Kucoin Review 2023: Features, Fees & More

About Kucoin

KuCoin is a major cryptocurrency exchange which has a strong presence in Asia. The exchange was founded in Hong Kong and has established partnerships with companies in countries such as Singapore, South Korea, and Japan. It allows users to buy, sell, and trade cryptocurrencies.

The platform provides margin, futures, and peer-to-peer (P2P) trading in addition to conventional trading choices. Users can also earn incentives by staking or lending their cryptocurrency. KuCoin has lower trading costs than other of its competitors, making it an appealing alternative.

Register here to trade with Kucoin: https://www.kucoin.com

Advantages

• Low fees: Compared to other exchanges, KuCoin charges a flat cost of 0.1% for both makers and takers.
• Wide selection of cryptocurrencies: With over 200 cryptocurrencies available, KuCoin provides customers with a diverse set of trading pairings to pick from.
• KuCoin has a large trading volume, which indicates that there is generally strong liquidity and that users may quickly purchase and sell their coins 
• User-friendly interface: KuCoin’s interface is simple to use, making it an excellent choice for newcomers.
• Security measures: KuCoin employs a number of security precautions, including as two-factor authentication, cold storage, and a security response team.

Disadvantages

• KuCoin only supports a few fiat currencies, which means consumers may need to utilize another exchange to convert their fiat cash into crypto before trading on KuCoin.
• KuCoin is not regulated as a cryptocurrency exchange, which means that there is no guarantee of the safety of funds kept on the exchange.
• Customer service is limited: Several customers have complained about KuCoin’s poor response times and ineffective customer service.

Fees

KuCoin offers a tiered maker/taker fee model with trading fees ranging from 0.005-0.1%, discounts based on KCS balance, and withdrawal fees. Deposits are free, but limited options for fiat deposits.

Trading experience

KuCoin offers a variety of features and tools, such as market, limit, stop-limit, and stop-market trading, margin, futures, and P2P trading, as well as staking and a Trading Bot feature. However, its desktop and mobile platforms are not particularly user-friendly.

Security

KuCoin offers KYC verification, multi-factor authentication, encryption, and a separate password for trading. It also has a business wallet address verification system to reduce the risk of phishing scams.

Customer satisfaction

KuCoin is rated poorly by its users, with an average rating of 1.5 out of 5 stars based on 820 Trustpilot ratings. Bad reviews mention issues with customer service, the withdrawal process, and making deposits. Nonetheless, several critics praise it for its low costs and diverse range of cryptocurrencies.

Performance

Data doesn’t lie.  The total trading volume for KuCoin has surpassed $1 trillion (Spot & Futures trading), and the average daily trading volume has risen by 11 times year over year to $3 billion. Notable is the fact that on December 4, 2021, KuCoin’s 24-hour trading volume surpassed a previous high of $13 billion.

In 2018, KuCoin faced a major security breach in which hackers stole over $150 million worth of cryptocurrency from the exchange’s hot wallets. However, KuCoin was able to quickly recover from the attack and reimbursed all affected users.

In 2020, KuCoin faced another setback when its CEO was reportedly taken into custody by Chinese authorities. However, the exchange continued to operate normally and maintained its reputation for reliability and security.

Despite these challenges, KuCoin has continued to grow over the years, with a daily trading volume that has consistently been in the top 20 of all cryptocurrency exchanges. As of early 2023, KuCoin supports trading in over 400 different cryptocurrencies and has a user base that spans the globe.

Key Features

One of its distinguishing qualities is its broad selection of trading pairs, which includes prominent cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as lesser-known coins and tokens. 

Another distinguishing feature is its user-friendly design, which allows newbies to easily browse the site and execute trades. 

Furthermore, KuCoin has competitive trading costs and compensates its customers with its own cryptocurrency, KCS, via its loyalty program. 

The exchange also prioritizes security, employing techniques such as two-factor authentication and cold storage for user cash.

Future predictions

Although Kucoin has a strong reputation in the industry, more and more advanced cryptocurrency exchanges are rising quickly. If Kucoin doesn’t give more attention to customer experience it will be left behind sooner or later. Currently Kucoin has a limited payment method and is not licensed in the U.S. Most importantly Kucoin’s interface is considered hard-to-use for new traders and this could impact significantly on the amount of users of Kucoin in the future.

Final verdict

Overall, KuCoin is an excellent alternative for customers looking to trade a variety of cryptocurrencies with cheap fees and an easy-to-use UI. Users should be wary, however, of the limited fiat currency support, lack of regulation, and probable customer service concerns.

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