KuCoin Review 2024: New Pros, Cons, Fees and Features

Victor Okoma

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KuCoin is a relatively new cryptocurrency exchange. It is available in over 200 countries, and it is often one of the first exchanges to list emerging and trending coins.

This feature makes it highly attractive to investors looking to get in early on the latest crypto trading trends. In this KuCoin review, we will discuss what KuCoin offers its users, the pros, cons, fees, and features.

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Should you trade with KuCoin? Let’s get on with the KuCoin review.

What is KuCoin?

KuCoin was founded in 2017 and is owned by Mek Global Limited/Kucoin Group with Johnny Lyu as the CEO. Its headquarters are located in the Seychelles.

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KuCoin allows users to buy, trade, or sell digital assets and use features such as P2P trading, futures, margins, lend or stake assets, and more. It is available in over 200 countries and has a massive number of users.

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KuCoin nowadays is one of the largest hybrid crypto exchanges in the world. It has partnered with Bloktopia to start the first Meta Office completely dedicated to crypto traders. In addition, KuCoin is also a partner with Talos, Fracton Protocol, Pyth Network, and Coinrule.

What Types of Cryptocurrencies Are Available on KuCoin?

KuCoin offers over 700 cryptocurrencies for users to buy, sell, and trade. Those looking for a wide selection of assets may appreciate what this exchange provides. Here’s a partial list of cryptocurrencies that are currently available on KuCoin:

  • Bitcoin (BTC)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Shiba Inu (SHIB)
  • XRP (XRP)

At the time of the KuCoin review, some interesting new coins were added:

  • PYUSD
  • SEI
  • LYX
  • WLD
  • AIEPK

Each of the new coins comes with its own page where you can learn about the creator, the basics, see the process, and so much more. It is definitely a nice addition and something all crypto exchanges should do.

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KuCoin Review: Pros and Cons

KuCoin Review

4.5 out of 5

KuCoin offers a comprehensive platform with low fees and features, making it a popular choice for advanced crypto investors, especially outside the U.S., trading less common cryptos.

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Pro A broad selection of tradable cryptocurrencies Competitive trading fees 700+ supported coins 29 million investors Users can earn interest from their crypto assets Helpful customer support
Cons There is no US license Payment methods are limited Too complex for beginners Educational resources are not impressive

KuCoin Review: Fees

On the surface, KuCoin Global offers a simple fee structure for spot trading cryptocurrencies, with a spot trading fee of 0.10% per order. However, those who trade upwards of 50 BTC every 30 days can get a discount on KuCoin crypto trading fees.

Depending on a user’s trading volume, they are entered into one of 12 VIP levels. The reduced KuCoin fees and levels are detailed in the table below.

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VIP Level30-Day Spot BTC Trading VolumeMaker/Taker Fees
LV0<500.1%/0.1%
LV1≥500.09%/0.1%
LV2≥2000.07%/0.09%
LV3≥5000.05%/0.08%
LV4≥10000.03%/0.07%
LV5≥20000%/0.07%
LV6≥40000%/0.06%
LV7≥80000%/0.05%
LV8≥15,000-0.005%/0.045%
LV9≥25,000-0.005%/0.04%
LV10≥40,000-0.005%/0.035%
LV11≥60,000-0.005%/0.03%
LV12≥80,000-0.005%/0.025%
KuCoin Trading Fees

Users can also pay their trading fees in the platform’s token, KuCoin Token ($KCS), for a 20% discount on their trading fees at all VIP levels (Maker Fees LV8 and up are exempt).

KuCoin Review: Features

Let’s take a look at some of the key features.

NFT Support

KuCoin offers support for blue-chip NFTs. You can buy HIBAKC easily on the platform if you want to. However, this is not the most interesting feature here.

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Users can even create their own NFTs at KuCoin. You will need to email the corresponding team, and they will approve your request. After that, you can create your own NFTs.

KuCoin Earn

KuCoin Earn is another feature of this exchange that is very appealing. It basically allows users to increase their wealth. This feature is divided into two categories: balanced and advanced.

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In the balanced section, you can see options such as KCS bonus, ETH staking, and more. In the advanced section, you can use dual investment, Shark Fin, and Protective Earn.

