on the cryptocurrency and withdraw to your metmask wallet or to another platform.
Regarding the usability of the platform, it is very similar to most of the big exchanges, which all work and have a very similar interface. In the case of kucoin you have your cryptocurrencies usually in your main account, and to use them to buy and sell, you must go to transfer, and put from main account to trading account and the amount you want to transfer, which is done instantly. With your cryptocurrency in the trading account, you can go to spot, look for the pair you want to buy, go down to the green button and indicate the amount and click on buy. You will see that kucoin has a password that you must use when buying and selling cryptocurrencies, which adds even more security so that no one can trade without the password. Enter it or if it is the first time, go to settings and configure it and that’s it. With this you will be able to buy and sell cryptocurrencies on Bitforex.
There are other aspects of kucoin that are not as relevant, but you can also explore such as cryptocurrency futures, a trading bot for cryptos, lending or staking to make money with your cryptocurrencies and listings of new cryptocurrencies that will appear on the platform.
Is the platform worth it?
As we have seen, the platform has low commissions, medium-high security and reliability, and is quite intuitive to use. Still, I think there is a better alternative if you are looking for the best Exchange to buy and sell cryptocurrencies. Before we look at the best alternative, though, let’s see when it’s worth using Biforex. On coingecko, the platform has received a 9 out of 10 trust score.
When to use kucoin?
From my point of view, kucoin is very interesting to use when there are cryptocurrencies listed that are not found on other major exchanges. In the world of cryptocurrencies, it is common that projects start to appear in this type of exchange before going to the top 3. So in case you want to buy a cryptocurrency that is only found in kucoin or in a few exchanges and not in the main ones, such as sharetoken, shopping or sparkpoint, it is a great alternative. In addition to seeing new cryptocurrencies that may have potential before appearing on the main exchanges.
We have been able to observe, and have been amazed by it in an extremely good way. It has an elementary way of working, credibility, and good customer support if you find yourself in the event that you encounter any issues.
In this regard, our time using it has been favorable, I suggest you search through various expert user reviews, to see if they have even had a worse experience, or any difficulties using KuCoin.
Another simple way is to use the platform on your own with a small amount to see how it works and if you are objectively convinced. We have been able to experience it for a long time, and have not been able to agree with any negative aspects.
The best alternative if you are looking for the best cryptocurrency exchange is Binance. With commissions of 0.10%, in case you have their cryptocurrency in your account (Binance coin), they are reduced to 0.075% and a great amount of cryptocurrencies that you can’t find in other exchanges.
Plus a really easy deposit and withdrawal using your credit card for instant balance. And a great variety of options to earn money with your cryptocurrencies by staking with them. The number 1 Exchange, with more customers and volume of cryptocurrencies. If you do not have an account with Binance, in the description you will also find a link to create your account.