The next thing to address in a Kucoin review is the user interface
Kucoin Review
If you’re looking to start trading cryptocurrencies, then Kucoin is one of several exchanges that can facilitate that process for you. Of course though, this is just one of countless different trading platforms available online, so the question becomes: should you use Kucoin over those other options?
In this Kucoin review, we will attempt to answer that question while looking at all of the most interesting features and fees that you need to know about!
A Bit of Background Kucoin, or KuCoin, is a trading platform that was founded by a team of blockchain “enthusiasts” that saw a niche in the market for a more secure digital asset transaction and exchange platform. The aim was to build a state of the art platform that would make exchanges more secure and convenient, while incorporating the widest range of premium assets from around the world.
Lofty goals!
Like rival Binance, Kucoin began life in China but was forced to move to HK when the Chinese government banned the use of cryptocurrencies. The business then moved again to Malta, although there is some speculation as to whether it has moved again since. It is possible that the company is not incorporated anywhere but rather is distributed across the world – the kind of thing that wouldn’t be possible with a company that relied on traditional fiat currency!
Is Kucoin Legit?
The team that developed Kucoin came from various professional backgrounds working at other firms: such as Anti Financial and GF Securities. This should provide some peace of mind for those looking to trade on the platform, although it is worth noting that far less is known about these individuals as compared with the well-known “CZ” from Binance.
But the big question: can you trust Kucoin with your money? This is an important point to address in a Kucoin review, seeing as there are many bitcoin trading “platforms” out there that exist primarily to trick users into handing over their cash. The internet is rife with stories of people who have lost their money, or had huge amounts of difficulties when trying to withdraw the amounts they rightfully own.
This practice is unfortunately common across all forms of trading platforms, but it is especially rife among cryptocurrency sites. Of course, the reason for this is that these sites are decentralized and unregulated, making it all too easy for those less-than-reputable companies to get away with such practices. Does Kucoin fall into that category?
Despite there being less information available about the people and company behind this platform, we can confidently say in this Kucoin review that the exchange is “legit” and perfectly safe for you to invest your currencies.
The reason for this, is that Kucoin is one of the bigger platforms out there and enjoys a huge number of transactions and volumes of trades. In fact, the site is rated as the 26th highest in terms of volume of trades.
While this is somewhat arbitrary and not a big deal in itself, what it tells you is that A) the system is capable of handling that kind of volume and b) that many people trust the site every day. Moreover, the company is highly answerable to a large number of people and thus needs to maintain good practices.
Moreover, reports from those millions of users are very positive and the company has mostly great reviews.
That, and the site is actually built around the notion of safety and security as a key mission statement: so that is baked into the business’ very DNA!
User Interface
The next thing to address in a Kucoin review is the user interface. This is what you will be looking at and dealing with every day, and the interface here can be the difference between a platform that is easy to use and take advantage of, or one that is liable to lose you money as you miss opportunities. This also becomes especially important if you are new to cryptocurrencies and trading in general: in these cases you need to be able to find your way around in an easy manner and understand – mostly intuitively – what everything is for.
Kucoin wins top marks in this regard. The site is clear and simple to follow without unnecessary distractions or things to confuse you. The site has lots of information to display – including things like candles, trade history, and other graphs and charts – but it is all done in a way that avoids information overload and helps you to much more easily understand everything you need to know at a glance.
The site is also nice to look at, which makes a refreshing change. While the site is certainly not overburdened with graphics (in fact it is very minimal), the choice of dark grey/blue and green means that everything looks very clean and high tech. Simple iconography helps to indicate what each button should do and the whole thing is extremely intuitive to use.
This is a personal matter of course, but for us, the site was very attractive to look at and easy to navigate.
Also worth mentioning for this Kucoin review, is that Kucoin now also comes with a mobile app. This runs on Android and iOS and it provides users with a convenient and easy way to trade wherever they are, on the move. This is a huge advantage as an app will always load faster and with a slightly cleaner layout on a small mobile screen, as compared with a website.
This is also something that some of the competitors are not able to match.
