KuCoin exchange is one of the top digital asset trading platforms in the world. Furthermore, the crypto exchange flaunts of serving one out of every four crypto holders internationally. Since its establishment, the exchange has expanded its services, hosting over 300 employees in 207 countries.
Presently, the cryptocurrency exchange has global branches spread across the United Kingdom, India, Canada, Singapore, Japan, and Turkey. In fact, to cater to various nationalities, KuCoin’s trading website is translated into 17 languages. These include English, Russian, South Korean, Hindi, Turkish, German, Chinese, and French, among others.
In addition, KuCoin exchange has a wide selection of assets and services, a high number of users and liquidity, and low trading fees. Meanwhile, as of October 2020, the platform has more than 5 million active users. Also, the trading platform has more than 400 markets and supports trades for around 200 cryptocurrencies.
KuCoin Exchange Details
|Available on mobile||Yes|
|Number of supported coins/tokens||200+|
|Number of supported trading pairs||480+|
|Supported fiat currency||50+|
|Company Owner||Mek Global Limited|
Although the KuCoin exchange’s technical architecture was designed in 2013, it began to operate fully in 2017. The crypto exchange was founded by Michael Gan and Eric Don and is headquartered in Seychelles. By all means, the exchange is known as the “people’s exchange”. Hence, it offers low trading fees and an easy-to-use interface for all its users.
Afterward, the KuCoin exchange raised its funds through an initial coin offering (ICO) conducted between August 13 to September 1, 2017. During the ICO, the exchange issued its native token KuCoin Shares (KCS). Following this, nearly $20,000,000 in BTC (at the time) were raised in exchange for 100,000,000 KCS.
Firstly, the ICO price for a single KCS was pegged at 0.000055 BTC. Accordingly, KCS tokens can be used for multiple purposes including promotions on the platform, trading discounts, and as a part of exchange profits. Equally, KCS holders are able to receive exclusive rewards and cryptocurrency dividends on a regular basis.
KuCoin Exchange Platform Interface
As a matter of fact, Coingecko ranks KuCoin exchange as one of the busiest trading exchanges. Significantly, the platform has a combined daily average volume of around 100 million. After all, its objective is to create a simple and safe platform for all its traders.
With this in mind, users can access the platform through a desktop computer and the KuCoin App through Android and iOS.
KuCoin Exchange Key Features and Functions
Fiat On-Ramp: The fiat on-ramps support credit card purchases denominated in over 50 fiat currencies. This is particularly done through integrations with Simplex, Banxa, and OTC Trading Desk.
Futures Trading: Offers various leveraged Futures that are bought and sold in BTC/USDT. Furthermore, users can trade their selected cryptocurrencies with up to 100x leverage.
Margin Trading: A practice of borrowing funds with an explicitly lower amount of capital to trade financial assets and obtain bigger profits.
KuCoin Spotlight IEO Launchpad: Enables customers to invest in new hot crypto projects that have been vetted by the team. In detail, the launchpad has already funded 7 initial exchange offerings (IEOs). Included are Tokoin, Lukso, Coti, Chromia, MultiVAC, Bitbns, and Trias.
KuCoin P2P Fiat Trade: An information intermediary service platform that offers users digital assets and legal tender transaction services.
KuCoin Fast Buy: Allows traders to buy and sell Bitcoin (BTC), Tether (USDT), and other cryptocurrencies. Conversely, purchases are also done using the Chinese Yuan (CNY), Indonesian Rupiah (IDR), and Vietnamese Dong (VND), among other fiat currencies. Hence, this is great for quick and low-fee crypto purchases using payment methods like WeChat, Alipay, and bank cards.
KuCoin Instant Exchange: The instant exchange facilitates instant crypto-to-crypto exchanges. Thus, clients can swap Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) for USDT, without charges.
KuCloud: Advanced technology solution for anyone interested in launching spot and derivative exchanges with adequate liquidity. It provides two services at the same time, namely the XCoin spot exchange and the XMEX derivatives trading platform.
KuCoin Shares: Also known as KCS, KuCoin Shares is the native cryptocurrency for the KuCoin exchange.
KuCoin Lend: By utilizing this platform, clients can significantly earn interest by lending their digital assets for the funding of margin accounts.
Kratos: This is the official testnet for KuChain’s upcoming mainnet.
