Before we dive completely into this KuCoin review, let’s briefly discuss the exchange’s pros and cons and what users can expect. Using margin greatly increases the amount of risk you’re able to take when investing in an already risky and historically very volatile asset and is best left to experienced crypto investors. While KCS is undoubtedly one advantage of using the KuCoin platform, it’s still important to note that KCS is itself a volatile crypto and that you are not assured a stablecoin value. KuCoin offers its own coin, KuCoin Token (KCS), an ERC-20 token that runs on the Ethereum network. U.S. users—being unable to complete KYC verification—aren’t offered the same protections as international users. In the September 2020 security incident, KuCoin responded as soon as the situation arose before it became too complex to resolve.
I.D. verification
- The CEO believes that today’s company is more robust than it has ever been, and the firm will continue to increase its investment in security.
- You can use this for anything from rebalancing your portfolio when your asset allocation goes askew to programming guardrails for it to take advantage of price fluctuations in your absence.
- Other trading costs are also discounted based on the variables, for example participants in institutional investor programs also get substantial trading fee reductions.
- Using margin greatly increases the amount of risk you’re able to take when investing in an already risky and historically very volatile asset and is best left to experienced crypto investors.
According to the KuCoin annual report, one KuCoin user got 70,000 KCS bonus in 2020. In fact, it’s one of the most reliable cryptocurrency exchanges on the market despite a few previous hacks against it. Like most crypto exchanges, KuCoin has a maker/taker fee structure, meaning you pay different fees depending on whether your order is considered a maker or a taker. Thus, by increasing your trading volume over 30 days users can reduce the amount of the fee.
Additional security features
However, it how much does it cost to start bitcoin trading is always a smart strategy to withdraw any unused funds from the exchange and place them in your own wallet, ideally a cold storage hardware wallet such as a Ledger or Trezor device. To better protect and secure your account, KuCoin recommends using 2-factor authentication. Specifically, the platform uses Google Authenticator to safeguard your account, prevent asset theft, and provide an extra layer of security.
Recovering the funds
Nevertheless, there are costs for cryptocurrency withdrawals, which vary depending on which crypto is withdrawn. These expenses are mostly the result of network developer icon png ico or icns free vector icons fees levied by various cryptocurrencies, as the numerous cryptos available on this site determine the withdrawal charges. Some of the main figures that set the platform apart from its competitors include more than 8 million registered users globally, over $370 billion in trading volume (USD), and almost 800 million total trades. As an illustration, the KuCoin team routinely checks to see if groups follow stringent security requirements in their day-to-day data activities.
The exchange accepts users from over 200 countries and regions; it has more than 1,300 trading pairs and north of 200 project launches. Its simple and fast user interface is coupled with timely customer and technical support. The exchange has one of the largest trading communities in the industry.
Again, you need to specify the network you want to use, input the destination address and the amount you want to withdraw, and (optionally) put a remark. You will see the address you need to send funds to—this is your Main Account KuCoin address. Once you have funds deposited, you will have to transfer them to your “Trading Account” by clicking the transfer button to start trading. In this case, we’ve selected the Tether (USDT) stablecoin, but you can deposit pretty much any cryptocurrency. Without a KYC verification, you will be able to withdraw as much as 5 BTC per day. If you want to increase this limit, you should have your personal information verified.
Class C is filled with cryptos like BURP and HIPUNKS, cryptos with less than $1 million in market cap. Interestingly, there are no deposit fees with KuCoin, which means that deposits are free for clients regardless of the currency they choose. KuCoin Futures features changeable financing costs for Futures contracts. By way of explanation, the USD/USDT loan rate, which adjusts for comparable financing rates, can be either positive or negative. On the assumption that the variety of online materials cannot address your issue, there are several methods to contact the support team. This additional security feature ensures that even if someone discovers your password, they would not be able to access your account without gaining access to your mobile phone.
Cryptocurrency exchanges that are well known in the marketplace are considered more secure; thus, it is paramount that KuCoin establishes itself as one of the most high-profile, trustworthy platforms in the space. This guide will provide insight into the specifics of the KuCoin cryptocurrency exchange and discuss whether or not it is a safe crypto platform to use. We will go through the security measures put in place by KuCoin to deter hackers and protect the organizational structures for devops software development network.
