Kucoin Review: Latest Kucoin Pros, Cons, and Key Features 2024

KuCoin is a cryptocurrency exchange that provides an extensive range of coins for trading. It caters well to beginners. It has many educational resources. This makes it great for those new to cryptocurrency.

I'm David Wabinz, CEO and founder of DavidWabinz.com, will delve into the 2024 platform's features in this Kucoin review. This includes the supported cryptocurrencies and trading capabilities. It also covers the services, fees, payment methods, and an evaluation of its reputation and security.

KuCoin Overview

KuCoin was established in 2017, led by CEO Johnny Lyu, and owned by Mek Global Limited/KuCoin Group, headquartered in Seychelles. KuCoin lets users buy, trade, or sell digital assets and offers features like P2P trading, futures trading, margin trading, lending, and staking. KuCoin operates in over 200 countries and has a substantial user base.

Presently, KuCoin stands as one of the largest hybrid cryptocurrency exchanges globally. Notably, it has partnered with Bloktopia. They are establishing the first Meta Office. It will serve only crypto traders.

Furthermore, KuCoin has partnerships with notable entities. These include Talos, Fracton Protocol, Pyth Network, and Coinrule.

Is KuCoin Safe?

To answer the question “Is KuCoin Safe?”. I will consider its past security incidents and its current security measures in 2024.

Historical security breaches and responses

KuCoin suffered a major security breach in 2020 when approximately $150 million was stolen by hackers. However, the platform's response to this incident was quick and effective. KuCoin made big security improvements after the breach. It has not had any similar incidents since. This shows a proactive and responsive approach to security threats, which is a positive sign for current and potential users.

Current security measures

KuCoin uses several strong security protocols to protect user accounts and transactions. Including:

Two-factor authentication (2FA):

• Google Authenticator: This adds an extra layer of security by requiring a timed one-time password (TOTP) to access the account.
• SMS Authentication: Another form of 2FA sends verification codes via SMS.

SSL encryption: Make sure all data between users and the platform is encrypted. This encryption protects it from being intercepted by malicious actors.

KYC/AML procedures

KuCoin uses Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. They use them to verify user identities and stop illegal activities. These processes are critical to maintaining platform integrity and security. Users who verify their identity enjoy higher withdrawal limits. This is an incentive for compliance and helps reduce the risks of unverified accounts.

Regulatory considerations

KuCoin can improve in one key area: licensing and regulations. This is especially true in the United States. KuCoin isn't regulated in the United States and lacks relevant licenses. This means US users can register and trade on the platform. But, their accounts remain unverified. This limits their withdrawal limits.

Conclusion

KuCoin has shown strong security measures since the breach. It now uses Two-Factor Authentication (2FA) and SSL encryption to protect user accounts and transactions. The platform also uses effective KYC/AML procedures. They verify user identities and prevent illicit activities. However, a notable weakness is that KuCoin lacks regulation and licensing in key markets like the United States. This limits certain features for users in these regions.

My Opinion: In 2024, KuCoin appears to be a safe platform. This is thanks to its strong security measures and proactive stance in protecting users. However, potential users should be aware of the limits and risks of unverified accounts. This is especially true in places where KuCoin lacks oversight. For more security, users should enable all available features. They should also complete KYC verification where possible.

KuCoin Pros and Cons

As a cryptocurrency exchange, Kucoin still has some Pros and Cons. Below is a detailed evaluation table:

👍Pros	👎Cons
More than 700 cryptocurrencies available	Not regulated in most regions
Spot, Futures, and Margin trading markets supported	Not beginner-trader friendly
Competitive fees for Spot trading	Poor customer support
Graduated fee discounts based on trading volume
Graduated fee discounts based on trading volume

What is good about KuCoin?

KuCoin is a great cryptocurrency exchange. It has a global reach and offers access to over 700 cryptocurrencies. It supports deposits in more than 50 currencies through over 70 methods. It has low spot trading fees. This makes it great for high-volume traders. It is often among the first to list new and trending tokens. This attracts traders interested in the latest market trends.

The platform is good for advanced traders. It has a fully customizable trading interface. The interface includes integrated charts and tools from TradingView. Also, KuCoin uses smart token categories. They help users navigate markets better. Its mobile app has many features. It allows traders to transact on the go and includes various trading bots. They work in Spot, Futures, Margin, and Leverage markets.

KuCoin is ideal for those who want a complete platform. It has all the tools and info to trade top cryptocurrencies easily, anytime, and anywhere.

