KuCoin is another of many large cryptocurrency exchanges, but what sets it apart from others? How does it work, and why is it worth considering? In this video, we’ll be discussing everything you need to know about KuCoin.
What is KuCoin?
KuCoin, a cryptocurrency exchange service in September of 2017 by Johnny Lyu. It’s based in Seychelles, an archipelago in East Africa.
KuCoin has become one of the largest global exchanges by trade volume. It’s used by over 10 million people and is available in over 200 countries.
How Does KuCoin Work?
Like Binance and Coinbase, KuCoin is a cryptocurrency exchange that allows users to buy, sell, and trade a number of cryptocurrencies. KuCoin also offers margin, futures, and peer-to-peer trading.
Users also earn rewards whenever they choose to stake or lend their cryptocurrency through KuCoin. For security, KuCoin utilizes multi-layered security that covers micro-withdrawal wallets, industry-level multi-layer encryption, and a multi-factor authenticator.
How is KuCoin Different?
KuCoin’s tiered maker/taker fee model makes it different from other cryptocurrency exchanges. This results in trading fees ranging only from 0.0125%-0.1%, depending on the user’s tier level.
Compared to the usual cryptocurrency exchange that charges up to 0.50% per trade, it’s a relatively cheaper option. Frequent users also receive even better benefits based on how many KuCoin tokens they have.
KuCoin Token (KCS)
The KuCoin Token, also known as the KCS, is the native token of KuCoin. It was launched with the exchange, a profit-sharing token where users benefit from the exchange improvement. It’s an ERC-20 token that’s running on Ethereum and is supported by most Ethereum wallets.
Like Coinbase’s USDC and Crypto.com’s Cronos, KuCoin’s KCS is a native coin that’s important to keep for the exchange’s users.
Is KuCoin Worth Considering?
Over the years, KuCoin has offered more than 600 cryptocurrencies in its exchange. However, it is not yet licensed in the United States and has received a lot of negative reviews regarding its services.
Most of the reviews come from problems with customer support and the processes like withdrawals and making deposits, but little has been due to safety issues. With this in mind, it will always be up to the individual to weigh out and decide whether or not it’s worth using.
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