Kucoin Review – Scam or Legit

by | January 9, 2018

I have been on Kucoin exchange from its start. I decided to write a Kucoin review as its getting traction in the last few weeks plus I am also asked A LOT what platforms I trade on, well that’s simple at this point in time along with my past extensive research with over 45 noteworthy exchanges…

I currently buy my bitcoin from Coinbase mainly invest in Changelly for fast purchases of the main coins, but finding myself using Kucoin more and more for investing in Chinese or altcoins as the main coins are better for long-term investments ( In My Opinion. )

>>>Related post: Rapid Trend Gainer Review – Scam or Legit?<<<

Kucoin Review

Kucoin is a growing exchange that offers special benefits to holders of their coin the Kucoin Shares (“KCS”). Those benefits are 1.) lower fees and 2. ) passive income. Here is the link to the official benefits of KCS Everything is explained on their website. Kucoin distributes a part of its earnings to KCS holders and to its users through the referral program.

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The user interference.

It’s friendly and well arranged, the only problem I have, is the pictures, but its Chinese exchange. You have to expect that However, It doesn’t interfere with the trading experience.

Graphs

I must say that I consider the graphs as the strongest selling point of Kucoin, better than Bittrex, that has a lag compared to the real market. Better than Poloniex which doesn’t even offer any tools. Kucoin offers a huge variety of tools some of which are normally charged for elsewhere with a premium upgrade, you get these tools on KucoinFREE.

The graph page is well arranged, user-friendly and most importantly functional.

Security

Security is taken very seriously. You must have google authenticator and everything must be verified. You must verify every login and every two hours of trading.

Customer care

I must say that I have had two problems with Kucoin – I did not get paid twice my KCS bonus. It took less than five minutes to get solved. The first time was a mistake of Kucoin, second time It was due to an update of the database. Both times solved. ConsideringKucoin is still very new teething problems can be expected but how fast they are fixed is more of a judge of a good company in my eyes.

There has also been a the Confido scam. Confido team disappeared with funds after ICO,Kucoin having no affiliation with the team reimbursed all of the traders. That’s a new thing in crypto. I take this very seriously, this is another sign of a reputable action on Kucoin’s part.

Kucoin Fees

I personally think these are some of the lowest fees I have EVER seen.

Kucoin Review

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KCS Kucoin shares also offer passive income.

You get paid every day in every coin that is traded. It works flawlessly. There are some possible future predictions of Kucoin bonus (reduction of the percentage taken in account):

We start at 50kk where we are now: 50kk USD a day holding 2,5k KCS makes 1.25 USD a day, 456 USD year 100kk USD a day holding 2,5k KCS makes 2.5 USD a day, 912 USD season 500kk USD a day holding 2,5k KCS will make 3.75 USD a working day, 1369 USD year 2KKK USD a working day possessing 2,5k KCS will make 15 USD a working day, 5,475 USD year

Location

Kucoin can be a cryptocurrency exchange located in Hong Kong. It works on a crypto-to-crypto basis, consequently, no fiat currencies will be supported. However, its digital resources portfolio is pretty intensive and besides, KuCoin presents its token KCS (KuCoin Shares) and uses it similarly to Binance.

Like most identical of venues, KuCoin will not give margin trading and hasn’t disclosed whether there’s any minimum purchase required.

KuCoin Advantages

Kucoin fees trading and withdrawal costs, while crypto deposits will be cost-free. While this can be an approach to many different exchanges, the fess of KuCoin is actually competitive. It charges a set payment of 0.1% per trade, as the average in the sector is just about 0.20% – 0.25%. Besides, for many who carry KuCoin Shares, there will be attractive discounts.

In addition, withdrawal fees applied by KuCoin are also reasonable. For example, Bitcoin withdrawals are charged a fee of 0.0005 BTC. You can find the complete information about withdrawal charges in the first image above.

Many cryptocurrencies offered

Although it was launched in mid-September 2017, Kucoin already offers a substantial number of coins for trade (around 80), and keeps adding new ones. On their website, pairs are grouped into 5 categories: BTC, ETH, NEO, USDT and KCS markets. It was even the first exchange to launch trading in the RedPulse token (RPX).

To date (late November 2017), the most traded pairs on KuCoin are: RPX/BTC, NEO/BTC, ETH/BTC, and KCS/BTC.

Good platform with advanced charting

Kucoin’s has developed a web-based trading platform with a nice design that has some advanced charting with technical indicators, powered by TradingView. Besides, mobile apps for Android and iOS are coming soon, currently available in beta version. Here is a snapshot of Kucoin’s platform:

Kucoin Review

Sufficient liquidity

Although Kucoin is a newly-launched exchange, it seems that it doesn’t have issues with liquidity, at least regarding popular cryptocurrencies.

Promotions available

Kucoin offers a bunch of promotions: a referral program, top traders bonus promotion, and discount options for those holding its KCS token. Here is how the latter works:You get up to 30% discount on trading fees when you use their KuCoin Shares.

Kucoin Disadvantages ( being as honest as possible in this Kucoin Review )

Does not support traditional fiat currencies

On KuCoin’s exchange, you cannot exchange your dollars for Bitcoin, or vice versa. Supporting fiat currencies is an advantage, especially for beginners, who don’t have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers. Those who’d rather use their bank accounts or proceed payments with credit cards may check out some exchanges which offer such options, for example, Changelly or Coinbase

>>Where you can buy Bitcoin with credit card<<

Not regulated, not much info about the company

Unsurprisingly, Kucoin is not a regulated exchange. As most of you probably know, very few exchanges operate with some sort of licenses, as most countries have not developed relevant legislation regarding such service providers yet.

On KuCoin`s website, one can take a look at a bunch of pictures of the exchange’s associates, but actually, there is absolutely no information about the business owning the website and the brand. Some see this as a problem, I myself see it as the future, after all, what is the point of decentralized currency without a decentralized exchange? Mark my words this is just the first look out 2018.

No margin trading

Unlike some cryptocurrency exchanges, like Kraken, Quoinex, and others, KuCoin will not provide margin trading. Consequently, if you need to gear-up your trading, you might either select another exchange or try exchanging cryptocurrencies with a brokerage. Many of them offer higher levels than crypto-exchanges but however come with more restrictions and regulations.

>>>Related post: Rapid Trend Gainer Review – Scam or Legit?<<<

Conclusion

Kucoin is a newly-launched crypto-to-crypto exchange where you could trade in Bitcoin, Ethereum, Litecoin, and much more plus its shares cryptocurrency.

There are numerous great things about trading on KuCoin: it really is low-cost trading on a complex platform, trading volumes of all assets are very good, and besides, there will vary promotions running.

On the downside, fiat currencies aren’t supported, and the information regarding the business owning and working the exchange is bound to its Hong Kong headquarters. Of course, it isn’t overseen by any authority, as the legal position of crypto-exchanges continues to be unclear while the rest of  us who take risk reap great rewards while others are uncertain 😉

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As always NO BS or Scams, Admin of this Facebook Group

To our continued health and success

Eric


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