KuCoin Cryptocurrencies

In the examination of KuCoin, I found that the platform provides access to over 700 cryptocurrencies. They are available through 1,300 trading pairs. These include popular options like Bitcoin, Ethereum, ChainLink, Litecoin, and Ripple. They also include meme coins, like Dogecoin and Shiba Inu, and stablecoins, like USDT and USDC.

KuCoin stays transparent and safe by using a third party for proof-of-reserve reporting. They keep fully backed reserves of BTC, ETH, USDT, and USDC.

When comparing KuCoin to other top cryptocurrency exchanges, it stands out. It offers one of the widest arrays of tradable coins. For instance, Binance has 350+ cryptos. Coinbase has 250+. Kraken has 200+. In comparison, KuCoin has a much wider variety. However, it is surpassed in this aspect by MEXC (1600+ cryptos).

KuCoin Features

KuCoin provides a wide range of features and services, making it a comprehensive platform for all cryptocurrency needs.

Spot Trading

KuCoin Spot trading offers a user-friendly platform. It's suitable for investors at all experience levels. The platform stands out due to its wide range of markets and diverse order types, making it a versatile choice for cryptocurrency trading.

Investors can trade many assets. These include Stable Coins, Bitcoin, KuCoin Token (KCS), and many Altcoins like Ethereum (ETH) and TRON (TRX). The system supports many order types. These include: Limit Orders, Market Orders, Stop Limit Orders, Stop Market Orders, and OCO (One Cancels the Other) Orders. This support lets users trade in line with their strategies and preferences.

Using KuCoin Spot trading has a big benefit. It lets you cut trading fees by using the “Pay Fee with KCS” feature. This feature gives a 20% fee discount. This feature improves cost efficiency. It makes it more appealing to traders who want to maximize their returns. Additionally, the platform accommodates various budgets, with the minimum trade amount varying depending on the cryptocurrency.

At the beginning of 2024, KuCoin introduces some exciting updates to its Spot trading platform. Updates include better security. They protect users' money and data. There are also faster and more accurate trading algorithms. Finally, they add new and emerging cryptocurrencies to the service market. KuCoin has also launched advanced tools. They are for analysis and education. They help traders make informed choices.

Futures Trading

KuCoin's derivatives market has futures trading. It lets users bet on the future price of assets. With over 300 different futures contracts available, traders can predict whether the price of an asset will rise (go long) or fall (go short).

KuCoin provides leverage up to 125x, meaning you can control a large position with a relatively small amount of capital. For instance, using 125x leverage, you can manage a $1,250 trade with just $10 of your own funds.

There are two main types of futures contracts on KuCoin: USDT-margined and Coin-margined.

In USDT-margined futures, USDT is used as collateral, and both profits and losses are also in USDT. For example, trading a BTC/USDT contract will yield earnings in USDT.

In coin-margined futures, a specific cryptocurrency is used for trading. Profits and losses are in that cryptocurrency. For example, trading a BTC/USD contract with BTC will result in earnings in BTC.

Additionally, KuCoin offers margin trading, allowing users to borrow funds to trade larger amounts. On KuCoin, margin trading can be leveraged up to 10x.

KuCoin offers many trading options. These include high leverage and many types of futures contracts. They give traders flexibility and chances to maximize their returns. Traders have the tools to manage risk and bet on market movements. They can use USDT or specific cryptocurrencies.

Margin Trading

KuCoin margin trading offers a great chance for traders. They can enhance their positions by borrowing capital. It allows users to trade with leverage. The platform supports both cross-margin trading and isolated-margin trading. It serves different strategies and risk preferences.

Here are some important updates to Kucoin's margin trading service in 2024:

1. KuCoin has added new assets and trading pairs to its dedicated margin trading platform. Notable additions include LayerZero (ZRO), Lista DAO (LISTA), and Aethir (ATH). They enrich the diversity of assets for margin trading. This expansion allows traders to diversify their portfolios and explore new market opportunities.
2. KuCoin has upgraded the trading interface to improve user experience. This new interface is designed to be easier to use. It is more intuitive and user-friendly. It will help both new and experienced traders. They can navigate the platform and execute trades well. The interface also has advanced charting tools. It has real-time market data too. These tools help traders make informed choices.
3. KuCoin has launched ultra-low interest rate borrowing as part of the upgrade. It greatly reduces the cost of borrowing for margin trading. This initiative aims to make margin trading more accessible and cost-effective for users. In this activity, users can borrow BTC at 0.01% interest and USDT at 0.015% interest, providing a more affordable way to leverage their trading.
4. The platform has new margin features. They include margin factors. They help traders understand borrowing limits and the risks of different assets. This coefficient varies by asset and is designed to help users manage risk more effectively. (You can learn more on Kucoin's official website)

KuCoin is making these updates to improve trading. They are part of the company's ongoing efforts to make trading better and more complete. KuCoin aims to stay the top-margin trading platform in the cryptocurrency market. They will do this by adding new assets, improving the interface, and offering competitive lending rates.

