Cryptocurrency exchange KuCoin

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Today, consider the next cryptocurrency exchange on our list – KuCoin. This is not just a trading platform – it runs on its own blockchain and has its own KuCoin cryptocurrency (KCS). But first things first.

Exchange Benefits

Despite the fact that the KuCoin cryptocurrency exchange was created recently – in the fall of 2017, it has already established itself as one of the most reliable trading platforms in the world of cryptocurrencies and blockchain.

The platform has all the advantages of a decentralized system: reliability, security, speed of transactions (due to the powerful engine, the exchange has no problems with scalability) and other advantages.

Let’s dwell on the features of the platform that distinguish it from other cryptocurrency exchanges.

The main feature of KuCoin is its own cryptocurrency KuCoin Shares (KCS). For holders of coins on the exchange, developers offer a number of advantages:

  • Dividends. Every day, 50% of all commission fees on the exchange are evenly distributed between each KSC token, that is, all KuCoin Shares holders make a profit every day.
  • Discounts on commission and withdrawals. Users who have a KSC receive a 1% discount on trading fees for every 1000 KCS they hold (up to a maximum of 30%).
  • Special offers. The exchange promises to periodically make promotions and special offers for all KSC holders.

Another feature of the exchange is a quick withdrawal of funds. If the amount of your offer to withdraw funds is less than 100,000 coins, then this withdrawal will be processed automatically. Withdrawal usually takes a few seconds.

KuCoin Exchange has created its mobile application for user convenience. The mobile application is available for iOS and Android.

Another feature of the exchange is a multi-level security system. You can protect your account in three unique ways.

Registration

We follow the link to the exchange https://www.kucoin.com and click on the ‘Register’ button.

The next page will open. We go through three steps to register:

Step 1. Accept the terms of the user agreement.

Step 2. Register. Fill out the following form.

Step 3. Confirmation of registration. This window will open.

We open the mail specified during registration and see the next letter in the inbox. We follow the link in the letter.

Done! You are registered on the KuCoin exchange.

Personal Area

The user account has sections:

  • Account status.
  • Security Settings.
  • Kucoin verification.
  • Contact Information.
  • API Management.
  • Download CSV.
  • Exit button.

 Your account security level is still minimal; you need to increase it. For this:

  • Turn on two-factor authentication
  • Come up with a trading code to confirm transactions on the exchange.
  • Create an anti-phishing security phrase for email and for displaying when you enter the site. So, you can
  • easily distinguish a fake kucoin exchange website from the real one.

Account Verification and Security Configuration

We proceed to the procedure for identifying a person. First of all, it is necessary for corporate accounts and large traders. If you are satisfied with the minimum withdrawal limit, you can skip this item. On the kucoin exchange, verification is not required, but it is strongly recommended to pass it. Maximum withdrawal amount on kucoin exchange:

  • Confirmed Individual Account: 100 BTC in 24 hours.
  • Verified corporate account: 500 BTC in 24 hours.
  • Unconfirmed account: 2 BTC in 24 hours.
  • A validated client will be able to quickly restore access to the account in case of data loss or account
  • hacking. Detailed information on how to pass verification on kucoin.

Go to the “KYC Verification” – “Individual Account Verification” section. The KYC verification process consists of three steps. Please note that the fields marked with ‘*’ are required. Your information may be changed before submitting it for review. After successful sending, the data can be viewed, but cannot be changed until the verification result is published.

At the first stage of identification, you must specify.

Citizenship.
FULL NAME.
Floor.
Type of identity document: passport, ID-card or driver’s license.
Number and validity period of the document.
When all the fields are completed, click ‘Next’ to go to the second stage.

Here you need a camera with a self-timer or the help of a friend:

We photograph the identity card in expanded form.
We make our own photo holding the opened documents in one hand a little lower than the face and a sheet of paper with the current date and the inscription KuCoin in the other.
Valid image format is jpg, jpeg or png. File size should be no more than 3 MB. The identification procedure on KuCoin takes from several hours to 2-3 days.

Conclusion and input of cryptocurrency

To go to the wallet, click the Assets button. Subsections are available here:

  • Deposit and Withdrawal.
  • Master account
  • Trading account.
  • Archive, which contains the history of replenishment and conclusions.
  • My bonus, which contains information on the calculation of funds for the referral program and other bonuses from the kucoin exchange.

There are two ways to replenish your kucoin deposit.

