Review of KuCoin Crypto Exchange

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by Andy Watson · 5 min read
Review of KuCoin Crypto Exchange
Photo: Depositphotos

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies.

When discussing the best crypto exchange at the moment, several names are bound to come up. One of such names would be KuCoin Exchange.  It is one of the few crypto exchanges that’s operating all over the world. It is available in several countries such as the United Kingdom, Canada, India, Japan, Turkey, and Singapore. Its services extend beyond these countries, as evidenced by the platform’s being translated into 17 languages.

History of KuCoin Crypto Exchange

The KuCoin exchange is one of the early centralized exchanges to be created. The initial architecture was designed as far back as 2013, but full operation only started in 2020. Eric Don and Michael Gan are the founders of this exchange. It had an initial coin offering (ICO) between August and September of the year where it raised about $20 million worth of BTC in exchange for its 100,000,000 of its native token, the KuCoin Token (KCS).

The KCS tokens play an important role in how the platform functions. Holders of the token get rewards and dividends. It’s also used for trading discounts, promotions, and other purposes on the platform.

Key Features and Functions of KuCoin Exchange

KuCoin is a quite popular crypto exchange. It’s one of the most used crypto exchanges in the world, with an average daily trading volume of about $4.3 billion. The exchange currently has about 8 million users with an accumulated transaction volume of $400 billion achieved through executing 810 million transactions. The platform also supports over 200 currencies and more than 50 fiat currencies. Several features and functions make KuCoin the exchange of the people, and they include.

Fiat On-Ramp: Do you want to buy crypto directly with your credit or debit card? You can easily do that on the KuCoin crypto exchange due to the fiat on-ramp feature. This enables card purchases for up to 50 fiat currencies. KuCoin has Banxa, OTC Trading Desk, and Simplex integrations that make this possible.

Futures Trading: Futures has become one of the major trading areas of crypto. There’s even a designated exchange for Futures trading. KuCoin Futures launched in 2019 in Singapore with a full focus on derivatives trading. While it’s a platform on its own, users can also access it from the KuCoin website by clicking on contracts. If you’re a new entrant into futures trading, KuCoin futures lite is the right platform for you, and KuCoin has even called it the best futures trading platform for beginners. Experienced traders can use KuCoin Futures pro.

Margin Trading: This is another form of trading that has become very common in recent years. Margin trading is about borrowing funds with lower capital to trade financial assets. The goal, of course, is to make profits. KuCoin crypto exchange also launched its margin trading in 2019 and allowed to trade several Cryptocurrencies, including BTC, ETH, KCS, Litecoin, etc., at up to 10x leverage. Paying the trading fees with KCS also enables users to get discounts.

KuCoin Spotlight IEO Launchpad: The crypto exchange also has an Initial Exchange Offering (IEO) Launchpad through which users can invest in new crypto projects vetted by the KuCoin team. The projects that make it to the spotlight are usually very profitable. Some of the projects funded through the IEO include Tokoin, Chromia, Trias, Bitbns, Chromia, Coti, and MultiVAC.

P2P Fiat Trade: KuCoin crypto exchange also supports peer-to-peer trade in fiat currency. This feature provides users with digital assets and legal tender transactions services.

KuCoin Fast Buy: This feature allows users to buy several Cryptocurrencies such as BTC, USDT, PAX, etc. Customers can buy with several kinds of fiat currencies, and this platform enables fast transactions at low fees. It’s safe too and represents one of the best ways to buy large volume Cryptocurrencies.

KuCoin Instant Exchange: While the fast buy feature is for fiat currency – crypto transactions, the instant exchange is for crypto-crypto transactions. Users can swap BTC, BCH, ETH, XRP, and LTC for USDT at no cost.

UKCloud: Termed as KuCoin one-stop exchange solution, KuCloud is for anyone who wants to launch derivatives and spot exchanges without worrying about liquidity. It’s a combination of two services – the XMEX derivatives trading platform and the XCoin spot exchange.

KuCoin Token: The KCS token is the native cryptocurrency of the crypto exchange and serves several beneficial purposes.

KuCoin Lend: Similar to the liquidity pools on decentralized exchanges, this feature lets users earn interest by lending their digital assets to those who want to fund their margin accounts.

KuCoin Community Chain: This is the decentralized public chain of the KuCoin crypto exchange. It’s Ethereum based and ERC-20 compatible. The blockchain has been in the development and testnet stage for a long time before an eventual launch in June 2021. It offers low latency and transaction costs with high throughput, stability, and security. The KCC uses a Proof of Staked Authority (PSA) consensus mechanism, and only KCS will be allowed for gas fees.

Pros and Cons of KuCoin Crypto Exchange

Many crypto exchanges will claim the title of the best crypto exchange, and KuCoin is one of them. While this remains arguable, its pros and cons give an overview of how the blockchain functions.

Pros of KuCoin

 Low charges on trading and withdrawal

  • It lists multiple altcoins that can’t be found on other top exchanges
  • Staking ability allows users to earn on their crypto
  • Tons of features catering to different needs of the users
  • Users can buy crypto with fiat
  • KYC isn’t compulsory even though it limits the trading capacity
  • User-friendly interface

Cons of KuCoin

 It doesn’t allow bank deposits

  • There are no fiat trading pairs
  • Some features are complex for beginners
  • Low trading volume compared with top crypto exchanges.

Closing Thoughts

While KuCoin might not be the best crypto exchange, it’s surely a great one. The platform caters to everyone from individuals to institutional investors. The ease of using the crypto exchange either through web or mobile. If you’re looking to explore several trading products, KuCoin offers the best features to do this.

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Andy Watson
Author Andy Watson

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