Seasoned cryptocurrency traders best utilize KuCoin’s cutting-edge features, minimal fees, and variety of coins. However, KuCoin’s lack of a U.S. operating license lowers its ranking.
The KuCoin Earn service offers two options to earn income on your cryptocurrency holdings: you stake coins through Pool-X, a KuCoin-supported business, or you lend your cryptocurrency out and receive the interest. Kucoin review simply is that it’s a platform for the exchanging and trading crypto currencies.
Some cryptocurrencies employ staked coins to help validate the network and maintain it secure, similar to how stock dividends are earned. You receive benefits if you agree to tie up your coins for a specific period.
Even though it varies by coin and demand, the interest you’ll make by lending out your cryptocurrency is higher than you’d make with a conventional savings account. According to KuCoin, you may make between 8% and 12%. This cash funds margin trading for KuCoin. According to the company, lenders will always receive full repayment, whether it comes from the borrower’s collateral or a KuCoin margin insurance fund. However, you won’t receive the same protections as you would from a typical bank, so be sure you’re okay with the added risk.
Restricted payment options
KuCoin allows you to purchase cryptocurrencies with fiat money, but you’ll have to use third-party software. More than 70 different payment options are available, but not all of them can be used to make deposits.
And the costs can be high. I can save these costs by adding cryptocurrency that I purchased using other exchanges directly to KuCoin, which has no fees. In Kucoin vs binance we find that both considered as the best trading platforms.
You’ll also need to buy a specific amount of one currency right away. For instance, you might purchase Tether (USDT), a stable coin tied to the dollar, for $200. After that, you might use Tether to purchase other currencies. That $200 couldn’t just be deposited and left to grow until the opportune moment to invest it. In other exchanges, you can deposit money and decide how and when to use it.
Not for beginning traders
It isn’t easy to use KuCoin’s website if you’re new to cryptocurrencies. When I tried the Fast Buy feature, it didn’t function, and the peer-to-peer trading alternatives were only available to those who had completed the KYC verification procedure. The live support chat did provide prompt responses.
Although KuCoin offers some educational materials, I’d want to see a lot more, especially given the variety of coins available. You’ll need to conduct your research elsewhere because there isn’t much information accessible about new currencies.
Choice of cryptocurrency
KuCoin supports more than 600 currencies and over 750 currency pairs (two coins that are compared to one another).
One of the main reasons I use the site is the large variety of cryptocurrencies it supports, including well-known coins like Bitcoin and Ethereum. One of the motivations for the company’s development was to provide individuals with access to less popular currencies.
However, less well-known coins are riskier than well-known ones, so it’s more crucial than ever to comprehend what you are purchasing. Look at the management team, the issue the currency is attempting to address, and the existing coins in that market. In Kucoin vs binance comparison binance has better and smoother user experience than the Kucoin.
With KuCoin, is your cryptocurrency secure?
KuCoin has teamed up with an organization called on chain Custodian to safeguard the digital assets kept on its exchange. That also covers Lockton’s coverage against crimes like hacking. A bug is also present.
That also covers Lockton’s coverage against crimes like hacking. Additionally, a bug bounty program incentivizes ethical hackers to report any systemic flaws.
According to KuCoin, it maintains cold storage for client assets offline (which makes it harder to hack). However, it is not specified what fraction is kept inactive. For users to make withdrawals and trades, they must maintain some money in hot wallets online, but it would be helpful to know what proportion is kept there.
At the end of 2020, some KuCoin hot wallets were compromised, but the damages were all compensated by insurance. Additionally, KuCoin moved swiftly and was open about what transpired.