What is KuCoin?
Like Binance, which we covered yesterday, KuCoin is one of the newer cryptocurrency exchanges on the market, having only opened its doors for business last year. It has, however, gained steam pretty quickly, thanks to its impeccable user interface and user experience. The developers at KuCoin certainly know their stuff — there has not been a single glitch in the coding since the conception of the exchange. The exchange has also enjoyed d great deal of support from various angel investors, which has definitely helped its momentum. Another factor that makes KuCoin popular amongst traders is the focus on security — and the fact that deposits are free.
How to register with KuCoin
Visit the official website here and complete the sign-up process by entering your email address and a strong password. You’ll receive a confirmation email with a link to your new KuCoin account. Next, you’ll be prompted to enable two-factor authentication, which we strongly advise you do.
How to make a deposit to KuCoin
In order to deposit funds and be able to make a trade, you’ll need to find the tab called ‘Assets, and then select the ‘Deposit’ option on the left side. This will show you a drop-down menu where you can select the cryptocurrency you want to deposit and trade for something else. Add the amount of the selected token you want to deposit and confirm. This will create a wallet address that your deposited tokens will be sent to. It is very important that you send the exact amount and to the correct wallet. Each tokens have different wallets, and sending the wrong token to the wrong wallet address could lose you all your tokens.
Exchange and withdrawal fees on KuCoin
Making a deposit is completely free, but trading on KuCoin is generally not expensive at all. The exchange only takes 0.1% off the cryptocurrency token you’re trading for. Fees for withdrawing is a bit more complicated and depends on the token you want to withdraw. Some tokens, like Gas and Neo are free to withdraw. Popular tokens like Bitcoin and Ether have respective withdrawal fees of 0.0005 BTC and 0.01 ETH. A complete list of withdrawal fees can be found on their website.
Bonuses on KuCoin
As with other cryptocurrency exchanges, KuCoin has its own native cryptocurrency which is the KCS token. Remember the 0.1% fee you pay on each trade? KuCoin only keeps 10% of that money. The rest is distributed to new and existing holders of KCS tokens. This is a great incentive to join KuCoin and hold KCS tokens.
How to trade on KuCoin
When you click on Markets in the top menu you’ll see a range of cryptocurrency token pairs. If you want to buy KCS tokens with your own Bitcoin tokens, then select the KCS/BTC pair. Now you’ll be able to see the last trade that was made using these two tokens, as well as the various buying and selling commands available to you. You can buy or sell at a Limit (when the token reaches a certain value), or you can trade at the Market value (which is the current value of the token). You’ll also be able to see what the fee for your particular trade will be.