A modern exchange aiming to provide users with a safe and straightforward method of converting their currencies on a state-of-the-art platform with competitive trading and no fees for a deposit, it is obvious that Kucoin is ready to make its mark among the crypto exchange markets.
Table Of Contents
- 1 The KuCoin Token (KCS)
- 2 Key Features Of The Kucoin Exchange
- 3 Getting Started With Kucoin Exchange
- 4 How to trade on Kucoin?
Kucoin is founded by a group of professionals with a passion for the blockchain who had already built up strong reputations at industry giants, such as GF Securities, Ant Financial, Youling, Jianbang Communication, and iBOX PAY. As stated on their official website which lists 12 core members, “Kucoin aims at providing users digital asset transaction and exchange services which are even safer and convenient, integrating premium assets worldwide, and constructing state of the art transaction platform”.
The Kucoin team has decided to step into the cryptocurrency exchange business in 2017. They are serving the industry with the superior customer service and a good enough UI/UX. Besides its web interface, Kucoin also has Android and iOS apps.
Kucoin is considered safe to use due to its proper security efforts which are placed at both the systems and the operational level.
The KuCoin Token (KCS)
Kucoin token or KCS is the token issued by the Kucoin Exchange. The token currently has a market cap of $210,889,450 USD. The Kucoin token, KCS Shares, has a total volume at issuance of 200 million and a current circulating supply of 181,043,076 KCS.
According to the KUCOIN team, a minimum of 10 percent of each quarter’s net profit will be allocated to buying back KCS, and those that KCS bought back will be destroyed immediately. KCS works with all Ethereum wallets, as it is a decentralized cryptocurrency based on Ethereum. The KCS is an ERC 20 token which is based on the blockchain of Ethereum and can be stored safely on ERC-20 supported wallets, such as Coinomi.
KCS was distributed through an ICO which occurred in three stages. The first phase accounted for 35 percent, about 70 million tokens, and involved issues for the founders. The second phase was for industry stars, consultants, and angel investors, accounting for 15 percent or 30 million KCS. The final, third phase, was for all users, and this public ICO accounted for the remaining 50 percent or 100 million KCS.
The KCS issued by founders within the first phase was said to have been locked up until a period of four years which is expected to end on Sept. 2, 2021. Meaning, Before Sept. 2, 2021, founders cannot sell or assign their KCS holdings. The angel investors and consultants have a two-year lockup period, ending on Sept. 2, 2019. The KCS purchased during the public offering do not have a lockup period, so they went on the exchange on Sept. 2, 2017.
There are a number of benefits of holding the KUCOIN token. Traders with some amount of KCS in their Kucoin account take advantage of reduced trading fees at the time that they place orders for online trades.
Also, the token comes with a bonus, which is awarded to users who hold this token. This incentive bonus amounts to half of all trading fees that the platform charges, with the percentage open to adjustment in the future. To achieve the daily bonus, users must have their KCS deposited within the Kucoin Platform. If the volume & amount of coins traded increases, the bonus of holding the Shares will increase as well and vice-versa. Holding 1 KCS earns you approximately $0.000375 USD per day at the current rate of KCS = $2.25/USD. You can get more light to the calculation here.
Key Features Of The Kucoin Exchange
When compared to other exchanges in the market, the outstanding features of KUCOIN makes it stands out from all other exchanges. Comparing its simple and luring interface, the excellent customer service, and long-term experience of the team members:
Efficient Customer Service:
The customer support for Kucoin is very good, with multiple methods of contacting the support team. Kucoin has customer service available 24/7 via the hotline, email, and website, also the team members pride themselves on resolving any issues in a timely manner for ease of use. It is possible to email [email protected] or contact support via the website. In addition to troubleshooting and answering questions, the support team is ready to listen to suggestions, as the exchange is dedicated to improving its services from customer reviews and suggestions.
The Kucoin APIs are designed to allow access to all of the features of the Kucoin platform. The end goal is to allow people to potentially recreate the entire platform on their own. The API allows traders to check for their KuCoin trades and transfers them automatically into your other accounts. Follow this article to understand setting up your API.
Top Professional Team:
The team behind Kucoin has years of experience in the blockchain and cryptocurrency worlds, working in leadership roles in major companies. The team also has a strong emphasis on research and development, hinting at great things for Kucoin in the future.
The CEO and founder, Michael Gam, is a former technical expert at Ant Financial, an affiliate company of the Chinese Alibaba Group. He was also a senior partner at Internet giants like MikeCRM and KF5.COM.
COO, Eric Don, is referred to as a “senior Internet researcher, systems architect, and Internet industry star”. He is also stated to be the CTO and senior partner of IT companies including YOULIN.COM, KITEME, and REINOT.
Stable Financial System:
Even with its relatively recent launch in late 2017, KuCoin has already managed to work its way up from an obscure exchange to the 19th largest by trading volume. Kucoin takes precautions like those used in banks, including three centers and two locations to be disaster-proof. The exchange has levels of stability typically reserved for financing sectors. The underlying financial system’s design inspired the core exchanging system with its multi-cluster and multilayer architecture.
