KuCoin Review 2022
Affiliate Disclaimer: This site is supported by its visitors. We may earn a commission for purchases made through the links on our site, this helps to keep everything running smoothly.
KuCoin is a famous, global crypto exchange platform, which means it is perfect for Australian crypto traders and investors out there. As a global exchange, KuCoin offers a beginner-friendly interface that boasts a number of trading features.
Aside from its over 200+ supported crypto assets, KuCoin also has its own crypto called KuCoin Shares. KuCoin Shares ‘Hodlers’ can use the token’s benefits to lower the already low trading fees further. At 0.1%, KuCoin’s crypto trading fee is on par with the more widely known Binance exchange (on the fee aspect).
KuCoin is certainly one of the best crypto exchanges out there, so give it a shot!
Table of Contents
KuCoin Exchange Info
- Website: kucoin.com
- Country: Seychelles
- Mobile app: Available
- Deposit Methods: Cryptocurrencies, PayPal, Interac e-Transfer, and wire transfer, P2P
- Trading Fees: 0.1%
- Fiat Currencies: 20 fiat currencies
- Cryptocurrencies: More than 200+
- KuCoin Shares (KCS) ‘hodlers’ get a trading fee discount
- User-friendly interface
- Wide selection of cryptocurrencies
- Available in over 200 countries worldwide
- Up to 500 USDT bonuses for new users
- Instantly convert crypto to crypto
- 24/7 customer support via live chat, email, and tickets
- Supports 70+ payment methods
- Peer-to-peer exchange available
- Up to 10x leverage on margin trading
Pros of KuCoin
- Ability to earn interest on crypto
- Low fees
- Strong user base
- Advanced trading features
- Good customer service
- Secure platform
- Anonymous trading
- Wide selection of cryptocurrencies
Cons of KuCoin
- Not licensed in the U.S
- Low trading volume
Choosing the right trading platform is an important step for trading crypto. The platform should cater to both experienced users and newbies who need a trustworthy cryptocurrency trading platform, and in our opinion, Kucoin is the right choice.
Kucoin has many features that would suit the needs of almost every kind of user. The instant exchange service feature makes it super simple for beginners to purchase or sell crypto, while experienced traders can make good use of some of the advanced features it offers like margin trading, futures trading, and more.
So, let’s talk more about Kucoin in today’s review. We’ll include an overview, ease of use, trading fees, notable features, customer support, and all of the essential features that make Kucoin stand out in the cryptocurrency trading market.
About the Kucoin Exchange Platform
Kucoin (kucoin.com) is a Singapore-based cryptocurrency exchange headquartered in Seychelles. The platform was initially launched in Hong Kong in 2017 under the slogan “The People’s Exchange”. The goals of the platform were to provide safe and reliable cryptocurrency services for everyone, and their efforts weren’t in vain – since the platform was released, it has made a positive impact in the world of crypto.
Despite being released in 2017, Kukoin’s development began back in 2013. In the years between 2013 and 2017 the platform went under a large makeover. It took a lot of work and a lot of polishing to ensure that the platform was operational and ready for the market.
The funds for the platform were gathered through an ICO (Initial Coin Offering) that took place in the second half of 2017. During the ICO, the platform unveiled its native crypto token KuCoin Shares (KCS). These tokens are used for special offers and trading discounts, plus, users can even receive portions of the exchange’s profits for holding them. The ICO turned out to be a massive success as more than $20 million were raised in BTC for selling 100.000.000 KCS tokens.
In 2019, the exchange platform had a massive makeover. The interface was updated to Platform 2.0 and gave the platform the style that it uses to this day. Besides aesthetics and functionality, the upgrade also enriched the platform with additional features like more order types, a new API, and other similar functions.
The platform continued to upgrade in 2020 when it launched the Pool-X liquidity trading market and the one-stop exchange feature KuCloud. Later in the year, the platform revealed its instant exchange services and added a wider variety of supported fiat currencies.
Ease of Use
The Kucoin trading platform is easy to use, even for beginners, especially after the 2019 interface overhaul. The user interface sports a modern and simple menu layout that allows you to navigate between the pages and panels with ease. The engine behind the exchange is a powerful API and the advanced core trading engine is capable of conducting millions of transactions per second (TPS).
Additionally, you have the option to switch between the new and the old interface. Both interfaces have their own unique functionalities, though the older version is a bit harder to use for new users on the platform.
Initiating a Trade
To initiate a trade, you only need to navigate to the “markets” tab and find the market that suits your needs – the tab is located on the homepage, so you can’t miss it. Then, to enter the trading window, you’ll be asked to set up a trading password as an additional security method that not many platforms utilize. The trading window might look a bit complicated as it engulfed the whole screen, but everything is laid out smartly and intuitively, making it easy to learn. The window for placing orders is green while the selling button is red.
One of the more important features of any crypto trading platform is spot trading. The Kucoin platform enables users to trade with more than 200 tokens with acceptable fees and a maker/taker fee of 0.1%. (we’ll touch more on that in our fees section).
