Welcome to this guide, where we are going to look at the most relevant aspects of the KuCoin token (KCS), the native token of the KuCoin platform.
Due to the huge growth of this token and its platform, you might be curious to know why it is growing so much, and if it is a good token or not. Since we have seen in some moments this token with a great growth and reach the top 50 of cryptocurrencies with more market capitalization. And it is possible that at first it does not seem to be a token that has a lot of value or utility, and should have a much lower valuation. So let’s take a look at what aspects it has, both positive and negative.
With that said, let’s get started.
How to buy KuCoin (KCS)
Before we talk about its utilities and different aspects, in order to buy this cryptocurrency, you will be able to use the platform itself, KuCoin. If you do not have an account with KuCoin, you can create one below to buy this token.
Once you have your account, you need to deposit funds. In this guide you can find out how to do it step by step so you don’t get lost at any point.
With USDT deposited, it’s as simple as going to the market, and looking for the KCS/USDT pair. Click on it. Enter your trading password. Now, we will indicate market or to market, we indicate the amount and click on buy.
With this, you will already have KCS in your KuCoin account. You can find a guide on how to buy and sell cryptocurrencies in KuCoin here, in case you have any questions.
Now that you know how to buy KCS, let’s take a look at the different uses of this token. The utility of KCS can be divided in two.
Like many other exchanges that have a token, this token gives you advantages within the platform. By having KCS in your kucoin balance, you can have certain advantages.
These include being able to pay commissions on your trades at a lower cost, lowering your commissions as you increase your account level, with the requirements you can see below.
The more KCS you have, the higher level you can be as a KuCoin user and thus reduce your commissions on trades. This can be useful if you trade frequently.
Another advantage of the KCS token is access to token releases within the platform, where users with KCS often have priority or some releases are targeted for users with KCS in their balance.
The KCS bonus users who have a minimum of 6 KCS on the KuCoin platform are going to get a daily bonus, which comes from 50% of the daily revenue of the KuCoin trading fee. And this is another way to get a small return on your KCS.
The other use it has is within its network. KuCoin has created its own blockchain, in the same way that Binance created the BSC with your native token. KuCoin has followed suit and created its network, KCC Chain with the platform’s native token, KCS to pay for commissions or gas fee, in addition to the liquidity of the major decentralised exchange platforms.
As we saw with the growth of the BSC, which made the value of the BSC token grow a lot, something similar may have happened to KuCoin with the emergence of its network and new platforms on it.
Because in addition to users using the KCS token to pay for transaction fees, liquidity providers use KCS to add liquidity on different decentralised platforms. This creates a lot of demand for the token. This has made the growth of the token so high when its network was launched and more users started to join it.
I hope it has helped you to know how to buy and the different uses of the KuCoin KCS token. Remember that if you don’t have an account with KuCoin, you can create one just below.