KuCoin Overview

KuCoin is one of the world’s largest cryptocurrency exchanges. It was launched in 2017 and is headquartered in the Seychelles.

The platform offers many crypto assets for users to invest in, including many altcoins that can be hard to find on other exchanges. KuCoin also offers:

• Basic options trading
• Margin trading
• Futures
• Peer-to-peer (P2P) trading
• Lending and staking of crypto assets

The company’s fees are also on the lower end, making it an attractive option for users hunting for a discount.

That being said, KuCoin isn’t licensed to operate in the United States. Individuals from the U.S. can create a KuCoin account. But access to the site’s features is severely limited.

Is it safe to buy on KuCoin?

If you don’t live in the United States, then it’s generally safe to buy on KuCoin. Millions of users make trades on the platform every day without any issues.

However, there was a security breach in 2020. Hackers drained $280 million worth of crypto from users’ wallets. But the assets were covered by an insurance fund, so any impacted users got their money back.

There’s also some risk to using KuCoin if you live in the United States. If U.S. regulators were to crack down on unlicensed exchanges like KuCoin, you might not be able to withdraw your assets on the platform.

Fees

One of the ways that KuCoin stands out from the competition is by offering low fees. Trading costs range from 0.0125% to 0.1% per transaction. These vary based on your 30-day trading volume and your balance of KuCoin Token (KCS).

That’s fairly low when you compare it to other exchanges. For example, Coinbase can charge as much as 10% for small transactions.

So if you’re looking for a cryptocurrency exchange that offers low fees, KuCoin could be a good fit.

Features

• More than 600 cryptocurrencies available
• Low fees
• Live chat support
• Android and iOS apps
• Margin and future trading
• Lending and staking features

The two features that differentiate KuCoin most from other platforms are its wide selection of cryptocurrency assets and low fees. If these are a priority for you, then KuCoin could be a good fit for your investment goals.

Do they offer a wallet?

KuCoin has a wallet that’s tied to your account. But you can’t use the assets that you store in that wallet on web 3.0 apps like Aave or MakerDao.

That being said, you can do a lot on the platform with your wallet. For example, you can do peer-to-peer trades, staking, and even lending. You’ll just need to either stay within the KuCoin ecosystem while doing those things or withdraw your assets from the platform to access other crypto applications.

Mobile app

KuCoin has mobile apps available on both iOS and Android platforms. They aren’t the most user-friendly applications, but they allow you to access most of the site’s features from the palm of your hand.

KuCoin user reviews

One of the most troublesome aspects of KuCoin is the reviews that it gets from users. Across approximately 600 reviews on TrustPilot, the crypto exchange has an average of just 1.7 out of 5 stars.

Many of these negative reviews talk about problems with customer service and problems depositing funds and withdrawing them from the platform.

Some users have even complained about funds from their accounts randomly disappearing. But these seem to be isolated experiences more than patterns.

The bottom line is that KuCoin doesn’t get great reviews from the people who use it. That could be an indication that you may not enjoy your experience on the platform either.

Is KuCoin beginner friendly?

One of the common critiques of KuCoin is that it’s a difficult exchange for beginners to use. You may feel the same way if you’ve ever tried to access the platform.

The trouble is that the website’s trading pages are more complex than competitors like FTX and Coinbase. KuCoin basically only gives you access to an advanced trading screen instead of a more user-friendly one.

On top of that, the process of trading between different currencies can be a bit complicated. To do so, you need to go through several steps before actually being able to complete the transaction.

All in all, this makes KuCoin a relatively poor choice for cryptocurrency investors who want an easy way to invest in their favorite digital assets. A competitor like Coinbase may be a better fit if that’s what you want.

Is KuCoin right for you?

KuCoin stands out with its low fees and wide selection of cryptocurrencies to invest in. But there are also some cons to the platform, including its limited availability in the United States and its user interface, which can be difficult for inexperienced investors to navigate.

If you’re an experienced cryptocurrency investor who wants low trading fees and access to many assets, KuCoin could be your ideal platform.

But if you’re a new crypto investor who wants a smooth experience – or you’re located in the United States – then KuCoin likely won’t be a good fit for your goals.

Compare KuCoin before you invest

Whether you think KuCoin is a good fit for you or not, it’s important to compare the platform to your other options before making a decision. You need to do this type of research to determine which cryptocurrency exchange is best for you.

That’s why we’ve created our platform. Our exchange comparison tool makes it really easy to find the information that you need to know across every exchange that you might want to use.

But don’t take our word for it. You can try out the comparison tool today to experience its value for yourself.