Here’s What New Users Need to Know About Trading on the KuCoin Exchange: Part One
If you have a general idea about crypto, with all the blogs we’ve been writing about, I will introduce you to how to trade in KuCoin in a series of steps and articles. I will mark the titles with the numbers One, Two, Three, and so on. So, let’s get to it.
How to Buy Crypto Assets with your Local Currencies
- What Types of Fiat Gateways are there?
Fiat Gateway refers to platforms where users can buy/sell crypto assets with local currencies. This makes it easier and more convenient for users to access crypto if they want to purchase some of their own. KuCoin has opened multiple fiat channels such as P2P Fiat Trade and Third-party Payment, which already support 50 local currencies. Before buying crypto currency with local currencies, the user needs to complete the KYC verification process.
- How to Finish the KYC Verification Process
KuCoin KYC comprises KYC 1 (Basic Verification) and KYC 2 (Advanced Verification). By completing Advanced Verification, you will get more trading benefits. Log into your KuCoin account, click “KYC Verification” under the avatar, and fill in the requested information. For individual accounts, go to “KYC Verification”–“Individual Verification”. Input your individual information and click “Submit”. After KuCoin approves your KYC 1, complete Advanced Verification to get more trading benefits. More on the process and important tips in another article. So, stay tuned.
- How to Buy Cryptocurrencies on Peer-to-Peer (P2P) Fiat Trade
KuCoin P2P Fiat Trade currently supports multiple fiats to buy crypto assets. Log into your KuCoin account and go to “Buy Crypto” — “P2P Fiat Trade” . You will need to input your “Trading Password” and bind your phone number. Visit the KuCoin P2P Fiat Trade homepage and click “BUY” Then enter the total/amount you want to buy and click “Place Order”.
On the order page, confirm the amount (total) and payment method of the order. Transfer your payment to the seller within the time limit. The order will be automatically canceled if you do not make the payment within the specified time. Make sure you click on “Mark Payment Done” on time after your payment.
Be patient and wait for the seller to release the crypto assets. The crypto assets will arrive in your Main Account and with the order completed. I will explain more in subsequent articles.
How Can I Convert BTC to Other Cryptocurrency
This is where Spot Trading comes in. Spot trading, also called crypto-to-crypto trading, refers to trades made between cryptocurrencies. Simply put, you can directly exchange one type of crypto asset for another type of crypto asset.
Exchanges between different cryptocurrencies will form a trading pair, which reflects the exchange ratio between the two tokens. For example, if USDT is used to exchange ETH, an ETH/USDT trading pair will be formed. This trading pair represents how much you can exchange USDT for 1 ETH.
If you want to conduct Spot Trading on KuCoin, you need to transfer the assets from your “Main Account” to your “Trading Account” first. Just input your “Trading Password” and you’ll be ready.
- The Difference Between Different Accounts
In KuCoin, there are 6 types of accounts: the Main Account, Trading Account, Margin Account, Futures Account, Pool-X Account and Sub Account.
The Main Account: Used to store crypto assets, with deposits and withdrawals of crypto assets being conducted in the Main Account. The assets in the Main Account cannot directly take part in trading.
Trading Account: Only used for Spot Trading.
Margin Account: Only used for Margin Trading.
Futures Account: Only used for Futures Trading.
Pool-X Account: Only used for staking and soft staking.
Sub Account: Up to 100 sub-accounts, which can be used for tutorials or opening opposite positions.
KuCoin supports cryptocurrency deposits to Main account, Trading Account, Margin Account, or Pool-X Account.
- Trading Fees
On the KuCoin Spot trading and Margin trading markets, the trading fee is 0.1% of the transaction amount, but the user’s VIP level also affects the trading fee. The higher the VIP level is, the lower the trading fee is. For more information, click “Fee” at the bottom of the official website. In addition, you can enjoy a 20% discount if you use KCS to pay trading fees. Isn’t that something? :)
How to Send Cryptocurrencies to your Friends
Besides purchasing cryptocurrency through P2P Fiat Trade or third-party payment, you can also deposit cryptocurrencies into your KuCoin account. Before you make a deposit, you need to get a deposit address.
- How Can I Get a Deposit Address?
Log in your KuCoin account, find the “Asset” tab in the upper right corner of the website and click “Main Account (Deposit & Withdraw)” from the drop-down list. Select the coin you want to deposit from the drop-down list or search for the coin’s name directly and click “deposit”. Just copy your deposit address and paste it into the withdrawal platform, and deposit coins to KuCoin.
- How to Deposit Coins
Once your wallet is open, select the coin you wish to send, then copy your KuCoin deposit address of corresponding currency here. Once you have entered your details, you can send the transaction. Your KuCoin “Main Account'' will be credited.
Notes for deposit:
If the coin you deposit has any of these: “Memo”,”Tag”,”Payment ID” or a ”Message”, be sure to enter it, otherwise the coins won’t arrive in your account. I will write about this in another article.
- How to Make a Withdrawal
Log in your KuCoin account, click “Main Account (Deposit & Withdraw) then type the token name in the search box, or scroll down and click on the token you want to withdraw. Once you have selected the correct token, you need to add the wallet address (composed of remark and address) and amount. The Remark is optional. Then click “Confirm” to carry out the withdrawal. Input your Trading Password, email verification code, and Google 2FA or SMS verification code to complete all the withdrawal steps.
Notes for Withdrawals:
Double check your withdrawal address and token type. If the withdrawal succeeds, it is no longer possible for it to be canceled. Different tokens charge different withdrawal fees.
- How to Transfer Between Internal Accounts
You can transfer tokens of the same type directly from account A to account B on KuCoin with 0 fees. Internal transfers arrive quickly. If your friends are KuCoin users, you can send them cryptocurrencies by internal transfer. For example, if you want to transfer the exchanges’ native token, KCS between KuCoin accounts, enter the KCS wallet address of KuCoin directly. The system will automatically identify the address belonging to KuCoin and check “Internal transfer” by default. If you want to transfer in the blockchain, then just cancel the “Internal transfer” option.
NB: This content is for informational purposes only, and not for financial advice. Trading in cryptocurrency is risky, and while its market is available worldwide 24/7, please do your own risk assessment as you explore. Tell us your experience trading on the KuCoin exchange.
In the next articles will expound more on KYC, P2P, and the layers of knowledge required for deposits, respectively. See you on the other meta verse. :)
Do sign up for a KuCoin account.