Kucoin Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

KuCoin, as a cryptocurrency exchange, presents a robust platform that offers a varied and comprehensive suite of tools suitable for both beginners and advanced traders. It’s known for its wide selection of cryptocurrencies, providing users access to over 400 coins. This variety not only caters to the needs of diverse traders but also positions KuCoin as an appealing choice for users looking to explore beyond the most common cryptocurrencies.

In summary, KuCoin offers an extensive range of trading options and cryptocurrencies, making it a potentially good choice for users seeking variety and depth in their trading activities. However, prospective users should consider the security risks, evidenced by past breaches, and weigh them against the security improvements implemented by the exchange post-incident.

Pros

Cons

4,9

Threenvest Score

Fees

0,10%

U.S Legal

With the confidence of Threenvest

Year Founded: Established in 2017, KuCoin has quickly grown to become one of the major players in the cryptocurrency exchange market. Its rapid growth and sustained operation over the years demonstrate its resilience and ability to adapt to the evolving crypto landscape.

Number of Users: KuCoin boasts a substantial user base, with over 8 million traders worldwide. This extensive community not only underscores the exchange’s popularity but also enhances its liquidity, making it a reliable platform for executing trades efficiently.

Security Methods: Following the 2020 security breach, KuCoin significantly upgraded its security measures, implementing multi-layer encryption, enhanced authentication methods, and segregated customer wallets. These robust security protocols help in safeguarding user funds against potential threats.

Trading Volume and Liquidity: KuCoin is known for its high trading volume, which ensures liquidity across its numerous trading pairs. This liquidity is crucial for users to execute large trades quickly and at desired prices without substantial price slippage.

Reputation and Reviews: Despite the challenges, KuCoin has maintained a strong reputation within the crypto community. The platform is well-regarded for its wide range of services, competitive fees, and responsive customer support. Positive reviews from users across various forums highlight its usability and the effectiveness of its customer service team.

Best Crypto Exchanges

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About Kucoin

Introduction

KuCoin is a global cryptocurrency exchange known for its wide array of features and extensive list of supported cryptocurrencies. Launched in 2017, it quickly became recognized for its user-friendly interface, making it accessible to both novice and seasoned investors.

What is KuCoin?

KuCoin is a cryptocurrency exchange that provides a platform for trading various digital assets. It offers a range of services including spot trading, futures trading, staking, and lending, catering to a diverse user base seeking multiple trading options.

Background and History

Founded in September 2017, KuCoin started with the ambition of providing a simple and safe platform for people around the world to trade cryptocurrencies. Since its inception, the platform has seen exponential growth, boasting over 8 million users by 2021. Its rapid expansion can be attributed to its beginner-friendly approach and robust security measures, although it faced a major setback with a security breach in 2020 that tested its resilience and response strategies.

Founders

The exchange was co-founded by Michael Gan and Eric Don. Both founders brought extensive experience in project management and system architecture from their previous roles, which they leveraged to build KuCoin’s robust trading platform. Their vision was to create a more accessible cryptocurrency exchange that prioritized user experience and security.

Fun Facts

KuCoin is often referred to as “The People’s Exchange” due to its user-centric development approach.
Within just 4 months of launching, KuCoin boasted a user base of over 2 million.

Interesting Facts

KuCoin supports over 400 cryptocurrencies, one of the highest in the market.
The platform launched its own cryptocurrency, KuCoin Shares (KCS), which offers holders benefits like trading discounts and dividends from the exchange’s profits.

Summary

KuCoin stands out for its commitment to user engagement and security, a broad selection of trading options, and a strong foundational team that continues to innovate and expand its offerings. Despite past security challenges, KuCoin remains a popular choice among crypto traders globally, known for its dedication to improving and evolving in response to user needs and industry challenges.

Why Choose Kucoin?

KuCoin is an excellent choice for cryptocurrency traders looking for a diverse range of trading options. With over 400 cryptocurrencies available, it provides one of the largest selections in the market, making it ideal for those who wish to explore beyond the typical offerings like Bitcoin and Ethereum. The platform’s user-friendly interface caters to both beginners and advanced traders, offering features such as futures and margin trading, staking, and a built-in wallet. This versatility makes KuCoin a comprehensive hub for various crypto trading activities.

Another compelling reason to choose KuCoin is its competitive fee structure. The exchange offers some of the lowest trading fees in the industry, which can significantly enhance trading profitability over time. Additionally, holders of its native token, KuCoin Shares (KCS), benefit from further discounts on trading fees, as well as dividends from the exchange’s profits, adding a valuable incentive for long-term users to invest and trade on the platform.

Security is a top priority for KuCoin, especially following a significant breach in 2020. The exchange has since enhanced its security measures, employing multi-layer encryption, micro-withdrawal wallets, and industry-level multifactoring authentication. These improvements show KuCoin’s commitment to providing a secure trading environment, making it a trustworthy platform for traders concerned about the safety of their digital assets. Overall, KuCoin’s robust features, economic fees, and strengthened security practices make it an attractive choice for anyone looking to engage in the crypto market.

