Welcome to our KuCoin Review!
There has been some buzz about this company so we decided to investigate what it was all about…
Some say it’s a scam while others KuCoin reviews are saying legit cryptocurrency exchange so what is it?
The good news is we are going to walk you through the company, products and compensation plan so you can make the right decision.
Let’s dig more in this KuCoin review…
KuCoin Review
This is a cryptocurrency exchange based out of Hong Kong. It operates on a crypto-to-crypto basis and does not support fiat currencies. Nonetheless, its digital assets portfolio is quite extensive. Moreover, KuCoin offers its own token KCS (KuCoin Shares) and uses it in a similar way to Binance.
The platform does not offer margin trading like most similar of venues, and does not disclose whether there is any minimum investment required.
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Advantages of KuCoin
Competitive fees
Trading and withdrawal fees are charged by them, while crypto deposits are free of charge. Whilst this is the approach of several exchanges, the fess of KuCoin is really competitive. It charges a flat fee of 0.1% per trade. The average in the sector is around 0.20% – 0.25%. Besides, there are attractive discounts for those who hold KuCoin Shares.
Furthermore, withdrawal fees applied by KuCoin are also reasonable. For instance, Bitcoin withdrawals are charged with a fee of 0.0005 BTC.
Cryptocurrencies offered
Though it was introduced in mid-Septemner 2017, they already offers a considerable number of coins for trade (around 80). They keep adding new ones. Pairs are grouped into 5 categories on their website: BTC, ETH, NEO, USDT and KCS markets. It was even the first exchange to start trading in the RedPulse token (RPX).
The most traded pairs on KuCoin to date (late November, 2017), are: RPX/BTC, NEO/BTC, ETH/BTC, and KCS/BTC.
Good platform with advanced charting
KuCoin’s has introduced a web-based trading platform. It has a nice design with some advanced charting with technical indicators, powered by TradingView. In addition, mobile apps for Android and iOS are coming soon. They are currently available in beta version.
Adequate liquidity
Though KuCoin is a newly-launched exchange, it doesn’t have issues with liquidity, at least concerning popular cryptocurrencies.
Available Promotions
They provide many promotions including a referral program, top traders bonus promotion, and discount options for those holding its KCS token. You get up to 30% discount on trading fees if you use their KuCoin Shares.
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Disadvantages of KuCoin
Does not support traditional fiat currencies
You cannot exchange your dollars for Bitcon on KuCoin’s exchange, or vice versa. Especially for beginners who don't own any coins yet, supporting fiat currencies is an advantage. Therefore, the sole payment method accepted by the exchange is blockchain transfer.
Not a regulated exchange
It is of no surprise that KuCoin is not a regulated exchange. Very few exchanges function with some sort of licenses, as most countries have not developed relevant legislation concerning such service providers yet.
You can take a look at some of the pictures of the exchange’s team members on KuCoin's website. But actually, there is no information about the company owning the site and the brand.
No margin trading
Unlike some cryptocurrency exchanges, including Kraken Quoinex, and others, KuCoin does not provide margin trading. In case you want to gear-up your trading, you can either choose another exchange, or try out trading cryptocurrencies with a forex broker. A majority of them offer higher levels than crypto-exchanges.
Summing Up
KuCoin is a newly-launched crypto-to-crypto exchange. You can trade in Bitcoin, Litecoin, Ethereum, and many more including its own shares cryptocurrency.
There are several benefits of trading on KuCoin. It is low-cost trading on advanced platform, trading volumes on the majority of the assets are good, and moreover, there are different promotions running.
On the downside, it does not support fiat currencies, and the information about the ownership of the company and operating the exchange is limited to its Hong Kong headquarters.
If you prefer trading with a licensed corporate body, there is yet another option. You can trade cryptocurrency CFDs with forex brokers.
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