KuCoin is a centralized exchange (CEX) that offers customers a range of crypto asset trading services and products, including Margin, Spot, Futures,… From CoinMarketCap and CoinGecko data, KuCoin is among the top 10 CEX exchanges with the highest trading volume at the moment. So, What is the Kucoin exchange? Is the Kucoin exchange reputable? Get comprehensive step-by-step instructions for signing up and trading on the Kucoin exchange right here!
The Kucoin Exchange: What is it?
KuCoin is a global centralized exchange (CEX) founded in Hong Kong on September 15, 2017, with its headquarters currently located in the Seychelles. By posting Proof of Reserves on CoinMarketCap and CoinGecko, KuCoin hopes to ensure transparency while offering a variety of cryptocurrency trading products and services to users.
KuCoin offers a range of services and products, including Trading Bot, P2P Fiat, KuCoin Earn, Margin, Futures, Spot,… that can be considered a comprehensive support ecosystem for users to trade crypto assets. Furthermore, KuCoin allows users to trade over 700 different tokens, providing them with multiple options for diversifying their investment portfolios. One distinctive feature of KuCoin is that it will distribute 90% of total fee collection profits to its members: 40% will go to referrers, and the remaining 50% will go to KCS holders, the exchange currency of KuCoin.
KuCoin is now offering its goods, services, and language support in the majority of nations, including Vietnam. In addition, CoinMarketCap and CoinGecko data show that KuCoin is among the top 10 CEX exchanges with the highest trading volume in the cryptocurrency market.
Several services of KuCoin exchange:
Spot
This is a spot trading service offered by KuCoin exchange, which allows trading of over 700 cryptocurrencies, such as Bitcoin, and Ethereum,… with trading pairs allocated to USDT and KCS. The two types of orders that traders can use for spot trading are Limit, Market, Stop Limit, and Stop Market.
Derivatives
Through the use of derivatives, investors can trade with high leverage and good liquidity. Several characteristics are as follows:
- Futures Overview: Allowing users to trade futures contracts of coins/tokens with a leverage of up to x125.
- Futures Brawl: Permitting Futures Trading “masters” compete against each other.
- Leverage Token: This feature has some similarities to futures, but the tokens are limited to relatively small leverage, roughly 2-3 times, and do not require margin.
Margin
This product for margin trading facilitates you to trade on margin using the leverage of x5 for Cross margin and x10 for Isolated Margin.
Buy Crypto
Visa and Mastercard can be used to purchase cryptocurrency assets like Bitcoin and Ethereum here. Besides, KuCoin accepts 50 fiat currencies to buy cryptocurrency assets, including Vietnamese dong.
KuCoin Earn
With this service, users can use the KuCoin exchange to generate passive income through lending, staking tokens, KCS bonuses,…
Trading Bot
This is KuCoin’s proprietary trading bot, which enables users to set up trading strategies for Spot, Futures,… to gain profitability. Techniques that users can customize include DCA and surfing,…
Kucoin Review
Benefits:
- Features abound, including a lottery.
- Multiple supported currencies and languages.
- Possibly because of the exchange’s lower level of popularity than Binance, this inadvertently gives projects on the Kucoin exchange a faster and easier way to list, which makes trading more convenient for users.
- Liquidity is consistently in the top 10 exchanges with the highest daily trading volume.
- Supports trading with Bots with many strategies.
- Information about the exchange, such as products and transaction fees, is presented at the bottom of the homepage, making it easy for users to find.
- The tradable Staking feature in Pool-X products is one advantage that no other exchange currently offers.
- Available mobile apps on both iOS and Android.
Drawbacks:
The light/dark interface on the homepage cannot be customized. It is very inconvenient that different product interfaces will have different light/dark options.
You are required to enter many types of passwords whenever you withdraw money.
Some fees on the Kucoin exchange.
Trading fees
Based on the user’s KCS balance and the volume of trades they have made over the last 30 days, Kucoin Exchange offers discounts on transaction fees up to 12 levels deep. Details are available here.
Deposit and withdrawal fees
Like other exchanges, it is free to deposit money, but when it comes to withdrawals, Kucoin exchange charges a fee based on the coin/token.
Guidelines for signing up on the Kucoin exchange
Prior to registering for the Kucoin exchange, prepare:
Users should get ready for the following list in order to minimize the time it takes to register for Kucoin exchange:
- Email address or phone number
- ID card photos: 1 front photo, 1 back photo, and 1 selfie photo with the front (details below). Users may use a driver’s license or a Citizen Identification card.
