There are thousands of exchanges that allow you to buy crypto-currencies. But here, we’re going to give you our opinion on KuCoin which, as you’ll realize, didn’t leave us indifferent, far from it.
Our full review will go over many important points that it is always necessary to check before wanting to trade on a crypto platform. This will give you an overview of the overall quality of KuCoin and make it easier for you to decide whether you want to use this operator to buy cryptos or not. Without further ado, check out our KuCoin review for 2022.
A few words about KuCoin
KuCoin came to the market in 2017. This may not seem like much, but on the scale of cryptocurrencies, it is a considerable number of years. Moreover, such longevity is a sign that this platform has managed to appeal to crypto investors thanks to the many features available on the site.
Today, KuCoin is said to be officially used by a quarter of the people who own cryptocurrencies. It’s hard to know if this is a marketing pitch used by the platform that is real or not, but with almost 20 million users, 1 billion trades and 1 trillion cumulative transaction volume on the platform, it’s a figure that seems quite plausible.
KuCoin’s strength lies in its close-knit community. It is by playing on this factor that the managers have managed to grow the exchange to its current level.
As we always mention in our reviews (see our Binance review), it’s by listening to its users that you end up offering products that please and retain customers. It seems that this is something that has been well understood by the company’s managers.
KuCoin tutorial: from opening an account to withdrawing funds
In this KuCoin review, we decided to test the entire process of opening an account to withdrawing funds. This will give you an idea of the procedure to follow. The latter is actually relatively standard if you compare it to the main platforms allowing you to trade cryptos.
Registration and verification process
In order to create an account on KuCoin, it is necessary to insert your phone number, choose a password and then fill in the confirmation code received by SMS. The operator does not ask for anything else and this will be enough to use the platform and make your first deposits.
However, identity verification (KYC) is important if you wish to increase your deposit and withdrawal limits. While the basic limits will probably work for 99% of users, you will need to have your account verified by sending proof of identity to customer support if you wish to increase your limits on the site.
Initial Deposit of Funds
To deposit funds on KuCoin, you have the fiat option or the crypto option. If you choose digital assets, then it will simply be a matter of finding the wallet address of the cryptocurrency of your choice on KuCoin and then sending funds there. This is a very standard transfer procedure if you are used to it.
For fiat deposits, you have several options. The first is to make a quick purchase with a credit card. This is simple and efficient, but the fees are a bit high.
The second is to make what is called a peer-to-peer (P2P) transfer in order to benefit from lower fees. Finally, you still have the option of using a third party to make your purchases.
Trading crypto-currencies on KuCoin: we give you our opinion
If you’re a fan of trading, in our opinion, you’ll really enjoy the interface that is offered by KuCoin. In our opinion, this is one of the best crypto trading platforms of the moment.
In the middle of the screen, you will be able to get an overview of the price trend. By default, the chart uses Japanese candlesticks with a time period of 8 hours. When the candle is green, the price has risen, when it is red, the opposite is true.
On the left side of the chart, you have access to different tools that will allow you to put annotations. For example, you can insert text or draw lines as you wish (this is made possible by the fact that KuCoin uses TradingView). This is very interesting if you are planning to analyze the prices in order to make a trade.
On the top, you will find other tools, such as the possibility to change the display of the chart or to change the time period. You will also have the possibility to add different technical indicators on the chart. In total, there are almost 60 of them, so you will easily find the indicator you like the most.
Finally, on the right side, you can see the order book. You can then choose to place a buy or sell order according to the amounts you like the most, or you can buy or sell directly at the market price if you don’t have the patience to wait.
What about the variety of crypto-currencies you can buy? If you want our opinion, KuCoin is relatively interesting. This platform actually offers several hundred cryptos. This includes popular assets (BTC, ETH, SHIB, MATIC, ADA, XRP) but also others more unknown (and on which it will be potentially possible to make nice operations).
Withdrawing money
To withdraw money from KuCoin, you will unfortunately have no other option than to transfer your cryptocurrencies to another wallet that belongs to you. Indeed, the operator does not allow you to convert your money into fiat and then transfer it to your bank account. We won’t hide it from you, it’s very disappointing and inconvenient.
If this seems too complicated and you want to use a platform where you can make your deposits in euros and withdraw in euros (something we recommend), then we can recommend the broker eToro where you won’t have the problem of having to move your cryptos to another site to convert them into fiat money.
Is it possible to invest in the stock market on KuCoin?
When we write reviews of crypto buying platforms, we also like to take a look at the other products that are offered.
While KuCoin has many features, unfortunately it is not possible to use this exchange to buy assets on the traditional financial markets, forex or even commodities. The platform only allows you to invest in crypto-currencies.
Lending in cryptocurrencies: what you can do on KuCoin
KuCoin has several interesting features, but it is the cryptocurrency lending feature that caught our attention. In fact, this feature will probably interest you if you want to borrow or lend money in the crypto world.
If you want to lend digital assets to other users, you first need to choose which crypto you want to use. Next, you will need to set the number of tokens you are willing to provide to potential borrowers. Finally, you need to choose the duration of the loan (7, 14 or 28 days) and set an interest rate.
Conversely, if you need to borrow cryptocurrencies, this time you need to choose the digital asset that suits you and set criteria such as the max interest you are willing to pay and the duration of the loan. After that, you just have to choose from the different options offered by other users.
Regulation and security of the KuCoin platform
Let’s continue our review by checking the different security elements that are present on the site, and whether KuCoin complies with certain regulations or not.
Regulations
In France, an exchange must in theory have a PSAN (Service Provider on Digital Assets) authorization if it wants to offer its services officially on French territory. This is the case for the best ones, including eToro.
If not, it may represent a security risk for users. Unfortunately, KuCoin has not obtained this authorization from the AMF.
