KuCoin is this a scam? Review and Customers Reviews

KuCoin – is one of the world’s leading cryptocurrency trading. The platform offers low commissions, high liquidity, security and a variety of assets for trading. In this review we will try to find out, is KuCoin a scam or an honest project?

 

Why KuCoin?

KuCoin is an international trading platform with a daily transaction volume of $500 million. Customers can trade 279 altcoins and 608 pairs, which makes the exchange the ninth largest in the world. The administration of the platform states that every fourth cryptocurrency holder in the world works with KuCoin. All this gives the platform enormous liquidity and creates opportunities for trading popular coins, as well as for investing in little-known altcoins.

Officially cryptocurrency exchange KuCoin was launched in 2017. But the development team created the first developments of the exchange back in 2013. In August 2017, the company held an ICO and raised almost $20 million in its own tokens. These funds went to modernize the exchange. The service has expanded beyond just crypto exchanges. Now KuCoin offers the following products:

• Spot trading. Cryptocurrency trading on the open market. The section of the site is equipped with charts from TradingView, analysis tools, the market depth of prices.
• Margin Trading. This type of transaction allows you to use borrowed funds from the exchange to potentially increase profits. The size of a leverage can reach tenfold, but it depends on the amount of transactions and the balance of the client.
• KuCoin Futures. The derivatives market is presented in two types: simplified trading and professional trading. Transactions in futures on Bitcoin, Ethereum, Bitcoin Cash and other popular cryptocurrencies are conducted. Professionals are available with increased leverage up to 1:100.
• Earn and Lending. In this section, you can borrow or lend cryptocurrency at an interest rate. The interest rate depends on the offered collateral and the average value on the market.
• Soft Staking. Investors can earn passive income for holding tokens. Yields are varied: from mid-market 6 – 8%, to aggressive 50% and higher. But the level of risk is also increasing. Soft Staking is characterized by a low entry threshold – you can earn without having a large deposit. For example, the minimum investment in Polkadot here is 1 DOT.
• Pool-X. This is a type of passive income from providing liquidity. The percentage of profit here is usually lower, but the reliability of investments is higher.

The minima for steaking also differ in the sections. For example, in Pool-X the minimum deposit for earning on Kusama is 1 KSM. While you can start earning in Soft with 0.5 KSM. It should be noted that KuCoin is one of the few international exchanges, fully accepting Visa, Mastercard and bank transfers. Russian ruble, Ukrainian hryvnia, Kazakh tenge are available for transactions. This allows investors to deposit and withdraw funds quickly, reacting to exchange rate changes (How to Make Money on Cryptocurrency?).

 

How to exchange cryptocurrency on the KuCoin platform?

Exchange cryptocurrency on the site kucoin.com you can do it in two ways. The first is the exchange, the section of the site Spot Trading. You can go to it from the main menu. BTC/USDT will be selected by default. Assets are changed at the top of the site, you only need to click on the pair next to the KuCoin logo. The interface of the exchange is standard and clear even for beginners. There is a chart on the left, a price chart on the right, and an order form below the chart.

If you are not going to use leverage, you must select the Spot tab in orders. Before a trade, the security system will ask for a six-digit password. It is set when registering an account. The trader can use two types of orders:

• At its price (Limit). In the warrant, you will need to specify the price at which you are willing to close the deal. The price is indicated in the first line of the form. Below you need to enter the number of coins for the deal. Then click Buy to buy or Sell to sell.
• At market price (Market). In this order, you don’t need to specify the price – the system will choose it from the available in the market. You only need to write the amount of cryptocurrency to sell or buy and send the order.

The second way to make a transaction is the internal exchanger. Trade section, tab Instant Exchange. It opens an understandable form, where you need to choose the name of the purchased crypto, the number of coins and choose the cryptocurrency you will pay with. For example, we have USDT and we want to buy three Ethereum coins. Then in the top field we choose ETH and specify 3. In the bottom field we choose USDT. The cost will be calculated automatically. Then we need to click Buy. Etherium will be bought and automatically credited to the account. This exchanger has a big disadvantage – few available assets. Only Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Tether are available.

 

Verification on the kucoin.com platform

As of 2018, KuCoin is carrying out KYC customer identification. But users with low turnover do not have to go through it. For those who have registered on the site kucoin.com and confirmed email address, cryptocurrency exchange and trading is available. There are limits on the withdrawal of no more than 2 BTC per day. Or the equivalent in another currency. After verification, the trader will increase the withdrawal limit to 100 BTC per day. In addition, it will be possible to deposit in fiat currency and withdraw funds to the bank account. Leverage, cryptocurrency loans and staking options will be expanded. Verification is quite simple:

• In the account settings, select the KYC Verification section.
• In the form that appears, you must select the country of residence (tax residency).
• 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.