  1. Transfer funds to the exchange from another crypto wallet.
  2. Buy virtual coins with a credit card

To get the address, click the “Deposit” button and select the altcoin of interest. The system will generate an address QR code for translation. Use it only for this coin, if you send another cryptocurrency, the money will be lost.

You can also find out the replenishment address in the ‘Main Account’ section.

Here is a detailed list of cryptocurrencies, in front of each there are buttons:

Deposit.
Withdraw funds.
Transfer.

Buying virtual money for fiat in the integrated Simplex exchanger is available for verified users. You need to select a coin from the list, and if the proposed price suits you, go to pay for the transaction. Accepted dollars and Euro.

The withdrawal request is processed within 30 minutes, the transaction speed depends on the blockchain network. You can cancel the transfer no later than 3 minutes after confirmation. The status is ordered, you can see in the section ‘History of conclusions.’

How to use the exchange, indicators for trading

In the “Markets” section you can see the dynamics of the exchange rate and the daily turnover of funds of the trading pair you are interested in. For trading, go to the ‘Trade’ section. Cryptocurrency exchanges are generally similar, but at the same time, each has its own characteristics.

 Interface

The first difference is Kucoin trading code, you must enter it to create an order. Market, limit, stop-limit and stop-market orders are available. The platform supports 5 trading pairs:

  • BTC
  • ETH.
  • KCS is an internal coin of the Cucoin exchange.
  • NEO coin is very popular in China
  • SC in this section of the auction there are all cryptocurrencies tied to the American dollar.
    We select altcoin for exchange and create an application.

How to trade

If you need to quickly buy or sell cryptocurrency, choose a Market order.

In a limit order, you define the upper limit for the purchase or the lower limit for the sale of cryptocurrency. The application will be executed when a suitable counter offer appears. Do not forget that the price of a limit sell order must exceed the market price and, accordingly, the purchase price must be lower than the current one, otherwise it will be executed in the market.

The stop market order is triggered when the price indicated in the order is compared with the market value of the coin.

In the stop-limit order it is required to indicate two values: stop-price and limit, they can both coincide or differ. When the value of the selected coin reaches the stop mark, the application turns into a regular limit order.

In advanced mode, you can create a Post only request. An order is entered into the stock market as a maker order with a limit price. The Hidden function allows you to create a Hidden order. To do this, put the visible number 0. If the visible number is set within the acceptable limits from minimum to maximum, the order will become an Iceberg order. A hidden order placed in the exchange glass will not be displayed for other traders, and in the case of an Iceberg order, part of the amount set as visible will be displayed in the exchange glass, while the remaining part will be hidden. The system will charge taker commissions for both types of orders: for hidden orders and for iceberg orders.

The platform has a rich set of trading tools, but a fly in the ointment is mixed in a barrel of honey. There is no margin trading on the kucoin exchange; a trader can only rely on his own assets.

Another feature of the kucoin exchange is the need to manually transfer funds from the wallet of the main account to the trading account to complete transactions. It is carried out using the “Enumerate” button. If you want to withdraw funds from the exchange, they must be transferred from the trading account to the main one.

 Commission on KuCoin for cryptocurrency trading

Trading fees on the kucoin exchange are subject to the following rules:

  • In a market order, the commission is paid by the buyer.
  • In the Limit order, the creator pays the commission.
  • With a Hidden Order, the commission is always paid by the buyer.
  • After creating an Iceberg order, you pay a commission until the hidden amount is fully completed.

The fee for basic transactions of Maker and Taker for all trading pairs is 0.1% (excluding GGC trading pairs, with a commission of 0.25%). There is a discount system for holders of the coin exchange cucoin, calculated from their monthly turnover of funds.

Advantages and disadvantages

The kucoin site has an impeccable reputation, it is one of the most reliable cryptocurrency trading sites. Enumerating the advantages of the exchange in the first place, it should be noted:

  • Low commissions.
  • Multifunctional and user-friendly interface.
  • Large selection of trading pairs.
  • Good job support service.
  • The presence of a referral program.
  • Mobile app.

Kucoin disadvantages:

  • Lack of fiat currencies.
  • No margin trading.
  • Support is only available in English.

 User reviews

Due to the high level of security and an experienced development team, the trading platform has not yet encountered great difficulties in working. The kucoin exchange reviews on forums and social networks are mostly positive. Although some users are shocked by the very strict observance of the security rules, because of which there are delays in the withdrawal of funds. But, considering that the Internet is teeming with hackers, draconian protection measures are well-founded. Kucoin is a safe trading platform for beginners and professional traders that is unlikely to disappoint you.

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