Where it falls short

Security History: Despite recent upgrades to its security infrastructure, KuCoin’s reputation was notably tarnished by a significant hack in 2020, where over $280 million was stolen. Although most of the stolen funds were recovered, the incident highlighted vulnerabilities in their security systems. Improvement: To regain and strengthen user trust, KuCoin could implement more rigorous and transparent security audits and regularly update the public on their improvements. Adopting newer, cutting-edge security technologies and perhaps even offering bounty programs to detect vulnerabilities could further bolster their defenses.

Limited Fiat Support: KuCoin primarily focuses on cryptocurrency-to-cryptocurrency transactions, which can be a barrier for new users without existing crypto holdings. The limited support for fiat currencies restricts the entry for new investors looking to use traditional money to start trading. Improvement: Expanding its fiat gateway would make KuCoin more accessible to a broader audience. Partnering with more payment providers and supporting additional direct bank transfer options across multiple countries could simplify the process for newcomers to buy crypto directly.

Features	Explanation
Minimum Trade	KuCoin allows users to trade with small amounts, making it accessible for beginners or those trading on a budget.
Trading and Transaction Fees	KuCoin offers competitive fees, with low transaction costs compared to other exchanges.
Number of Cryptocurrencies	Supports over 600 cryptocurrencies, providing a wide range of options for traders.
Crypto-to-Crypto Trading Pairs	Offers a vast array of trading pairs, enhancing trading flexibility and opportunities.
Website Transparency	While generally transparent, improvements could be made in regulatory and security disclosures.
Credit/Debit Card	The Kucoin card has a wide range of services, providing convenience and accessibility for in-store purchases, while facilitating the conversion of cryptocurrency to fiat money. It also provides cashback and other benefits. This feature enhances the user experience by expanding the possibilities of using cryptocurrencies in everyday life.
Storage Offering	Provides secure storage with advanced security features, though not as comprehensive as some specialized wallets.
Staking and Rewards	Offers competitive staking options and rewards, but not as extensive as some exclusively staking platforms.
Mobile App and Desktop	Both platforms are well-designed, intuitive, and offer full trading functionality.
Customer Service	Responsive and helpful, but sometimes experiences delays during peak times.
Deposit and Withdraw	Supports multiple deposit and withdrawal methods with relatively quick processing times.

Xavier Tarrasó

EIP and Cryptocurrency Investor

In concluding our comprehensive review of KuCoin as part of Threenvest’s analysis, it’s evident that KuCoin stands out as a formidable player in the global cryptocurrency market. With an expansive array of over 700 cryptocurrencies available for trade and a presence in over 200 countries, KuCoin offers a rich trading experience that caters to both novice traders and seasoned investors. The platform’s strength lies in its extensive selection of trading options which includes spot, margin, and futures trading, alongside advanced features like leveraged tokens and a robust API that appeals to a technologically savvy clientele. However, KuCoin’s lack of formal regulatory oversight in significant markets like the U.S. poses a considerable limitation, reflecting a critical area where it trails behind competitors that boast strong regulatory frameworks.

From Threenvest’s perspective, while KuCoin demonstrates robust security measures and a commitment to user safety, exemplified by its recovery actions during the 2020 security breach, potential users should weigh these against the absence of regulatory assurances that can offer additional layers of protection. The platform’s innovative approach to customer service, extensive educational resources, and competitive fee structure further solidify its position as a top choice for users looking to explore the crypto space. However, the challenges associated with regulatory uncertainties and potential geo-restrictions should be carefully considered by anyone looking to engage with KuCoin. Overall, KuCoin’s offerings make it a worthy consideration for those seeking a comprehensive and dynamic trading platform, provided they are comfortable with the associated risks and limitations highlighted in this review.

Fees

KuCoin is renowned for its competitive and appealing fee structure, which is a major draw for traders. The exchange operates on a tiered fee system based on the 30-day trading volume, where fees are reduced as trading volume increases. Typical trading fees start at 0.1% for both makers and takers, which is already lower than many other exchanges. Additionally, users can enjoy further discounts on these fees by holding and using KuCoin’s native token, KuCoin Shares (KCS), to pay for trading fees. This incentivizes both higher trading volumes and the use of KCS within the platform, making it economically beneficial for frequent traders and KCS holders alike. Such a fee structure not only enhances trading profitability but also promotes greater liquidity on the platform.

Pros

Low Starting Fees: KuCoin's trading fees start at just 0.1% for both makers and takers, which is relatively low compared to other major exchanges. This makes it financially accessible for both new and seasoned traders.
Additional Discounts with KCS: Holding and using KuCoin Shares (KCS), KuCoin’s native token, grants additional discounts on trading fees. This not only lowers costs further but also adds value to owning KCS, integrating utility with savings.
Volume-based Discounts: The exchange uses a tiered fee structure, where traders can reduce their fees significantly based on their 30-day trading volume. This incentivizes users to trade more frequently, benefiting active traders with lower costs.

Cons

Complexity for New Users: The tiered and volume-based fee structure, while beneficial for some, can be complex for new users to understand. This complexity can be a barrier to entry for those new to trading who may struggle with calculating potential costs.
Dependency on Trading Volume for Lower Fees: Lower fees are contingent on maintaining high trading volumes, which might not be feasible for all traders, especially casual ones who trade less frequently. This setup can disproportionately favor high-volume traders, leaving casual users with relatively higher fees.

