KuCoin Experience 2021: The Crypto Exchange Test

We present our KuCoin experience. What does the crypto exchange offer in the test, how high are the fees and is the offer secure? You can find the answers in the review.

As soon as you enter Coin or cryptocurrency in search engines, you will find KuCoin experiences after a short time. This is supposedly a cryptoexchange that has its headquarters in Hong Kong. The operators have also launched their own cryptocurrency called KuCoin Shares (KCS). But what exactly is behind the website with the fox as mascot and what is the KuCoin experience?

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Advantages and disadvantages of KuCoin at a glance

Huobi offers its customers some decisive advantages: For example, the exchange is considered one of the first crypto exchanges worldwide and can therefore benefit from many years of experience.

Pros:

  • Easy to use and good explanation for beginners
  • Many coins and cryptocurrency pairs available
  • No personal data necessary except for an email address

Cons:

  • No deposits of fiat currencies possible
  • No PayPal to buy cryptocurrencies
  • Only digital currencies tradable

The specialisation in cryptocurrencies offers advantages for some users and disadvantages for others. Anyone who would also like to trade fiat currencies or other commodities is clearly out of place on this platform. Investors without already acquired coins will also find it difficult to trade at the beginning. For all others who would like to remain anonymous and trade on online exchanges without a bank account, the website seems ideal.

It offers over 300 different currency pairs and the operators allow very fast deposits and withdrawals. With many other exchanges, withdrawals take a long time because they require proof. Legally, the account for withdrawal must be from the person who made all deposits. The security standards on the website are a bit better than some other exchanges as you have to have 2FA authentication. The website is also available in different languages and the customer service seems to be accessible and helpful.

KuCoin Review - The Offer

Upon closer examination, one finds what appear to be the four most important points of the offer. These include the ease of use, the security in general and the safe trading ,the customer service that can always be reached, the low transaction costs and the fast withdrawals. It is an exchange for exchanging cryptos for other cryptocurrencies.

Only cryptos are offered and no other trading goods. But through the website, there are over 300 different trading pairs available for trading for this. So if one does not already have cryptocurrencies, then one cannot make any transactions through this trading portal. First you have to confirm the purchase of a cryptocurrency (only Bitcoin, Ethereum and Litecoin) via the payment platform Simplex.

Of course, you can also find many sites online to buy digital money, but you should be sure that it is a secure website and that you are not going online to scam people. The platform is available in 13 different languages and offers 32 different currencies to display assets. The platform also tries to make it as easy as possible for new users to get started. For this purpose, there is an extra field on the homepage where all the important steps are explained.

The KuCoin cryptocurrencies

With all cryptoexchanges, it is first and foremost about the cryptocurrencies available. KuCoin is definitely very well positioned in this regard. The platform offers investors over 300 different pairs of trades. Here you can find a few examples of the possible coins:

Ethereum
GramGold Coin
Electroneum
Aurora
Bumo
NEO
KoCoin Shares
Ripple
GoChain
TomoChain
Eos
Nano
DigiByte
ZipCrypto
DACC
VeChain
Litecoin
Tron
Ethereum Classic
Stellar
Dash
Ontology
OmiseGO

ETH
GGC
ETN
AOA
BU
NEO
KCS
XRP
GO
TOMO
EOS
NANO
DGB
ZIP
DACC
VET
LTC
TRX
ETC
XLM
DASH
ONT
OMG

All possible combinations can be found under the tab "Markets" and you can search for any coin and the possible trading pairs in the search field on the right. Here it is advisable for new users to trade exclusively with the cryptocurrencies about which they have previously read up on the internet. Since most cryptos are subject to high price fluctuations, the market is considered extremely speculative and any investor can lose large sums in a short time.

KuCoinss

Instructions for trading with KuCoin

  • The KuCoin website is usually only accessed by investors who would like to trade cryptocurrencies. All that is required is to open an account. The operators do not charge any fees for registering and using the account. KuCoin fees only occur when trading cryptocurrencies and these are different for different users. Traders with KSC are given preferential treatment and have to pay smaller KuCoin fees.
  • For a personal access to the trading platform, one only needs an email address and a desired password. The email account must be activated via a link that is sent in an electronic message. Optionally, you can enter an invitation code of a friend to receive the bonus. That is all that is needed to trade.
  • Of course, it is advisable to set the site to your native language so that you really understand everything when trading. Not every trader is familiar with all the technical terms. Since version 2.0 recently went online, there are some optical innovations compared to the predecessor. Such updates can lead to changes at any time. For complete newcomers who have no idea about logging in and registering on online platforms, they can follow the step-by-step instructions on the website.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Deposits & withdrawals

First, a personal wallet with cryptocurrencies must be linked to the account. Then you choose a desired currency pair. The existing coins are used for payment.

