Sirwin
Sirwin

Here’s What New Users Need to Know About Trading on the KuCoin Exchange: Part Four

By Justino | An Angle of Truth | 9 Sep 2021


Here’s What New Users Need to Know About Trading on the KuCoin Exchange: Part Four

In this fourth series, we focus on the nitty gritty, complex know-how of KuCoin deposits. 

Special Knowledge When Depositing onto KuCoin

Depositing your tokens to exchanges is not just as simple as having wallet addresses involved. In this article, we will clarify how to deposit on KuCoin, which can be tricky and fun. Hey, this is crypto. :). So KuCoin does not have a deposit minimum limit. Pheew. You want to check the minimum deposit amount will depend on the minimum withdrawal amount from your withdrawal platform or wallet.

  • Special Tips for USDT and BTC Deposit

KuCoin users can deposit and withdraw USDT in five forms: USDT-TRC20, USDT-ERC20, USDT-EOS, USDT-Algorand, and USDT-KCC. Nice.

When you deposit USDT (Tether) to KuCoin, you must choose one form (-TRC20, -ERC20, -EOS, -Algorand, -KCC) because each form of USDT has a different wallet address. You can see the different wallet addresses on your USDT deposit page.

Based on different networks with speed and security differences, the withdrawal fees may be different. Ah, yes. Fees.

If you want to deposit USDT to KuCoin, you need to confirm the form of USDT first on the withdrawal side, then choose the related form of USDT wallet address on your KuCoin USDT deposit page.

For example: If you choose to deposit USDT-TRC20 to KuCoin, you must choose the form on your withdrawal side when pasting your KuCoin USDT-TRC20 wallet address.

Deposits on the KuCoin Exchange

Also, if you choose USDT-EOS to deposit or withdraw, a ‘Memo’ is required. You can see the Memo of your USDT-EOS wallet address when depositing to KuCoin.

It’s a similar story for BTC deposits.

KuCoin has already supported the BTC deposit addresses of two chains, the BTC chain, and the TRC20 chain.

TRC20: The address starts with “T”. The deposits and withdrawals of this address only support the TRC20 chain and will not withdraw to a BTC chain address.

BTC: KuCoin supports deposit addresses of BTC-Segwit form (starts with “bc”) and BTC form (starts with “3”). The withdrawal function supports withdrawals in three formats.

Choose a different chain or format to get the BTC deposit address when depositing. Ensure that you choose the correct chain or format. The system will identify the public chain automatically.

  • “Memo”,”Tag”,”Payment ID”,”Message”. Huh?

If the coin you deposit has the Memo/Tag/Payment ID/Message, enter it correctly. Otherwise, the coins won’t arrive in your account. There will be no deposit fee and minimum/maximum deposit amount limit.

When depositing any token on KuCoin, check the deposit wallet address page. If any token needs a credit-related Memo/Tag/Payment ID/Message, the related one will be below the address, which is on the same deposit page. These images might help: https://telegra.ph/Deposit-with-MemoTagPayment-ID-Message-05-17

Below are examples of some common tokens with Memo/Tag/Payment ID/Message when depositing to KuCoin.

Tokens with Memo: EOS, EOSC, STX, MXW, Luna (Terra chain), WAXP, BNB, ATOM, IOST, and XLM

Tokens with Tag: XRP

Tokens with Payment ID: ETN, DERO, and TRTL

Tokens with Message: XYM

For example: If you did not see a part to add Tag' when depositing XRP to your KuCoin account, it is proper to contact the support team of the withdrawal side to check since you cannot deposit XRP to KuCoin without the Tag of the wallet address.

  • Other Deposit Tips

Deposit tokens via KuCoin’s supported chain, as the ERC20 chain only supports some tokens. The mainnet chain or BEP20 chain support others. If you’re uncertain which chain it is, confirm it with KuCoin admins or customer support first.

For ERC20 tokens, each token has its unique contract ID, which you can check on https://etherscan.io/. Make sure that the token’s contract ID you deposit is the same as KuCoin supported one.

For example: COTI in KuCoin is a mainnet token, so you cannot withdraw COTI to a platform whose COTI is an ERC20 chain.

 

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.


Do sign up for a KuCoin account.

How do you rate this article?

18


Justino
Justino

Self-Published Author. Editor.


An Angle of Truth
An Angle of Truth

The musings from a student of life.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.