Cons of KuCoin’s Crypto Exchange Commissions:

KuCoin has established itself as a leading player in the cryptocurrency exchange landscape, not least due to its competitive and nuanced fee structure, which caters to a wide range of traders, from the novices to the highly active ones. This comprehensive review will delve deep into KuCoin’s commission system, highlighting both the trading commissions and any less obvious fees that users might encounter.

Trading Commissions on KuCoin

KuCoin’s trading fees are renowned for their competitiveness, starting at a base rate of 0.1% for both makers (those who add liquidity to the market by placing limit orders) and takers (those who remove liquidity by placing orders that are matched with existing orders). This rate is notably lower than many other top exchanges, making it an attractive platform for traders looking to maximize their returns. However, the real benefit comes into play with KuCoin’s tiered fee structure, which rewards users with lower fees as their trading volume increases. This system is divided into several levels, starting from Level 0 for users with a 30-day trading volume of less than 50 BTC and reaching up to Level 12 for volumes exceeding 80,000 BTC. At the highest level, the maker fees can drop to as low as 0.0125%, and taker fees to 0.03%.

Moreover, KuCoin offers additional discounts for users who hold its native cryptocurrency, KuCoin Shares (KCS). Users paying their trading fees with KCS get a 20% discount, effectively reducing the fees even further. This not only promotes the usage of KCS but also integrates its utility into the daily trading activities on the platform, enhancing its value proposition.

Hidden and Less Obvious Fees

While KuCoin prides itself on transparency, there are some less apparent costs that users should be aware of:

Withdrawal Fees: KuCoin charges a withdrawal fee that varies depending on the cryptocurrency being withdrawn. These fees are generally in line with network transfer fees and are adjusted periodically based on the blockchain conditions. For example, Bitcoin withdrawals might cost more than those for a less congested network like Litecoin.
Futures Trading Fees: For traders interested in futures, KuCoin offers a different fee structure that varies slightly from spot market fees. These are also tiered and can be reduced by increasing trading volume or by using KCS for fee payments. Futures trading involves maker and taker fees that start at 0.02% and 0.06%, respectively.
Currency Conversion Fees: If a user deposits funds in a currency that isn’t supported by a specific trading pair, KuCoin might charge a conversion fee. This fee varies based on the currency and market conditions.

Putting KuCoin’s Fees in Context

Comparatively, KuCoin’s fees are lower than those of many competitors. For example, major exchanges like Coinbase and Binance have higher starting fees for low-volume traders, which makes KuCoin an attractive alternative for users starting their trading journey or those operating with smaller amounts. However, the dependence on high trading volumes to access the lowest fees means that the most significant benefits are skewed towards more active traders. While this is a common practice across many exchanges, it’s a point of consideration for casual traders who might not move large volumes frequently.

Analyzing the Impact of Fees on Trading Strategy

Understanding the detailed structure of KuCoin’s fees is crucial for traders in planning their trading strategies. For high-frequency traders, leveraging the lower fees at higher tiers can significantly impact their profitability over time. Casual traders, while benefiting from low entry-level fees, need to be mindful of the withdrawal fees and the minimum thresholds for fee reductions.

Conclusion

KuCoin’s fee structure is an exemplary model of how exchanges can create a balance between attracting new users and rewarding high-volume trading. Its low fee threshold coupled with a tiered structure and additional discounts for using KCS makes it a financially sensible choice for a broad spectrum of traders. While the system favors active traders, the overall low fee baseline remains appealing to everyone in the crypto trading community. By maintaining transparency about its fee structure and keeping hidden fees to a minimum, KuCoin upholds its reputation as a trustworthy and economical trading platform in the highly competitive crypto exchange market.

Product selection

KuCoin offers a wide array of services and products, catering to diverse trading and investment needs. At its core, KuCoin provides a robust platform for trading a vast range of cryptocurrencies, with over 400 coins and numerous crypto-to-crypto trading pairs, facilitating spot and futures trading. Beyond conventional trading, KuCoin stands out with its offerings such as margin trading, which allows users to leverage their positions to increase potential returns. For those interested in earning through their crypto assets, KuCoin features staking and lending services, enabling users to generate returns on their holdings. Additionally, KuCoin supports an Initial Coin Offering (ICO) launchpad for new tokens and projects, further enriching its ecosystem. The exchange also offers a user-friendly mobile app and desktop platform, ensuring traders can manage their transactions and investments conveniently and efficiently. This comprehensive suite of services makes KuCoin a versatile choice for both novice and experienced cryptocurrency enthusiasts.

Pros

Extensive Cryptocurrency Selection: KuCoin supports an impressive array of over 400 cryptocurrencies, providing traders with a wide range of options for spot and futures trading. This extensive selection allows users to diversify their portfolios and explore lesser-known altcoins alongside major cryptocurrencies.
Earning Opportunities through Staking and Lending: Besides trading, KuCoin provides additional avenues for users to earn returns on their investments through staking and crypto lending. These services incentivize users to hold coins and earn passive income, thus enhancing the utility of maintaining assets on the platform.
Versatile Trading Options: KuCoin offers a variety of trading options including spot trading, margin trading, and futures, which cater to different trading strategies and risk appetites. This versatility enhances the trading experience by providing users with the flexibility to engage in simple trades or employ complex trading strategies with leverage.

