KuCoin Review (2024): Is It a Reliable Exchange?

In this KuCoin review, we delve into the platform’s user-friendly interface, global accessibility, and multilingual support, making it an excellent choice for traders worldwide. Whether you’re a seasoned trader or a beginner, KuCoin’s adjustable leverage, competitive fees, extensive USDT derivatives/futures volume, and additional features like the Earn and VIP Programs provide a comprehensive trading experience.

Join us in exploring our KuCoin review and trading guide to discover why KuCoin could be your top crypto exchange for trading in 2023. Step into the world of KuCoin, where trading blends with security and innovation.

KuCoin Review – Summary: KuCoin is the fourth-largest global cryptocurrency exchange with over 29 million users. KuCoin is a highly comprehensive and liquid cryptocurrency exchange. The KuCoin platform is secure and reliable, offering a wide range of products. The platform bears similarities to Binance but is more user-friendly. Personal experiences with KuCoin’s trading platform are excellent. However, there are many online complaints about KuCoin’s customer support. A good alternative to KuCoin is the ByBit trading platform.

General Information About KuCoin

KuCoin is one of the most well-known and largest cryptocurrency exchanges (based on trading volume). As of the time of writing (July 2023), KuCoin is the fourth-largest global cryptocurrency exchange. On the KuCoin exchange, you can trade up to 771 different cryptocurrencies, with Bitcoin naturally being the most renowned.

Additionally, you can find information about approximately 3,000 different cryptocurrencies on the platform. The exchange has around 29 million users worldwide, and KuCoin even states on its website that one in four cryptocurrency users utilizes KuCoin. The exchange serves customers in over 200 different countries.

The platform was officially launched in 2017 and has since experienced significant growth. In 2022, the exchange managed to raise $150 million in an investment round. The platform was founded by Michael Gan, Eric Don, and Top Lan. Currently, the company has approximately 800 employees, with its headquarters located in Mahé, Seychelles. Seychelles is situated off the coast of East Africa, and the company established itself there due to more flexible laws and regulations. Many crypto and web3 companies are established in that region for this reason.

In our KuCoin review, we will delve deeper into what the exchange represents, our experiences, the services offered, and more. Let’s continue!

What Is KuCoin Known For?

KuCoin refers to itself as “The People’s Exchange.” By this, they mean that the exchange is created by and for crypto enthusiasts. They claim to take the crypto community’s voice seriously and optimize the platform based on this feedback.

As mentioned earlier, the exchange started in 2017. An important unique selling point (USP) for KuCoin is that it is the platform to discover crypto gems. A crypto gem often refers to promising, usually young, crypto projects said to have high potential. These are relatively new, small, and unknown cryptocurrencies. These currencies are listed relatively early on KuCoin and then on even larger exchanges like Binance and similar platforms.

This makes KuCoin an interesting cryptocurrency exchange for searching for high-potential investment opportunities. Note that these currencies can entail increased investment risk; it is a highly speculative activity!

KuCoin is a reliable exchange, and so far, very few issues have been reported on the platform. During the time of the FTX and Terra Luna crashes, there were speculations that various exchanges, including Binance, could face liquidity issues. This also applied to KuCoin. However, there have been no issues or incidents on KuCoin so far, unlike, for example, the FTX exchange, where customers no longer had access to their funds. We have also not encountered any problems with KuCoin ourselves.

There are several reasons why KuCoin chose to establish itself in Seychelles:

• The country’s regulations are favorable to crypto.
• Tax benefits are offered to crypto companies in Seychelles to attract economic activity.
• By operating from Seychelles, KuCoin can serve customers worldwide, thanks to more favorable regulations compared to the European Union or the United States.

KuCoin also has a Proof of Reserves (PoR), which means that the sum of customers’ assets must be covered by the exchange’s reserve. This ensures that KuCoin can meet its commitments if all customers were to withdraw their funds simultaneously. This PoR is verified by an independent third party named Nansen, a blockchain analysis company. Nansen’s report on KuCoin’s PoR and KuCoin’s own PoR are available for transparency.

In summary, KuCoin is a reliable, well-established, and transparent exchange with measures in place to protect customers and their assets.

What Products and Services Does KuCoin Offer?