Currently, the platform supports trading orders like Limit, Market, Stop Limit, and Stop Market. These orders can be further customized with Post-Only, Hidden, and Time In Force such as Good Till Canceled, Good Till Time, Immediate or Cancel, and Fill or Kill.
All in all, the platform offers many options, it’s easy to use, and the charting tools are powered by TradingView for the best trading experience.
Kucoin Pros and Features
We talked about how the Kucoin platform is easy to use because of its simple user interface, the powerful API engine that can handle millions of transactions, the numerous order types, and advanced charting and trading options. All of those features make it an attractive choice for anyone. But now let’s focus on some of the more prominent trading features of the platform, like margin trading, futures trading, instant exchange feature, and more.
Kucoin Margin Trading
The margin trading feature on Kucoin is fairly new as it was introduced in 2019. With the margin feature, users can use other users’ coins to trade on the platform with higher capital and to leverage trading positions. In plain terms, users can borrow additional assets by staking some of their crypto. For example, by using x5 leverage, users will be able to stake 1 BTC and receive 5 BTC to trade with. There are 15 cryptocurrencies available to margin trade on the platform that include Bitcoin (BTC), Ethereum (ETH), and the native token Kucoin Shares (KCS), among others. The margin trading service can be used for both long and short-term positions.
Heads up: – using margin trading can be profitable but can also flunk the initial investment. This feature is best utilized by users who have more experience and beginners should take their time learning about margin trading before making a decision. The platform supports 35 trading pairs with up to 10x leverage.
Kucoin Futures Trading
The futures trading feature was also introduced in 2019 with the platform’s makeover. Previously, the platform went by the name KuMEX and the feature was called contract trading. It was a bit different from what the feature offers today. Kucoin futures trading now consists of users buying or selling standardized contracts of digital assets.
In plain terms, the buyer purchases crypto at a particular price and agrees to get the assets at a determined time in the future and the seller has to deliver the agreed assets in that timeframe for the agreed price. An example would be to purchase 4 BTC for the price of $100 per BTC in three months exactly.
Kucoin users can trade margin contrast with up to 100x leverage. This means that a user can trade with up to $10.000 worth of crypto even if they have $100 worth of crypto in their account.
There are two platforms for futures trading on Kucoin: The Lite version is for beginners and the Pro mode is for experienced users. The Lite version allows users to trade with USDT margined BTC and ETH contracts, while the Pro mode feature allows users to trade with USDT-margined BTC and ETH perpetual contracts, as well as BTC-margined BTC perpetual contracts and BTC quarterly contracts 0925 and 1225.
Quarterly contracts are agreements in which assets have to be sold or purchased at a fixed price and at a particular time or delivery date in the future. These contracts have predetermined expiry dates and when due, both seller and buyer have to execute them no matter the price of the underlying asset. The buyer will gain if the price is higher than the agreed price and the seller gains if the price is lower than the settled price.
Kucoin Peer-to-Peer Exchange
In 2020, Kucoin introduced an instant exchange service. This feature brought a wide range of fiat payment methods as well as fiat currencies. Kucoin users became able to purchase crypto with credit cards and debit cards with more than 10 fiat currencies. Later in the same year, Kucoin updated the P2P exchanges by enabling users to instantly buy Bitcoin and other altcoins through PayPal and other payment providers.
Kucoin offers users a service called Kucoin Earn that pays interest on users’ crypto in two ways: the first way involves users staking their crypto through Pool-X and the other way is by allowing users to loan their crypto and earn interest in return. Pool-X is a separate platform in which users can take part in staking their cryptocurrencies in staking pools. They will receive interest on their staked coins and are free to unstake them at any time.
Crypto staking is very similar to earning dividends on stocks and certain cryptos use staked coins to help with the network validation and keep the network secure. There are even rewards for users who will stake their crypto for a designated time frame.
The interest the user earns for lending their crypto assets works similarly to traditional savings accounts but the rates vary depending on the crypto and the demand. The interest ranges between 8% and 12% on average and is used for powering the platform’s margin trading feature. Lenders will always be paid back in full no matter the outcome of the margin trades.
Kucoin Demo Trading
New users who still don’t feel completely ready to start investing their funds on Kucoin can take advantage of the demo trading account. The demo trading account allows them to develop investment strategies and follow real-time market movements to develop their crypto trading skills and start trading with real money.
Bitcoin and Other Supported Currencies
Kucoin gives users access to more than 400 markets and the option to trade with more than 200 crypto assets and tokens. Some of the cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Monero (XMR), Cardano (ADA), Ripple (XRP), Bitcoin Cash (BCH), EOSiO (EOS), Neo (NEO), Litecoin (LTC), and more. The exchange also offers users to trade with tokens like KCS, OMG, DADI, etc.
In terms of fiat currencies, the platform constantly updates its fiat currency support and at the time of writing this article, users can select up to 22 fiat currencies via Simplex, Banxa, or other platforms, and those include USD, EUR, GBP, CNY, AUD, and more.
