Kucoin: Here's how to best use the platform

Cryptocurrency trading has rapidly become a highly lucrative market. Traders are constantly seeking reputable platforms for these types of investments. KuCoin is a cryptocurrency exchange and trading platform that is gaining increasing recognition among traders.

The reason? This is explained by the fact that many exclusive tokens are listed on the platform. This is indeed how a platform gains new users. This is typically the case with Kucoin.

Personally, for example, we used Binance a lot , but our last token purchases were made on Kucoin because it was the only platform where we could buy them.

We are delighted to have discovered this platform in depth and we decided to tell you about it.

The site also allows trading in derivatives, among other things. I'll go over all of KuCoin's features for you, including its functionalities, trading platform, fees, and other services offered.

Presentation of Kucoin 

KuCoin is a cryptocurrency exchange and trading platform founded in 2017. This cryptocurrency exchange offers a wide range of digital assets and began solely as an exchange before expanding to include a range of popular financial derivatives . Starting in 2021, KuCoin began offering margin trading, futures trading, and leveraged tokens , similar to other well-known exchanges.

Among the advantages offered by this derivatives trading platform is leverage of up to 1:100 . Trading commissions are competitive compared to other exchanges, and the trading platform is very well designed, with a clear graphical interface.

In practical terms, KuCoin is a cryptocurrency exchange that also allows spot and futures trading. KuCoin supports spot trading of over 70 crypto assets and margin trading, where you can trade cryptocurrencies with leverage of up to 1:10. The site offers perpetual and quarterly futures contracts . The platform also provides leveraged token trading, which requires neither collateral nor margin.

KuCoin trading platform

KuCoin offers three versions of its desktop platform for futures trading. The first is Futures Lite , ideal for beginner traders, with a very simple and intuitive interface. The second is Futures Pro , much more professional, with a suite of high-level tools and indicators, and the TradingView charting system . The third is Futures Brawl for those who want to take advantage of the best features.

For smartphone addicts, KuCoin offers a trading app available for Android and iOS systems . The mobile app allows you to trade, access your portfolio, fund your account, receive notifications, and view your transaction history.

More than 600 cryptocurrencies available on KuCoin

The platform offers investors over 600 cryptocurrency pairs . It allows trading not only of the most well-known cryptocurrencies like Bitcoin and Ethereum, but also emerging cryptocurrencies such as Stellar and Dash.

If you are new to trading, I recommend that you only trade the most well-known cryptocurrencies. Most cryptocurrencies are subject to significant price fluctuations, making the market highly speculative , and any investor can lose substantial sums in a short period of time.

The platform has launched its own native token, KCS. This token allows you to obtain discounts on trading fees and is designed to promote the site and foster user loyalty. We have also invested in this token.

Payment methods accepted by KuCoin

With KuCoin, you don't need traditional payment methods like PayPal, credit cards, or a bank account to make deposits. All deposits are processed exclusively through a wallet containing the available cryptocurrencies . You can only exchange your coins for other cryptocurrencies if you already own coins of a particular digital currency. Fiat currencies of any kind are not supported, and setting the currency to, for example, euros or dollars is only used for transaction processing.

However, if someone wants to buy Bitcoin, Ethereum, or Litecoin through KuCoin, they can do so by credit card. After selecting the amount, the buyer is redirected to the Simplex website, where they must authorize and complete the payment.

How to register on KuCoin?

To create an account on the KuCoin platform, you do not need to be an IT expert. You just need to follow the following procedure: 

1. Go to the KuCoin website and click “Register”.

2. Fill out the short online form. You have the possibility to register with your email address or your telephone number.
3. You are not required to follow the KYC protocol unless you want to make significant withdrawals.

Kucoin Launchpad: Spotlight

For those who enjoy discovering new cryptocurrencies , this is the perfect opportunity to unearth the next gems on KuCoin's Spotlight. This is where Initial Exchange Offerings (IEOs) are launched. You'll have the chance to invest in tokens before their official launch, allowing you to acquire them at lower prices and potentially generate higher returns on investment.

—> Read the article to learn more about Kucoin's Spotlight.

Fees and commissions on KuCoin

KuCoin fees vary depending on the cryptocurrency you choose. Deposits are free, and transaction fees are 0,1% per transaction . However, if you use the KCS token, you benefit from a discount on trading fees . Withdrawals or payments to another wallet also incur fees, which depend on the desired currency. KuCoin charges withdrawal fees for all cryptocurrencies. For example, it charges 0,0005 BTC for Bitcoin withdrawals and 0,004 ETH for ETH withdrawals.

Security on KuCoin

The KuCoin website is secured with SSL encryption , and every user must enable 2FA (two-factor authentication) on their account . This additional 2FA requires a mobile device to generate a random code. Data encryption is extremely important because transactions cannot be retrieved. I urge you to always verify the accuracy of your data after entering it and before confirming it . It's basic security, you might say.

Despite all these measures, KuCoin suffered one of the largest cryptocurrency thefts in history on September 25, 2020. Nearly $281 million in various cryptocurrencies was stolen from the exchange's wallet. The platform immediately assured its users that they would not lose their funds and that if any user experienced a loss, they would be covered by compensation funds.

Conclusion and final opinion on Kucoin

KuCoin is an exchange platform that, despite being relatively new, continues to attract customers from all over the world. Thanks to its new features and the services it offers, KuCoin is already among the most robust exchange platforms on the market.

We are preparing a tutorial video for those who are interested. Follow our Youtube channel to stay informed of new videos.

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Disclaimer: This content is for informational purposes and does not constitute financial advice. We strongly advise our readers to conduct their own independent research before committing to any investment.