This post will guide you through the process on how to purchase KuCoin Token (KCS) on KuCoin Exchange. KCS is a native token of KuCoin Exchange which lets traders get a share of the growth benefits of the exchange. KuCoin Token (KCS) is currently issued as an ERC-20 token on the Ethereum Network and may become as a governance token of the KuCoin community.
Why Buy KuCoin Token (KCS)?
One of the reason to buy KCS is that it gives an incentive in holding it at the KuCoin Exchange. Users who hold at least 6 KCS on their main account will get a share of the 50% of KuCoin's trading revenue. The bonus is given in terms of KCS and is delivered daily. The amount of rewards you get depends on the daily trading volume and the amount of KCS you are holding.
Aside from KCS being an incentive token, it also holds a lot of utility. These are the few things you can do with your KuCoin Tokens.
- KCS can be used to pay trading fees and give you a 20% discount on KuCoin
- KCS is used to participate in Spotlight (IEO) and Burningdrop.
- KCS can be used to pay for hotel reservations in Travala.
- and many more.... Read more here.
1. Open a KuCoin Account. The first step is to create a KuCoin account. If you still don't have one, you can register by using my referral link here: Referral Code: r3WUKKX
2. Open your "Main Account Wallet". After finishing the registration process, Click on the Wallet Icon on the upper-right menu bar. Once you click this, you will be shown a drop-down menu which will let you choose "Main Account" (a). The Main Account wallet lets you receive and withdraw your crypto into and outside the exchange respectively.
3. Deposit Crypto of your choice. On your Main Account wallet, you will be shown a list of cryptocurrencies available on the exchange. If you just created your KuCoin account,you have to deposit a crypto of your choice in your account. To do this, proceed to the Search Bar located on the right side. This will help you find the cryptocurrency you want to deposit quickly. For this guide, I decided to deposit $DOGE because it has a cheap transaction fee. Once you type the crypto, click on the "Deposit" (b) option on the Operation column on the right side. I would suggest that you deposit at least 6 KCS worth of crypto because this is the minimum amount you will need in order to earn KCS bonus rewards. You might have to check the market price of KCS at the moment in order to know the amount of crypto to deposit. Check the links for the trading pair you might want to use: [KCS-USDT] [DOGE-KCS]
4. Obtain the Deposit Address. After clicking "Deposit", you will be shown be able to obtain your deposit address. You can either copy the adress in full or view the QR code by click the corresponding buttons (c) beside the address. Make sure to choose the right token and the network. You must be careful in choosing the network because some cryptocurrencies are already multichain (USDT, MATIC, etc.) and choosing the wrong deposit network might lead to losing your deposited tokens. The deposit address given is where you should send the crypto (in this case $DOGE). You might have to wait a few minutes for the deposited tokens to reflect into your "Main Account Wallet" depending on the required blockchain confirmations (in this case it's 36 blocks).
5. Transfer your Deposit to your "Trading Account Wallet". After depositing your crypto, you have to transfer it from the "Main Account Wallet" to your "Trading Account Wallet". The Trading Account Wallet is where you place the crypto you want to trade so you have to put it here. To do this, open your "Main Account" (b) and find your deposited crypto using the Search bar. Once you see your deposited crypto, click on "Transfer" (d) option under the "Operation" column. You will be able to change the direction from Main Account to Trading Account. This is the default option so you don't need to change anything on it. Set the amount of crypto to transfer and click "Confirm" (e).
6. Trade your Deposit to KCS. In order to see the transferred tokens, you must click on Trading Account (f) on the menu bar. After seeing your transferred crypto, (in my case, it is DOGE) Click on Trade (g) and choose the trading pair with KCS (h). In my case, I am using the DOGE-KCS trading pair.
You will see a user interface similar to the one below. This shows the trading pair's chart and the bid and ask prices. For now, we just need to trade the deposited crypto ($DOGE) into KCS on the lower-right panel below. It is highlighted with blue border (i) on the image below. I would suggest that you do a "Market price" transaction. This will automatically trade your deposited tokens at current market price and is instantly executed.
7. Transfer your KCS to Main Account. After getting your KCS, go back to your Trading Account (f) and transfer your KCS to Main Account. To do this, click on Trade (j). A dialog box will pop out asking for the amount you will transfer. Transfer all the KCS and click Confirm (k).
8. Go to "KuCoin Bonus". In order to check your KCS bonuses, click on "My Bonus" (l) menu found on the upper right corner. This menu shows your bonuses you got from from using KuCoin. For now, we are interested in your KCS bonuses. In order to see this, Find "KuCoin Bonus" and click View (m).
After click View, you will be shown an interface similar to the one below. This will show you the amount of KCS your are holding and your total accumulated bonus. Obviously, you won't see anything in here yet because we just started. KuCoin bonuses are paid in KCS and are credited daily. Take note that you have to hold 6 KCS in order to earn rewards. Your daily reward should at least be 0.00000001 KCS in order to be credited. Don't worry about this because having 6 KCS will give you a daily reward more than this.
This post is created in line with the KuCoin Content Creator Program which will allow more people to participate in the construction of the KuCoin Ecosystem.
KuCoin is a crypto exchange which supports over 600+ tradable assets. It is also known as the "People's Exchange" built for all classes of investors and is one of the top 5 crypto trading platforms. It is also named the Best Crypto Crypto App of 2022 for enthusiasts by The Ascent. You can learn more about Kucoin here: Read Here
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