KuCoin is a crypto exchange that lets you trade a variety of different crypto coins. It was launched in May 2017 by a team of business professionals. Though it is among the latest crypto exchanges in the market, but is considerd one of the most impressive. Its founders set out KuCoin exchange to establish a simple and secure platform for people worldwide to trade various digital coins.
KuCoin’s exclusive features, low transaction fees, and a wide choice of coins are ideal for experienced cryptocurrency traders. KuCoin exchange, on the other hand, is not permitted to operate in the United States. So, read the rest of this KuCoin exchange review to see if you should proceed with this cryptocurrency exchange or not.
KuCoin Exchange:
KuCoin exchange is an excellent cryptocurrency trading platform for experienced traders outside of the United States who wants to take advantage of its exclusive features and diverse digital coin selection. So, let us look at the KuCoin exchange’s pros and cons so you can make an informed& enlightened decision.
Pros
- Low transaction fees
- Robust community
- Diversified range of coins
- You can earn interest on your holdings
- Exclusive trading features
- Outstanding customer service
Cons
- Not certified in the United States
- Limited payment options
PROS of KuCoin Exchange:
So, now that you are mindful of its pros and cons. Let us have a look at them briefly to gain a better understanding.
Low Transaction Fees:
KuCoin exchange features the lowest trading fees in the cryptocurrency market. There are no monthly account charges. However, withdrawal fees are almost similar to those charged by other exchanges. Moreover, depositing cryptocurrency is complimentary, while depositing fiat currency such as US dollars includes a fee. These prices vary depending on how you send money and which third-party services you use.
Robust Community
KuCoin exchange takes pride in saying that one out of every four cryptocurrency holders globally uses its service. Because more people are trading on the platform, a large customer base provides liquidity , allowing you to make the trades you desire. It also means you will be able to join a vibrant community of traders who speak your native language.
Diversified Range of Coins
KuCoin offers a significantly wider range of cryptocurrencies than many other exchanges or brokerages. KuCoin is worth looking at if you want to venture out into less popular currency. It also features a spotlight section where new currencies are promoted so that consumers can get in early. Remember that newer or lesser-known coins pose a higher risk than more established coins.
You Can Earn Interest on Your Holdings
The KuCoin Earn is a service that offers two methods to earn interest on your crypto coins. Either you can invest coins through Pool-X, a KuCoin-backed enterprise, or you can lend out your cryptocurrency and be paid interest.
Staking is almost the same thing as earning dividends on stocks. Staked coins are used in several cryptocurrencies to help verify the network and keep it safe. If you are ready to lock your funds for a specific period of time, you will be rewarded with significant interest.
Exclusive Trading Features
KuCoin has a lot of extra features, but you should think about whether you want to use them or not. For example, margin trading empowers you to leverage your position by borrowing money to buy more cryptocurrencies. Experienced traders strongly recommend leverage since it makes cryptocurrencies, which are already a risky investment, substantially more insecure.
KuCoin has a mobile app that lets you employ trade bots. Trading bots may purchase and sell your cryptocurrencies for you, so you don’t have to keep track of the market all the time. Crypto bots, on the other hand, are not much advanced. Some, for example, have technological issues. Furthermore, it is not always evident how they invest your money, and you must be familiar with the cryptocurrency trading tactics they employ. However, bots don’t add much to the mix if you’re purchasing for the long haul.
CONS of KuCoin Exchange:
Here are the few cons that you should not skip while deciding the exchange;
Not Licensed in the United States
KuCoin only works with nations specified on its Know Your Customer (KYC) website, which excludes the United States. To assist authorities in combating money laundering, you must fill out personal information and attach a picture ID for account verification.
Moreover, trading on unregistered crypto exchanges, on the other hand, is not encouraged, according to experts, since it may result in the loss of your assets.
Limited Payment Options
KuCoin does allow you to buy cryptocurrencies using fiat money, but you will have to use a third-party application to do so. You can enjoy paying with a debit or credit card, Apple Pay, or Google Pay, but it does allow a bank transfer. The costs for these might be relatively higher.
Is Your Cryptocurrency Safe with KuCoin?
The KuCoin exchange has teamed with Onchain Custodian to protect the crypto assets on its platform. It includes Lockton insurance against crimes like hacking. It also has a bug bounty contest to encourage ethical hackers to disclose system flaws.
So, KuCoin Is Best for You If:
- You live outside of the US and willing to purchase new or lesser-known cryptocurrencies.
- You are an experienced cryptocurrency trader looking for more exclusive trading features.
- You are willing to earn interest in your crypto holdings while also being aware of the risks.
