KuCoin exchange review

What is KuCoin?

KuCoin is a cryptocurrency exchange with more than 500 cryptocurrencies listed. The variety of altcoins present on KuCoin makes it one of the biggest cryptocurrency exchanges in the world. As a result, KuCoin markets itself as an altcoin exchange. KuCoin launched its exchange (KuCoin) and its core token KuCoinShares (KCS) in September 2017. Over the course of the following 3 years, KuCoin rose to prominence as an innovator in novel trading products and a first-lister of niche altcoins.

KuCoin is a cryptocurrency exchange born of the ambitions of “two tech geeks” who were early blockchain adopters and who have been engaging with Bitcoin since 2012.

Beyond the technical components of the KuCoin exchange is a social platform, allowing you to “interact with global crypto investors and gain access to timely and trusted crypto news”. Across its 10 million active investors, there have been 1 million newsfeed posts about the industry.

KuCoin offers a mobile trading app, as well as the ability to trade via your desktop. It was one of the first cryptocurrency exchanges to offer a fully featured mobile application. The flexible options for accessing your cryptocurrency trading account enable KuCoin to create a diverse user experience.

KuCoin seems to be prioritizing access to the most cryptocurrencies possible while keeping fees low. The founders of the exchange had experienced the difficulty and poor user experience of the early days of cryptocurrency exchange, including trying to sell on the largest exchange at the time, Mt. Gox.

• If this is your first exchange: KuCoin has a huge library of cryptocurrencies with relatively low fees. Although it may be intimidating at first, once you’re comfortable making transactions, you will enjoy a large marketplace with low fees and integrated industry news.
• If you’re switching exchanges: you may be coming to KuCoin for its huge marketplace and low fees. At the same time, you may feel overwhelmed by advanced trading options and user interface.

If you’re new to the cryptocurrency space, KuCoin may feel overwhelming. There are plenty of opportunities for you on the platform but its user experience is advanced.

Finder ratings for KuCoin

• How we rate our crypto exchanges and platforms

  Finder's editors objectively assess each platform across a spectrum of performance metrics resulting in our Finder score, which is designed to help you assess a crypto platform's strengths and weaknesses. You can read more details in our full methodology.

  Our best crypto exchanges are those our editors have evaluated to be the best for certain product features or categories, out of all crypto exchanges registered with the UK's Financial Conduct Authority.

What to know about KuCoin

KuCoin mobile app vs KuCoin web

The KuCoin cryptocurrency exchange is available on desktop and via mobile app. You will immediately notice the difference in UX (user experience): web defaults to a light mode while your mobile app defaults to dark mode.

Some will find the mobile version of KuCoin overwhelming. It is loaded with information and, for the cryptocurrency beginner, they may find the desktop version to be a better starting place.

Kucoin’s supported cryptocurrencies

Transferring fiat and cryptocurrency with Kucoin
On the KuCoin exchange, you can only deposit cryptocurrencies or stablecoins like USDT. Depositing cryptocurrencies is fairly straightforward after you have successfully created an account. You can deposit cryptocurrency via the traditional methods of QR code or BTC wallet address. Your deposits will go directly to your main account within KuCoin.

Although you cannot deposit fiat, you can purchase cryptocurrency directly using various purchase methods, as outlined in the table above. That includes a Visa/Mastercard linked to your bank account, usable only after you’ve provided identity documents and passed Know Your Customer (KYC).

Fiat withdrawal and deposit fees

Crypto withdrawal and deposit fees

What is it like to use KuCoin?

KuCoin is a progressively improving cryptocurrency exchange. From the time of its launch in 2017 to the present, the team has been constantly innovating, and integrating novel features and improvements.

• Getting started / KYC

  Starting on KuCoin is easy because there is no KYC required for basic accounts. Users who already own crypto can begin trading on KuCoin as soon as they have registered and deposited their assets to the exchange.

  

• KuCoin Earn

  Stake cryptocurrencies in order to earn a rate of return. Dozens of cryptocurrencies are able to be staked.