Cons

Complexity for Beginners: While KuCoin offers a broad range of services and products, the sheer volume of options and advanced features can be overwhelming for beginners. The complexity of navigating various trading tools, understanding futures contracts, or engaging in staking might deter new users who are not yet familiar with such activities.
Regulatory Uncertainty: KuCoin operates in a number of jurisdictions without formal licensing or clear regulatory approval, which might pose risks for users concerning the security and longevity of their investments on the platform. This lack of regulatory clarity can lead to potential legal challenges or restrictions affecting the availability of certain services and products to users in various countries.

Read more about product selection in Kucoin

KuCoin is a comprehensive cryptocurrency exchange that offers a broad range of services and products designed to cater to the diverse needs of both novice and experienced traders. Below is an extensive overview of the various features and tools available on KuCoin, explained in a way that even those new to crypto trading can understand:

Trading Options

Spot Trading: This is the basic form of trading on KuCoin, where users can buy and sell cryptocurrencies at their current market prices. It’s suitable for beginners looking to get into crypto trading.
Futures Trading: KuCoin allows traders to speculate on the future price of cryptocurrencies using contracts. It’s more complex and offers higher potential returns but also higher risks.
Margin Trading: This feature lets traders borrow money from KuCoin to trade larger amounts, increasing their potential profit (and risk). It’s intended for more experienced traders.
Leveraged Tokens: These are special assets that provide leveraged exposure to the price of a cryptocurrency without requiring a loan from the exchange. This simplifies the process of trading on margin.

Financial Products

Staking: KuCoin offers a staking service where users can lock up certain types of cryptocurrencies and earn rewards for helping to maintain the operation of that crypto’s network.
Lending: Users can lend their cryptocurrencies to other traders on KuCoin and earn interest in return. This is a way to earn passive income on assets that would otherwise be sitting idle.
Liquid Swap: Similar to a liquidity pool in decentralized finance (DeFi), KuCoin’s Liquid Swap allows users to provide liquidity by depositing assets into a pool and earning transaction fees as a reward.

Special Features

KuCoin Earn: This is an umbrella feature that includes several ways to earn returns on cryptocurrencies, including staking, lending, and other investment opportunities.
KuCoin Shares (KCS): This is KuCoin’s own cryptocurrency. Holders of KCS receive trading discounts and a share of the exchange’s daily trading fee revenue.
KuCoin Spotlight: This is KuCoin’s launchpad for new cryptocurrencies. It allows users to participate in initial coin offerings (ICOs) and token sales, giving them access to new crypto assets before they are listed on larger exchanges.

Debit Card: KuCoin offers a cryptocurrency debit card that allows users to spend their crypto holdings as easily as spending money from a bank account.
Mobile App: KuCoin’s mobile app provides full trading functionality along with tools for monitoring the market, managing trades, and accessing KuCoin services on the go.
API: For those who prefer automated trading, KuCoin offers a robust API that developers can use to integrate their software directly with the exchange’s trading system.
TradingView Integration: KuCoin integrates with TradingView, a popular platform for analyzing financial markets. This provides advanced charting tools for more detailed market analysis.

Additional Earnings and Promotions

Referral Codes: KuCoin users can earn bonuses by referring new users to the exchange.
Tournaments and Bonus Deals: KuCoin frequently hosts trading competitions with prizes for top traders. They also offer various bonus deals and promotions throughout the year.

Educational Resources

Research and Education: KuCoin provides a wealth of educational resources to help users understand cryptocurrency and trading. This includes articles, tutorials, and market analysis.
Demo Account: For beginners looking to practice trading without financial risk, KuCoin offers a demo trading account that simulates real market conditions.

Advanced Trading and Financial Instruments

Derivatives: Apart from futures, KuCoin offers other derivative products which are financial instruments deriving their value from an underlying asset’s price.
Yielding Pools: Similar to staking, yielding pools on KuCoin allow users to earn interest on their crypto holdings by participating in decentralized finance operations.

KuCoin is designed to be a versatile platform that supports a wide variety of trading and investment strategies. Whether you’re a newcomer to the world of cryptocurrency, or an experienced trader looking for advanced tools and earning opportunities, KuCoin aims to provide everything you need in one integrated platform.

Account opening

Opening an account with KuCoin is a straightforward and user-friendly process designed to get users trading as quickly as possible. To start, you simply need to visit the KuCoin website and click on the “Sign Up” button. You’ll be asked to provide an email address or phone number, which serves as your login ID. After entering this information, you’ll receive a verification code via email or SMS, which you must enter to proceed. Once verified, you set a password to secure your account. For enhanced security, it’s highly recommended to enable two-factor authentication (2FA) immediately after registering. While basic trading can be done with just these steps, to access higher withdrawal limits and other features, you’ll need to complete KYC (Know Your Customer) verification, which involves submitting identification documents and possibly additional information to verify your identity. This extra step helps enhance the security of your account and ensures compliance with global financial regulations.

