Like many exchange platforms, KuCoin is based in Hong Kong. They are new in the business, started in 2017, so we can’t expect for them to be on the top. They don’t operate with fiat currencies, meaning they just have crypto to crypto exchanges. Also, they don’t offer margin trading, which is a bad thing for them. The website has a good design, and it is multilingual. They support English, Chinese, Japanese, Korean, Russian, Spanish, Portuguese, Netherlands, German, and French. They got a great start being a new platform they have an opportunity to users more satisfied than most of cryptocurrency exchanges. They offer their own tokens, similar to Binance. Tokens are based on Ethereum, which is a good thing. They act like shares and you can have some benefits using them.
There are two types of verification that you should go through. First one is Google 2-step. You need to have Google authentication on your phone for this one. It is easy to download, just go to Google store and type Google authenticator, the first application that comes out is what you need. They will provide you a key that you should use to verify. The last step is composed of two methods, first, you can scan the QR code, and the second is to manually input the code.
The second type of verification is more important. You will have to provide some extra information, so you can have more options on the platform like depositing and withdrawing. After providing basic information, you will need to add your nationality and address. They will ask you if you are providing your ID card, passport or driver’s license. They had some issues with passport and license input, so ID card is the best choice to make. It will be required to add the ID number, and the next step will be to provide the picture of your card. After you submitted everything they asked for, you need to wait for some time, so they can confirm it. They will get back to you with a mail confirming your verification.
Make a deposit
To make a deposit on Kucoin you have to finish Google 2-step first, they don’t allow you to deposit or withdraw without it, for your own security. Depositing is very easy because they don’t accept fiat currencies, so everything you will need is a wallet with your coins to make a transfer. Fee for depositing cryptocurrencies is free. To make a trade fee is 0.1% per trade, so we can say it is a reasonable price. This low fee costs are appealing to users and making them competitive with other crypto exchanges. You will get the code that you should paste into your wallet, and pick a coin you would like to send.
Kucoin fees are very low, and this goes for withdrawal too. Withdrawing process is similar to depositing. You will put in the code that from your wallet into the code box. Fees for withdrawal are minimal if we look at other platforms. For Bitcoin withdrawal, they will charge you 0.0005 BTC. There were some complaints regarding withdrawal, but also, many cryptocurrencies are demanding much information when they drop or rise fast. It may take few days to complete the transaction, but they are doing a good job for now, including all the difficulties new exchange platforms are going through.
Being a new exchange platform they are doing a great job. A minority of users had difficulties more good reviews are seen for the organization. We can see them competing with other platforms in doing a great job not just making a quick buck. They are getting more satisfied users, and being an only digital currency platform, is it easier for them to react fast. They have a good customer support team, that has to work more, but for now doing a good job. They offer a lot of altcoins, even the top exchanges don’t have some they do. Also, a plus is that they have great features, so users will engage more with the website and what it offers. Low fees are one more advantage they have. The website is newbie-friendly, so everyone can start using it right away with a minimal knowledge.
They don’t offer users much information about their connection with government. We can say users are too much demanding when it comes to this, it depends on the way you look at it. Not having a fiat currency option is a bad thing when we look at how many people are starting to get in contact with digital currencies. Everyone needs to deposit fiat currency somewhere, and to add the option to your platform will be a huge benefit. They have a wide variety of coins, which is a good thing, but with some coins that are not that available, they charge high fees. This is reasonable because they want to make a benefit of them, but it is not appealing to users.
We can see many satisfied users of Kucoin. They are doing a great job so far. Complains can be seen when they had a little crash, but they managed it well, so only people who have short nerves where complaining. Kucoin has a great support of users behind them, which is growth. We consider that they are new in the business, and things like random logouts, balance not loading at the moment, or difficulties with API key, can be managed in the future. Issues will acquire always, you need to have some luck, so it won’t happen to you.
Kucoin is a new digital currency exchange platform that offers many currencies for trading. To cope with their problems they added some features to the platform including referral system, tokens and other. Low-cost trading and easy to use website is a good thing they managed to afford to users. Cryptocurrency exchanges are always on the impact of unsatisfied users, Kucoin is considered in them. But when we look how many satisfied users they have, they are doing a good job.