KuCoin-Trading-Ansicht

Carrying out a buy/sell

To carry out a trade with KuCoin, one must log into the platform's trading programme. One can carry out every purchase and sale directly via this page. Of course, you also have the option of making transactions at any time via the app for mobile devices. To do this, click on "Buy" after selecting the trading pair and the quantity and you will find your order under "Open Orders".

Storage and withdrawal of coins

Once an order is completed, you will find the desired coin on your platform. The website itself offers a wallet for storage, but you cannot use it to buy or sell goods or services. To have them paid out into one's own wallet, one must connect one's electronic wallet to the account. You can then transfer your existing assets and have to pay a small fee. A test for the best wallets can be found here.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

KuCoin experiences and user opinions

Many inexperienced traders often consult experience reviews to assess a platform. However, there is one thing to keep in mind when reading these KuCoin reviews: bad KuCoin experience reviews that are negative due to high losses should of course be excluded. The market of cryptocurrencies is not considered extremely speculative for nothing and very many users will write losses. Even with a precise analysis of the market, it is not always possible to correctly predict how the price will behave.

Some users are quite positive about the trading platform and rate it with five out of five possible stars.

"I have used KuCoin since Q3 2017. I recommend KuCoin because it's intuitive and very easy to use. Moreover, it has all the advantages of the KuCoin Shares bonus and the referal bonus."

Of course, some users are neutral or negative and therefore do not give such good KuCoin experiences.

"Kucoin are slower than all the decent exchanges. The VET swap has been done yet withdrawals still unavailable. I have asked them why it's taking so long and they say its because they are waiting for the wallet and main net to be stable, but Binance, gate and others did it almost immediately and all transactions on the main net work flawlessly. So they are either lying or incompetent."

It is best for everyone to make up their own mind about the exchange and test it personally. For most people, other factors are more important than for other users. However, these testimonials can provide a first impression and highlight common problems.

KuCoin experiences: The payment methods

At KuCoin, you don't need a credit card, Paypal or even a bank account. All deposits work exclusively via a wallet with existing cryptocurrencies. Only if you already own coins of a digital currency can you exchange them for other cryptos.

Fiat currencies of any kind are not supported and the setting of, for example, euros or American dollars only helps to calculate transactions. This makes it easy to find out how much the desired amount of a selected cryptocurrency is worth.

However, if someone wants to buy Bitcoin, Ethereum or Litecoin via KuCoin, they can do so by credit card. After selecting the amount, the buyer is redirected to the website of Simplex, where he has to authorise and complete the payment. Simplex is a payment system that is often used by brokers or exchanges. It is supposed to be particularly secure against fraud or hacking attempts.

KuCoin experience: Security

Got Credit

Encryption of data is extremely important because transactions that have been carried out cannot be retrieved. After entering data and before confirming it, you should therefore check that the information is correct.

The entire website is secured by SSL encryption and every user must equip the account with a 2FA authentication. SSL encryption is a normal security protocol, which is also called "secure socket layer". The security measure can be found in almost every registration on an online portal.

The additional 2FA authentication requires a mobile device to generate a random code, which is changed every 30 seconds. This app can be downloaded from any application store and the mobile phone or tablet must be connected to the account. As soon as one logs in to the KuCoin site, the displayed code must be entered into the computer. Shortly afterwards, the user will have access to the trading platform. If the mobile device is lost, it is advisable to contact customer service and ask how to proceed.

Furthermore, no user should save their access data in the browser or in an unprotected file. For this purpose, it is advisable to use a USB stick with password protection so that it cannot be used in the event of loss. All these points reduce the risk of being hacked or robbed, but they do not offer a 100 percent guarantee. One should therefore check one's transaction history from time to time.

