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KuCoin Exchange Review 2022

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KuCoin-Exchange-Review-2022

Kucoin, a popular crypto trading platform established in 2017, allows users to sell, purchase and trade cryptocurrencies. The company, headquartered in Seychelles, is now popular in over 200 countries, allowing users various trading options along with margins and lending. Though the platform received positive and negative reviews, one cannot deny its prominence in the crypto market, especially among investors.

Features of KuCoin Exchange

KuCoin offers a variety of features and services. It is considered one of the largest Cryptocurrency exchanges. Some of the critical features of KuCoin Exchange are discussed below:

KuCoin offers the most significant number of choices for cryptocurrencies. It has more than 700 different Cryptocurrencies. It doesn’t delay adding newly released cryptocurrencies on its platform, making it very suitable for traders who want to trade on a new crypto asset. However, to access all the coins, one has to trade them in the market. If a user wants to buy directly using fiat currency, then only 60 popular coins are available. Access to the range of cryptocurrencies has several terms and conditions that might confuse crypto investors.

KuCoin offers a bonus when a trader has more than 6 KuCoin coins called KCS. It is very similar to earning interest from a bank savings account. This bonus can be redeemed daily; the estimated APR is around 22%.

The KCS coins are also used to decrease the fees on different trades by 20%. Thus, the platform offers investors an additional means to earn and allows them to trade at affordable rates.

KuCoin offers another feature of lending and borrowing, which lets users earn extra interest on their crypto. This can be done by lending the crypto to others using the KuCoin platform. The number of cryptocurrencies available for lending is more than 160. There are also variable options for the lending term, like 7, 14, or 28 days.

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The interest rate depends on the user’s choice. But the rates must be chosen wisely following others’ rates on the market so that other users get attracted to the offer.

If a user wants to borrow crypto, that too is possible with KuCoin. One must select the interest rate, type, and amount of coins.

KuCoin has a simple interface. It has an online portal and a mobile app through which users can access their accounts. This app is available on Android and iOS and offers various tools and sophisticated features.

A new feature called Trading Bot has also been introduced to make things easier and simpler for the users. It is a Robo-advisor that helps to execute trades by buying at low and selling at high rates. It also does dollar-cost averaging (DCA). The Bot also helps the users to leverage when they expect the price of a coin to go down.

Comprehensive Review of KuCoin Exchange

KuCoin has made it to the top list among the most extensively used crypto exchange platforms. There are various advantages to using it. But the customers’ reviews have been mostly negative recently; this can be due to various reasons. Let us explore the pros and cons of KuCoin Exchange.

Pros

KuCoin charges minimal trading fees and is the lowest among all the crypto exchange platforms. There are no monthly account fees, and the fees charged for withdrawal are on par with most other exchanges. Crypto deposits are free, but one must pay to deposit traditional money, depending on the third-party app one uses.

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KuCoin has the maximum number of cryptocurrencies available compared to other exchanges or brokerages. It is a perfect platform for advanced traders who want to take risks with lesser-known coins.

The KuCoin Earn service gives interest to users in their cryptocurrencies. One can either stake coins via Pool-X, a company backed by KuCoin, or one can lend their crypto and get paid in interest.

Cons

Traders based in the U.S. cannot use KuCoin as it is not licensed there.

KuCoin has been receiving very poor reviews due to issues related to customer services, withdrawals, and inappropriate market manipulation.

It is primarily good for expert traders for its advanced features and unique coins. There is also very limited crypto media available to guide new learners.

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Conclusion

KuCoin is best for an advanced-level trader as it offers features not available on other platforms like Gemini or CoinBase. It also has coins that are uniquely available on this platform only. For U.S-based users and beginners, this is not the right platform as it is not licensed to operate there, and the advanced features can be overwhelming for someone who is not a crypto enthusiast.

 

A post-graduate is Sociology, Sreerupa's interest primarily lies in researching on the global market trends of production and consumption.

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