Kucoin review: Verified reviews, pros & cons
Kucoin is a reputable cryptocurrency exchange offering a wide range of digital assets for trading with robust security measures. Read our review!
Our Verdict
Our Verdict
KuCoin is a widely used cryptocurrency exchange that attracts both novice and seasoned traders. It boasts advanced trading tools like trading bots and futures markets. Moreover, the platform offers access to a wide array of more than 840 cryptocurrencies.
Pros
- Gain interest on your cryptocurrency holdings
- Benefit from competitive and affordable fees
- Access an extensive variety of cryptocurrencies
Cons
- Lack of licensing for operations within the United States
- Negative feedback from users, indicating a subpar experience
Security
HighFiat currency support
More than 50 currenciesRegulation
Not regulated by any national licensing bodiesKuCoin is a global cryptocurrency exchange available in 200+ countries. While seasoned traders may find its offerings appealing, KuCoin lacks U.S. licensing and has faced criticism from users.
Rephrasing a heading: Introduction
KuCoin stands as a prominent cryptocurrency exchange, facilitating the buying, selling, and trading of various digital assets. Beyond conventional trading features, the platform extends offerings such as margin, futures, and peer-to-peer (P2P) trading. Additionally, users have the option to stake or lend their crypto for rewards. Notably, KuCoin boasts competitive trading fees, enhancing its appeal compared to other platforms.
Overview of the company
Established in 2017, KuCoin is a cryptocurrency exchange headquartered in Seychelles. Over the years, it has evolved into one of the largest exchanges globally, boasting a user base exceeding 30 million across 200+ countries.
While individuals from the U.S. can create accounts on KuCoin, their access to features is restricted due to the exchange's lack of licensing in the United States. This limitation poses potential risks, such as the inability to withdraw assets if regulatory actions are taken against KuCoin by U.S. authorities. Additionally, KuCoin has faced regulatory challenges in countries like The Netherlands and Canada.
Following the FTX incident in November 2022, there were speculations about KuCoin's exposure to FTX, which the CEO Johnny Lyu promptly addressed by confirming no connections or exposures to FTX. To reinforce user trust, KuCoin also released a Proof of Reserves, akin to other crypto exchanges, to showcase its asset backing.
Trading encounter
KuCoin users have the option to log into their accounts using either an online portal or mobile applications designed for Android and iOS devices. Both the desktop website and mobile apps provide a wide range of features and tools.
Upon logging in via desktop or mobile, KuCoin users can access various functions such as viewing markets, purchasing cryptocurrencies, conducting trades, lending cryptocurrencies, and more. The platform supports four types of orders: market, limit, stop-limit, and stop-market. Furthermore, KuCoin offers margin trading, futures trading, and peer-to-peer (P2P) trading, which could be advantageous for specific users. Additionally, KuCoin facilitates staking and has recently introduced a Trading Bot feature, aimed at streamlining the trading process by functioning as a robo-advisor for users' cryptocurrency portfolios.
Although KuCoin provides numerous options, its desktop and mobile platforms may not be as intuitive for users. Nevertheless, the platform offers a comprehensive help center where users can find solutions to common queries.
Variety of cryptocurrencies offered
KuCoin provides access to more than 850 cryptocurrencies, allowing users to engage in buying, selling, and trading activities. Individuals seeking a diverse range of assets may find value in the extensive offerings available on this exchange. Below is a selection of cryptocurrencies currently supported on KuCoin:
Security
KuCoin emphasizes security measures like KYC verification, standard encryption, and multi-factor authentication. However, the exchange faced a significant breach in 2020 resulting in the loss of over $280 million in crypto from users' hot wallets. Fortunately, the affected assets were covered by an insurance fund, but such an incident raises concerns about security protocols. To enhance security, KuCoin employs a unique trading password alongside regular login credentials, adding an extra layer of protection uncommon among crypto exchanges. Additionally, KuCoin has implemented a business wallet address verification system to mitigate phishing scams and enhance user security.
Fees
KuCoin implements a maker/taker fee structure that varies based on tier levels, ranging from -0.005% to 0.1% for trading fees. These rates are notably lower compared to competitors, some of which charge up to 0.50% per trade. Users can further benefit from fee discounts tied to their KuCoin Token (KCS) holdings. While deposits on KuCoin are free, withdrawal fees are asset-dependent and subject to market fluctuations. It's worth mentioning that KuCoin has limited fiat deposit options currently available.
Customer service
KuCoin offers various avenues for customer support, although direct phone or email communication is not available, aligning with industry norms. Users can engage in live chat for basic inquiries or submit assistance requests for more complex issues. Additionally, KuCoin provides a comprehensive support page, serving as a resource for navigating the platform's functionalities and tools.
Account opening
Creating an account with KuCoin is straightforward and typically takes only a few minutes. Begin by visiting the KuCoin homepage and clicking on "Sign Up" located in the top right corner. You'll then provide your phone number or email address, a verification code, and set a password. Once your account is established, you can start trading immediately.
Subsequently, you have the option to undergo KYC verification, granting you access to higher daily withdrawal limits and expanded features. KuCoin presents both basic and advanced KYC verification pathways. For the basic process, log in to your account, access "KYC verification" under your avatar, and input essential personal details. Opting for the advanced verification entails providing additional documents like a selfie or a government-issued ID photo, alongside basic personal information, for enhanced trading privileges.
Account management
KuCoin provides access to accounts across desktop platforms as well as Android and iOS mobile devices, all without any associated costs. Once registered, users can log in to their accounts to engage in buying, selling, and trading cryptocurrencies at their convenience. In case of account-related problems or inquiries, users can contact KuCoin through live chat or by submitting a support request for assistance.
Customer satisfaction
KuCoin's overall customer satisfaction ratings are notably low, with numerous users expressing dissatisfaction. Common complaints include issues with customer support responsiveness, challenges during the withdrawal and deposit processes, and allegations of market manipulation. Some users also report instances where their assets disappeared from their accounts unexpectedly, a concerning issue. Despite these criticisms, a few reviewers commend KuCoin for its low fees and extensive range of cryptocurrencies.
Comparing Kucoin to other cryptocurrency companies
KuCoin stands out for its extensive range of cryptocurrencies and comparatively low fees in the crypto exchange landscape. Its support for staking, margin, futures, and P2P trading also caters to seasoned traders. However, it's crucial to note certain limitations and past issues. KuCoin lacks U.S. licensing and experienced a significant hack in 2020.
Let's take a closer look at how KuCoin stacks up against another leading exchange, Coinbase.
Kucoin vs. Coinbase
Both KuCoin and Coinbase are prominent players in the global crypto exchange arena, boasting high trading volumes. Nonetheless, key differences set them apart:
- Licensing: KuCoin is not licensed in the United States, whereas Coinbase is a licensed U.S. exchange.
- Cryptocurrency selection: KuCoin offers over 850 cryptocurrencies, significantly more than Coinbase's 240+ supported coins.
- Trading fees: KuCoin generally has lower trading fees compared to Coinbase.
- Customer support: Coinbase provides phone support for users, which is not available on KuCoin.
For users based in the U.S., Coinbase's regulatory compliance and customer support may make it the preferred choice despite slightly higher fees. Conversely, individuals outside the U.S. might find KuCoin's broader crypto selection and lower fees more appealing.