The KuCoin app

Of course, most investors would also like to check on their money while on the move. There are specially developed iOS and Android apps for this purpose. The app for Android has already been installed over 50,000 times, is 7.1 megabytes in size and requires Android 4.1 and higher. The KuCoin app has been rated with 3.5 out of 5 possible stars.

Some negative ratings are due to a problem with the update. However, this app is rated lower than some other mobile apps from other exchanges. Through this app, you can transact cryptocurrencies from anywhere. Just like on the trading platform in the browser, you can see the price trend and all other important information.

You also have the option of having your purchased coins paid out to your personal wallet. Support is also available here 24 hours a day. The application uses a lot of data from the internet, which is why it is best to use it via WLAN.

KuCoin experience Fees

KuCoin experience: Fees

KuCoin feesKuCoin fees vary and depend on the cryptocurrency chosen. Depositing is free and there is a trading fee of 0.1% per transaction made. However, if you use KCS for this, you get a discount on the trading fees. Withdrawals or payouts to an external wallet also incur a fee, which depends on the desired currency.

At the time of the test, the KuCoin fees for Bitcoin were 0.0005 BTC. There is also a minimum withdrawal amount for each cryptocurrency that cannot be undercut. For some digital currencies, the withdrawal fees are even up to 50% of the minimum withdrawal. The values mentioned can of course change at any time and are therefore not explained in more detail here. It is advisable for every new user to find out about all fees beforehand and to include them in the calculation.

A detailed list can be found on the website under "Fee Structure". The website advertises that it is particularly inexpensive, but the fees seem to be in the middle range compared to other brokers and exchanges. Here you can find a detailed test of many large online exchanges for trading cryptocurrencies.

The KuCoin test did not find out whether the platform operators charge additional KuCoin fees when buying cryptocurrencies using a fiat currency. If you do not yet own any coins, it is advisable to find out about any costs beforehand.

KuCoin experience: Customer service

Altcoin.io Customer Service

Of course, the platform offers support, just like any other broker or exchange. Kucoin customer service can be reached 24 hours a day. You can post your question online in the help chat or send a message to the team. However, every investor with problems should first check the FAQs to see if there is already a solution to the problem.

Often other users have already had the same difficulties and the website has provided step-by-step instructions with a solution. Otherwise, entering the problem into a search engine sometimes brings the hoped-for success. With several thousand, if not millions of users, most likely someone else had left a post in a blog or forum. Often other users offer assistance to overcome the obstacle.

Is KuCoin a scam?

KuCoin appears to be a reputable trading platform. It is a licensed broker and already has millions of users. The founders are real people, which is not usually the case with fraudulent websites. The two apps have also been downloaded several thousand times and rated good in their respective stores. Of course, these points do not prevent the investor from writing losses. It only reduces the risk of losing one's money to a fraudulent platform.

The website is also very open about the fees and makes it easy for beginners to get started with a step-by-step guide. The website does not require any personal data and you have to protect your account via 2FA authentication, otherwise you cannot make any transactions. The platform also has three big investors who have already put a lot of money into the further development of the website and the trading programme.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

KuCoin Experience - The Conclusion

If you look at the offer, it can be said first that there is probably no other crypto exchange that offers so many cryptocurrencies. KuCoin is probably unique in this respect. The fact that KuCoin has entered into cooperations with other exchanges - such as Binance - can only be seen as positive.

The account opening and the transactions are simple and uncomplicated - the minimum amount, which is 50 US dollars, also confirms KuCoin's philosophy that it wants to offer a platform not only to experienced people, but also to beginners.

kucoin-logo

This is also true when it comes to the fees. Compared to other platforms, these are relatively low. The only disadvantage is that anyone who exchanges FIAT currencies for a cryptocurrency has to pay an extremely high fee of 10 percent (5 percent commission and 5 percent credit card fee).

Another disadvantage: even though the site is available in eleven languages, support is only offered in English.

In the end, however, it must be said that the advantages outweigh the disadvantages. KuCoin is guaranteed not to be a scam; here you don't have to be afraid - not even of hackers, because on the one hand there is 2-factor authentication, and on the other hand the homepage is provided with an SSL certificate.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is KuCoin?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with KuCoin?

KuCoin was convincing in our test. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.

How much money should I invest?

The amount you invest should depend on your own liquidity, the cryptocurrency you choose and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does a payout take at KuCoin?

Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.

What are the requirements for successful trading at KuCoin?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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