Kucoin is indeed safe to use thanks to security efforts on both the system and operational level. On the system level, it helps that Kucoin was constructed using financing-level standards. This includes standard transfer encryption protocol for data transfer layers, meaning that all of the sensitive data and user data are stored in an encrypted data format. Also, there is multifactor dynamic authentication for additional security.
Step-up multi-factor authentication is a dynamic authentication model where a customer is required to perform additional authentication operations, as needed, based on policy. A typical example of multi-factor authentication is when a customer, having signed on with a password to an exchange’s site, wants to transfer money. The bank sends an SMS to the customer’s previously registered phone number to establish the required additional assurance.
Kucoin has a dedicated risk control system with strict standards for operating and using data involving multilevel review and approval.
Also, wallets within the Kucoin platform have multiple security levels to fit the storage scale in question. The micro-withdrawal wallets are stored in a private network architecture built using Amazon Web Services Cloud, which allows the wallets to take advantage of that cloud’s multilayer firewall. The documentation for wallets itself has industry-level multilayer encryption. Macro-wallets are typically stored in the bank.
Fast Transaction Processing:
Both deposits and withdrawals are processed within few minutes. Deposits are completed within just two minutes, while withdrawals under a certain amount are processed in a matter of seconds to a maximum of 10 minutes, depending on the volume of the transaction.
As an effort to maintaining the growth of the exchange, Kucoin awards news users with a bonus for inviting new users. The user who sends the invitation will receive a portion of trading fees
One of the amazing properties of the KUCOIN exchange is its very low fees when compared to some other exchanges, both for trading and withdrawals, making it affordable to use this exchange.
There is no fee to make a deposit, and the trading fees are only 0.1 percent, based on the asset that you purchase. The fees for a withdrawal depend on the cryptocurrency in question, but some are free from fees, including GAS and NEO. Others have incredibly low fees, such as BTC at just 0.0005, LTC at just 0.001, and ETH at just 0.01.
Getting Started With Kucoin Exchange
Click here to go to Kucoin. Making sure you are always on the right page, and to avoid phishing attacks, it is advised you bookmark this page. As a security measure, always make sure the website you are is secured.
- Click on the Log in button
- Accept the terms and conditions
- Fill up the registration form
- Complete the email activation
Enable 2-Factor Authentication (2FA)
For maximum security, it is highly recommended that you enable 2-factor authentication.
To enable 2-Factor Authentication:
- Log in, and go to the Settings tab (on the right side) and find the tab titled Google 2-Step.
- If you are new to 2FA then you will need to download the Google Authenticator app which is available on your mobile device’s App store or Google Play. Add a new secret, scan the QR code
- Write your backup secret key on a secure piece of paper
- Inserted the 60 seconds changing code into the empty box provided.
From the drop-down menu select the coin you wish to deposit. Search for the coin that you want to deposit and then add the address and the amount and then press the confirm button which is at the bottom of the screen. Then a newly created wallet is generated and this wallet belongs to Kucoin. The address of wallet for each of the coins is different. You have to make sure that you deposit only the specific coin into the wallet. If the address is incorrect then it would be a complete loss of all the funds.
- From your account, select ‘Assets’ from the top bar. Under that,
- Select ‘Deposit’ which is located on the left side of the page.
- Search for the asset you are willing to deposit (for example, type BTC in the address bar, and select BTC from the list of available options)
- Copy the generated address of the coins to the wallet from which you want to withdraw from.
- Wait for the transfer to be confirmed by the blockchain, and your coins will be automatically deposited to your account after 6 or 12 network confirmations.
How to trade on Kucoin?
- Select “Markets” from the top menu.
- Select your desired trading pair from the table. In the example below, we are trading KCS/BTC pair.
- We start by selecting KCS/BTC pair market, and the interface below is brought to our view
- Depending on your choice, you can either fill the BUY/SELL order. In this example, since we are changing our BTC to KCS, we fill the BUY order (that is the price at which we are willing to buy and the amount we are willing to buy above the GREEN buy button)
- To know the current price, check the last price in BTC on the top-most bar as shown below:
After filling the order, the total cost (in BTC) will then be calculated automatically and displayed next to “Volume”.
Note: There is always a trading fee associated with each BUY/SELL order placed. Trade’s fee will be displayed as well.
Kucoin is currently offering relatively low fees for trading and also for withdrawals. There is no fee for making a deposit. Trading fees are 0.1% from the coin bought. Withdrawal fees would depend on the coin you withdraw. Neo and Gas are free to withdraw. To learn more about trading fees, a complete guide from the official KUCOIN page can be found here.
Withdrawing funds from your KUCOIN account
- Login your KuCoin account
- Click on “Assets” from the uppermost bar
- Select withdraw from the navigation bar on the left
- Select “Withdraw”
- Search for the “Asset” you are willing to withdraw and select the token
- Confirm the withdrawal from the mail sent to your inbox.
- Click on the confirm button
Note: If you can’t find the mail in your inbox, check your junk mailbox. Alternatively, you can view the withdrawal records and click on the “Resend email” button as shown below.