Pros

Speed and Simplicity: KuCoin’s account registration process is notably fast and straightforward. Users can set up an account within minutes, using only an email address or phone number, making it exceptionally accessible for new users eager to start trading quickly.
Enhanced Security Options from the Start: During the account setup, KuCoin encourages users to enable two-factor authentication (2FA), adding an extra layer of security right from the beginning. This proactive approach helps safeguard user accounts against unauthorized access.
No Mandatory KYC for Basic Trading: KuCoin allows users to engage in basic trading activities without completing a KYC verification. This feature is beneficial for users who value privacy and want to start trading immediately without the lengthy verification processes required by some other exchanges.

Cons

Limited Features Without KYC: While users can trade without completing KYC, this limits their access to higher withdrawal limits and some advanced trading features. Users looking to use the platform to its full potential will inevitably need to complete KYC, which can be a barrier for those concerned about privacy.
Potential Delays in Verification: For users who choose to complete KYC, there can sometimes be delays in the verification process, especially during times of high demand or for users in regions with less straightforward verification requirements. This delay can frustrate new users eager to start using all of the platform's features.

Read more about account opening in Kucoin

How to Sign Up on KuCoin

Signing up for a KuCoin account is a simple, user-friendly process that can be completed in just a few steps:

Visit the Website: Start by navigating to the KuCoin website.
Sign Up: Click on the “Sign Up” button typically located in the top right corner of the homepage.
Enter Your Details: You will be prompted to enter either your email address or mobile number. Choose your preferred method of contact.
Verification Code: After submitting your email or phone number, KuCoin will send you a verification code. Enter this code in the provided field on the website to verify your contact information.
Set a Password: Create a strong password that will be used to secure your account.
Enable 2FA: Though optional at this stage, enabling Two-Factor Authentication (2FA) is highly recommended to enhance the security of your account.
Complete: With these steps, your basic account setup is complete, and you can begin browsing the platform.

Opening An Account

Once you’ve signed up, you may want to complete the KYC (Know Your Customer) process, although it’s not mandatory for basic account functions:

Navigate to Account Security: Find this section under your account settings.
Start KYC Verification: You will need to provide personal information and submit identification documents such as a passport or driver’s license.
Verification Process: Once submitted, KuCoin will review your documents. Approval times can vary but usually complete within a few days.

How to Buy Your First Cryptocurrency

Buying your first cryptocurrency on KuCoin involves a few straightforward steps:

Log In: Access your new KuCoin account by logging in.
Navigate to the Market or Exchange Section: Here you can view the various cryptocurrencies available to purchase.
Select a Cryptocurrency: Choose the cryptocurrency you wish to buy.
Trading Pair Selection: Select a trading pair that matches the currency you have or wish to trade with.
Buy Cryptocurrency: Enter the amount you wish to purchase and confirm the transaction. You may opt for a market order (buy immediately at current prices) or a limit order (buy at or below a specified price).

Account Types

KuCoin offers several account types tailored to different user needs:

Basic Account: Allows trading, deposits, and withdrawals up to a certain limit without KYC verification.
Verified Account: Increases limits on withdrawals and trading volumes, requires completing the KYC process.
Institutional Account: Designed for businesses and high-volume traders, offering higher limits and additional support but requires extensive verification.

How to Use KuCoin?

To effectively use KuCoin:

Explore the Interface: Familiarize yourself with the dashboard, markets, and where to find your wallet.
Understand Trading Tools: Learn the basics of how to use trading charts, order books, and placing orders.
Utilize Security Features: Set up security measures like 2FA and anti-phishing phrases to protect your account.
Stay Informed: Regularly check updates on markets and any new features KuCoin might offer.

Registration and KYC

Registration on KuCoin is designed to be quick and user-friendly, focusing on getting users started without mandatory personal disclosures. However, for those who plan to use the platform extensively, undergoing KYC verification is advisable as it unlocks higher transaction limits and enhances account security. In the next section, we will discuss how to deposit money into your KuCoin account, further expanding your trading capabilities.

Security

KuCoin places a strong emphasis on security to ensure the safety of user assets and information, incorporating multiple layers of protection. The exchange utilizes industry-standard security measures such as SSL encryption, dynamic multifactor authentication, and dedicated internal risk control departments overseeing day-to-day data operations. KuCoin’s security infrastructure also includes cold storage of the vast majority of users’ cryptocurrencies, separating them from internet access and reducing the risk of online hacks. Following a significant security breach in 2020, KuCoin has further enhanced its security protocols, adding additional layers of encryption and upgrading its monitoring systems to detect and mitigate threats more effectively. Despite these robust security measures, KuCoin continues to stress the importance of personal security practices, encouraging users to enable two-factor authentication (2FA) and use strong, unique passwords for their accounts.

Pros

Robust Encryption and Authentication: KuCoin employs state-of-the-art SSL encryption to protect user data from unauthorized access, along with dynamic multifactor authentication to ensure that only legitimate users can access their accounts. These measures collectively help in safeguarding sensitive information and financial assets.
Cold Storage of Assets: A significant portion of the cryptocurrencies held on KuCoin is stored in cold wallets—offline storage devices that provide an additional layer of security against hacking and cyber theft. This method minimizes the risk of significant losses due to online vulnerabilities.
Continuous Security Enhancements: Following its 2020 security breach, KuCoin has significantly bolstered its security protocols, including upgrades to its system's infrastructure to detect and prevent threats more efficiently. The continuous improvement approach to security ensures that the platform adapts to new challenges and maintains high safety standards.

