There are now over 200 cryptocurrency exchanges listed on Coinmarketcap. We are used to the essentials of the market which are Coinbase, Kraken, Bittrex and of course Binance. But other lesser-known platforms are already brewing millions of dollars every day and offering significant benefits to their users. Here is my review and opinion on KuCoin , which knows how to do well for the moment despite its discretion.
KuCoin in a nutshell
Launched in August 2017, KuCoin is still a very new exchange platform . Its creation is nevertheless based on a long reflection carried out by its creators, blockchain and cryptocurrency enthusiasts. The technological architecture of the current platform was designed in 2013, and has undergone numerous tests and improvements over many years to offer a reliable and secure final version.
KuCoin's goal is to offer cryptocurrency users a reliable, secure, and easy-to-use platform to exchange their currencies.
Launched almost at the same time as Binance, KuCoin has seen much less success, but has so far proven its worth to users. I has provided professional, quality service to her clients , who are currently very satisfied.
KuCoin is based in Hong Kong . Like Binance, the platform offers a token, the KCS. KCS token holders benefit from numerous privileges:
- 50% of the transaction fees are returned to them (rewards adjusted according to the number of tokens held and the volume of the exchange).
- Trading fees are reduced for some orders, depending on the number of tokens held.
- From a certain level, KCS holders will be able to benefit from personalized investment advice and other exclusive services (priority pass for customer service, etc.).
Number of currencies on KuCoin
KuCoin offers around 200 different altcoins to trade. 395 currency pairs are offered. The platform is therefore very advantageous from this point of view and is ideal if you are looking to buy rare cryptocurrencies in the market.
User experience on KuCoin
KuCoin's interface is modern and ergonomic . The base currencies of trading pairs are: BTC, ETH, KCS, NEO and USDT. After choosing your currency pair, a traditional trading screen is displayed. This one is more colorful than on Bittrex, but less than on Binance.
The trading screen is uncluttered and makes it easy to navigate. The platform is rather responsive and so far has encountered few technical bugs.
Deposits and withdrawals on KuCoin
KuCoin does not allow the purchase of cryptocurrencies through fiat currencies. Deposits are therefore made in cryptocurrencies. For example, you can make a payment in KCS, bitcoins or ethers. Deposits are made in about two minutes.
Withdrawals, meanwhile, are processed particularly quickly compared to other platforms: a few seconds for the smallest amounts, ten minutes maximum for large amounts.
Fees and commissions on KuCoin
KuCoin is positioned as a competitive exchange platform by offering particularly low transaction fees, around 0.10%.
The withdrawal fees depend on each cryptocurrency, with some withdrawals being free, such as GAS and NEO. For BTC, these fees are set at 0.0005, which is particularly interesting.
90% of the total trading fee is returned to users in one way or another. 50% are in fact returned to users who hold KCS, the remaining 40% representing the bonus of the referral bonus . It is therefore very interesting to sponsor your relatives on KuCoin to reduce your costs.
KuCoin site security
KuCoin was developed to high system security standards and is today one of the most secure exchange platforms. All sensitive data, and more broadly all user data, is protected and encrypted using a layered data transfer protocol .
Like all large exchange platforms, KuCoin offers 2-factor authentication to secure the profile of its users.
Very focused on security, the company has an entire department dedicated to risk management to internally control operational risks. Another department is entirely dedicated to improving operational processes. It is therefore thanks to a rigorous quality approach that KuCoin can today justify such a level of security.
Reliability to be put into perspective, of course, with the youth of the platform , which is still in its infancy and could unfortunately surprise us by being the victim of one or more hacks in the coming years.
Support for teams in KuCoin
KuCoin support enjoys an excellent reputation so far. Its customer service is available 24/7 by phone, email or customer ticket. The reactivity is there, which will however be likely to evolve with the approach of a next peak of traffic of the market.
KuCoin Final Review
KuCoin has so far been overtaken by Binance, which offers more or less the same services but has managed to capture most of the market by being more convincing. However, the KCS token seems almost more interesting than the BNB, by offering many privileges. But Binance now enjoys such a head start that it remains, for the moment, the essential reference for Asian platforms.
However, KuCoin remains a very interesting exchange that I invite you to test if you want to try a new platform. You will be able to enjoy a wide choice of cryptos and a simpler interface, which may be more suitable for beginners than Binance.
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