The Crypto ecosystem can be difficult to navigate for anyone who is new to the space and while crypto exchanges offer users a place to buy, sell and exchange cryptocurrencies, it is important to find an exchange that is easy-to-use and beginner-friendly while also not compromising on its services and features.
KuCoin has carved out a name in the crypto space and continues to gain traction. According to the platform, one in four crypto holders around the world use KuCoin and it ranks at the top in terms of globalization deployment.
What is KuCoin?
KuCoin has established itself as a prominent cryptocurrency exchange ever since its launch in 2017. The exchange has more than 400 cryptocurrencies and over 400 markets with a built-in P2P exchange, fiat-on ramp, margin, and futures trading, and many other crypto services.
Although the exchange was launched in 2017, the team behind KuCoin has been working on the platform since 2013. Currently, the company is headquartered in Seychelles.
KuCoin aims to make cryptocurrency and blockchain technology accessible for the masses and is also nicknamed “The People’s Exchange” and supports 400+ projects with nearly 800 trading pairs.
Main features and services
As mentioned earlier, KuCoin has a ton of features and services that helps it cater to an ever-growing user base. Some of the major ones are:
- Buying and selling cryptocurrencies: KuCoin allows users to buy and sell more than 400 cryptocurrencies with just a 0.1% fee for each trade and lesser fees for futures trading. Since it has established itself as one of the top crypto exchanges, KuCoin supports a large number of crypto assets.
- Buying crypto with fiat easily: Users can buy cryptocurrency using top fiat currencies including USD, EUR, GBP, CAD, AUD, and CNY among many more. The KuCoin P2P fiat trade, debit, or credit card can be used via Simplex, Banxa, or PayMIR along with its Fast Buy service, which can be used to buy Bitcoin (BTC) or Tether (USDT) with IDR, VND, or CNY.
- Asset security: The platform uses a number of security measures to make sure that they meet the industry standards and protect the assets and data of their users. This includes micro-withdrawal wallets, multi-layer encryption, a dedicated internal risk control department, and dynamic multi-factor authentication.
- 24/7 Customer support: KuCoin has dedicated customer service in place so as to address any issues/problems/grievances faced by users 24/7. Users can reach the support team via email, ticketing system, and website.
- Earning profits and cryptocurrency: KuCoin has staking, soft staking, crypto lending, and a KuCoin Token bonus which helps users generate yield and make profits by making their cryptocurrency work for them.
KuCoin Lending
KuCoin Lending allows users who prefer low-risk yet stable returns to lend their cryptocurrency. Using the Traditional Lend option, users can set up a daily interest rate that suits them and earn profits. However, it is important to note that if the rate set by the user is higher than the market rate then it could be difficult to lend funds and therefore, the Optimal Rate should be taken as a reference before setting up the daily rate.
The platform also has an Auto-Lend option which can allow users to set up the reserve amount, minimal daily rate, and terms before they can start the Auto-Lend option. This option works well for anyone who does not want to go through the hassle of setting up the Lending protocol daily.
The Trading Bot
The Trading Bot was launched by KuCoin this year and it is designed to help users with automated crypto trading. Users simply need to set up an account and deposit their initial investment after entering their specific parameters, after which the Trading Bot will take care of the trades based on the market analysis and tools available. The Trading Bot also supports long-term investment strategies such as Dollar-cost averaging.
The Bot can carry out 3 main strategies:
- Classic Grid trading: Classic grid trading also known as spot trading helps users make a profit from market fluctuations by positioning buy and sell orders. The bot uses parameters set by users such as minimum and maximum price, number of orders placed, etc. to conduct trades.
- DCA bot: The DCA (Dollar-Cost Averaging) bot uses a repetitive strategy of purchasing cryptocurrencies on a daily basis in order to get returns over time. The user can deposit a certain amount of money and then instruct the bot to buy a certain amount of cryptocurrencies everyday or every other day and build their position slowly.
- Futures Grid: The Futures Grid trading bot helps the investors to earn profits by combining futures and grid trading which can be beneficial for traders who are going long or short. The bot would divide the user’s funds into multiple grids which it would then continue buying low and selling high.
The Trading Bot is entirely free and users of the KuCoin website do not have to subscribe to anything or pay any extra access fees to make use of the bot.
Account setup and verification
In order to increase the security measures on the platform and counter money laundering schemes, KuCoin implements a KYC (Know-Your-Customer) verification process. The verification process is not mandatory for small volume traders but verified traders get a chance to earn benefits such as increased daily withdrawal limits or an easier account recovery process in case of losing their password or two-factor authentication.
The platform implements three levels of verification:
- Unverified account: With an unverified account users just have to verify their email and they can withdraw up to 2 BTC in a 24-hour period.
- Verified Individual account: A verified individual account requires a user to submit their identity details and verify them using their ID or passport and their country of residence. With this type of account, they can withdraw up to 100 BTC in 24 hours.
- Verified Institutional account: A verified institutional account lets users increase their withdrawal limit to that of 500 BTC in a 24-hour time period.
Conclusion
The KuCoin platform has made its mark as a cryptocurrency exchange with a range of features and services from staking, lending, soft staking to its own Trading Bot and P2P marketplace.
The KuCoin platform has seen a lot of developments since its inception and carved out a name for itself in the crypto ecosystem.
Users who want to get started with KuCoin can click here: Sign up
For more information check out their website.
Disclaimer: This is a paid post and should not be treated as news/advice.