Kucoin Trading Bot

The KuCoin Trading Bot is a software tool that automates cryptocurrency trading on the KuCoin exchange. It supports many trading strategies. These include spot grid and futures grid. They also include dollar-cost averaging, smart rebalancing, infinity grid, and martingale.

Kucoin bot is user-friendly and supports over 700 coins and tokens. Users can pick their preferred trading mode. They can set parameters such as investment amount, price range, grid number, profit ratio, and stop-loss levels. Performance statistics and the ability to modify or stop the bots at any time are also available.

KuCoin Trading Bot features:

• No extra fees: Only the standard 0.1% trading fee applies.
• User-friendly interface: Simple setup requiring just a selection of trading pair, strategy, and settings.
• Flexibility: Allows parameter adjustments such as price range, order size, and leverage.
• Multiple bots: Create up to 10 bots with different pairs and strategies, monitored from a single interface.
• Historical data: Access to real-time data and past performance metrics.

However, the bot only works on KuCoin. It needs a verified KuCoin account. It does not guarantee profits due to market volatility. And, it is unavailable to U.S. residents.

The Kucoin bot supports six strategies:

• Spot Grid: Buys and sells within a set price range to profit from market volatility.
• Dollar-Cost Averaging (DCA): Buys assets at fixed intervals, averaging the purchase price over time.
• Futures Grid: Similar to spot grid but uses futures contracts and leverage.
• Smart Rebalance: Manages a portfolio by maintaining target asset ratios.
• Infinity Grid: Dynamically adjusts the price range based on market trends.
• Martingale: Increases investment when prices drop to lower average cost and aims to profit when prices rebound.

KuCoin Fees

KuCoin has low transaction fees. Investors receive discounts based on their average monthly KCS holdings or the previous month's trading volume. Additionally, they can further reduce fees by paying with KCS.

Like many other cryptocurrency exchanges, KuCoin uses a maker/taker fee structure. The fee depends on whether the user's order is the executor or the recipient. Makers add liquidity by placing new open orders for others to fill. Takers reduce liquidity by filling existing maker orders.

Here’s the fee structure and the updates for 2024:

Maker/Taker Fee Model:

• Maker Fees: Apply when users place orders that add liquidity to the market (e.g., limit orders).
• Taker Fees: Apply when users place orders that remove liquidity (e.g., market orders).

Fee Tiers Based on Trading Volume and KCS Holdings:

• Users receive discounts based on their average monthly holdings of KCS or their trading volume over the past month.
• Further discounts are available when fees are paid with KCS.

Class-Based Fee Structure:

• Class A Coins (e.g., BTC, ETH): 0.1%/0.1% maker/taker fee at Level 0 (LV0).
• Class B Coins (e.g., LOVE): 0.2%/0.2% maker/taker fee at LV0.
• Class C Coins: Typically lower market cap coins with higher fees.

Withdrawal Fees: Vary by cryptocurrency (e.g., 0.0005 BTC for Bitcoin).

VIP Levels:

• KuCoin offers 12 VIP Levels based on trading volume, each providing varying fee reductions.
• Discounts can reach up to 20% when fees are paid using KCS.

VIP Level	30-Day Spot BTC Trading Volume	Maker/Taker Fees
LV0	<50	0.1% / 0.1%
LV1	≥50	0.09% / 0.1%
LV2	≥200	0.07% / 0.09%
LV3	≥500	0.05% / 0.08%
LV4	≥1000	0.03% / 0.07%
LV5	≥2000	0% / 0.07%
LV6	≥4000	0% / 0.06%
LV7	≥8000	0% / 0.05%
LV8	≥15,000	-0.005% / 0.045%
LV9	≥25,000	-0.005% / 0.04%
LV10	≥40,000	-0.005% / 0.035%
LV11	≥60,000	-0.005% / 0.03%
LV12	≥80,000	-0.005% / 0.025%

KuCoin remains competitive for traders. It has a flexible fee structure and big discounts for KCS holders. The 2024 updates aim to make trading on KuCoin better. They will cut fees, improve the KCS discount program, add new VIP levels, and make the withdrawal fees more competitive. The changes reflect KuCoin’s commitment to providing value and efficiency to its users. They also aim to promote the sustainability and wider use of its native token.