Below, we have listed the most crucial products and services that KuCoin offers:

• Spot Trading: A trading method where transactions occur instantly. Your order is executed immediately, and your purchase is visible in your wallet right away. Note that you must have sufficient funds in your trading wallet to execute trades. To move your funds to your regular wallet, you can transfer them from your trading wallet to your funding wallet. From your funding wallet, you can, for example, send your funds to another exchange.
• Margin Trading: A form of trading where you can borrow additional capital from the broker or exchange. This allows traders to take larger financial positions with the goal of increasing profits. Keep in mind that borrowing money entails costs and increased risk.
• Convert: The conversion tool makes it easy to quickly convert assets into another cryptocurrency. With this tool, you don’t have to deal with an order book. Instead, you can convert your assets with a single click. Note that the fees for such tools (which make trading easier and faster) are often higher.
• Futures Trading: Futures trading involves selling a product (such as a cryptocurrency) at a predetermined price on a future date. It is a type of contract that is legally binding between the seller and the buyer.
• Whale Watch: With Whale Watch, KuCoin provides insights into the latest transactions of top users and their total wealth. Large purchases and sales by these users (whales) are displayed across all markets. This information is useful for developing a new trading strategy for a specific asset.
• Debit Card: KuCoin plans to launch its own debit card in collaboration with Visa. By having assets in your wallet, you can use the debit card for payments while also earning cashback per transaction.
• Earn: The Earn program offers various services, including staking where you can earn returns by locking your cryptocurrencies. You can choose between a flexible period or a fixed period. In a flexible period, you can withdraw your cryptocurrencies at any time, while a fixed period requires you to keep them locked for a predetermined time.
• Crypto Lending: With this program, you can lend your funds to other users. Supply and demand for capital are matched in this program. Users who lend money are rewarded with returns. Note that this program only offers fixed periods for lending.
• Trading Bot: The trading bot is a tool that can be used to automate trading. The goal of the bot is to generate profits for you through automatic trading. This can save time and energy but also entails risks.

As you can see, KuCoin offers many different products and services. This is not an exhaustive list of their services. Before using these services, we recommend researching the terms and conditions and the associated risks.

KuCoin Review: Trading Experience

To create an account on KuCoin, click on the “Register” button at the top right of the website. Enter your email address and set a password. You will then receive an email with a verification link. Click on this link to activate your account. Note that it may take a little while for the email to arrive.

The next step is to set up two-factor authentication (2FA). We strongly recommend this, as it adds an extra layer of security to your account. To do this, download the Google Authenticator app on your smartphone. Scan the QR code provided by KuCoin to add your account to the app. Enter the six-digit code generated by the app to complete the 2FA setup.

Once your account is set up, you can log in. You will be greeted by the dashboard, which provides an overview of your portfolio and the available markets. The interface is user-friendly and easy to navigate. On the left side, you can access the different markets, including Spot Trading, Margin Trading, and Futures Trading. You can also access your wallet, account settings, and customer support.

The trading platform itself is intuitive and offers a wide range of trading pairs. You can easily switch between different trading pairs and view price charts, order books, and trade history. The trading charts are powered by TradingView, a popular charting platform in the cryptocurrency space. This allows for advanced technical analysis and charting tools.

KuCoin also offers a mobile app for trading on the go. The app is available for both iOS and Android devices and provides a similar user experience to the web platform.

In terms of trading fees, KuCoin’s fee structure is competitive. The fees vary depending on your trading volume and whether you are a market maker or taker. Market makers, who provide liquidity to the order book, typically pay lower fees than market takers, who execute orders from the order book. You can find the detailed fee schedule on KuCoin’s website.

Overall, our experience with KuCoin’s trading platform has been positive. The platform is user-friendly, offers a wide range of trading options, and provides access to a large number of cryptocurrencies.

KuCoin Review: Deposits and Withdrawals

Depositing funds into your KuCoin account is straightforward. You can deposit cryptocurrencies or fiat currencies, depending on your preference. To deposit cryptocurrencies, simply go to the “Assets” tab and select “Deposit” for the cryptocurrency you want to deposit. You will be provided with a wallet address where you can send your funds. Make sure to double-check the wallet address to avoid any errors.

For fiat currency deposits, KuCoin supports a range of options, including bank transfers and third-party payment processors. The availability of fiat deposit methods may vary depending on your location.