Cons

History of Security Breaches: Despite its strong security measures, KuCoin has experienced a major security breach in the past, specifically in 2020, which resulted in substantial financial losses. This incident raises concerns about potential vulnerabilities in their security practices and the effectiveness of their risk management systems.
Dependence on User Security Practices: While KuCoin provides several advanced security options, the overall safety of user accounts heavily relies on individuals’ security practices, such as the use of 2FA and unique, strong passwords. Users who fail to implement these measures adequately are still at risk of compromising their accounts.

Is KuCoin Legit?

KuCoin is considered a legitimate cryptocurrency exchange that has been operational since 2017. It has grown to serve millions of users across the globe and offers a wide range of cryptocurrencies and trading options. However, like any platform dealing with financial transactions, it’s crucial to examine its regulatory status, licensing, safety measures, and historical context to fully assess its legitimacy and security.

Regulation and Licensing

KuCoin operates out of Seychelles and has established itself as a global player in the cryptocurrency market. However, it’s important to note that KuCoin is not regulated under any single national regulatory framework like some other major exchanges that hold licenses from bodies such as the US Securities and Exchange Commission (SEC) or the UK’s Financial Conduct Authority (FCA). The lack of a centralized regulatory oversight could be a concern for users looking for the additional security that comes with such regulations.

Is KuCoin Safe?

KuCoin employs several advanced security measures to protect its users’ assets and personal information:

Cold Storage: A significant amount of the assets on KuCoin are stored in cold wallets, which are disconnected from the internet and provide an additional layer of security against online hacking attempts.
SSL Encryption: KuCoin uses high-level SSL encryption to secure users’ data transmissions to and from the platform.
Multifactor Authentication: KuCoin requires multifactor authentication for account access and transactions, adding an extra layer of security against unauthorized access.

Security Methods

Beyond the basic security measures, KuCoin has implemented additional strategies to safeguard users:

Internal Risk Control System: Designed to monitor and manage the operational risks, KuCoin’s internal controls are regularly updated to respond to new potential threats.
Encryption Protocols: Enhanced encryption methods ensure that sensitive user data is securely stored.
Regular Security Audits: KuCoin undergoes regular security audits performed by external security firms to identify and rectify vulnerabilities.

Security History

KuCoin’s security history includes a significant breach in September 2020, where approximately $281 million worth of crypto assets were stolen. The exchange quickly responded by working with other exchanges to track the stolen funds and managed to recover the majority of the assets. This incident highlighted both vulnerabilities and strengths in KuCoin’s crisis response.

Why KuCoin is Considered Secure

Despite its challenging history, KuCoin has made considerable improvements to its security architecture. The quick recovery and transparency during the 2020 security breach incident reassured many users. Furthermore, the continuous enhancements in security practices and the proactive measures in place contribute to its reputation as a secure platform for cryptocurrency trading.

Conclusion

In conclusion, while KuCoin is considered a secure and legitimate exchange with robust measures in place to protect its users, the lack of traditional regulatory oversight might be a concern for some users. Its commitment to improving security post-breach demonstrates a dedication to user safety, but potential users should weigh these factors based on their individual security and regulatory requirements.

Customer service

KuCoin is recognized for its responsive and comprehensive customer service, which plays a crucial role in enhancing user experience on the platform. The exchange offers several channels for support, including 24/7 live chat, email, and an extensive FAQ section that provides immediate answers to common queries. This multi-channel support ensures that users can receive prompt assistance at any time, addressing a wide range of issues from account management to complex trading inquiries. Additionally, KuCoin gathers customer feedback regularly, allowing them to continually improve their services based on user reports and experiences. The feedback mechanism helps KuCoin to stay attuned to its users’ needs and preferences, making adjustments to its platform and operations as necessary. Overall, KuCoin’s commitment to effective customer service and the active integration of user feedback contribute significantly to its reputation as a user-centric exchange.

Pros

24/7 Availability: KuCoin provides round-the-clock customer support, ensuring that users can access assistance at any time of the day or night. This is particularly beneficial for the global user base that operates in different time zones and might need immediate help during non-standard business hours.
Proactive User Engagement: KuCoin actively seeks feedback from its users and uses this information to continually improve its service. This customer-focused approach helps in refining user experience and ensures that the platform evolves in line with user expectations and emerging industry trends.
Multiple Support Channels: KuCoin offers a variety of ways for users to reach out for help, including live chat, email, and a comprehensive FAQ section. This diversity in communication channels caters to different preferences and ensures that users can choose the method that best suits their needs for resolving issues.

Cons

Response Times Can Vary: While KuCoin does offer 24/7 support, the response times can be inconsistent, especially during peak times or following major market events. This can lead to delays in resolving urgent issues, potentially impacting user trading activities.
Complexity of Support for New Traders: Newcomers to cryptocurrency trading might find KuCoin’s customer support overwhelming if the communication is too technical. The effectiveness of support can sometimes depend on the user's understanding of the crypto market, which can be a barrier for those just starting out without prior trading experience.

