Do you want to begin buying, selling, and trading cryptocurrencies but are unsure whether KuCoin is a suitable exchange for you? Or perhaps you’ve seen a specific coin listed on KuCoin and want to make sure it’s safe to use?
So, whatever you want to know about KuCoin, you’ll find it here. In this KuCoin review, I will begin by providing you with a brief overview of the KuCoin features, fees, and whether or not it is safe for you to begin trading with KuCoin.
KuCoin has its own cryptocurrency, KuCoin Token runs on the Ethereum network. KuCoin members have access to trading fee discounts and a daily share of KuCoin’s trading fee revenue. Users should have at least six KCS tokens to be able to qualify. KCS is a benefit of using the KuCoin platform, but keep in mind that KCS is a volatile cryptocurrency, so don’t expect a stable coin value.
US residents can open a crypto margin account at KuCoin, one of the few exchanges that does so. Investors can use this risky investment strategy to borrow money in order to increase their returns (and their potential losses). It’s reasonable to leave margin to more experienced crypto investors because it significantly increases the amount of risk that can be taken when investing in an already risky and historically volatile asset.
With KuCoin’s Trading Bot, users can program actions to be carried out automatically in response to certain conditions being met, thus automating their cryptocurrency trading. If your asset allocation is off, you can use this to adjust your portfolio or program guardrails to take advantage of price fluctuations while you’re away from the office.
KuCoin’s main goal is to offer its traders extremely low fees. But how affordable is it? To begin, cryptocurrency deposits are free, except for the blockchain transaction fee, which you must pay to complete the transfer. Of course, this is dependent on the cryptocurrency in question. You will only pay 0.1 percent of the amount you are purchasing when you make a trade. For instance, if you wanted to buy $1000 worth of Litecoin, you’d only have to pay $1! It is one of the lowest in the industry, making KuCoin a good choice.
The fee for withdrawing your coins from the exchange is determined by the cryptocurrency you wish to withdraw. The official KuCoin website contains all of the necessary information. So, now you know about the various coins that KuCoin accepts, as well as information about kucoin fees.
The KuCoin exchange is suitable for ordinary people and also for more serious traders, as it includes many tools for analyzing pricing trends, such as candlestick bars. Still, the average number of trades on KuCoin is in the tens of millions, which is a lot less than on larger exchanges like Binance.
This could be a problem because low trading volumes can sometimes indicate a lack of liquidity. This should not be an issue if you are only trading small amounts. However, if you are going to exchange quite large amounts, KuCoin may not be the best exchange for you.
Finally, when new cryptocurrencies are first introduced, they are sometimes only available on a single exchange. If the cryptocurrency you want is only available on KuCoin, you will be forced to use it.
It is always crucial to know whether your money is safe before depositing it. Of course, you must have faith that your funds will be safe and secure. Third-party exchanges use a centralized server, which means that if it is hacked, your coins may be at risk. Is this something that happens in the cryptocurrency industry? Unfortunately, all of the time! For instance, it was reported in late 2017 that the total number of coins hacked in the history of cryptocurrency was more than $15 billion
Since then, there have been some extra hacks, so the total is now even higher! Is KuCoin secure, and if so, how? To begin with, the website is secured by an encryption protocol that safeguards private account information. Also, as I was writing this KuCoin review, I found out that the site has an internal risk department to make sure that user funds are safe. The exchange allows you to set up Google Authenticator to further secure your account. If you do, you must enter a code from your mobile phone on the KuCoin website before you can log in or make a trade.
Finally, while it is good that KuCoin has not been hacked, it is important to note that they are still a relatively new exchange. However, regardless of which exchange you use, you must never store large sums of money there. It’s always better to take your coins out of the machine and put them in a safe personal wallet.
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