What Is KuCoin?
KuCoin is a cryptocurrency exchange based in Hong Kong, launched in September 2017. The project team strives with all its might to create a trading platform that compares favorably with its competitors by its user-oriented approach. As an example, the exchange offers a lucrative bonus program, as well as 24/7 operational support. The exchange also often adds coins before they appear on competing platforms.
Digital currency exchange KuCoin has its cryptocurrency called KuCoin token (KCS). The KCS token, launched in 2017, is a service token that allows merchants on the platform to earn passive income and use it for payments in stores and online sites.
KCS is actively used in various decentralized finance (DeFi) protocols in the KCC network and can also be used as a payment tool on over half a dozen platforms, including travel and hotel reservations on Travala.
What Is KuCoin Crypto?
KCS is a native KuCoin token launched in 2017 as a service token, allowing traders to receive a share of the profits from the growth of the exchange. It was released as an ERC-20 token running on the Ethereum network.
The KCS offering was set at 200 million tokens. KuCoin and the platform team are constantly buying KCS off the market, while every quarter, it is scheduled to burn, making the token deflationary. The amount of KCS to be burned depends on trading volume, but the goal is to have its circulating volume set at 100 million.
KCS is also the fuel for transactions in the KuCoin Community Chain (KCC), a low-cost blockchain fully compatible with the Ethereum Virtual Machine (EVM) and the ERC-20 token format.
Main Characteristics of KuCoin
Selecting from a number of features KuCoin, we want to highlight these characteristics.
KuCoin’s leveraged trading platform is popular among traders conducting margin trading. However, it should be noted that margin trading is best suited for experienced traders with a talent for risky strategies with high returns.
KuCoin Token (KCS)
Owning KCS, KuCoin’s token is a great way for users to get significant discounts on trading fees. In addition, KCS holders receive a daily share of the exchange’s trading fees.
KuCoin Trading Bot
The KuCoin trading bot is a free tool that you can use to execute your trading strategy automatically. As of March 2022, the KuCoin trading bot supports five trading strategies: Spot Grid, Futures Grid, DCA, Infinity Grid, and Smart Rebalance. In addition, the exchange claims to have more than 6 million active bots on the platform, which helps newbies get up to speed quickly and learn from more experienced users.
With KuCoin Cryptocurrency Loan, you can lend your cryptocurrency shares to margin traders and receive interest in return. All loans are secured, and borrowers must maintain a certain minimum balance. The exchange offers an insurance plan to minimize your losses if the borrower can’t pay you back. This is a unique way to generate passive income from your unused cryptocurrency stash.
Demo Trading Account.
KuCoin’s core features also aim to make life easier for those unfamiliar with cryptocurrency or trading. This has a positive effect on the project. The demo account is another feature that helps KuCoin attract new users unfamiliar with cryptocurrency trading. A demo account allows newcomers to gain in-depth knowledge of various trading strategies and practice them safely without spending any real money.
KuCoin Account Types
KuCoin offers five account types, including:
- Main account: for storing, withdrawing, and depositing funds
- Trading account: for spot trading
- Margin account: for margin trading
- Futures account: for future trading
- KuCoin financial account: for staking.
The exchange also supports over-the-counter (OTC) trading so that users can execute large orders without affecting the overall market.
KuCoin trading commissions
KuCoin does not charge commissions from takers and makers. This commission model is called the “fixed commission model.” KuCoin offers a fixed trading commission of 0.10%, less than the market average.
When paying trading commissions with KCS, the user can get an additional discount. Trading commissions are reduced depending on the volume of trade and ownership of the KuCoin exchange token.
KuCoin Staking Platform – Pool-X
Pool-X is a staking platform that has pioneered a free market that solves the problem of cryptocurrency liquidity. Stacking participants participate in staking and receive both staking fees and POL Credits (Pool-X’s token). As part of the liquidity trading market, participants can trade staking assets and enjoy a higher level of liquidity.
Is KuCoin Safe?
KuCoin has partnered with Onchain Custodian, which protects crypto assets stored on its exchange. In addition, the exchange includes Lockton insurance against crimes such as hacking. It also consists of a “bug bounty” program that encourages ethical hackers to report any weaknesses in the system.
KuCoin claims to support offline storage of customer assets in cold storage (which makes hacking more difficult).
KuCoin also features superior security at the user level. The website recommends that users set up two-factor authentication and an additional password for trading. Users can also set up security phrases that will appear in all emails from KuCoin to protect themselves from phishing attacks.
KuCoin exchange is among the largest cryptocurrency exchanges with large transaction volumes. The site hosts all major cryptocurrencies and tokens. In addition, the exchange’s trading terminal is comfortable for novice traders and professionals. The KuCoin platform has a whole set of useful features necessary for successful trading, and in some respects, it is inferior to many top cryptocurrency exchanges. And the fact that coins are traded here that are not found on other platforms makes it even more enjoyable.