Read more about customer service in Kucoin

KuCoin Customer Service Section Detailed Overview

Customer Support

KuCoin is committed to providing effective customer support to ensure a smooth trading experience for its users. The platform has set up a dedicated customer service team that is trained to handle a variety of issues, from technical problems related to trading to queries about account management and security. The support team is known for being knowledgeable and capable of resolving complex issues pertinent to cryptocurrency trading and account operations.

Reputation and Customer Feedback

KuCoin’s reputation in the realm of customer service is generally positive. Users often praise the platform for its responsive support team. However, like any service, there are mixed reviews, with some users reporting delays during high-demand periods. Overall, customer feedback highlights a satisfactory level of support, with particular commendation for the platform’s effort to address and resolve user issues promptly. KuCoin actively uses this feedback to improve its services, demonstrating a commitment to user satisfaction and continuous improvement.

Methods of Contact

KuCoin offers several methods for users to reach out for support:

Live Chat: Available directly on their platform, providing real-time assistance.
Email Support: For more detailed inquiries that may require thorough investigation or documentation.
Social Media: Active presence on platforms like Twitter, where users can send quick queries.
Help Center: A comprehensive FAQ section that addresses the most common questions and provides detailed guides and explanations.

Response Time

The response time for KuCoin customer support can vary. For live chat, users can expect quick interactions, typically within a few minutes. Email responses are slower but are usually received within 24 to 48 hours. During periods of high traffic, such as major market movements or following new coin listings, response times can increase due to the higher volume of inquiries.

Additional Considerations

When contacting KuCoin’s customer support, it’s beneficial for users to have all relevant information readily available, such as transaction IDs, screenshots, or detailed descriptions of the issue. This preparation helps the support team diagnose and resolve issues more efficiently. Moreover, for security-related concerns, KuCoin ensures that all communications are conducted through secure channels to protect user information. Overall, KuCoin strives to maintain a high standard of customer service by offering multiple contact methods and utilizing user feedback to enhance its support operations. While response times can vary, the dedication to providing a helpful and informative support structure is evident, aiming to foster a trustworthy and user-friendly trading environment.

Is kucoin Right for You?

Variety of Trading Options and Cryptocurrencies: KuCoin offers an extensive range of cryptocurrencies, with over 600 different digital assets available for trading. This makes it an excellent platform for users looking to explore a wide variety of cryptocurrencies, including not only the major coins but also lesser-known altcoins. If you value a diverse portfolio and access to emerging cryptocurrencies, KuCoin could be a fitting choice.
Advanced Trading Features: KuCoin provides a range of advanced trading options, including spot trading, margin trading, futures, and leveraged tokens. It also incorporates sophisticated trading tools integrated with TradingView, offering robust charting capabilities for technical analysis. This makes KuCoin ideal for more experienced traders who require detailed analytical tools and the ability to engage in complex trading strategies.
Security and Regulatory Considerations: While KuCoin has implemented significant security measures, including industry-standard encryption and cold storage, it’s important to note that it operates without formal regulatory oversight from major financial authorities. This may be a concern for traders who prioritize regulatory security and formal licensing in their platform choice. If the lack of formal regulation is a critical factor for you, this might be an area to explore further before deciding.

In conclusion, KuCoin is well-suited for traders who are looking for a broad selection of cryptocurrencies and advanced trading functionalities. However, for those who are new to trading or those highly concerned about the regulatory status of their trading platform, these factors might require careful consideration. Evaluate how these aspects align with your personal trading strategy and risk tolerance to determine if KuCoin meets your needs.

Kucoin compared to other crypto exchanges

Threenvest score

4,9

Fees

US Legal

Security

High 4,9/5

On the exhange website

Threenvest score

4,7

Fees

US Legal

Yes

Security

High 4,9/5

crypto.com

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on KuCoin

KuCoin offers an expansive selection of over 600 cryptocurrencies, making it one of the most inclusive platforms for traders seeking diversity in their crypto investments. The exchange prominently features major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Cardano (ADA), among others. These offerings cater to both seasoned traders and those new to the crypto scene, looking to explore both popular and emerging digital assets. However, it’s important to note that despite its wide array, there are notable cryptocurrencies that are not available on KuCoin. For instance, some region-specific tokens or those newly released may not yet be listed until they gain more popularity or meet KuCoin’s listing criteria.

Geographical Availability

KuCoin is accessible to users in a vast array of countries globally, enhancing its reputation as a “universal” crypto exchange. Users from various continents including Asia, Europe, and parts of North America and Africa can readily open accounts and trade. This wide accessibility underscores KuCoin’s commitment to providing a global trading platform. On the other hand, there are significant restrictions for users in certain countries. For example, KuCoin does not offer its services to residents of the United States due to regulatory reasons and the complexities involved with complying with U.S. securities laws. This exclusion is critical as it impacts a large potential market of crypto traders who are unable to access KuCoin’s services. Other countries might also have specific restrictions based on local financial regulations, so it’s essential for potential users to check KuCoin’s eligibility criteria based on their residency.