Accordingly, the KuCoin exchange keeps expanding its number of digital assets being offered for crypto users across the globe. The numerous supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tron (TRX), and Tether (USDT). In addition, the platform also supports NEO (NEO), Ripple (XRP), and its native token KuCoin Shares (KCS), among others.
Undoubtedly, users can directly purchase crypto and stablecoins using various payment methods offered on the platform. Moreover, by utilizing the fast buy feature, KuCoin exchange clients can purchase multiple digital assets with low fee rates. Again, KuCoin enables its users to trade each crypto asset against Bitcoin, KuCoin Shares, and stablecoins such as USDT, USDC, TUSD. Not to mention other altcoins as well.
KuCoin Exchange Supported Fiat Currencies
Nevertheless, on the exchange, customers can buy crypto with top fiat currencies. For instance, they can buy with EUR, CNY, GBP, CAD, AUD, and many more. Likewise, the exchange lets you buy cryptocurrencies with fiat using its P2P fiat trade, credit, or debit card.
This is done via Simplex, Banxa, or PayMIR, or its Fast Buy service, which specifically facilitates IDR, VND, and CNY purchases of Bitcoin (BTC) or Tether (USDT). Additionally, the crypto exchange aims to make it easy for more people around the world to buy crypto. As a result, the exchange promotes the mass adoption of blockchain and cryptocurrencies.
Top 10 KuCoin Supported currencies
|USD||American Dollar||AUD||Japanese Yen|
|EUR||EURO||KWR||South Korean Won|
|GBP||Pound Sterling||JPY||Japanese Yen|
|RUB||Russian Ruble||TRY||Turkish Lira|
|CNY||Chinese Yuan||VND||Vietnamese Dong|
KuCoin Exchange Deposit/Withdrawal/Trading Fees
To clarify, KuCoin exchange is exclusively for crypto-to-crypto. Therefore, users are not permitted to deposit any fiat except when buying it directly via third-party integrations. On the positive side, the platform does not charge any fee for deposits.
More so, withdrawals are usually processed within 30 minutes. In addition, withdrawal fees are charged depending on the token. Provided that the withdrawal amount is huge, the process is handled manually to maintain the security of user assets. However, the platform does not support fiat money withdrawals.
The trading platform also uses technology that can handle millions of transactions per second (TPS). Furthermore, payouts on the platform should be particularly fast. Also, they last no more than 10 minutes.
KuCoin Exchange Withdrawal Fee Charges
|Bitcoin (BTC)||0.0004 BTC|
|Ethereum (ETH)||0.004 ETH|
|Litecoin (LTC)||0.001 LTC|
|Dash (DASH)||0.002 DASH|
|Ripple (XRP)||0.1 XRP|
|EOS (EOS)||0.1 EOS|
|Tron (TRX)||1 TRX|
|Tether (USDT) (OMNI)||4.99 USDT|
|Tether (USDT) (ERC20)||0.99 USDT|
|Tether (USDT) (TRC20/EOS)||0.99 USDT|
Withdrawals for NEO and GAS are also offered on the exchange. Most importantly, customers can buy diverse cryptocurrencies using fiat but they have to pay charges ranging between 5-7%.
For trading, KuCoin has specifically designed three verification levels:
- Unverified account: This account requires email verification and only allows users to withdraw as much as 2 BTC every 24 hours.
- Verified individual account: In order to access and utilize this account, the user has to provide identity information details. These include ID or passport as well as the country of residence. As a result, the withdrawal limit is increased to 100 BTC per 24 hours.
- Verified institutional account: With this account, the withdrawal limit is 500 BTC per 24 hours.
Given that, a 0.1% fee is charged per spot trading deal. In spite of this, clients can get discounts based on their 30-day trading volume and KCS holdings. With this in mind, the crypto exchange offers low trading fees as compared to other exchanges.
KuCoin Exchange Spot Trading Fee Structure
|Tier||Min. KCS holding (30d)||30d trade volume in BTC||Maker/Taker fee||KCS Pay fees|
In KuCoin Futures, traders are offered diverse leveraged Futures. The trading platform handles BTC/ETH only while the profit and loss are calculated in BTC/USDT. Similarly, KuCoin Futures trading fees come with a floating 30-day trading volume. In addition, it can also come with KuCoin Shares holdings based on a tier discount system.
