KuCoin is a cryptocurrency registered in Seychelles in 2017, founded by Michael Gan and Eric Tang. Similar to Binance, it is also a company founded in China that shifted to international markets due to China’s ban on cryptocurrency trading. Prior to being sanctioned by the US Department of Justice, KuCoin’s largest market was in the United States. However, as it lacked trading licenses in various US states and violated anti-money laundering laws, it was taken to court by the US Department of Justice.
Unlike Binance, which faced accusations, KuCoin immediately shut down its Crypto Withdraw function after being accused to prevent user withdrawals, greatly affecting users. This exposed KuCoin’s dark side and tarnished its reputation, which was previously reputable. Additionally, KuCoin’s founders faced imprisonment and fines.
Losing the US market, founders facing imprisonment, and reputational damage greatly diminish KuCoin’s chances of resurgence, especially considering that the US was its primary customer acquisition market. KuCoin’s customer review ratings plummeted to 1.3 at one point, dropping from being a top-ten exchange to one of the lowest-ranked exchanges.
Introduction
After Binance withdrew from the US market, KuCoin’s development in the US market accelerated, but this was actually KuCoin’s biggest problem. Unfamiliarity with the law, rapid expansion, and unfamiliarity with local culture and environment are also common problems for many Chinese-background companies. Although cryptocurrency trading is decentralized, for CEX exchanges, it is still centralized, akin to traditional enterprises. Traditional enterprises are still subject to national regulations and policy influences.
If the US market were to be removed from KuCoin’s business, KuCoin’s trading volume would not even rank among the top 50 on CoinMarketCap.
People currently have more than 90 billion dollars worth of cryptocurrency stored in their Kucoin accounts. The exchange continues to grow and add new coins and features.
Review from Customers
The overall rating of Kucoin customer reviews is 1.8/5 stars. 76% of customers left negative feedbacks because of KYC and high transaction fees.
If users are facing issues with withdrawals being disabled, the only option now is to wait for KuCoin to reopen the withdrawal functionality. With KuCoin’s judgment being finalized, it’s believed that the withdrawal function should reopen soon. Currently, the only recourse is to lodge complaints with KuCoin customer service.
People can send them e-mail support tickets, and they also help people through their Twitter account.
Features
Deposit Withdraw and Transfer Fees
Kucoin charges buying, selling, and trading fees. Fees are relatively high on the exchange, but there are ways to minimize them. Traders should always use Kucoin Pro if they want to minimize fees.
While these fees are lower than Binance’s fees, they are not terrible. Traders might be better off with Kucoin if they want a platform that is easy to use or if they want as much security as possible. Kucoin is also great for people who want to use a major exchange in a country where Binance is not available.
Customer Support
Kucoin customer service is using online live chat
| Exchange Name | Huobi |
|---|---|
| Fiat Currency | Yes |
| Withdraw to Bank | Yes |
| Payment Type | Credit Card |
| Trading Fees | Up to 2.49% |
| Non Supported Countries or Places | Almost every country |
Comparison
Kucoin VS Binance
One of the biggest things that makes Kucoin successful is that it is available in the United States. Binance, the world’s largest exchange, is unavailable in America due to legal issues.
There is a separate exchange, binance.us, which is available in the US. However, this is a different exchange and does not have the same features as the main Binance exchange.
The biggest advantage of Binance is that the fees are lower. Binance is the most popular exchange largely because it offers lower fees than any of the other exchanges.
Binance also offers the most coins – more than 500, so you can find people who will buy and sell obscure coins with low market caps. Kucoin also offers a lot of coins, but a fraction of how many Binance does.
Binance also has better customer service. Binance has its own coin, the Binance coin (BNB), and it encourages people to use it by offering financial incentives.
Service
Security With Cryptocurrency Accounts
The most tip might be to use two-factor authentication. If an account is only protected by a password, hackers might be able to get into it. However, if an account needs a fingerprint scan or a code sent to the owner’s phone, hacking into an account is much harder.
If a trader wants to be as safe as possible, they might not want to store all of their cryptocurrency on Kucoin or on any other exchange. Instead, they should store most of their cryptocurrency in a personal wallet. A hardware wallet offers the best security, although there is the risk of losing it.
Use common sense. When using a shared computer, take precautions to make it so that other people cannot find out the account’s password. Don’t use automatic password saving on a shared computer.
What is Two-Factor Authentication?
Two-factor authentication is a way of making online accounts more secure. A user only needs one thing to log into an account with single-factor authentication – a password, for example, is enough.
With two-factor authentication, something else besides a password is necessary to log in. A user might need to have the person’s phone or computer instead of being able to log in from any device, or they might need to use a fingerprint scanner to log in. There can also be multi-factor authentication with three or more factors.
Many cryptocurrency changes let you use a basic account that only requires a password and a secure account that uses two-factor authentication. If you want to use all of the exchange’s features or withdraw more than a little per day, you need an account with two-factor authentication.
Other Reviews
Overall Scores
Pros and Cons of Kucoin
Kucoin is easy to use. Anyone, even if they have never traded cryptocurrency or stocks before, can learn to use Kucoine in a short time. This makes Kucoin stand out, as crypto exchanges tend to be hard for newbies to use.
On the downside, if someone is looking for a crypto exchange with minimal fees, they can do better than Kucoin.