Conclusion

KuCoin’s broad range of available cryptocurrencies makes it an appealing option for international traders looking for a comprehensive platform that supports both well-established and niche crypto assets. However, the geographical restrictions, particularly the exclusion of U.S. residents, highlight the importance of understanding regional regulatory landscapes when choosing a crypto exchange. Users should always ensure that they comply with their local laws and regulations when registering for and using a crypto exchange like KuCoin.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Cardano (ADA)
Polkadot (DOT)
Solana (SOL)
Chainlink (LINK)
Stellar (XLM)
Dogecoin (DOGE)
Uniswap (UNI)
Binance Coin (BNB)
Avalanche (AVAX)
VeChain (VET)
Terra (LUNA)
Shiba Inu (SHIB)
Aave (AAVE)
Cosmos (ATOM)
Tezos (XTZ)
Algorand (ALGO)

Main countries where you can open an account

United States
Canada
United Kingdom
Germany
France
Australia
Japan
Netherlands
Singapore
Switzerland
Spain
Italy
Brazil
South Korea
New Zealand
Belgium
Sweden
Norway
Finland
Austria

FAQs

1. What cryptocurrencies can I trade on KuCoin?

KuCoin offers a vast selection of over 700 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), and many smaller altcoins. This diverse range ensures that traders of all types can find the assets they are interested in trading.

2. Is KuCoin available in my country?

KuCoin operates in over 200 countries globally. However, it is restricted in certain countries including the United States, China, and Singapore due to regulatory reasons. Always check the most current information on KuCoin’s official site to see if your country is supported.

3. What are the trading fees on KuCoin?

KuCoin is known for its competitive trading fees, starting as low as 0.1%. Fees may vary based on the trade type and volume. Users holding KuCoin’s native token (KCS) may also receive discounts on trading fees.

4. How do I secure my KuCoin account?

KuCoin recommends securing your account through several methods: enabling two-factor authentication (2FA), using a strong and unique password, and being cautious of phishing attempts. Regularly updating your security settings is also advised.

5. Can I use fiat currency on KuCoin?

Yes, KuCoin supports several fiat currencies for deposits and purchases. You can use credit/debit cards, bank transfers, and some third-party payment methods to deposit fiat currencies and buy cryptocurrencies.

6. What should I do if I experience issues with a deposit or withdrawal?

First, verify all transaction details are correct, including wallet addresses and network selection. If everything is correct and you still face issues, contact KuCoin customer support for assistance. Ensure you have all relevant transaction details handy to expedite the support process.

7. Does KuCoin require KYC verification?

Yes, KuCoin requires KYC (Know Your Customer) verification to access all its features, including higher withdrawal limits and certain types of trades. KYC involves submitting identity documents and potentially additional information to comply with regulatory standards.

Final opinion on Kucoin

In concluding our comprehensive review of KuCoin as part of Threenvest’s analysis, it’s evident that KuCoin stands out as a formidable player in the global cryptocurrency market. With an expansive array of over 700 cryptocurrencies available for trade and a presence in over 200 countries, KuCoin offers a rich trading experience that caters to both novice traders and seasoned investors. The platform’s strength lies in its extensive selection of trading options which includes spot, margin, and futures trading, alongside advanced features like leveraged tokens and a robust API that appeals to a technologically savvy clientele. However, KuCoin’s lack of formal regulatory oversight in significant markets like the U.S. poses a considerable limitation, reflecting a critical area where it trails behind competitors that boast strong regulatory frameworks.

From Threenvest’s perspective, while KuCoin demonstrates robust security measures and a commitment to user safety, exemplified by its recovery actions during the 2020 security breach, potential users should weigh these against the absence of regulatory assurances that can offer additional layers of protection. The platform’s innovative approach to customer service, extensive educational resources, and competitive fee structure further solidify its position as a top choice for users looking to explore the crypto space. However, the challenges associated with regulatory uncertainties and potential geo-restrictions should be carefully considered by anyone looking to engage with KuCoin. Overall, KuCoin’s offerings make it a worthy consideration for those seeking a comprehensive and dynamic trading platform, provided they are comfortable with the associated risks and limitations highlighted in this review.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Kucoin Review 2024

Our veredict

Pros

Cons

About Kucoin

Introduction

What is KuCoin?

Background and History

Founders

Fun Facts

Interesting Facts

Summary

Why Choose Kucoin?

Where it falls short

Fees

Pros

Cons

Trading Commissions on KuCoin

Hidden and Less Obvious Fees

Putting KuCoin’s Fees in Context

Analyzing the Impact of Fees on Trading Strategy

Conclusion

Product selection

Pros

Cons

Trading Options

Financial Products

Special Features

User Tools

Additional Earnings and Promotions

Educational Resources

Advanced Trading and Financial Instruments

Account opening

Pros

Cons

How to Sign Up on KuCoin

Opening An Account

How to Buy Your First Cryptocurrency

Account Types

How to Use KuCoin?

Registration and KYC

Security

Pros

Cons

Is KuCoin Legit?

Regulation and Licensing

Is KuCoin Safe?

Security Methods

Security History

Why KuCoin is Considered Secure

Conclusion

Customer service

Pros

Cons

KuCoin Customer Service Section Detailed Overview

Customer Support

Reputation and Customer Feedback

Methods of Contact

Response Time

Additional Considerations

Is kucoin Right for You?

Kucoin compared to other crypto exchanges

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on KuCoin

Geographical Availability

Conclusion

FAQs

Final opinion on Kucoin

How do we review crypto exchanges?

Risk Disclaimer

The author of the review