Overview of the KuCoin cryptocurrency exchange
The young KuCoin exchange provides participants with an easy way to purchase cryptocurrency and make profitable transactions with it to make a profit. It has its own crypto coin, the holders of which receive dividends. The platform completely covers the needs of users working with cryptocurrencies, so it has every chance of long-term development.
History of KuCoin
The official website of the KuCoin exchange was launched in May 2017. The platform was founded by a group of well-known entrepreneurs in the cryptosphere.
On the Internet, Cocaine is often referred to as the Hong Kong Stock Exchange. But its headquarters are in Singapore. There are 6 offices in different countries of the world. Perhaps this is due to the fact that the Chinese government currently has a negative attitude towards cryptocurrency and opposes its introduction into monetary circulation.
The official website of the exchange is located at www.kucoin.com. The site has a Russian-language interface, but all important documents are written in English. The exchange has accounts in all common social networks.
Creating an account on the Kuklin platform
Registration on KuCoin is carried out by e-mail address or mobile phone number.
The registration form is short: you need to fill in all the fields and enter the confirmation code received by mail or phone. It is necessary to tick the confirmation of agreement with the terms of the exchange.
After registration, the user receives 2 accounts: the main one – for storing cryptodeneg and the trading one – for performing trading operations. This provides additional security, although it may be difficult for beginners to understand the order of operations.
It is not recommended to keep money on a trading account for a long time. It is better to spend them immediately on carrying out operations of buying / selling cryptocurrencies.
Overview of the personal account on the KuCoin exchange
After successful registration, the user has a personal account. To get into it, you need to hover over the profile icon in the upper right corner and click on the email address.
The personal account contains the following sections:
- user profile;
- security settings;
- checking account verification;
- basic information about profile parameters;
- managing API keys for user authentication;
- CSV file with the history of trading operations;
- a section for creating subaccounts.
In total, you can create up to 100 subaccounts in each account.
Setting up an account on the KuCoin exchange
The verification procedure is not mandatory. But for anonymous users, the daily trading volume should not exceed 2 bitcoins in an equivalent amount.
For verification, you need to send any identity document with a photo. The procedure usually takes place quickly, but in some cases it may take from several hours to several days. You also need to send 3 photos, including a selfie with the shooting date. In the photos, next to the image of the face, there should be a piece of paper with the inscription For Ku Coin.
To ensure security, it is recommended to introduce two-factor identification.
Replenishment and withdrawal of funds
To top up your account on the Kucoin exchange, you need to do the following:
- log in to your account and select the Assets tab;
- select a crypto coin and click the “Deposit” button;
- make a transfer to the wallet number generated by the system.
Users usually do not have questions about how to withdraw money from the Kuklin exchange. To withdraw funds, you need to select a cryptocurrency, click the “Withdraw funds” button and fill out the form that opens.
Usually the money is withdrawn within 10 minutes.
The commissions are quite low. There are no commissions for adding funds to the account. Payment for withdrawal of funds depends on the type of cryptocurrency. The commission is 0.1% of the amount (for the domestic currency of KCS – 2 times less).
Trading opportunities of the platform
The exchange supports more than 700 cryptocurrency trading pairs. There is its own cryptocurrency KCS (Kukoin Shares). Now 1 dollin costs $9.39.
In 2019, it became possible to trade bitcoin futures contracts.
In terms of functionality, the exchange resembles the Finance platform. But there are types of tokens that are not traded on Finance, but are present on KuCoin.
There are additional bonuses for GCC holders: daily dividends (the exchange distributes half of the profit from commissions to holders), discounts and the lowest commissions for conducting trading operations. Periodically, the exchange buys tokens that are destroyed. In the future, this may lead to an increase in the exchange rate.
How to trade on the KuCoin exchange
To start trading, you need to click “Spot trading” in the upper panel of the site. The image of the trading terminal will appear.
After that, you can start trading by transferring the required amount of cryptocurrency from the main account to the trading account.
After clicking on the “Trade” button, you can select a trading pair and make a purchase/sale transaction by selecting the type of trading order. It can be a “Market” for making a deal at the current price. You can also select the “Limit” value to exchange the crypt at the expected price above the market. In this case, you will have to wait until the price rises to the desired value.
You can only trade Cocaine on the stock exchange at your own expense. If there are difficulties, there is a technical support button on the site.
Advantages and disadvantages of the site
The advantages of the Cocaine crypto exchange include:
- the possibility of anonymous trading;
- availability of a demo account;
- access to technical analysis tools;
- availability of a referral program;
- there is a mobile app for iOS and Android.
The number of available cryptocurrencies is constantly increasing. There are new species that are difficult to find on other sites.
A significant disadvantage of the exchange is that fiat money is not supported. Some users also consider the lack of leverage as a disadvantage.
Reviews of the KuCoin exchange
The forecasts of cryptocurrency market experts are optimistic. The trust rating for the exchange is 9/10 according to the CoinGesko platform. The exchange is constantly working on improving the interface to make it intuitive for inexperienced users. The functionality of the mobile application is the same as that of the main platform.
Trading on the KuCoin exchange is considered quite safe. Since the appearance of the exchange, there has not been a single case of its hacking or theft of money from user accounts.
Users write on the network and about the shortcomings. So, they note that technical support does not always work promptly. In addition, all correspondence with the exchange should be conducted only in English, which is not always convenient, but you can use an online translator.
The security of the exchange also has negative sides. It is necessary to enter a trading password and one-time codes several times when making transactions. Many users find this inconvenient. There are opinions about the inefficiency of the exchange’s bonus program, but the organizers of the platform are constantly working to improve not only the technical part, but also the marketing conditions.
Published: 7 January, 2022
