Our Rating: 7.5/10
KuCoin is a very rapidly growing cryptocurrency exchange based in Hong Kong that accepts accounts from anywhere in the world including the United States, UK, Europe and most Asian countries, including China, Korea and Japan.
Kucoin has been building a lot of momentum recently thanks to their low fees, secure platform, and quick additions of new and popular cryptocurrencies such as RaiBlocks (XRB), Ambrosus (AMB), Dragonchain (DRGN) and Red Pulse (RPX). Their trading interface is powerful although quirky. With their volume growing to over $200 million per day, they offer high liquidity for most trading pairs. However, KuCoin has been experiencing some growing pains as a result of their rapid growth – see the list of cons below for the details.
Very Quick Account Setup
- KuCoin account creation is about as easy as it gets – you can open your account in less than a minute
- In fact, Kucoin only has one-level of account authorization – no attempt is ever made to collect any personally identifiable information
- For additional security, KuCoin offers Google 2-Factor Authorization (2FA)
Very Low Transaction Fees
- KuCoin has matched Binance with the lowest transaction fees in the industry. They charge 0.1% of the total transaction amount. Most other exchanges charge 0.15% to 0.25%. Some even more!
- Additional discounts are available for those that hold KuCoin’s own token, KCS. For every 1,000 KCS tokens held, there is a 1% reduction to the trading fee, up to 30%. Holding 30,000 or more KCS would result in a reduction of the trading fee from 0.1% to 0.7%. There are other advantages to holding KCS as well (see below)
Frequent Additions of New Cryptocurrencies
- KuCoin has over 100 currencies now available to trade, and typically adds 1-5 new currencies every week
- They are often one of the first ‘major’ exchanges to list new currencies, including recently adding RaiBlock, Po.et, DeepBrain Chain, QLink and Canya
- They have a deeper set of trading pairs compared to most exchanges. Most exchanges offer BTC and ETH trading pairs. KuCoin also offers NEO, KCS and Tether.
- KuCoin’s own KuCoin Shares token (KCS) has become a very popular currency thanks to it’s fee split revenue share. By holding KCS, you receive a portion of the trading fees the KuCoin platform generates. Currently, KuCoin splits 50% of the fees they generate with KCS holders. That percentage will reduce at some point in the future however
Solid Customer Support
- Although nearly all exchanges are seeing immense growth, putting a strain on customer service, KuCoin has upheld a strong reputation in this area, offering relatively quick responses to problems. There have been a few cracks developing recently however (see below)
- KuCoin continues to push the envelope, offering both Android and iOS mobile apps which allow you to trade directly on your phone
Very Good Liquidity
- KuCoin is growing very fast, and recently surpassed $200 million in trading volume daily. Although this is still just a fraction of larger exchanges like Binance or Bittrex, the most popular trading pairs have very good liquidity for traders
Interesting Trading Contests
- Like Binance, KuCoin has started offering trading and deposit contests. Typically, prizes in the form of ETH or the specific token the contest is for are given for being the largest depositor and/or trader over a certain period of time
No Fiat Deposits
- KuCoin does not accept fiat currency (e.g. U.S. dollars or Euros). In order to start trading, you will need to deposit Bitcoin (BTC), Ethereum (ETH), NEO or Tether (USDT) from your personal wallet or another exchange. We recommend ETH and NEO given the much faster deposit confirmation times
Quirky User Interface
- There is no doubt, KuCoin goes its own way when it comes to the user and trading interface. It seems to be a polarizing design. Thankfully, the trading interface itself is good, offering features about half-way between Binance’s Basic Exchange and Advanced Exchange trading views
- Like most things, you get used to it over time. Keep in mind that “Assets” refer to your exchange wallets where you can see your balances and deposit/withdraw, and “Markets” refers to the exchange trading interface, and you are half-way there
Large Withdrawals Must Be Reviewed Manually
- Since there is no second-tier of account authorization, large withdrawals are reviewed manually by KuCoin staff. Currently, any withdrawal greater than $10,000 USD is reviewed manually, and this can take a day or two (and some have reported longer). That might put off some quick day traders. At the same time, it is also a positive for peace of mind that if your account is hacked, you will have some time to stop your funds from being drained
Some Recent Site Outages
- Like just about every other fast-growing crypto exchange, there have been some growing pains, including site outages or times when the trading interface is not responsive. KuCoin is generally quick to resolve these, but they can be frustrating when the markets are moving quickly
Recent Complaints of Missing Deposits/Withdrawals
- A number of complaints about deposits and withdrawals going missing have been making their way around social channels very recently. Although likely growing pains, such complaints are always a major concern and one of the primary risks that centralized exchanges like KuCoin reprensent
KuCoin has been referred to in social media channels as Binance’s little cousin, and in many ways we can agree. KuCoin is the smaller exchange by an order of magnitude, but is growing quickly. Their user interface is a bit odd (but cleaned up since an earlier version), and they do a great job of listing new cryptocurrencies that are hot with traders. They offer trading fee discounts to holders of their own token, KCS, and currently also offer a nice dividend based on the overall platform’s trading fees as well. Until recently, we highly recommended KuCoin, but with recent complaints that have surfaced of very slow and/or missing deposits and withdrawals, we urge some caution in using them as an exchange.
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