However, the operator follows strict rules regarding money laundering. In the industry, they are called AML for Anti-Money Laundering. A policy against the financing of terrorism is also implemented on the site with a CFT (Combating the Financing of Terrorism) control.
Nevertheless, KuCoin has an excellent reputation in the world of crypto exchanges. Even though the operator does not have PSAN authorization and is headquartered in the Seychelles, many users still trust the platform and use it regularly for trading.
Be advised, however, that KuCoin has been the victim of a major hack in the past. In 2020, more than $280 million worth of crypto-currencies were stolen. Fortunately, a large part of the funds could be recovered afterwards.
Account security
When you open an account on KuCoin, it is only linked to you by your phone number. In our opinion, this is something that is not enough and you need to take additional measures to strengthen the security of your account.
By going to your profile, you can add an email address. This will allow you to retrieve your password in case you lose it.
You also have the option to enable two-factor identification (2FA) using the Google Authenticator app. This is something that will take you at most 5 minutes to set up, so don’t hesitate to do it to make your account as secure as possible.
Summary of commissions and fees charged
In all our reviews, we also take a look at the commissions charged by the platform. Indeed, if these are too high, the exchange may be one of the most successful in the world, but its use will be too expensive and therefore undesirable for customers.
Registration, deposit and withdrawal fees
When you sign up for KuCoin, you don’t have to pay a single cent. Nowadays, all quality crypto sites allow their users to sign up for free and this operator follows this logic.
For the fees on deposits, it depends on the method you are going to use to deposit on the site. If you are buying with fiat currencies (euros, dollars, etc.), the default rate will be 1 USD for 1.05 USDT. That’s a 5% deposit fee, which we think is a bit high.
On the other hand, if you deposit with cryptocurrencies, KuCoin will not charge you any commission. Now you will still have to pay a fee to the miners who will process your transaction on the network in question (Bitcoin, Ethereum, Polkadot, Solana etc).
As far as withdrawals are concerned, it is not possible to get a fiat payment from KuCoin. So you can only transfer your digital assets to another platform. This clearly taints our review of KuCoin as mentioned above.
That said, the fees for withdrawing your cryptos will depend on the cryptocurrency in question. It is important to check the summary table on the site as these values change on a daily basis.
Trading fees for crypto currencies
The fees you will have to pay for your trading operations will depend on two factors. First, your VIP level will have an impact on the fees. Secondly, the fees will be different if you trade futures or spot.
If you trade spot, you will pay 0.1% maker fee and 0.1% taker fee without VIP level. If you reach VIP level 6, the fees will be 0% and 0.06%. When you reach the very last VIP status, this time the maker fee is negative, i.e. you earn money, i.e. 0.005% on each trade and the taker fee is 0.025%.
If you use futures, the fees are significantly higher. A person without VIP status will pay 0.02% in maker and 0.06% in taker. At VIP level 6, the fees will be 0% and 0.038%. At the last VIP level, a maker will earn 0.015% on each transaction and a taker will pay 0.03%.
It should be noted that it is possible to reduce the transaction fee by 20% on the spot if you pay the fee with KCS, the platform’s utility token (which can be compared to the BNB token from Binance). However, there is no discount on fees paid using futures.
The KuCoin mobile application
Our opinion of the KuCoin mobile application is also relatively positive. Compared to the competition, it is of good quality (although some of the French translations are sometimes questionable).
However, it is important to keep in mind that the application is only there to help you out and that most of the features are much easier to use on the web version of the platform.
If you are an experienced trader and you need tools to perform your buying and selling operations, then the mobile application is not for you.
You’ll be able to buy and sell, but only using the order book, as the chart is not available on the mobile version.
However, if you use KuCoin to invest from time to time or monitor the status of your investments, then the mobile application is more than sufficient. You will be able to use basic features quite simply and can check the status of your portfolio with just a few clicks on the app.
Customer support: what you need to know
Now it’s time to give an opinion on KuCoin’s customer support. On the platform, this is broken down into 3 components that can perfectly work in synergy with each other.
First of all, you can read the very complete FAQ available on the site. It answers a lot of questions, which will allow a maximum of people to succeed in solving their problems by themselves.
If you still can’t solve your problems with the FAQ, don’t panic, you can count on a live chat. By using this live chat tool, you will be able to chat with a support agent who can guide you step by step. We think this is a very practical method because you will be accompanied.
Finally, if the chat is closed or you don’t have time to chat with an agent, you can open a ticket with support. Try to be as specific and complete as possible. This will allow the person handling your case to be able to understand your problem and provide the appropriate solution.
Based on our experiences with KuCoin support, don’t expect miracles. It is relatively slow, both on weekdays and weekends. In addition, the answers given are not always relevant, which makes it even more difficult.
The opinions left by users of the platform agree with ours. This proves that our case is far from being isolated.
Conclusion and opinion on KuCoin
This is the end of our review of KuCoin. As you have noticed, the platform has a lot of qualities and this is an extremely positive point. If you are a demanding person who wants to use a crypto exchange with low fees, then signing up with this platform is probably an interesting choice to make.
The various features of KuCoin will provide you with advantages that you cannot get from some competitors. The choice of cryptocurrencies is really great and you will pay fees below those charged by many other brokers.
However, you should keep in mind that KuCoin does not have a PSAN approval issued by the AMF and is headquartered in the Seychelles. Usually, this kind of site ends up immediately on our blacklist of operators that we cannot recommend to anyone. It is up to you now to see what risks you are willing to take.
Another concern we can point out is that the site is not for beginners. If you don’t know anything about crypto-currencies, then you will find yourself lost on the platform very quickly.
The different menus and all the features offered will probably confuse you. If you want a platform that’s more suitable for getting started with ease, we recommend using a service like eToro or Binance instead.