Withdrawing funds from KuCoin is also straightforward. Go to the “Assets” tab and select “Withdraw” for the cryptocurrency or fiat currency you want to withdraw. Enter the destination address and the amount you wish to withdraw. You will need to complete the withdrawal process by confirming it through email and, in some cases, by using 2FA.

It’s important to note that withdrawal fees may apply, and they can vary depending on the cryptocurrency you are withdrawing. Be sure to check the fee schedule on KuCoin’s website for the latest information.

Overall, the deposit and withdrawal process on KuCoin is user-friendly and efficient.

KuCoin Review: Customer Support

One of the areas where KuCoin has received mixed feedback is customer support. While the platform itself is reliable and secure, some users have reported difficulties in reaching KuCoin’s customer support team when they encounter issues or have questions.

KuCoin provides a Help Center with a knowledge base that covers a wide range of topics, including account security, trading, and deposits/withdrawals. You can search for answers to your questions in the knowledge base, and it may help you find solutions to common issues.

If you need to contact KuCoin’s customer support directly, you can submit a support ticket through the platform. However, response times can vary, and some users have reported delays in receiving assistance.

It’s worth noting that KuCoin has made efforts to improve its customer support, and they have plans to expand their support team to better serve users. Nevertheless, it’s important to be aware of potential delays in receiving support.

KuCoin Review: Security

Security is a top priority for KuCoin, and the exchange has implemented several measures to protect user funds and data. Here are some of the security features and practices employed by KuCoin:

• Two-Factor Authentication (2FA): KuCoin strongly encourages users to enable 2FA for their accounts to provide an additional layer of security.
• Cold Wallet Storage: The majority of user funds on KuCoin are stored in cold wallets, which are not connected to the internet and are less susceptible to hacking.
• Withdrawal Whitelists: Users can set up withdrawal whitelists, which allow them to specify trusted withdrawal addresses. This adds an extra layer of security to prevent unauthorized withdrawals.
• Security Audits: KuCoin conducts regular security audits and assessments to identify and address vulnerabilities in its system.
• Insurance Fund: KuCoin has an insurance fund in place to compensate users in the unlikely event of a security breach or loss of funds.
• Proof of Reserves (PoR): KuCoin undergoes third-party verification of its Proof of Reserves (PoR) to ensure that customer assets are adequately backed by the exchange.
• High CER Rating and Top Trust Score: KuCoin boasts a high CER (Crypto Exchange Ranks) rating and has been awarded an A rating for its security measures. CoinGecko’s Trust Score for KuCoin is excellent, with a score of 10. Trust Score is an assessment algorithm developed by CoinGecko to evaluate the legitimacy of an exchange’s trading volume. The trust score is calculated based on various statistics, including liquidity, scope of operations, cybersecurity score, and more.
• Advanced Encryption: This system ensures that data is entirely protected during storage, usage, and potential transfer.
• Robust Monitoring System: KuCoin also employs the most advanced technologies to protect the platform and accounts. This includes user identification systems and alerts to users for suspicious login attempts or transactions.

While no exchange can guarantee absolute security, KuCoin’s security measures are in line with industry standards, and the exchange has a good track record of protecting user assets.

KuCoin Alternatives

If you’re looking for alternatives to KuCoin, there are several other reputable cryptocurrency exchanges to consider. Here are a few options:

• Binance: Binance is one of the largest and most popular cryptocurrency exchanges globally, offering a wide range of trading pairs and services. It has a user-friendly interface and a strong track record of security.
• Coinbase: Coinbase is a user-friendly exchange known for its ease of use, making it suitable for beginners. It provides a secure platform for buying, selling, and storing cryptocurrencies.
• Kraken: Kraken is a well-established exchange known for its robust security features. It offers a variety of cryptocurrencies and trading options, including futures and margin trading.

Trading Fees on KuCoin

What are the trading fees on KuCoin for buying, selling, and trading cryptocurrencies?

The cryptocurrency exchange KuCoin is generally known for its low fees. KuCoin has made significant efforts to attract customers and is, therefore, quite competitive. Competitive pricing is naturally expected when it comes to fees.