It takes up to a day to check the application. If you believe the reviews, sometimes support delays the review for up to three days. In some cases, the exchange administration may request other documents. Usually, it occurs with suspicious financial transactions, especially large exchanges of cryptocurrency for fiat currency, or when logging into the account from different IP addresses.

 

Deposit and withdrawal

On the site kucoin.com There are four ways to deposit funds. Traders can do it in fiat currency, or transfer funds from a third-party cryptocurrency account. It is possible to buy with bank details. For such an operation, you need to select Buy Crypto in the menu and click on Credit/Debit Card. In the first line you can select the currency of the transaction. Russian ruble is available.

The desired cryptocurrency is selected on the right. Under Payment Method there are Visa and Mastercard, SEPA transfer and Apple Pay. Next to it there are purchase channels. It is recommended to choose the one that charges a lower fee. Next you need to click Confirm. A field will pop up to fill in your card or bank account information. Enter the information and confirm. Funds will be deducted from the bank account, converted into cryptocurrency and credited to the exchange.

The second way is to deposit in cryptocurrency from a third-party wallet. In the top menu, select Assets and click on Main Account (Deposit & Withdraw). A list of all cryptocurrencies and tokens available on the exchange will appear. Using the search, you can find the one you are interested in. For example, Ethereum. On the right side of the line will be a link Deposit. By clicking on it, you will need to agree to the risks and check a box. Your personal Ethereum Address will be generated. Copy it to send coins to it from a third-party wallet. Traders can get all other cryptocurrencies in the same way.

The next method is Fast Buy. It is also available through the Buy Crypto menu. A small and clear form opens. On the top line, select a crypto-asset. Only Bitcoin, Ethereum and Tether are available. On the bottom line, select the fiat currency to pay and specify the amount to buy coins. After clicking on Buy, a payment form will appear where you can choose credit card or mobile payment. Finally, KuCoin has an off-market purchase of cryptocurrencies from independent sellers. You can find it under Buy Crypto – P2P. The tabs select a cryptocurrency, and sellers ready to deal appear in the list. To proceed to the exchange, click on Buy, next to the nickname of the user. A payment form will appear. Note that this method of transaction is only available after full verification with the provision of documents. Of the minuses – the prices are slightly overstated, relative to the market. If you want to save money, it’s better to go to the exchange.

Commission of the crypto exchange coucoin.com

The basic KuCoin commission for transactions on the exchange is 0.1% maker and 0.1% taker. This is a relatively small commission. For comparison, on Poloniex traders have to pay 0.125% maker, Bittrex – 0.2%, Binance – the same 0.1%.

How do I get a discount on commissions?

Like all major exchanges, KuCoin.com has a progressive loyalty program. It depends on the volume of transactions over the last month, as well as the availability of the exchange’s own token – KCS. The greater the volume and stock of KCS, the cheaper the transactions. There are a total of twelve levels. The first discount a trader gets, if he places on the balance 1000 KCS or spend 30 days of transactions amounting to 50 BTC. Then the maker – taker commission will be 0.09% – 0.1%.

The fee can be lowered to 0.05%/0.08% if you trade a volume of 500 BTC in a month or top up your KCS account with 20,000 tokens. Zero maker and 0.07% taker fees appear when the balance is 40 000 KCS or the volume of transactions is 2000 BTC for thirty days. Further comes the negative maker fee. That is, the exchange will charge a bonus to the trader. For this you need a volume of 15,000 BTC or 70,000 tokens.

Withdrawal fees

Withdrawal fees on Cucoin are average on the market. Here’s the fee charged on the most popular cryptocurrencies:

• Bitcoin: 0.0005 BTC.
• Ethereum: 0.01 ETH.
• Ripple: 0.1 XRP.
• Litecoin: 0.001 LTC.
• Monero: 0.001 XMR.
• Cardano: 1 ADA.
• Tether: 20 USDT (ERC20), 0 USDT (TRC20).
• DAI: 15 DAU
• Wrapped Bitcoin: 0.0003 WBTC.

Deposits are free of charge. Even deposits in fiat currencies are free of charge. But keep in mind that a percentage is charged by a third-party payment provider.

 

KuCoin bonuses

KuCoin.com regularly arranges promotions. They are mostly related to the listing of new cryptocurrencies. Users can get additional tokens or discounts on commissions if they purchase a set number of coins. Refunds from commissions are also possible due to KCS retention. View the returned tokens can be in the section KuCoin Bonus. Exchange organizes internal contests among traders. For example, new leveraged tokens were tested in 2021. This is necessary for the exchange to assess the algorithm’s performance in a real situation. Traders who worked with KuCoin Leverage Tokens could keep their own trading statistics. The exchange announced a prize fund of 5,000 USDT for the most active and successful clients.

