Find the Next Crypto Gem on KuCoin
History of KuCoin Exchange
KuCoin is one of the largest exchanges with its primary headquarters in Seychelles. The current CEO is Johnny Lyu.
Today KuCoin provides services in many countries of the world. The main website is translated into as many as 19 languages and provides support for vernacular users. The exchange claims to serve more than 10 million users currently.
The KuCoin exchange provides trading and investment options in cryptocurrencies as well as margin trading facilities. Users can also trade futures and options through the KuCoin exchange.
The exchange started operation in 2017. However, the parent company had been experimenting with blockchain technology way back in 2011. The funds for the exchange were collected through an ICO and users received KuCoin shares in return. KuCoin shares now serve as the native token of the KuCoin exchange. The exchange is known for running promotional trading competitions.
The exchange is beginner-friendly and easy to use. It provides a lot of resources for its users and frequently provides updates through various social media channels.
The change has branched into an entire ecosystem of services and promotes better blockchain technology through its research and development wing that is known as KuCoin Labs. The exchange provides institutional support and marketing efforts for new and interesting blockchain projects through KuCoin Labs.
The exchange is accessible via an application on both Google and Apple stores and also through its site.
KuCoin was voted as the best cryptocurrency exchange by Forbes Advisor in 2021.
Who owns KuCoin?
Johnny Lyu is the CEO currently.
Regulations of KuCoin
KuCoin has sought licenses for operation in many jurisdictions and offers services in many countries. However, the exchange is not regulated to operate in most countries and while users can freely trade on the exchange, lack of regulation may be a concern for some users.
However, the exchange has appointed an Anti-Money Laundering (AML) officer and claims to comply with AML and KYC requirements.
KuCoin may limit access to some or all features based on the country’s jurisdiction and prevailing regulations.
What Cryptocurrencies are available on KuCoin?
KuCoin supports trading in major cryptocurrencies with 500 coins supported currently. It offers trading with cryptocurrencies paired with other popular altcoins and fiat currencies such as USDT, UST, BTC, ETH, XRP, DOGE, CRO, AVAX, ADA, MATIC, TEL, LINK, ALGO, EURO, GBP, HRK, DKK, SEK, UAH.
KuCoin also supports the stablecoin USDT that is redeemable on a 1:1 basis for US dollars. In addition, it has a native cryptocurrency known as KuCoin Shares (KCS) that provides many attractive features such as reduced trading fees and access to airdrops for its holders.
What payment methods are available on KuCoin
The KuCoin exchange supports many payment methods including credit/debit cards, bank transfers, and third-party payment processors.
Credit/Debit cards: KuCoin allows its users to deposit fiat currencies through debit/credit cards. Both Visa and Master cards are supported on the platform. KuCoin supports a total of 11 fiat currencies including the British Pound, Euro, Russian Ruble, and the US Dollar. A currency conversion charge may be levied if the transaction currency is different from those supported by the exchange.
Bank Transfer: KuCoin supports direct bank transfers in many countries and for 11 fiat currencies. SEPA transfers are supported in Europe.
Third-Party payment processors: The KuCoin exchange also supports some third-party payment processors such as PayPal and UPI through which the users can also deposit fiat balance into their KuCoin account for purchasing cryptocurrencies. Simplex, ApplePay, and Banxa are also supported in many countries.
P2P Transfer: KuCoin also supports the transfer of fiat balances through the peer-to-peer (P2P) mode. This method involves sharing of account information between two customers who can then transfer balance between themselves and the same can be used for purchasing or selling cryptocurrencies. The P2P method helps in transferring balances where other payment methods may be slow or may not be supported at all.
KuCoin offers a range of products and caters to a diverse set of clients through its multiple offerings. These services are described below.
Lucky Raffling: It is a lottery-based game where you can bet by using Kucoin Shares (KCS) tokens and in case the bet goes your way, you win a prize.
KuCoin Spotlight: KuCoin offers institutional support for businesses looking to offer initial coin offerings of their tokens. The ICO’s can be launched on the KuCoin spotlight platform which provides marketing and the ability to introduce the token early to KuCoin customers.
KuCoin Trading Bot: It allows an automated trading option for users and it also offers the ability for social trading. Users can create a bot or use existing bots created by other users.
KuCoin Learn and Earn: It is the native educational resource for all things crypto. The KuCoin academy publishes research-driven content about cryptocurrencies, NFT, and the blockchain universe. It serves to help the user understand various altcoins and blockchain technology. Users can watch educational videos and earn small amounts of crypto in return.
KuCoin NFT Marketplace: Upcoming NFT marketplace powered by KuCoin where users can mint and earn from their NFTs. It is being built to provide support to artists, collectors, and users on a single platform and will be launched soon.
Staking on Exchange
KuCoin allows users to stake many cryptocurrencies including ETH2.0 and Polkadot. Staking can help users to earn additional benefits. Staking on the KuCoin exchange provides a fixed annualized yield. KuCoin offers a flexible lock-in period and the user can choose the duration of staking. However, the user must stake for a minimum period of one day to remain eligible for the staking rewards. KCS holders can get bonuses and free airdrops in addition.
How to open an account on KuCoin
You will need to complete the Know Your Customer (KYC) procedure to open an account on KuCoin. The steps involved in opening an account are described below.
Steps to open an account on KuCoin:
1. Go to the KuCoin site and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
5. Once this additional step is completed, KuCoin will activate your account and you can deposit funds to start trading.
Customer support of KuCoin
The customer support of KuCoin consists of well-trained professionals who will help you out if you get stuck or need some help with an issue. The support section is well doxxed with a range of FAQs that could solve your queries. KuCoin chat support can also be contacted in case a user needs extra help. Users can also submit a request and get the desired support via email.
Security of KuCoin
KuCoin invests in security and has built a solid reputation among its users. The majority of clients’ funds are stored securely in an offline environment. Users can also secure their accounts through 2FA and by various other measures such as requiring an SMS passcode sent to their mobile phone for every login instance. Email and app-based authentication is also supported by KuCoin.
KuCoin also suspends and locks accounts in case an unusual activity is detected.