Among the exchanges on the cryptocurrency market, Kucoin is one of the most interesting realities. And it is no coincidence that it has become one of the platforms most appreciated by users all over the world. Born in 2017, Kucoin has grown a lot in these four years, taking a big chunk of the crypto market.
In this guide we are going to find out in detail what it is and how it works, helping you decide if this is the right platform for crypto trading for you, or not.
What Is Kucoin?
As we have already mentioned at the beginning, the Kucoin exchange was born in 2017, and is currently one of the most popular worldwide. This platform was founded by a group of blockchain experts, including Michael Gan, the CEO of the company. The exchange is based in HongKong and his team includes experts with international experience with large companies in the world of Blockchain and Bitcoin, such as GFSecurities and ANTFinancial.
The main goal of Kucoin is to enable a safe and intuitive exchange for all types of audiences. The many supported cryptocurrencies and the ability to manage recently minted cryptocurrencies make it one of the most dynamic and responsive users’ favorites. And it is no coincidence that Kucoin holds the daily volume record of over a billion. It has also aunched its App for Android and iOS for the convenience of its users.
Kucoin: How Does This Exchange Work
Hance the name “exchange”, with Kucoin you can exchange cryptocurrencies for cryptocurrencies and carry out trading. The interface offered by this portal is truly remarkable: intuitive, very simple to use. On Kucoin there are over 350 cryptocurrency pairs, which are traded daily. Among these, of course, there are Bitcoin, Ethereum and Litecoin.
How to Register and How to Pay For Your Crypto
The first thing to say is that opening a Kucoin account is very simple. Just enter the official website of the platform, and select the button at the top right of the display Subscribe. Once this is done, you must fill in the required fields with your personal data, then confirm the email via the confirmation link sent at the time of registration.
On the home page of the platform, you will find the management bar, where inside there is a page dedicated to the markets. In the list, you will have the opportunity to find the cryptocurrency you want to buy, or do a specific search if you already know what you are interested in buying or evaluating. Just click on the coin icon and choose from the various options available.
The payment methods are different: in addition to the classic credit cards, on Kucoin you can make transactions using PayPal, bank transfer, or Interac e-Transfer.
What Cryptocurrencies Does the Exchange Support?
There are many supported cryptocurrencies, this exchange allows you to exchange, buy and sell the most famous cryptocurrencies on the market, such as Bitcoin, Ethereum, and Litecoin, but also over 700 other cryptocurrencies.
Costs and Commissions at the Exchange
The commissions and general costs imposed by Kucoin are among the most advantageous on the market. In fact, the deposits of any crypto are not subject to commissions – depositing is totally free. As for the commissions for trading or buying and selling cryptocurrencies within the platform, they are 0.1% of the total order.
The withdrawal commissions instead vary according to the currency. That’s why before any trading it would be smart to check out the current fees on the platform’s website.
Is Kucoin a Reliable Platform?
While some users have had issues with Kucoin, the prevailing reviews are positive. This is a great solution for traders of all backgrounds, even the most professional ones.
Despite the trading volume within it being significantly lower than other competitors (such as Coinbase or Binance, for example), Kucoin is certainly one of the most popular exchanges, because traders can trade without giving up some interesting options, such as the possibility to analyze price trends and their variations.
We give two tips, in particular, to increase your security when operating on Kucoin: first of all, do not deposit many funds and withdraw them immediately, secondly, activate Google authentication. The latter makes it necessary to enter a code on your smartphone in order to access the account. This is done to secure your account additionally, increasing its overall safety.
Conclusion
Kucoin is an exchange that is still evolving – it is still a very young platform, with ample room for improvement. In fact, it is still a reliable provider, generally safe, and with low commissions. However, you should keep in mind that with this article we don’t intend to advise you whether you should or shouldn’t use the Kucoin exchange. Always apply critical thinking and do your own research because the responsibility for your funds is completely your own.
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