I can add that KuCoin also offers $10 in rewards for new users, and you can get up to $500 after completing successful trades.

KuCoin’s Derivatives

Futures overview, leveraged tokens, and more are some of the derivatives KuCoin has to offer. One interesting option is the futures bonus. Here, you can find different packages, such as:

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  • Dedication coupons
  • Trial funds
  • Free packages

The best example is the daily limit-free package available at the time of testing KuCoin. Depending on the current offer, you might get 5 USDT for free. If you check KuCoin crypto reviews from other users, you can see that this feature is very appealing.

Web3

Web3, short for “Web 3.0,” is a concept and vision for the future of the internet that represents a significant evolution beyond the current Web 2.0.

This Web3 envisions a decentralized, user-centric, and blockchain-powered internet where individuals have more control over their data, digital identities, and online interactions.

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In the Web3 section, you can find Wonderland, fractional NFTs, Halo Wallet, and KCC. In the Wonderland section, you can play games to earn money, buy mystery eggs, and so much more.

Also in the KCC section, you can check out the KCC Gas Revenue Program, get KCS, and discover decentralized applications (dApps).

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KuCoin Futures

On the KuCoin exchange, traders can trade delivery futures and perpetual futures. Fees for trading on KuCoin futures markets are 0.06% for the taker and 0.02% for the maker, with a lower fee for makers to incentivize them to add liquidity to the market.

These fees are also discounted through 12 VIP levels, dependent on a user’s 30-day trading volume, with LV1 being ≥200 BTC in 30 days and LV12 being ≥160,000 BTC.

Unfortunately, the KuCoin exchange doesn’t offer a demo account to allow users to practice and experiment with futures trading before doing it themselves—as many competitors do.

They also don’t offer any social trading features, such as copy trading, which allows users to automatically copy the trades of more experienced traders.

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Trading Bot at KuCoin

Trading Bot is available at KuCoin. It is programmed to monitor cryptocurrency markets 24/7 and execute trades when specific conditions are met. This automation reduces the need for constant manual monitoring and allows for faster execution of trades.

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Crypto Card

Those of you who want to use crypto cards can use one at KuCoin. It is basically a Visa debit card that allows you to use digital assets. It offers instant crypto-to-fiat conversion and rewards. The latter includes cashback, partner discounts, and more.

Trading Pairs

KuCoin supports trading pairs. In reality, this list is huge, and you can basically see all the common and some rare variations. I don’t believe trading pairs will be an issue for any type of user. Here is a glimpse of what you can expect:

  • ETH/BTC
  • XRP/BTC
  • MATIC/BTC
  • TRX/BTC
  • DOGE/BTC
  • KCS/BTC
  • MANA/ETH
  • ETH2/ETH

Order types

Order types are average. Users have four of them at their disposal. The good thing is that these are all the most common options. An issue is that some rare order types, such as FOK and trailing stop orders, are not available.

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Limit Order

A limit order is an instruction to buy or sell a cryptocurrency at a specific price or a better one. If a limit order is set to buy, it will only execute at the specified price or lower.

Market Order

A market order is an instruction to buy or sell a cryptocurrency immediately at the current market price.

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Stop Limit Order

This order combines elements of stop and limit orders. It includes a stop price and a limit price. When the stop price is triggered, it becomes a limit order, meaning it will only execute at the limit price or better

Stop Market Order

Stop orders are used to limit potential losses or lock in profits. A stop-loss order becomes a market order when the cryptocurrency’s price reaches a specific level below the current market price.

KuCoin’s Lending and Borrowing Features

The lending feature allows users to borrow cryptocurrencies from the exchange. But this feature always comes with some fees you need to know about.

The highest lending rate at KuCoin is 32%, and it applies to almost all cryptocurrencies available here. The lowest rate is 0%, and it might be linked to most cryptocurrencies such as USDT, BTC, ETH, SKL, and others.

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The maximum lending rate is 0.09% per day. It applies to BTC, ETH, some other cryptocurrencies, and stablecoins.

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Keep in mind that exchange fees are susceptible to change depending on your location, deposit and withdrawal methods, and other factors.