Currencies
Kucoin allows you to trade with a large number of different cryptocurrencies, which is always important when choosing a trading platform. This ultimately gives the user more options
Kucoin offers up 253 pairs for trading. While this is less than Binance, it is still one of the better options on the market and is certainly more than enough for the vast majority of traders – unless you have something very specific in mind.
Just some of the coins available on the site include:
Bitcoin
ETH
LTC
XRP
KCS
Kucoin also has its own currency which is called KCS – or Kucoin Shares. This is a token that is used by the Kucoin Cryptocurrency Exchange Platform and started out with a supply of 200 million. The company invests 10% of its profits every quarter into buying back KCS, which it then destroys. This helps to increase the value of KCS and the aim is to eventually destroy 50% - leaving only 100 million remaining.
KCS is based on Ethereum, which means that it will also be accepted by the vast majority of Etherum wallets. This is convenient, especially as KCS is somewhat lesser known than alternatives such as BNB.
Kucoin is an entirely crypto-based exchange, meaning that you can’t buy fiat currencies. That said, the site does support USDT (Tether trading pairs).
FeesKucoin has very competitive fees and rates, which is another strong selling point for this platform. Specifically, Kucoin is completely free when depositing and only charges 0.1% on trading fees. This is directly comparable to Binance, although it’s worth noting that Binance does offer 50% discounts on fees when using its BNB currency.
When it comes to withdrawals, the limits and the fees will vary depending on the currency. For example, NEO is completely free to withdraw with a limit of just 1. GAS is also free to withdraw. However, BTC will cost 0.0001BTC to withdraw. Again, this is standard and the rates on offer are precisely similar to other sites like Binance.
In short, this is a great choice in terms of the associated costs.
Customer Service
What’s perhaps most important of all when using a site like Kucoin, is the customer service. How does Kucoin’s customer service team respond when things go wrong? Are they quick to answer emails and other queries? Should you trust the company with your money?
The great news is that in our own experience – and that of the countless people who have previously reviewed the site – Kucoin has exceptional customer service. The company has a large userbase and a strong reputation to maintain. Thus, it is in Kucoin’s best interests to offer a robust customer support team and policy.
We found that all our questions were answered immediately by friendly and helpful members of the team. Moreover, we had little reason to call in the first place as everything worked smoothly and efficiently. Withdrawals were as quick as we’ve experienced on any similar platform and in general the whole experience was great.
Conclusions
In conclusion then, what did we make of our time with Kucoin? To cut to the chase in this Kucoin review, we really did find it to be a great experience. The seamless and well-designed interface is intuitive and easy to use, the fees are low, and the range of currencies on offer is excellent. The customer service was also brilliant and really gave us good reason to recommend this site.
That said, it’s also worth mentioning that you should consider all options when looking at trading platforms. Kucoin has a lot going for it but it doesn’t “win” against the competition on every metric. For example, Kucoin is smaller in terms of trade volume as compared to Binanace – while Binance also has more currencies on offer and a 50% discount on its much larger currency.
But with that said, Kucoin also comes with a very crisp and inviting user interface, not to mention a much newer and more “exciting” currency in the form of KCS. In short, this comes down to preference but Kucoin is certainly one of the better options out there.
Other good options to consider include Bitstamp, Kraken, Coinbase, Deribit and more!
Getting Started With Cryptocurrencies
If this is your first time with cryptocurrencies, then you might be wondering if Kucoin is a good choice for you. Thanks to the low requirements, low fees, and very user-friendly interface, it is safe to say that Kucoin is a good starting point.
What you essentially need to know about cryptocoins, is that they are generated using a “mining” process that uses pure computing power to create the coins. The coins are then tracked by a huge public ledge – called the “blockchain” – that is used in order to log every transaction and to identify who owns what currency.
This means that cryptoccurencies are entirely safe to use and entirely secure. It also means they have a lot of market volatility that makes them ideal for trading quickly to make profits. Cryptocurrencies are accepted in more and more places now too – including many websites and other online stores.
For all these reasons, a lot of people are making a lot of money with the method. But the real potential is for the blockchain technology that underpins the system to potentially change the world!
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