KuCoin Exchange Futures Trading Fee Structure
|Tier||Min. KCS holding (30 days)||30-day Trade volume in BTC||Maker/Taker Fee|
On the KuCoin exchange, Futures Lite users simply need to input the order amount and then make a decision on the leverage long/short to place an order. From then, a long/short ratio is offered to assist users to understand the latest, market sentiments.
Correspondingly, Futures Lite is a friendly platform for new Futures around the world. Additionally, on the Lite interface, clients can trade USDT-Margined Bitcoin (BTC) and Ethereum (ETH) contracts, as well as BTC futures contracts.
Meanwhile, the Pro version is a crypto derivatives trading platform that provides leveraged crypto Futures products and bank-grade security. Thus, customers can switch between USDT margined (BTC perpetual, ETH perpetual) and BTC margined (BTC perpetual, BTC Quarterly 0925, and BTC Quarterly 1225) contracts.
Trading Market: USDT-Margined Futures and BTC-Margined Futures
The USDT-Margined Futures takes USDT as margin to exchange bitcoin or other popular
futures; while for BTC-Margined Futures, it takes BTC as margin to exchange bitcoin Futures.
KuCoin Trading Market
|Type||Margin||PNL & Settlement Coin||Max Leverage||Supported Futures||Price Fluctuation|
|USDT-Margined||USDT||USDT||100x||Bitcoin Futures||Stable, will not be influenced by USDT price fluctuation|
|BTC-Margined||BTC||BTC||100x||Bitcoin Futures||Will be influenced by BTC price fluctuation|
On the other hand, margin trading is another convenient service on the KuCoin exchange platform. Overall, traders are able to long or short 36 USDT, BTC, and ETH denominated market pairs with up to 10x leverage. Pairs particularly include top cryptocurrencies like Bitcoin, Ethereum, Litecoin, XRP, EOS, ATOM, Dash, Tron, Tezos, and Cardano.
Chiefly, KuCoin exchange’s P2P marketplace is one of the efficient services provided by the ecosystem. In light of this, on the P2P marketplace traders are able to buy and sell cryptocurrencies like USDT, BTC, ETH, PAX, and CADH directly to and from other merchants. Various payment methods such as PayPal and wire transfers are also supported on the platform. Moreover, users can purchase using the most popular fiat currencies like USD, CNY, IDR, VND, and CAD.
KuCoin Exchange Accepted Payment Methods
Various methods can also be used to exchange fiat to crypto. Among these methods are direct bank card purchases via Simplex, Banxa, or PayMIR integrations, a P2P desk, and the fast buy feature. As a result, purchasing crypto is made easier and convenient. KuCoin certainly allows secure, stable, and easy-to-use trading services to all investors.
Controversies & Issues
On September 26, 2020, KuCoin exchange reported a major security breach on its platform. The hack affected its Bitcoin, Ether, and ERC-20 hot wallets after private keys were leaked. Overall, $281 million in user funds were reported to have been affected.
An estimated 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, and 9,588,383 XLM. Even more, Omni and EOS-based tether worth $14 million, $153 million of ether and ERC20s were taken. Lastly, over 18 million XRP also got stolen.
According to the KuCoin team, any user fund affected by this incident was to be covered completely by KuCoin exchange and the insurance fund. Thereafter, on October 3, KuCoin CEO Johnny Lyu tweeted that they had found the suspects behind the major hack. Significantly, the total value of recovered assets amounted to $204 million, at the time of writing.
In March 2020, the Singapore court locked KuCoin exchange’s web domain KuCoin.com, preventing it from moving to another jurisdiction. As a result, Kucoin.com cannot move any of its assets, including its website, away from Singapore. The domain, which had been registered through GoDaddy, remained locked until the courts could determine whether or not it is safe to turn the key. GoDaddy confirmed on March 30 via email that it was adhering to the court order. They will have to wait to see what the next step is before making any changes.
In the same month, the national shareholder rights litigation firm Schall Law announced its investigation of claims against KuCoin exchange and Bit-Z. This was regarding claims for false and misleading statements to account holders who are trading cryptocurrencies.
