Kucoin Cryptocurrency Exchange Review 2022 In this KuCoin review, we’ve highlighted some of the things that make their trading platform one ...
Kucoin Cryptocurrency Exchange Review 2022
In this KuCoin review, we’ve highlighted some of the things that make their trading platform one of the best choices for cryptocurrency enthusiasts.
KuCoin offers low trading fees and trades in many different cryptocurrencies not found on other platforms. They also offer users discounts on their trading fees, as well as a more efficient customer support network than competitors.
Just like any other type of crypto-trading platform, you're going to have to take on some risk as this is a new and volatile asset class. No matter what trading platform you choose, there's going to be some level of risk.
KuCoin has a variety of cryptocurrencies and a wide selection of coins. The only disadvantage is the lack of different languages.
Disadvantages to Using KuCoin Crypto Exchange
KYC financial disclosure records are mandatory for companies that have customers in the U.S., to prevent crime and money laundering. Unfortunately, users based in the U.S. cannot complete KYC disclosures on KuCoin in order to prevent this from occurring.
The cryptocurrency exchange KuCoin was previously hacked. One of its wallets was compromised, and over $280 million worth of assets were stolen. Luckily, these assets were eventually recovered, and KuCoin's insurance paid to make up for the missing assets.
Kucoin is committed to offering the following benefits:
Access to the best rates
Invest in cryptocurrencies other than bitcoin with this exchange
When it comes to withdrawal and trading fees, they are low
High liquidity on the exchange
KuCoin was originally founded in 2017 as a world-leading digital exchange. With its initial coin offering, it quickly became one of the world's top 10 largest crypto exchanges by volume.
The US residents are not eligible to sign up for KuCoin accounts. Outside of the US, the account levels on KuCoin are also limited.
Trading Fees
KuCoin wants new investors to join and grow their business, so they offer generous discounts for investing in KuCoin's KCS. If you're a new investor who wants to trade with KuCoin's KCS, you'll get 25% off your trading fees.
When you place an order, you'll need to designate whether you're a Buyer or a Seller. KuCoin offers a maker/taker fee structure, meaning that your trading fees will depend on what type of account you're opening.
If you add new (maker) orders to the marketplace, that increases liquidity. Takers also fill existing maker order, but you can see that this reduces liquidity.
The fees for trading on KuCoin can be different based on the level of trade, as well as the 'class' of coin being traded. There are three classes - Class A, Class B, and Class C.
The most popular cryptocurrencies, like Bitcoin and Ethereum, are Class A. For trading, a Class A coin ranges in maker/taker rates from 0.1%,0.1% respectively.
The Love coin, also known as LOVE, is a Class B coin with a maker/taker fee of 0.2%/0.2%.
Class C is full of cryptocurrencies that few people have heard of but may one day be worth a lot.
When withdrawing a cryptocurrency, some exchanges may require a fee. For example, the current withdrawal fee for Bitcoin on KuCoin is 0.0005 BTC, which is about US$10 at the time of this article.
When purchasing coins, you need to give attention to how you intend to transfer them from your account. The fee for transferring coins will depend on the specific coin you buy, so make sure you check before your purchase if that's what you intend to do.
KuCoin's website is secured with the following encryption methods: Secure Socket Layer (SSL), Server Side Public-key Cryptography, and Two-Factor Authentication.
KuCoin partnered with OnChain Custodian, a company that specializes in crypto asset security. In addition, Lockton (a private insurance brokerage) helps to keep the assets they custody safe.
It's important to take safety measures when online. Adventia Shield offers standard security measures that automatically verify your identity and ensures you have strong passwords. We also protect you from potential security breaches by using anti-phishing phrases that are difficult for hackers to discover.
For more details about how to compare and join crypto exchanges, be sure to visit https://www.comparebitcoinexchange.com
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