Launched in September 2017, KuCoin is a cryptocurrency exchange that offers a large range of cryptocurrencies and digital assets. Impressively, KuCoin claims that one out of four crypto holders worldwide are with KuCoin, which is testament to the exchange’s reach and rapid growth over the last three years.
Although it suffered a hack earlier this year, the exchange dealt with it actively, has now recovered the vast majority of the funds that were stolen and enhanced its security measures to keep its users safe from future attacks. No users have suffered from any losses due to the incident.
Partnered with Banxa and Simplex for facilitating fiat payments, the great thing about KuCoin compared to many other exchanges is you can spot buy Bitcoin and other cryptocurrencies with your debit card, and then trade on the same platform. This is great for taking advantage of dips in the market to purchase crypto quickly and safely.
KuCoin is based in the Seychelles, but adheres to its own AML and KYC policies and has so far in its history proven itself to be a trustworthy exchange.
Some exchanges in the past have been widely criticised in the crypto community for allegedly manipulating prices or claiming instances of “overloading” at times of extreme volume in the market when trade orders have been unable to be completed. KuCoin avoids these problems thanks to its advanced design that allows it to process up to 1 million transactions per second.
But why use KuCoin instead of one of its competitors? Let’s take a look at some of their key features
KuCoin Key Features
Can spot buy Bitcoin easily and safely — Limit, stop, market, post only and iceberg orders. Plus daily volume of almost $500 million for plenty of liquidity for making trades.
Wide Range of Digital Assets — with about 250 coins and over 400 trading pairs, KuCoin is the first stop for many crypto hidden gems
Industry-leading security features — For protecting your KuCoin account, such as a custom passphrase to add to KuCoin emails for verification and restrictions on IP addresses that can log into your account. These extra steps have been added by the platform following its 2020 hack.
Anti-liquidation measures — KuCoin’s index compares prices across six exchanges before finalising liquidations, keeping your funds safe from price manipulation.
L3 mechanism — Enables you to know the details of each transaction and eliminate human manipulation.
Multiple options for staking — Choose between two kinds of locked-up products: fixed or flexible. Locked-up products can also be immediately traded to end their locked-up status at any time.
Double Rewards for staking — The first lock-up mining mode, can obtain staking profit plus POL mining reward.
Advanced API features — Setting up KuCoin APIs are an easy and efficient way to develop a secure and programmatic trading strategy.
Mobile app for IOS and android for trading on the go.
Kucoin: Pros and cons
Pros
- Solid user base of 6 million users to ensure good levels of liquidity
- Around 200 cryptocurrencies and tokens and 400 trading pairs to offer as many trading opportunities possible to its users
- Leverage features can be used to make your capital go further to potentially maximise your profits
- Generous and flexible staking programs, such as for ATOM, TRX, KCS and WAN
- Active community and good social media presence
Cons
- Suffered a large hack attack earlier this week leading to questions over the safety of the platform — KuCoin has now implemented tighter security measures to address this
- Not regulated by an officially recognised regulatory body, but still applies KYC and AML measures to all users.
User interface KuCoin
KuCoin’s website is sleek and modern. The homepage has lots of useful information about the platform with a really informative support and FAQ section.
The home page features three different accounts: The “Main Account” used for deposits and withdrawals of cryptocurrencies, the “Trading Account” is used for making trades and transactions, whereas the “Margin Account” is used to facilitate borrowing and margin trading.
The trading platform itself is easy enough to follow. As seen in the screenshot, users can easily organise the assets they trade into their favourites for easy access. In addition, the platform is integrated with TradingView to allow for the use of industry-standard trading tools and indicators so you never have to leave the platform.
Community Activity
A look at the platform’s social media and community presence shows a very active and vocal team of developers and supporters. KuCoin’s Medium blog is very active, averaging two to three posts per day for announcements on topics such as new staking campaigns, cash giveaways and market news.
The social media platforms of KuCoin also look to be relatively active, with its Telegram channel boasting an impressive 73,000 users.
KuCoin: In Summary
KuCoin is a great all in one platform for buying, selling and trading cryptocurrencies. This is especially useful for traders who want to avoid paying additional transaction and network fees if they currently buy and trade their cryptocurrency on different platforms. On KuCoin you can pay for crypto in fiat, trade, and cash out your profits.
In addition, KuCoin’s staking services are some of the best in the crypto space, allowing you to earn from your holdings over the long term.
Although there had been security concerns surrounding the platform earlier this year, KuCoin has taken strides to remedy this to restore trust in the community and add new security measures to its platform.
KuCoin is likely to remain as one of the premier exchanges in the coming years as the cryptocurrency industry continues to mature and develop.