Recommended Level: Advanced+
Cryptocurrencies Trading at KuCoin
KuCoin set themselves a target in 2017, that by the end of the next year (2018) they would have 1,000 cryptocurrencies available for trading on their crypto exchange. Although they evidently have fallen short of that amount, it is nonetheless an impressive feature, that they today can boast having 409 markets to choose from when trading. There are only five other crypto exchanges on the market, that are ranked higher than them in the world, who have more markets than them.
At KuCoin you can buy and sell the most trusted and traded cryptocurrencies in the world, such as; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), EOS (EOS), NEO (NEO), TRON (TRX) and a multitude of others. Naturally, you can also trade their native currency KuCoin Shares, if you are looking to get in on these.
Deposit & Withdrawal Methods
Similar to the biggest and most utilised crypto exchanges in the world, KuCoin does not actually offer a direct method for depositing or withdrawing fiat currency from their bitcoin exchange (EUR, USD etc. for instance). They do however, offer you the option to buy bitcoin with credit card. While not perfect, this is a great option if you want to avoid the unnecessary hassle of buying crypto from another exchange and transferring these to your preferred crypto trading platform.
Currently, KuCoin offers you to buy Bitcoin, Ethereum, Litecoin, Ripple or BCHABC using your credit card in EUR or USD currencies.
Transaction & Trading Fees
First of all, if you are looking to buy bitcoin with credit card at KuCoin, your minimum purchase amount is $/€ 50 and max is 20,000 USD/EUR. The transaction fee for this, seems to vary, depending on how many Bitcoins or other currencies you are looking to buy – so the more you invest, the lower your fees. For a $/€ 100 Bitcoin investment, KuCoin is charing €/$ 10.89. If you invest $/€ 1,000 into Bitcoin with your Visa, you will be incurring a fee of 56.6 USD/EUR.
For trading bitcoin or other cryptos, KuCoin will charge you 0.1% for every trade you execute (buying or selling). If you expect to be a frequent trader, trading at high volumes, you can benefit from lowered fees over time, although to be fair, the 0.1% is still well below the industry 0.25% average.
Supported & Restricted Countries
Currently, there are no country restrictions on KuCoin, so as long as bitcoin and crypto trading is permitted according to your own local regulations/laws, then you are perfectly able to use KuCoin for trading cryptos.
Security at KuCoin
When I first created my account with KuCoin, I was simply unable to make any deposits at all to the exchange until I had set up 2-factor-authentication on my phone. When you go to Deposits, it will automatically inform you to set up 2FA before depositing is enabled. Should your account, therefore, be compromised before any deposits to your KuCoin account has been made, there is no risk to you losing any funds at all.
Once 2FA is set up, you will need the code from your mobile authenticator App/software to be able to login to your account – in other words, nobody else will be able to ever access your KuCoin account after you have added any funds or cryptocurrencies to your account.
Additionally, KuCoin also requires you to set up a personalised trading password that you’ll need in order to be able to execute trades on their exchange. We give KuCoin big kudos for going the extra mile here to protect their customers from any breach and subsequent illegal utilisation of their funds.
How is the Customer Support at KuCoin?
By accessing “Support Center” in the footer of the website, you will be redirected to their extensive knowledge-base and a “Help?” option in the bottom right corner of the screen. As you insert your question here, resolutions will automatically be suggested, as well as an option to directly talk with a customer support agent from KuCoin help center.
I know, I will be repeating myself a lot here, but it really is exceptionally rare to see a live chat option on a native crypto exchange site. I am therefore pleasantly surprised to see that KuCoin understand the importance of resolving customer issues in real-time, as they occur, rather than have emails and support tickets build up and customers having to wait hours or days to resolve urgent immediate issues related to their account or experience.
When I tested their Live Chat functionality, it took about 5 seconds for a customer support agent to become available. Once I had typed out my question, the agent replied in less than 1 minute (55 seconds to be precise). I asked a simply question, to simply test out their response time and how they address the problem.
KuCoin Trading Liquidity (24H Volume)
Currently, KuCoin crypto exchange is ranked 65th in the world, based on 24 hour trading volume. They have a good trading volume, that ensures you will always be able to find buyers and sellers to exit or enter your desired market positions without any issues. They currently hover around $60-70 Million in daily crypto trading volume.
Ease of Use / Traders’ Experience Level
The market dashboards that you may be familiar with from other crypto exchanges, are not vastly different from what you are used to, making it very easy to get started trading your favorite cryptocurrencies. You may notice one thing that is a bit different than elsewhere, and that is that KuCoin requires you to set up and use a personalized trading password on your account before you can access the buy and sell form.
On the left-hand side of the screen, where there is the menu-bar on the screenshot below, there is also an option for you to access and set up your own price alerts if there are certain price points you would like to be updated in regards to. This is a nice little feature addition, that gives you greater control over your cryptocurrencies of interest.