KuCoin Payment Methods

KuCoin offers an extensive array of payment methods, surpassing 70 options across more than 50 currencies. These payment methods comprise:

• Credit and debit card
• Bank transfers
• SEPA
• PayPal
• Google Pay
• Third-party providers such as Banxa and Simplex

This diverse range of payment options caters to the varying preferences and needs of users, ensuring convenient and flexible funding options for trading activities on the platform.

KuCoin Deposit and Withdrawal Methods

To use KuCoin, you must deposit funds. These funds are then used to buy cryptocurrencies. Subsequently, when you wish to withdraw these funds, you must still utilize one of the supported payment methods.

Deposit methods

KuCoin supports deposits for almost every cryptocurrency. Users can deposit their favorite cryptocurrency without paying any fees. This makes it cheap and convenient to use the platform for trading or investing in other currencies. The minimum deposit requirement stands at $35, slightly higher than certain other exchanges.

Withdrawal methods

Users can only withdraw cryptocurrency from KuCoin. KuCoin charges varying withdrawal fees depending on the specific cryptocurrency being withdrawn. Withdrawals are typically processed within 30 minutes, but there can be delays of several hours. KuCoin imposes withdrawal limits that vary depending on the cryptocurrency and whether the user's account is KYC verified. KYC verified accounts generally have higher withdrawal limits.

KuCoin Mobile App

The KuCoin mobile app has many features from the desktop exchange. It presents them in a sleek and user-friendly design. It has earned 4.4 stars on the Google Play store and 4.7 stars on the Apple App Store.

In the KuCoin App, users can trade in both Spot and Futures markets. They can use various trading bots and easily move funds between their trading accounts. These features mirror those on the KuCoin exchange website.

To cater to beginners who might find the abundance of information overwhelming, the Kucoin app features a simplified “Convert” tab. It lets users easily swap one asset for another. The view is free of clutter. It improves user experience and accessibility.

Customer Support and Feedback

Customer support at KuCoin operates as expected. It provides help 24/7 through live chat, email, or an online form. This gives users flexibility in how they communicate. Live chat initiates with a chatbot, a common practice in modern customer service.

Following interaction with the chatbot, users can engage with a support agent for further assistance. Additionally, users can reach out via email at [email protected]. KuCoin's customer support response times are slower than some other industry-leading platforms. But, they are helpful and can address many concerns.

According to statistics for the first quarter of 2024, there is a lot of user feedback about KuCoin. Many long-term users are satisfied with the platform's services and plan to continue using it. However, some users are dissatisfied. They often mention user interface issues as a common problem.

What is the Kucoin Referral Code?

The recommended referral code for KuCoin in 2024 is “rMN4U8Y“. By registering with this code, users will receive a 40% trading fee discount coupon and a 700 USDT reward. Additionally, users can share benefits with friends by inviting them to join KuCoin.

Take advantage of the 700 USDT bonus by opening a KuCoin account with this promo code to maximize your profits when trading on Kucoin.

KuCoin Sign-Up Bonus

If sign up with KuCoin referral code “rMN4U8Y“, new user will enjoy a 40% discount on trading fees. Also, they can get an exclusive reward of $700 USDT.

Using the KuCoin referral code rMN4U8Y is simple and offers several benefits. Here's how to get started:

1. Visit KuCoin's official website.
2. Click the “Sign Up” button located at the top right corner of the homepage.
3. Enter your email address and create a strong password.
4. Input the referral code rMN4U8Y in the “Referral Code (Optional)” field.
5. Complete the registration process by following the prompts on the screen.

Conclusion

KuCoin has a mix of features and usability. The mix depends on the user's experience level. For seasoned traders, it offers a powerful and efficient trading environment with a plethora of tools and features. However, for beginners, the platform's complexity and limited educational resources can be challenging. But, it has many hurdles. Yet, its strong features and reliable performance make KuCoin a great choice. It's for those ready to invest the time to learn its complexities.

Below is a comprehensive review of KuCoin.

User Interface and Experience

For experienced cryptocurrency traders, KuCoin's user interface stands out as robust and feature-rich. The service offers many tools. They are designed to help with full investment management. The tools have advanced charts. There is a wide range of trading pairs and various order types. These are just a few of the features that experienced traders will like.

However, for beginners, the same interface can appear daunting. Its complexity is a common critique in user reviews, making it less approachable for those new to cryptocurrency trading. Navigating the many features without prior experience can be overwhelming. It can lead to frustration and a steep learning curve.