IDEA Bonanza

This promotion is timed to coincide with the launch of IDEA token trading. The top 30 traders will share the prize fund of 160,000 IDEA coins. The winner of the trading week receives 10,000 tokens. The prize for second place is 8,000 IDEA and 7,000 for third place.

SparkPoint

Another project, SparkPoint, listed on KuCoin, launched a promotion to reward the 50 most active customers who supported this cryptocurrency. The total fund of the promotion is SRK 2,500,000. The participant with the highest coin trading volume will receive a prize of SRK 210,000. That’s approximately $2,500.

Referral program

The platform supports a referral program to attract new users. In the Referral section, you can get your own link. The exchange will pay a portion of the commission from each new participant registered through this link. The invited client receives up to 40% from the commission of the invited. Moreover, in the first time after registration, the invited user himself receives a 40% discount on commission.

 

Complaints about KuCoin

Despite its successful interface and general accessibility, KuCoin remains an exchange not for beginners. It is difficult for new users to get accustomed to the platform, understand the rules and use all of its functionality. Nevertheless, sometimes the site itself gives reason to complain. Negative feedback comes from slow transactions in fiat currencies – it takes a long time for money to arrive in the exchange account and even longer to be sent back. The reason for this is third-party providers. To avoid incurring major legal restrictions, KuCoin uses intermediaries when dealing with traditional funds and banks. This increases fees and slows down transactions.

The second popular reason for complaints is the questionable reputation of some admitted tokens. The exchange relies on the number of currencies and pairs. As a result, poorly financed projects unable to maintain liquidity are listed. They do not allow outright scam on the site, but there were cases of delisting crypto startups due to bankruptcy.

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Crypto exchange regulation

Legally, the cryptocurrency exchange KuCoin.com is represented by Mek Global Limited. It is registered in the Seychelles. The firm is subject to the laws of that country and operates under the local law 4(1)(m) of the Financial Services Authority Act, 2003. In parallel, the platform has operational offices in Southeast Asia, Europe and North America. Also associated with KuCoin is a network of unofficial offices, attracting users to cooperate with the exchange. The company also received a license for financial activities in the Seychelles. Any claims must be sent there, litigation is also possible in this island jurisdiction.

In turn, the administration of KuCoin is committed to comply with the laws of all countries in which it is officially present. The site complies with global financial reporting standards and strives to ensure maximum transparency of transactions. The exchange monitors suspicious customers and their transactions. It is obliged to provide information at the request of local regulators, especially when it comes to tax evasion, money laundering and other criminal offenses.

Read the terms of use at kucoin.com

User Agreement kucoin.com

The user agreement of the crypto exchange is presented on the website kucoin.com. The user accepts the offered terms and conditions when opening an account on the exchange. He acknowledges that he acts at his own risk in financial matters. The company is not obliged to compensate clients for financial losses resulting from unsuccessful transactions. KuCoin warns that trading cryptocurrency, exchanging digital assets and trading with leverage carry high risks.

In the third part of the agreement, you can find an interesting point – users accept their personal responsibility for the actions to protect the account. This can be interpreted as the company’s insurance in case the exchange is hacked by hackers. Claims on technical errors in the exchange operation are accepted within 48 hours after their detection. That is, if the order did not work correctly, you must immediately write to support.

Cucoin Customer Service

The support team accepts requests in the form of tickets and by mail. Also, the support team works in the official accounts of the exchange in the social networks and online venues. There are official pages on Twitter, Facebook, Instagram, YouTube and VKontakte. Problems are discussed on Reddit, Telegram, GitHub. The team responds to negative feedback on third-party sites as well.

 

Is KuCoin a Scam?

KuCoin – is one of the largest cryptocurrency exchanges. A large volume of transactions of half a billion dollars passes through its orders. At the peak moments for the cryptocurrency market, the site coped with larger volumes. It is a large and time-tested project that maintains its growth rate.

CoinMarketCap rates KuCoin at 8.0. This puts the platform in seventh place in the portal’s ranking among spot exchanges. The management and development team is open. Many of them can be found on social networks, learn their biographies and previous experience. Cybersecurity experts from Certified gave KuCoin two stars out of a possible three. It is noted that the exchange is not sufficiently protected from hacker attacks. Although the platform’s team is improving security, users are still not advised to keep all of their crypto assets in one place.

 

Conclusion

KuCoin – is a platform with a growing audience and regular updates. The exchange quickly introduces new developments from the cryptocurrency industry. The company was one of the first spot exchanges to add stacking to its product list. KuCoin offers convenience for professionals and experienced leveraged traders.

The derivatives section is one of the most progressive on the market. Perhaps that’s why the platform is difficult for beginners to master. Nevertheless, improvements can be seen. For example, you can quickly buy cryptocurrency with a bank card or make an exchange in a couple of clicks. Long-term investors will also like KuCoin – there are almost 300 altcoins, which can be used to diversify the portfolio.