  

• Trading terminal/markets

  KuCoin comes with a fully featured trading terminal (order book, recent trades, order history, candlestick chart and tools). The trading terminal has features and settings for all levels of traders (beginner, intermediate and advanced).

  

• Trading Bot

  Users are able to build their own trading bot which implements advanced trading strategies. Simply pick a strategy, load the bot with funds and let your bot do the work.

  

Does KuCoin have good customer support?

KuCoin has decent customer support due to its variety of support mechanisms. Users are typically able to find their own answers through KuCoin’s comprehensive FAQ. However, if the query can only be solved using the help of KuCoin staff then users will need to submit a form, enter a live chat or ask a question on a forum with other users.

The contact form is designed to narrow down the support request, suggest an FAQ topic, and if need be, connect the user with the necessary support staff. Similarly, the instant chat mechanism begins with the user interacting with a support bot, only being connected with a human being in the event that the bot cannot solve the query.

While reports of customer service vary online, the general consensus is that KuCoin staff are supportive and generally able to solve issues faced by users. However, there are also a number of negative anecdotes from users stating that they’ve permanently lost funds due to transaction or technical errors.

Is KuCoin safe? / trust rating

KuCoin has had a bumpy road with respect to the level of trust it attained with its user base. However, despite past hacks and reports of missing funds, KuCoin provides many opportunities to secure individual accounts which increases trust in the overall exchange.

Regardless of the shortcomings, KuCoin maintains and implements the latest security standards from an individual user account perspective. Users are encouraged and walked through the process of setting up 2-factor authentication (2FA), a safety phrase, a trading password, segregated accounts, whitelisted crypto addresses and whitelisted IP addresses. This adherence to the latest security standards improves KuCoin’s overall trust rating.

KuCoin has released no official third-party security audits or insurance providers.

Past hacks

The most notable hack on KuCoin occurred in September 2020 when hackers stole close to US$200 million worth of cryptocurrencies from KuCoin wallets. However, most of these tokens were able to be frozen, destroyed and reissued into KuCoin’s possession. The ability to essentially reverse the hack through direct means calls into question whether or not KuCoin or these projects inhabit the quality of immutability present within cryptocurrencies such as Bitcoin.

Other cohorts of users report funds being missing or failing to be credited to their account after a deposit. While many of these stories are anecdotes, they have eroded trust in KuCoin enough to bring fault to their reputation as being a trusted cryptocurrency exchange.

FCA status

Whilst crypto trading isn’t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed their AML and counter-terrorism checks. However, KuCoin has no UK entity and therefore you won’t find it on the FCA’s register.

Signing up on KuCoin

Signing up for KuCoin exchange is easy and can be done in just a few simple steps. It should be noted that identity verification is not required for those wishing to trade already-owned crypto assets on the exchange. Simply sign up and deposit assets to begin trading.

• Step 1: Registration

  Visit the KuCoin homepage.

  Then click “Sign Up” in the top right of the screen. You can use either an email address or phone number to start registration. Once an email or mobile number is added, you must send a code to that location and enter it in the box to sign up. Choose a password and click “Sign up”. This completes basic registration.

  

  

• Step 2: Know Your Customer (KYC)

  It is not necessary to complete KYC in order to begin trading on KuCoin. However, if you wish to purchase crypto directly or increase your trading limit, it is required. In order to complete basic KYC simply enter your region, name and an ID (national, driver’s or passport). Once you click “Submit” you will be verified.

  

• Step 3: Further verification

  In order to access more features on KuCoin such as an increased withdrawal limit, trading limit or higher leverage for futures, further verification is required. Click “Proceed to obtain more privileges” to continue verification.

  

• Step 4: Download app or follow manual verification steps

  To complete the final identity verification process users can either download the KuCoin app if not already done or scan the QR code provided. Manual verification can be done if necessary. Traders then must upload scans or photos of their ID. Finally, a selfie including the user’s name, their unique KuCoin ID code and the date written on a piece of paper in frame. Once completed, full verification is done.

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Image source: KuCoin