Exchange Reviews

6 things about KuCoin you probably forgot

KuCoin is a cryptocurrency exchange that, in the past, attracted unwanted attention for not having enough location details. However, available information indicated that the exchange is based in Hong Kong and led by a team of experts.

Its founders had previously worked for GF Securities, iBOX PAY, Ant Financials, among others. Away from the location controversies, KuCoin provides a platform suited for both beginners and experienced traders. If you are KuCoin’s regular customer, there are things you probably forgot. If you are not a customer, there’re things you probably assume they are the same as with other virtual currency exchanges. Maybe even confusing KuCoin with BitMex, or Poloniex.

Well, let’s refresh.

6 things about KuCoin you probably forgot

1. KuCoin token

KuCoin token is also known as KuCoin Shares. This token is an Ethereum-based, and it’s compatible with wallets used to store ERC-20 tokens. The KuCoin token had an original total of 200 million. Those holding KuCoin tokens are eligible for a bonus which offloads a considerable chunk of their trading fees.

KuCoin

For every user holding at least 1000 KCS (KuCoin Shares), this will result in a 1 percent discount on trading fees. The maximum discount rate shouldn’t exceed 30 percent. Therefore, holding 10,000 KCS results in a 10 percent discount, holding 30,000 KCS results in the maximum discount rate of 30 percent.

2. Security

KuCoin employs high-grade security practices and systems to safeguard customers’ digital wealth. The encryption standards used by the exchange are similar to those employed by major traditional financial companies. The users’ authentication process is also safe.

3. KuCoin Customer service

The exchange understands that coming through for customers at their moment of need is very crucial. Therefore, they have developed a robust customer support which includes a live chat. However, the live chat is useful to customers who have small issues which can be resolved within minutes.

For much bigger problems, customers have a ticketing system to file their queries. Additionally, the exchange understands that sometimes all a customer wants is to be pointed in the right direction. For this, the frequently asked questions (FAQs) section is a great resource. The customer service also has email support.

4. Trading fees

KuCoin is one of the few exchanges where you’re charged low trading fees. The low fees also apply during withdrawals. The exchange does not charge any fees on deposits. For the trading fees, KuCoin caps it at 0.1 percent while the withdrawal fees depend on the cryptocurrency involved. Others like NEO and GAS do not attract a withdrawal fee.

KuCoin

The cryptocurrency exchange has a different approach from other exchanges in terms of trading fees. For example, the exchange only benefits from 10 percent of the trading fees. The remaining 90 percent finds its way to users in various forms. Of the 90 percent, 40 percent is used in the Invitation Bonus while 50 percent is shared among those who have KuCoin Shares.

5. Mobile application

A mobile life needs mobile solutions. KuCoin has a mobile app which ensures you don’t miss a trade even when you are traveling and using a computer is not an option. One advantage of the mobile app is that the login details used are the same as those you use on the web platform. Unfortunately, the app is only available for Android and iOS-powered mobile devices. The mobile app allows a user to view open orders and trade history, charts, and initiate trades.

6. Countries and cryptocurrencies supported by KuCoin

KuCoin is available in many countries around the globe. However, China is yet to make it to the list of supported countries due to its harsh stand on virtual currencies.

KuCoin

For the number of cryptocurrencies supported, the exchange has over 398 markets which translates to more than 398 cryptocurrency pairs. The top coins like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), are included plus other less know cryptocurrencies and Ethereum-based tokens.

Conclusion

KuCoin has received numerous attention from traders due to its exemplary services and low trading fees. The exchange is not regulated by any government. This enables it to limit the amount of personal information it requests from users when signing up.

The above six points are among the few things you may have forgotten about the exchange. They also clear the way for those looking to sign up on the exchange. Among the outstanding things that are found on KuCoin include a mobile application and the presence of KuCoin Shares/KuCoin token which give holders a chance to enjoy lower trading fees.

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Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.