- Mobile phone with Google Authenticator or Authy application pre-installed.
Step 1: Start an account on Kucoin.
Visit this link to sign up for Kucoin Exchange: https://www.kucoin.com/
Click the Sign Up button on the right corner of the screen to register.
Users can create an account here by providing an Email address or Phone number. Next, click Send Code.
Using a phone number to register Kucoin.
A 6-digit code will be sent by phone messages or email from the Kucoin exchange system, users must verify and enter this code in the Verification Code box below. The code will expire within 60 seconds. You must click Send Code to have the code resent if the 60 seconds pass.
Next, enter the password and referral code (if any). Select Sign Up to complete Kucoin account registration.
Register Kucoin with Email account
After completing the Kucoin exchange registration process, the user can trade coins on the platform.
Step 2: Verify identity – KYC
Firstly, you need to know what KYC is. The process of obtaining identifying information about users of a specific service is known as “Know Your Customer,” or KYC. Address, passport, ID number, and portrait photo are among the usual details that are routinely collected.
The purpose of the KYC process is to stop unauthorized users from using a service. These specifications may change based on the specific unit.
Follow these instructions to get your KYC account verified:
Point to Personal account from the interface on the home page, then choose KYC Verification.
Select Start Verification to begin the KYC process.
In this step, you need to enter the following information:
- Country/Region of Residence
- First Name
- Last Name
- Identity Document Type (Here I opts for an ID card)
- ID number
Finally, select Submit.
After Submit, the user has completed KYC level 1 and receives benefits such as:
- Withdraw up to 5 BTC per day.
- Trade Future with leverage up to 100x.
- Daily transaction limitation: 1,400 USDT.
On the other hand, if there is a greater need, users can proceed with the KYC level 2 steps as explained below to obtain extra advantages such as:
- Withdraw up to 200 BTC per day.
- Trade Future with leverage up to 100x.
- Daily transaction limitation: 70,000 USDT.
Choose Continue to Get More Benefits.
Following that, users provide images such as:
- Front and back of the document, which the user has provided ID above.
- A portrait photo of the user holding the document along with a handwritten note with the following content: signature, provided code as well as date, month, year
For example: Vy “CH0NEU” 2021-09-27.
Note: Users can download the KuCoin App to scan the QR code next to the photo and immediately complete KYC with their phone if uploading photos using a computer is not convenient. Download the KuCoin App here.
Step 3: Activate 2FA security on the Kucoin platform
To improve security, users should activate two-factor authentication (2FA) for their Kucoin account as soon as they register. The user will always need this code to create an API, withdraw money from their account, and log in to their account. They can also switch to SMS verification mode at any time (and vice versa).
Take the following steps to enable 2FA for your Kucoin exchange account:
In the Personal account section, select Account Security.
Choose Set in the Google Verification section.
Choose Send Code and complete the 6-digit code sent to your phone message or email in the box next to it.
Users have two security options in this step: Authy and Google Authenticator.
- Step 1: Add the Kucoin security account on Google Authenticator/Authy by scanning the QR code or entering the keys.
- Step 2: In the Google Authenticator/Authy 2-FA Code box, enter the 6-digit code. This code is only valid and changes every 30 seconds.
- Step 3: Click Activate to enable security.
Note: The text code, also called the backup key, should be carefully saved so that the user can still restore it and access their account if their phone is lost or malfunctions later.
Your account’s Google Verification section will now turn to Change status. This indicates that the user has competently activated their Google Authenticator/Authy account to 2FA security.
In addition to 2FA security through Google Authenticator or Authy, users can strengthen account security on Kucoin by turning on multiple privacy settings, including: Phone number, Email, Transaction password, Refuse other login IP,…
Guidelines for making deposits and withdrawals and trading on Kucoin.
Deposit
From the Kucoin exchange homepage, users choose Asset → Main Account (Deposit & Withdraw), as illustrated below.
Enter the coin’s token code in the search box that you want to deposit.
Betomon will provide a Bitcoin example here. Users apply the same method to other coins.
Enter BTC and select Deposit.
The next step is to fund the wallet using the Bitcoin (BTC) address shown.
Note: Any coin’s wallet address will only be sent by that particular coin, not to another coin.
Withdraw
The process for making a withdrawal is very similar to a deposit. Select “Withdraw” instead of “Deposit” though.