Supported Wallets

If you want to learn how to use KuCoin, you should know how to use crypto wallets. Like many other cryptocurrency exchanges, KuCoin supports:

  • Trust Wallet
  • MetaMask
  • Ledger
  • imToken
  • Torus
  • Coinbase
  • TokenPocket
  • iToken Wallet

KuCoin wallets are available as well. It can be a good choice for users who are planning to stay and use this exchange for a long time. It is known as the Halo Wallet.

KuCoin Review: User Experience

The user interface at KuCoin is excellent if you have experience with cryptocurrency exchanges. There are a lot of different features, services, and tools to help you manage your investments.

But if you are a beginner and this is your first crypto exchange, then KuCoin is a different story. It is complicated to use. KuCoin reviews from other users usually mention this as a main issue. There are a few more things you need to know about the overall user experience, though.

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Overall Functionality

The platform is fast and reliable. There are no issues while using it. Add the fact that it is responsive, and you can see why so many users like using KuCoin, despite the fact that it is not that straightforward.

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Registration Process

The registration process at KuCoin is surprisingly easier than usual. You have the ability to register using either an email or a phone number. You can also enter a referral code if you have one.

Once you are done with registration, you have to verify your email and telephone number. This is a straightforward process, and there is nothing complicated about it.

However, if you want to start with P2P and even increase withdrawal limits, you will need to complete KYC/AML. The process includes sending photos of government-issued documents and proof of address. It typically takes a few days to have this process completed.

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Available Educational Resources

Educational resources are more important than most users think. First of all, these allow you to educate yourself about cryptocurrencies, trading, markets, and more.

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Here we can see another reason why KuCoin is not always ideal for absolute beginners. The list of educational resources here is poor. However, you’ll find you can still learn a few basic things. But these usually apply only to how to buy a specific cryptocurrency. Other and more advanced guides are not offered at the moment.

Customer Support

The customer support and service offered by KuCoin are excellent. They offer a 24/7 hotline chat service where experienced representatives are available to assist users with any questions they have. As well, support is available through email and a simple yet informative FAQ page.

The support representatives usually reply in a timely manner in a friendly and professional fashion. Compared with many other cryptocurrency exchanges, KuCoin support rises above and beyond.

KuCoin Review: Is KuCoin Safe?

While KuCoin is available in over 200 countries, the reality is that it is not licensed in the majority of these locations. The KuCoin exchange is not licensed in the US, UK, Australia, or Europe. Additionally, KuCoin has been placed on a warning list in the UK, and the Dutch central bank has warned users that it is operating in the Netherlands without being registered.

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KuCoin is based and licensed in the Seychelles by the FSA, which allows it to operate globally as a digital asset exchange. Outside that, it is licensed in Malta, by the MFSA, and in the Cayman Islands, by the CIMA, which allows it to service the residents of those countries. While the exchange is licensed by a handful of bodies, it is not regulated by any reputable bodies or agencies.

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In terms of overall security, the KuCoin exchange has regular proof of reserve audits conducted by third parties to ensure that customers’ reserves of specific assets, BTC, ETH, USDT, and USDT, are backed.

KuCoin’s security history is not without its blemishes, with KuCoin’s hot wallet hacked for $280 million in 2020 and, most recently, in April 2023, their Twitter account was hacked and users lost over $22k in USDT to the hacker’s fraudulent tweets.

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What makes KuCoin a good choice?

KuCoin charges rock-bottom fees and supports trading in a huge range of cryptocurrencies. It’s one of the few platforms where U.S. users can access a margin account for trading crypto, and it offers a 20% discount on trading fees when using its token, KuCoin Token (KCS).

As with all crypto exchanges, it’s important to keep in mind that you are investing in a very volatile new asset class. This involves taking on significant risk, no matter what trading platform you choose.

Conclusion

In this KuCoin review, though it is a relatively new cryptocurrency exchange, it is rising to the top very quickly as the services it provides exceed many users’ expectations.

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KuCoin offers a comprehensive platform for cryptocurrency trading, supporting various fiat payment methods and a wide array of coins. The minimum deposit of $35 may be higher compared to some exchanges, but the supported payment methods offer flexibility.

Customer support, available 24/7 through live chat, email, or an online form, is adequate but not the fastest in the industry.

The trading platform utilizes all the features an experienced trader would expect and is easy enough for new traders to grasp. The mobile trading application is a nice feature as well, and the overall customer experience has been very good.

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