The fees for maker and taker levels are a maximum of 0.1% / 0.1%. The more you trade, the lower your trading fees become. Additionally, you can reach a higher level. The higher your level, the lower the trading fees. However, it involves significant amounts; to reach, for example, level 1, you must hold at least 1,000 KuCoin tokens (KCS) in your KuCoin wallet. As of now (December 2023), KCS tokens cost approximately $10.

How Can I Buy and Sell Cryptocurrencies on KuCoin?

KuCoin offers various options for buying cryptocurrencies on the platform:

• Apple Pay
• Bank transfer
• SEPA (Single Euro Payments Area)
• Credit cards (Visa, Mastercard, etc.) Note: In some cases, your credit card may be restricted by your bank, and it may, therefore, not be possible to use it on KuCoin.
• Paypal
• Direct bank transfer (you deposit USD or EUR directly from your IBAN bank account on KuCoin).
• Of course, you can also easily send cryptocurrencies (e.g., Bitcoin) from another exchange to KuCoin.
• For cryptocurrency withdrawals to your bank, you can use SEPA or SEPA-Instant.

For selling cryptocurrencies, many options are closed. Another option (in addition to SEPA) for selling cryptocurrencies (i.e., payouts in euros to your bank account) may be to send your cryptocurrencies to a broker or exchange. In this case, we recommend combining a KuCoin account with a Bitvavo account, which is more bank-friendly.

Liquidity and Trading Volume on KuCoin

As mentioned earlier in this overview, KuCoin is one of the largest exchanges globally in terms of trading volume. At the time of writing this review (July 19, 2023), the 24-hour trading volume for the spot market is approximately 420 million euros. The total trading volume on the exchange, including all trading services, amounts to approximately 1.64 billion euros!

Here is an overview of the top 10 coins with the highest 24-hour trading volume on KuCoin:

• Ripple (XRP) → 72.78 million euros
• Bitcoin (BTC) → 42.12 million euros
• Ethereum (ETH) → 21.70 million euros
• Solana (SOL) → 16.75 million euros
• Stellar (XLM) → 5.44 million euros
• Shiba Inu (SHIB) → 4.60 million euros
• Polygon (MATIC) → 4.51 million euros
• Cardano (ADA) → 4.21 million euros
• Terra Classic (LUNC) → 3.27 million euros
• KuCoin token (KCS) → 472,000 euros

The previous year (2022) was a special year for crypto. The conflict in Ukraine globally led to high inflation and other uncertainties. Additionally, various crashes occurred within the crypto space, such as the FTX, Terra Luna, Celsius crashes, and more. Despite this, KuCoin has witnessed growth of over 52% (year over year) in trading volume, both in the spot market and the futures market, totaling over 3.6 trillion dollars!

During the peak of 2022 (May), the daily trading volume in the futures market reached a peak of 23 billion dollars. In the same month, the spot market’s trading volume also reached a peak of 12 billion dollars! Not a bad result for a challenging year, in our opinion.

As can be seen, liquidity on the KuCoin exchange is exceptionally high. This allows traders (including professional traders) to trade well, quickly, and efficiently without significantly impacting cryptocurrency prices (read: minimal impact).

Furthermore, in 2022, KuCoin saw a 102% increase in its customer base (year over year), equivalent to 13 million new users! In the first six months of 2023, KuCoin has already witnessed a 26% increase (year over year) in the number of users. This brings the total number of users on the exchange to 29 million!

Regarding the trading volume in the first six months of 2023, KuCoin currently only shares figures from its trading bot: the bot has traded over 5.7 billion dollars in volume over the past six months, both in the spot and futures markets.

Finally, KuCoin has significantly strengthened its reserves (PoR):

• Bitcoin (BTC) has a reserve ratio of 104%
• Ethereum (ETH) has a reserve ratio of 115%
• Tether (USDT) has a reserve ratio of 105%
• USD Coin (USDC) has a reserve ratio of 104%

Advantages and Disadvantages of KuCoin Exchange

Advantages of KuCoin – KuCoin Review:

• Very high spot trading volume on the exchange (approximately 420 million euros on July 19, 2023).
• Approximately 800 different cryptocurrencies are offered.
• Easy and fast to buy cryptocurrencies with credit cards (Visa, Mastercard, etc.), SEPA, Paypal, Easy Bank Transfer, Apple Pay, and more.
• Easy to deposit euros into your KuCoin account via Easy Bank Transfer or SEPA.
• KuCard, KuCoin’s debit card, is coming soon. It can be used for crypto payments.
• Full transparency about the company’s financial health through Proof of Reserves (PoR). PoR is also verified by the independent blockchain analysis expert Nansen.
• Multi-layered protection for accounts and privacy.
• Discount on trading fees by holding KuCoin (KCS) tokens.
• Competitive trading fees.
• By registering through this link, you have the opportunity to receive a welcome bonus of up to 3,200 USDT.
• The platform’s tools and products are suitable for both novice and professional crypto traders.
• A wide range of product and service offerings (spot trading, margin trading, futures trading, trading bot, staking, lending, leverage tokens, and more).
• Economic calendar. A highly useful tool for keeping track of the macroeconomy and events, through a convenient calendar overview.
• Excellent exchange both on your computer and in the mobile app.
• Convenient tax tool to prepare for potential tax declarations to the tax authority or calculate cryptocurrency taxes. With this KuCoin tool, you can easily generate a CSV file.
• Good live chat for customer support with a KuCoin representative.
• High trust index (10) and a good CER security rating (A).

Disadvantages of KuCoin – KuCoin Review:

• No registration with De Nederlandsche Bank (DNB).
• No option for payments/withdrawals with iDEAL.
• Customer support has no phone support and is not available in Dutch (NL not possible via chat).
• KuCoin is headquartered near East Africa, in the Seychelles.

Our Experience with KuCoin Exchange

We have a lot of experience with the KuCoin exchange ourselves, primarily positive experiences. Personally, we find the interface and colors fantastic. The entire user experience (UI) on KuCoin is so clean, stylish, and, most importantly, very smooth that it really gives a professional feel when using the platform. During trading, buying, and selling cryptocurrencies, the eye also wants something pleasant to look at, and KuCoin has understood this well. KuCoin is much more user-friendly than Binance, for example.

Additionally, due to their upcoming sixth anniversary, they have announced (July 2023) that they will undergo a complete visual makeover. So, they will update their design according to the times we live in. And with KuCoin’s trademark, they will undoubtedly come up with a very stylish (re)design; we can’t wait! The design is inspired by these three themes: Blockchain, Artificial Intelligence, and Metaverse. Read more about it here!

The exchange is fast due to the software and updated technologies used. There is also plenty of liquidity, making trading fast. Due to the high liquidity, the platform is suitable for both professional traders and beginners.

Furthermore, KuCoin adapts well to the latest and most popular trends, offers a wide range of different products, and lists many cryptocurrencies that are not available (or only later) on other exchanges. In that sense, it is your one-stop shop for cryptocurrencies and cryptocurrency trading.

As mentioned earlier, we have not encountered any problems on the exchange so far. We have previously contacted customer support. This contact was via chat, where you have live contact with a KuCoin representative. We quickly reached the support department and also received prompt assistance, which was excellent!

However, our own experience contradicts that of many others. There are plenty of user reviews that are negative about customer support. KuCoin does not have Dutch customer support. On Trustpilot, where there are over 838 comments about the platform, KuCoin has a very low rating with only 1.5 out of 5 points. Most complaints are related to customer support, the KYC process, and SEPA support.

KuCoin Review – Conclusion

Our conclusion regarding the KuCoin exchange is positive, very positive indeed. In addition to the fact that we have over 2 years of experience with KuCoin, we have analyzed the cryptocurrency exchange with respect to various important aspects.

Security naturally carries the most weight, as well as transparency on the exchange. As a customer, you should expect top-notch security and consider transparency as a given (think Proof of Reserves).

As a user, you want to be sure that your cryptocurrencies are securely stored on the current exchange. However, what we always recommend is to store your cryptocurrencies in an external wallet where ONLY YOU have access to the private keys. You probably know the phrase “not your keys, not your coins.”

In our opinion, KuCoin is an excellent exchange that scores highly in terms of user-friendliness, cryptocurrency variety, speed, product diversity, security, competitive trading fees, liquidity, and transparency. KuCoin is the best alternative compared to Binance and is currently especially competitive with ByBit, which is the industry leader.

However, please take into account the disadvantages and consider combining a KuCoin account with a ByBit account to get the best of both worlds.

Feeling enthusiastic after reading this KuCoin review?

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