Next, fill in the “Wallet Address” and “Amount” boxes with your wallet address and the quantity of the withdrawal amount.
Lastly, choose “Withdraw“.
Coin trading
In order to trade coins, opt for Market.
After that, there will be an interface showing numerous assets. Users can choose the asset they would like to trade by either clicking on the item directly or using the search box.
Alternatively, you can select Trade → Spot Market as indicated below.
Betomon has provided detailed instructions on the trading interface below:
[1]: Details of the placed order, can be buy or sell.
[2]: Details of closed activation order. Used to take profits or cut losses
[3]: Order history.
[4]: Transaction history.
[5]: Toggling between Spot and Margin states.
[6]: Example of an order pending sale.
[7]: Installing buy/sell orders.
[8]: Setting the Margin order with the corresponding leverage number x recorded.
[9]: Transfering to Futures interface.
[10]: Switching to the trading interface using Bot.
[11]: Deciding whether or not to use KCS to pay transaction fees.
[12]: The user must provide a transaction password for every transaction.
Different types of orders when trading on Kucoin
- Limit Order: Allowing users to set their own desired buy/sell price. Only when the market price hits the predetermined limit price will the limit order be executed.
- Market order: Permitting users to purchase an asset immediately after placing an order. Market order transactions are typically matched right away and are always given priority over all other orders that are awaiting matching.
- Stop Limit: This order will have 2 prices: Stop price and Limit price. The limit order will be promptly posted to the order book and wait for order matching once the price reaches the stop price.
- Stop Market: The stop price and the market price will also be included in this order. The market order will be activated and executed right away when the price reaches the stop price.
After the user successfully enters the transaction password, the orders above are shown in the Spot and Margin frames.
Trading instructions on the Kucoin exchange
Margin Trading
Users can trade Margin by going to the above-mentioned trading screen and then moving to section [8] to place an order.
Alternatively, you can access Trade → Margin Trading. Then place the same order.
Trading Bot
Select Trade → Trading Bot.
When using bot trading, users must select a trading strategy that meets their requirements, such as:
- Spot Grid (or Grid Trading): The trading strategy is based on price movement in a predetermined grid pattern.
- DCA: Allocate investment capital into parts in a fixed and regular manner over a long period.
- Futures Grid: Grid Trading comes with leverage.
- Smart Rebalance.
Among these, users must download the Kucoin application to their devices for DCA, Future Grid, and Smart Rebalance, whereas Spot Grid allows users to create Bots right away on the homepage.
Trade Future
Users can trade futures contracts by entering the trading screen as mentioned above, going to section [9], and placing an order.
Alternatively, visit Derivatives→ Futures Lite or Futures Pro. The only difference between the two options is that Futures Lite has an easier-to-use interface.
Participants fill in the price, quantity and leverage wanted to trade. Next, click Buy/Long or Sell/Short to finish the order.
Additional features on the Kucoin exchange
Get the introduction Kucoin ref link.
On the main Kucoin interface page, click Finance → Referral.
Users can either copy the link or send their friends the QR code to sign up and join in.
Kucoin Lending.
Users can use the Kucoin Lending service to lend assets and earn interest if they have assets they want to hold onto for a long period.
Select Finance → Crypto Lending
After that, choose the asset you plan to lend, set the required fields (quantity, loan period,…), click Lend USDT (if the asset is USDT), and finish.
Lucky Raffling
Lucky Raffling is Kucoin’s lottery feature, ideal for users who prefer the “all-or-nothing” strategies.
To participate, select More → Lucky Raffling.
The interface of Lucky Raffling is very easy to use; to purchase tickets, simply choose the game and click Buy Now.
Spotlight
Beating out rival exchanges, Kucoin also features a distinct section called Spotlight for the distribution of new project tokens (IEO).
Click More → Spotlight to begin receiving these tokens.
Users will then be directed to an interface where they can choose which project to join, including those that have already launched. To read more about the project and how to get involved, users only need to click on it.
Note: Users need to complete the KYC in order to take part in Spotlight on Kucoin.
Pool-X Kucoin
Pool-X is Kucoin’s Staking system. Unlike other exchanges, Pool-X allows users to Stake assets as well as buy and sell them after Stacking, similar to Liquid Staking.
In the More section, choose Pool-X Earn to enter Pool-X, or click here for quick access.