Lastly, in April 2020, KuCoin exchange was one of the seven major crypto exchanges that faced 11 new class-action lawsuits in a New York federal court. The lawsuit specifically stated that the exchanges sold unlicensed securities without broker-dealer licensing and engaged in market manipulation.
KuCoin Exchange Achievements
To begin with, in 2019, KuCoin exchange added numerous substantial updates on its platform. During the month of February, it upgraded its interface to Platform 2.0. This was a technically-advanced process that included features such as new API, numerous order types, and multiple security mechanisms. Also, convenient self-service management features, efficient notification module, and enhanced user experience were implemented.
In addition, KuCoin exchange launched KuMEX, which has now been rebranded to KuCoin Futures. Since going online in July 2019, KuCoin Futures has supported Bitcoin perpetual and quarterly contracts. USDT-Margined perpetual contracts are supported as well. Later on, the exchange also introduced its margin trading with up to 10x leverage.
Adding on to the achievements, the exchange launched Pool-X liquidity trading market, together with a one-stop exchange solution KuCloud. Following this, the acceleration of KuCoin’s global expansion, the crypto platform added 17 more fiat currencies to its list. The exchange now supports 50+ fiat currencies for crypto purchases.
In continuation, KuCoin exchange announced a strategic cooperation with OnChain Custodian, a Singapore-based crypto custody service provider. In April 2020, OnChain Custodian offers custody services for safekeeping KuCoin’s crypto assets. Notably, the custodial funds are backed by Lockton, which is one of the largest private insurance brokers in the world.
While on June 24, 2020, KuCoin exchange made it known that its P2P crypto marketplace now supports purchasing crypto with USD via PayPal and other fiat payment methods. As a result, this move makes it easier for people across the globe to buy cryptocurrencies.
Pros and Cons
- Low trading and withdrawal fees
- User-friendly platform
- A diverse selection of altcoins
- All-round clock customer service
- Ability to purchase crypto using fiat
- Non-compulsory KYC checks
- Ability to stake and earn crypto yields
- No fiat trading pairs
- No bank deposits
- Services offered: 4/5
- Cryptocurrency support: 4/5
- Fees: 4/5
- Review Score: 4/5
As a whole, KuCoin exchange has become one of the most popular crypto exchanges across 207 countries and regions in the world. Comparatively, it provides a series of financial services including crypto-to-crypto trading, fiat-to-crypto purchases, futures, staking, borrowing, and many more.
Additionally, the trading platform is also convenient for users on-the-go, as it has a mobile app on both Android and iOS mobile devices. KuCoin exchange also supports various promotion programs and a referral program. Among the promotional programs is a 30% discount that is applied to users’ fees if they use the exchange’s native token, KCS.
On a negative note, the exchange does not allow fiat-to-crypto trading. Yet, the KuCoin exchange’s main attraction is the available trading pairs offered on its platform.
Furthermore, the trading platform has partnered with Arwen to bring users a self-custody option for crypto assets. Rather than rely on a third-party exchange wallet to secure your assets, you can leverage the native security of your digital asset’s blockchain and trade through KuCoin.
KuCoin exchange is one of the top digital trading platforms in the world that was launched in 2017. In light of this, the crypto exchange claims to serve one out of four crypto holders.
KuCoin Shares (KCS) is the native ERC-20 token of this exchange. It has multiple use cases including rewards for referrals and trading. For instance, the more KCS a user holds, the more dividends they will receive.
Yes, the KuCoin exchange is safe to use as it aims to make trading easy and possible for everyone. Above all, the exchange offers low-cost fees. Also, trading on the exchange is relatively fast and you can quickly execute buy and sell orders.
Registering an account with the KuCoin exchange is simple. When you visit the KuCoin website page, click on the “Sign Up” tab in the upper right corner. Moreover, users can register an account using a mobile phone or an email address.
The exchange supports various ways to exchange fiat to crypto. These include direct bank card purchases via Simplex, Banxa, or PayMIR integrations, P2P desk, and fast buy feature.
No, similar to other exchanges, KuCoin only supports crypto-to-crypto trading. However, users can buy cryptocurrencies using the supported fiat currencies on KuCoin. After that, they can trade their crypto to any other crypto of their choice.
Catch the latest news and updates about KuCoin in CoinQuora.
Disclaimer: This material must not be used as the basis for making any investment decisions. This serves only as helpful material about the crypto exchange. Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any crypto assets