Kucoin is one of the newer cryptocurrency exchanges. It has a decent amount of trading pairs and has a similar style to Binance. Binance (review), Bittrex (review), and Cryptopia are Kucoin’s largest competitors.
Kucoin charges .1% fees on its transactions. Half of these fees are given to Kucoin Shares holders. KuCoin Shares are a cryptocurrency that are able to be purchased on Kucoin. They are also used on certain trading pairs like Bitcoin, Ethereum, Neo, and Dash.
Kucoin’s fees are decent compared to its competition. Binance, the leading altcoin exchange charges between .05%-.1% fees, Bittrex charges .25% fees, and Cryptopia charges .2%.
Kucoin requires very little information in order to create an account. For the lowest verification tier, you only need to provide your email address and a password. For extra security, accounts can add security questions, two-factor authentication and more.
Kucoin’s Trading Pairs
Kucoin has a large variety of trading pairs with 5 main pairings. Bitcoin, Ethereum, Neo, Tether, and Kucoin Shares. BCash was recently removed because it has low volume and is a scam. Kucoin Shares, USDT and Neo don’t have as many options as BTC and ETH due to low volume.
Kucoin’s Security and Reliability
Kucoin has had no major issues or hacks so far. There have been several events that have given Kucoin bad press such as a failed exchanged listing or Kucoin’s implosion, but so far nothing has happened. I would not recommend keeping too many funds on the exchange although I wouldn’t leave a lot of cryptocurrency on an exchange anyways.
One of the largest issues with Kucoin is their translators and poor English. Some of their announcements and posts are a bit hard to read like this one:
This doesn’t directly affect your trading or wallets but is certainly annoying.
Kucoin Invitation Bonus and Affiliate Program
Another major issue people have with Kucoin is their removal of the invitation bonus. In the Kucoin whitepaper, the exchange says how x% of the total exchanges fees go back to users who invited their friends. One day, Kucoin decided to completely remove this bonus and referral program which caused several users to be upset.
The fact that the exchange can remove such an important part of the whitepaper on demand is not a good sign. This is the whole reason Kucoin decided to call themselves the “People’s Exchange.”
Kucoin Competitions and Events
Kucoin holds events and competitions occasionally to increase user participation. An example of one is the ACT trading competition. Users with the highest trading volume on the ACT pairing are awarded Bitcoin. Here’s how the rewards are given out:
Kucoin CEO and Team
Kucoin’s CEO is Michael Gan, who isn’t very active in the community. The rest of the team is hidden, as Kucoin has recently removed its team members listed on its website. This is the picture that used to be on their team page.
I can’t really think of a reason why the team would be removed from the site. This is one of the weird behaviors done by Kucoin.
Kucoin does not have their app on the IOS App store or Google Play Store, but it can still be downloaded here. Download at your own risk.
Overall Kucoin gets the job done. If you need a coin and it is listed on Kucoin you will be able to trade for it. Some of the ways Kucoin conducts their exchange causes users to be wary. Most likely there will be no issues using Kucoin, but you can never be too safe in cryptocurrency.