Overall Functionality

KuCoin excels in performance and reliability. The platform operates smoothly and consistently, with minimal downtime or technical glitches. This reliability is a big plus. It ensures that trades can be done fast and efficiently. This is crucial in the fast cryptocurrency market. The responsiveness of the platform further enhances its usability for active traders.

Registration Process

The registration process on KuCoin is notably straightforward compared to many other exchanges. Users can sign up using an email address or phone number, and the addition of a referral code option is a nice touch. The first step is to verify your email and phone number. It's easy and hassle-free.

Users want to do P2P trading or raise their withdrawal limits. To do this, KuCoin needs KYC and AML verification. This involves submitting government-issued identification and proof of address. This process can take a few days. But, it is standard for most exchanges. It's essential for security and rules.

Educational Resources

KuCoin's educational offerings are somewhat limited. They are especially so for beginners. Beginners want to deepen their understanding of cryptocurrencies and trading strategies. The platform has basic info on buying certain cryptocurrencies. However, it lacks thorough guides and resources. This gap can be a big drawback for users. They need more detailed support to confidently navigate the complex market.

KuCoin FAQs

Who founded KuCoin?

The story of KuCoin commences with its founder, Michael Gan, who, alongside a team of similarly minded individuals, embarked on a mission to establish a platform aimed at simplifying access to cryptocurrencies for users globally.

What is the Kucoin referral code?

The Kucoin referral code is “rMN4U8Y”.

Can KuCoin be trusted?

Is KuCoin exchange safe? Yes, KuCoin is considered safe. It is a global exchange with a sizable user base, operating since 2017. However, it's important to note that it is not regulated in numerous countries worldwide.

Is KuCoin legal in USA?

Is KuCoin permissible in the US? KuCoin lacks licensing in the US; nonetheless, users are able to establish accounts on the platform. Regrettably, accounts originating from the US will not undergo verification and will have access to limited features.

Is KuCoin exchange safe?

Yes, KuCoin is a worldwide exchange with a substantial user community, operational since 2017. Nevertheless, it lacks regulation in numerous countries across the globe.

Is KuCoin 24/7?

Contact KuCoin customer support with your inquiries anytime, as they offer 24/7 customer service.

Does KuCoin support us?

KuCoin is not licensed in the US. Nevertheless, users from the US can still register accounts on this trading platform. However, accounts based in the US will not undergo verification and will have limited features available. Additionally, US-based users can only withdraw a restricted amount of funds every 24 hours, approximately 1 BTC (equivalent to around $400).

Is KuCoin legal in the USA?

While users in the USA can access KuCoin, it's important to note that the exchange lacks licensing in the country. Consequently, US-based users may encounter limited features and a reduced daily withdrawal limit of 1BTC.

Is KuCoin legal in UK?

This company lacks authorization from us and might be focusing on individuals in the UK. Please refer to our Warning List for details on other unauthorized firms and individuals that we are aware of.

Do KuCoin trading bots make money?

Once configured correctly, the Spot Grid bot generates profits by selling the asset at a higher price and repurchasing it when the price declines. This bot is suitable for beginners and focuses on addressing the significant challenge of high volatility in the crypto market, providing trading fees as low as 0.1%.

Is KuCoin a good crypto exchange?

Yes, KuCoin is a comprehensive exchange offering an array of features, enabling users from more than 200 countries to engage in buying, selling, and trading digital assets across Spot, Futures, and Margin markets, encompassing over 700 cryptocurrencies. However, it is worth noting that KuCoin operates without regulation in numerous countries.

Does KuCoin have low fees?

The trading fees on KuCoin are among the lowest across all exchanges, set at 0.1% per trade. Furthermore, these fees are subject to reduction for high-volume traders or for individuals who opt to pay fees using the platform's KCS token.

How much fees does KuCoin charge?

Fees: KuCoin employs a tiered maker/taker fee structure, where trading fees vary from -0.005% to 0.1%, based on your tier level. Compared to competitors, its fees are relatively low, as some may charge up to 0.50% per trade.

Can US citizens trade on KuCoin?

Users in the USA can access KuCoin, despite the exchange not being licensed in the country. Consequently, US-based users will encounter restricted features and a reduced daily withdrawal limit of 1 BTC.

How to reduce KuCoin fees?

Upon activating Pay Fees with KCS, a 40% discount is provided in the form of a rebate. For example, if your trading fee amounted to 1.00 USDT and was paid using KCS, you'll receive 0.40 USDT back in KCS.