Kucoin Fees and Limits
Users who trade with more than one digital currency can make use of the low trading fees on the Kucoin exchange. Kucoin offers a fee system whose fees are well below the industry standard and come in tiers based on the user’s 30-day trading volume.
Kucoin Trading Fees
Any trade on Kucoin incurs a 0.1% trading fee which is one of the lowest in the whole industry. Additional decreases in trading fees are calculated based on the user’s 30-day trading volume and how many Kucoin Shares (KCS) the users have in their portfolio. Moreover, participants in investor programs on Kucoin can earn additional trading fee discounts.
In terms of futures trading fees, Kucoin has adjustable USD/USDT lending rates, depending on the outcome of the funding rates that can be positive or negative. Positive rates mean that the contract’s price is higher than the mark price while negative rates mean that the price is lower than the mark price. The fees for maker/takers range between 0.02% and 0.06% based on the user’s trading volume. The same fees apply for margin trading. Aside from the low regular trading fees, margin and futures trading fees are competitive as they are similar to other crypto exchanges. Here’s a more detailed view of the tiered fees program on Kucoin.
Kucoin Withdrawal Fees
Kucoin’s withdrawal fees are under the industry-standard withdrawal fee and are different between each cryptocurrency. For example, Bitcoin withdrawal fees cost around 0.0004 BTC per withdrawal.
When it comes to deposits, they are free of charge as Kucoin doesn’t charge its users for any depositing transactions.
Is Kucoin Safe To Use?
When addressing security features, Kucoin has a partnership with Onchain Custodian to secure any assets stored on the platform. This partnership also provides an insurance policy from Lockton against hacking attempts and crimes.
Kucoin states that they use cold storage to store assets to combat any hackers but they don’t actually state how much of the crypto is stored offline. We can presume that they store 90% of the assets in cold storage as many other exchanges follow this principle and leave 10% in hot wallets for any day-to-day withdrawals and trades.
When it comes to user protection, Kucoin utilizes a two-factor authentication system (2FA) and a trading password for entering the trading view and market. Users can also utilize a safety phrases feature that will protect them against phishing attacks.
Kucoin also features a full KYC verification system and users who have completely verified Kucoin accounts can benefit from further fee discounts and other benefits.
Kucoin fell prey to a hacking attack on some of their wallets a few years back but they were very transparent about it and quickly reimbursed the affected users from their insurance fund.
Kucoin is not regulated in the United States so it’s not ensured by the FDIC. Also, as the US authorities are enforcing laws and regulations on users of unregulated crypto exchanges to prevent money laundering and tax evasion, traders from the US might have their accounts frozen if they are caught doing business with an unregulated platform, so they should be wary when taking their business to Kucoin.
Kucoin has a helpful customer support team that’s available 24/7. There are several ways that customer support can be reached:
Furthermore, the platform is active on social media platforms like Facebook, Twitter, Telegram, etc. The customer support team is known for being quick, so you can expect your issue to be addressed within a few hours. Unfortunately, there is no phone number to directly call the team for any urgent issues.
A Few Words Before You Go…
Kucoin is a brand new player in the crypto game and there’s a reason why it’s ranked at the fifth spot for the best exchange by trading volume. The platform is suitable for trading crypto and derivatives trading and additionally offers extra trading options such as staking and demo trading. Both new and experienced users can utilize the platform to find the trading options that suit them best. Moreover, the platform offers a digital wallet for free with excellent security features and constant updates.
Combined with excellent safety features, customer support, a wide array of both crypto and fiat currencies as well as vast trading options, the Kucoin platform should be a one-stop for any type of crypto trader. Signing up is free, and we wholeheartedly recommend the platform to anyone. Unfortunately, due to regulation issues, US users might find themselves backed against a wall but to combat that, we’ve listed some of the best alternatives to Kucoin.
frequently asked questions
Yes, Kucoin has an excellent mobile app that’s packed with most of the features offered by the main platform. The app is free to download on both Android and iOS devices. The app also utilizes trading bots that automatically buy or sell cryptocurrencies so users don’t have to be online at all times.
Yes, Kucoin can be used in Australia through the Simplex platform and even accepts Australian Dollars as payment.
Kucoin provides a variety of impressive and advanced services for crypto exchange. This includes margin trading order books, market analysis in real-time and even the OTC desk for traders with large volumes.
There’s an online wallet available on Kucoin, the site where users can trade their money, however Kucoin doesn’t have the option of a wallet. Although most people consider Kucoin as a secure exchange for trading It is a good idea to utilize a physical wallet because Kucoin is a new platform and not tested.
Kucoin accepts regular bank transfers wire transfer, PayPal as well as Interac electronic transfers. The platform has joined forces with the payment processor Simplex to permit its customers to purchase cryptocurrency using credit or debit cards. As of now, Kucoin supports only USD and EUR deposits.
Kucoin is currently not being regulated by any authority which is why they are able to operate across all countries. However, because the demand for cryptocurrencies is always growing, certain countries could take on a greater part in regulating as time passes. This may affect Kucoin in the near future, as they are not taking any action to conform to any current regulatory authorities.
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1%||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||Visit|