KuCoin is one of the leaders in the world of cryptocurrency trading. The platform offers low commissions, high liquidity, security, and a variety of trading assets.
Basic information about the KuCoin crypto exchange
KuCoin is an international trading platform with a daily volume of $ 500 million. For trading, clients have access to 279 altcoins and 608 pairs, which puts the exchange in ninth place in the world in terms of this indicator. The administration of the platform claims that every fourth cryptocurrency holder in the world works with KuCoin. All this gives the site huge liquidity and creates opportunities for trading popular coins and investing in little-known altcoins.
The KuCoin cryptocurrency exchange was officially launched in 2017. But the development team created the first developments of the cryptocurrency exchange back in 2013. In August 2017, the company held an ICO and raised almost $ 20 million in its tokens. These funds were used to modernize the exchange. The service has expanded and is not limited to just one crypto exchange. KuCoin currently offers the following products:
- Spot trading. Cryptocurrency trading on the open market. The site section is equipped with TradingView charts, analysis tools, and Depth of Market;
- Margin trading. This type of transaction allows you to use borrowed funds from the exchange to potentially increase profits. The leverage can be up to ten times the size, but it depends on the number of transactions and the client’s balance;
- KuCoin Futures. The derivatives market is presented in two forms: simplified trading and professional. There are transactions with futures on Bitcoin, Ethereum, Bitcoin Cash, and other popular cryptocurrencies. For professionals, increased leverage up to 1: 100 is available;
- Earn and Lending. In this section, you can borrow cryptocurrency or borrow it at interest. The interest rate depends on the offered collateral and the market average;
- Soft Staking. Investors can receive passive income for holding tokens. The profitability is varied: from the average market of 6 – 8% to the aggressive 50% and more. But the level of risks is also growing. Soft Staking has a low entry threshold – you can earn money without having large deposits. For example, the minimum investment in Polkadot here is 1 DOT;
- Pool-X. It is a type of passive income from providing liquidity. The percentage of profit is usually lower here, but the investment reliability is higher.
How to exchange cryptocurrency on the KuKoin platform?
There are two ways to exchange cryptocurrency on the kucoin.com website. The first is the exchange, a section of the Spot Trading website. You can go to it from the main menu of the website. By default, the BTC / USDT pair will be selected. Assets change at the top of the site. You just need to click on the pair next to the KuCoin logo. The exchange interface is standard and understandable even for beginners. On the left is the chart, on the right is the Depth of the Market, and under the Depth of the Market is the order form.
If you are not going to use leverage, then, in the orders, you need to select the Spot tab. Before the transaction, the security system will ask for a six-digit password. It is set when registering an account. A trader can use two types of orders:
At its price (Limit). In the order, you will need to indicate the price at which you are ready to conclude a deal. The cost is indicated on the first line of the form. Below you need to enter the number of coins for the transaction. Then click the Buy or Sell button;
At the market price (Market). There is no need to specify the price in this order – the system itself will choose it from those available in the order book. You only need to write the amount of cryptocurrency to sell or buy and send an order.
The second way to make a deal is through an internal exchanger. Trade section, Instant Exchange tab. An understandable form opens where you need to select the name of the purchased crypt, the number of coins, and select the cryptocurrency you will pay with. For example, we have USDT, and we want to buy three Ethereum coins. Then select ETH in the upper field and indicate 3. In the lower field, select USDT. The cost will be calculated automatically. Then you need to click Buy. Ethereum will be purchased and automatically credited to your account. This exchanger has a big drawback – there are few assets available. Only Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Tether are available.
Verification on the KuCoin platform
Since 2018, KuKoin has been conducting customer identification according to the KYC standard. But users with low revs do not have to go through it. For those who registered on the kucoin.com website and confirmed their email address, cryptocurrency exchange and trading are available. Limits are set for the withdrawal of no more than 2 BTC per day. Or the equivalent in another currency. After passing the verification, the trader will increase the withdrawal limit to 100 BTC per day. In addition, it will be possible to replenish an account in fiat currency and withdraw funds to a bank account. The opportunities for the use of leverage, loans in cryptocurrency, and staking are expanding. Verification is pretty simple:
- In the account settings, you need to select the KYC Verification section;
- In the questionnaire that appears, you must select the country of residence (tax residence);
- Enter the first and last name in the Latin alphabet. Select the type of document for identification. It can be a passport, driver’s license, or ID card;
- Specify a unique document number.
Verification takes up to a day, on average.
KuCoin crypto exchange commission
The basic KuCoin commission for transactions on the exchange is 0.1% maker and 0.1% taker. These are relatively small commissions. For comparison, on Poloniex traders have to pay 0.125% maker, Bittrex – 0.2%, Binance – the same 0.1%.
How to get a discount on commissions?
Like all major sites, KuCoin.com has a progressive loyalty program. It depends on the volume of transactions for the last month and the presence of the exchange’s token, KCS, on the balance sheet. The larger the volume and stocks of KCS, the cheaper the transactions. There are twelve levels in total. The trader will receive the first discount if he places 1000 KCS on his balance or carries out transactions of 50 BTC or more in 30 days. Then the maker-taker commission will be 0.09% – 0.1%.
The commission can be lowered to 0.05% / 0.08% if you trade a volume of 500 BTC per month or replenish your KCS account with 20,000 tokens. Zero maker fee and 0.07% taker appear with a balance of 40,000 KCS or a volume of transactions of 2,000 BTC in thirty days. Then there are already negative maker commissions. That is, the exchange will automatically accrue the bonus to the trader. It will require a volume of 15,000 BTC or 70,000 tokens.
Conclusion
KuCoin is one of the largest cryptocurrency exchanges. A consistently large volume of transactions of half a billion dollars passes through her orders. At peak times for the cryptocurrency market, the site coped with large volumes. It is a large and time-tested project that continues to grow.
