Kucoin Exchange review
Kucoin Exchange is a very new exchange but is gaining popularity very quickly. Launched in August 2017, it is a modern and secure platform to trade between various cryptocurrencies. Founded by a group with a passion for blockchain and very strong industry reputations, it is available as a web, iOS or Android platform.
Sign up is very simple and straightforward. Enter your email and password and then receive a verification email. Follow the instructions, which also prompts you to enable 2FA using the Google Authenticator, a good move in any case. Once logged in the interface is extremely simple and modern looking and easy to navigate. Below is a screenshot of the ‘markets’ page.
Further KYC information can be easily updated from the ‘account’ page and the process appears to be straightforward enough.
Use and fees
Once logged in with 2FA you will notice a ‘pop up’ explaining 2FA is activated for 120 minutes. This is a welcome change to the previous annoying method which meant enetering 2FA again on selecting ‘trade’. Select a pair you wish to trade and you will be taken to the trading view as shown below:
Fees are very competitive for both trading and withdrawals, furthermore, there are no fee’s to deposit (FIAT unfortunately not accepted). Trading fees are 0.1% which is very competitive and processing times are among the best available. One important point to note is that the majority of Kucoin’s fees, which are already minimal, are distributed back to the users. Ninety percent of the total trading fees are returned to users in one way or another, with Kucoin retaining only 10 percent of trading service fees. The largest portion, 50 percent of the fees, goes to users with KCS (Kucoin proprietary token – similar to Binance BNB) in their accounts as their Kucoin Bonus.
For experienced traders there is no option yet to margin trade.
Kucoin is really attempting to alter the face of cryptocurrency exchanges. Some of the key features offered by Kucoin include:
- Great customer service available 24/7 via their hotline, email, and website.
- Choice of coins and tokens is very large and they aim to actively increase the range. New currencies are constantly added, for example, LAToken, QLink and UTRUST all listed on December 29th, 2017, and TFL being listed the day before. Kucoin has gained a reputation for offering new tokens very early on.
- Consultant Team made up of Financial Experts
- High level of System Stability, similar to those employed by large banks and other financial institutions. The underlying financial system’s design inspired the core exchanging system with its multi-cluster and multilayer architecture.
- Fast processing times -Smaller withdrawals are processed in a matter of seconds, and larger ones only take 10 minutes at the most. Deposits are completed within two minutes.
The wallets used by Kucoin are extremely secure, although as always we would recommend using a Hard Wallet for any large amounts or longer period storage of coins.
- Strong reputation amongst the crypto fraternity
- Low fees
- Excellent support
- Google 2FA
- Easy interface – great for beginners
- Instant rate quoted to buy/sell
- Secure site and wallets
- No FIAT options
- No margin trading