Staking
To search for assets on Kucoin that support staking or to start staking, click Earn
Scroll down to see the Staking section and select More in order to find additional coins or tokens supported for staking on Pool-X.
Subsequently, users can utilize the Search coin/token box to find the coin or token they want to stake, after which they can choose Subscribe and the desired stake amount.
For example, to Stake ADA, Betomon will fill in the amount of ADA he wants to stake, select I have read and agreed with…, then select Subscribe.
Exchange
If you want to transfer assets after Staking, click Exchange.
BurningDrop
Through the BurningDrop feature, users lock certain tokens in and will receive interest in other tokens.
For example: Lock ETH to receive XNL, lock KCS to receive XNL,…
Polkadot
In addition, Kucoin also supports participation in Crowdloan of Polkadot, Kusama. To get involved, select the project you would like to support by clicking on Polkadot, then lock KSM/DOT.
ETH 2.0
Besides Polkadot/Kusama’s Crowdloan, Kucoin also assists in Staking for ETH 2.0. User selects More → ETH 2.0 to start Staking ETH.
Moreover, users can use POL, a different currency to trade on Pool-X. Detailed information about POL is as follows:
Pool-X Token (POL) Information
-
POL Key Metrics
- Token Name: Proof Of Liquidity.
- Ticker: POL.
- Blockchain: Tron.
- Token Standard: TRC-20.
- Contract: TWcDDx1Q6QEoBrJi9qehtZnD4vcXXuVLer
- Token Type: Utility.
- Total Supply: 1,000,000,000 POL.
- Circulating Supply: 221,320,000 POL.
2. POL Token Allocation
- Staking Mining: 50%.
- POL POS Node Mining: 28%.
- Budget System: 20%.
- LockDrop: 2%.
3. POL Token Sale
POL does not have Token Sale
4. POL Token Release Schedule
The graph below showing the relationship between time and circulating POL:
Amount of POL Mined over time
POL unlock time
POL’s Mining chart as below:
5. POL Use Case
POL is used to:
- Become trading currency in Pool-X.
- Staking as Node.
6. How to obtain and possess POL?
Users can purchase on the exchange, buy and sell Staking tokens, or Stake POL to receive POL.
7. POL Token Wallet & Exchange
On the Kucoin exchange, users can exchange and store POL. In addition, POL is a TRC-20 token, so it will also be stored on Wallet according to the following steps:
- Step 1: Choose Receive from the main interface.
- Step 2: Enter POL in the search box.
- Step 3: Copy the wallet address and send POL tokens to this address.
8. Roadmap & Updates
- Distributing Initial POL via LockDrop.
- Distributing POL via Staking
- Launching access to Pool-X Full Operational Chain via POL.
- Setting up and launching POL Nodes.
- Developing POL-chain, start decentralized management.
>>> Which Crypto Trading Bot Is Greatest for 2024: Binance, KuCoin, or OKX?
Frequently asked questions about Kucoin exchange
Is Kucoin exchange reputable? Has it been hacked yet?
It is one of the exchanges that has possibly been around for as long as Binance, Kucoin can still be considered reputable though it is not as good as Binance in some areas. Besides, until now, Kucoin has not been hacked yet.
What country is the Kucoin exchange from?
Kucoin is an exchange from China.
What is Kucoin Token?
KCS (Kucoin Shares) is the token of Kucoin. KCS is used for:
- Raise tier to reduce transaction fees.
- Furthermore, users who opt to pay transaction fees through KCS will receive a 20% reduction in addition to the tiered fee reductions. If your tier has paid less than 0.02%, the 20% discount will not be given.
- Engage in some Pool-X activities, the same as regular tokens.
- Receiving KCS rewards from sharing 50% of Kucoin’s transaction fee profits by holding KCS (without Stake)
- Users can streamline their portfolio by converting the small number of tokens remaining after every transaction into KCS or helping these tokens have other uses.
Is KYC required to withdraw money?
Withdrawals can be made without KYC, but users are able to take out more if they do.
What is the deposit and withdrawal limit of Kucoin exchange?
The deposit and withdrawal limits will vary based on whether KYC is used or not. Specifics have already been mentioned.
What is Kucoin App on Android & iOS?
You can search for Kucoin on Google Play or the App Store or visit this link to download the Kucoin app by scanning the QR code.
Does Kucoin exchange have IEO?
The IEO or the previously mentioned Spotlight section, is available on Kucoin Exchange.
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