Unlock the secrets of Kucoin Exchange with our comprehensive 2023 guide. Boost your trading prowess and maximize profits. Expert insights inside!
Are you looking for a reliable, user-friendly, and feature-rich crypto exchange to trade your favorite digital assets? Do you want to access a wide range of cryptocurrencies, including some of the most innovative and promising projects in the industry? Do you want to enjoy low fees, generous rewards, and advanced trading tools on a platform that values your security and privacy? If you answered yes to any of these questions, then you should definitely check out Kucoin Exchange.
Kucoin Exchange is one of the leading crypto exchanges in the world, with over 27 million users across 200 countries and regions. It offers a comprehensive trading experience for both beginners and experts, with over 700 cryptocurrencies available for spot, margin, and futures trading. It also supports staking, lending, liquidity mining, and other ways to earn passive income from your crypto assets. In this article, we will give you a complete guide on how to use Kucoin Exchange in 2023, covering everything from signing up to withdrawing your funds. Let’s get started!
What is Kucoin Exchange?
Kucoin Exchange is a global crypto exchange that was launched in 2017 with the vision of becoming “the people’s exchange”. It aims to provide a platform that is accessible, transparent, secure, and fair for all crypto enthusiasts. It also strives to support the development and innovation of the crypto industry by listing high-quality projects and offering various services and products.
The background and vision of Kucoin
Kucoin was founded by a group of crypto veterans who had been involved in the industry since 2011. They saw the potential of blockchain technology and cryptocurrency to revolutionize the world of finance and beyond. They also recognized the challenges and limitations of existing crypto exchanges, such as high fees, poor customer service, limited coin selection, and frequent security breaches. They decided to create their own exchange that would overcome these issues and offer a superior trading experience for users.
Kucoin’s vision is to empower everyone to participate in the crypto economy and benefit from its opportunities. It believes that crypto is not only a form of money, but also a way of life. It wants to create a community where people can share their ideas, knowledge, and passion for crypto. It also wants to contribute to the growth and innovation of the crypto industry by supporting promising projects and providing various resources and tools.
The features and advantages of Kucoin
Kucoin has many features and advantages that make it stand out from other crypto exchanges. Here are some of them:
- A wide range of cryptocurrencies: Kucoin offers over 700 cryptocurrencies for trading, including some of the most popular ones like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), XRP (XRP), Litecoin (LTC), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Avalanche (AVAX), Terra (LUNA), Crypto.com Coin (CRO), Stellar (XLM), VeChain (VET), Tron (TRX), Monero (XMR), Aave (AAVE), Compound (COMP), Maker (MKR), SushiSwap (SUSHI), PancakeSwap (CAKE), ThorChain (RUNE), Kusama (KSM), Cosmos (ATOM), Algorand (ALGO), Elrond (EGLD), Harmony (ONE), Fantom (FTM), Near Protocol (NEAR), Decentraland (MANA), The Sandbox (SAND), Axie Infinity (AXS), Gala Games (GALA), Illuvium , you will need to verify your account. You can do this by going to the account center and clicking on the verification tab. You will need to provide your personal information, such as your name, date of birth, nationality, and ID number. You will also need to upload a photo of your ID document, such as your passport, driver’s license, or national ID card. You will also need to take a selfie with your ID document and a handwritten note that says “KuCoin” and the current date. You will need to submit these documents and wait for the verification process to complete. This may take up to 24 hours.
Once your account is verified, you will have access to all the features and services of Kucoin Exchange, such as depositing and withdrawing funds, buying and selling cryptocurrencies, using advanced trading features, and participating in rewards and promotions.
How to deposit and withdraw funds
The next step to use Kucoin Exchange is to deposit and withdraw funds. You can do this by going to the assets tab and clicking on the deposit or withdraw button. You will see a list of supported cryptocurrencies that you can deposit or withdraw. You can also search for a specific cryptocurrency by typing its name or symbol in the search box.
To deposit funds, you will need to select the cryptocurrency that you want to deposit and copy the address or scan the QR code that is displayed. You will need to send your funds from your external wallet or another platform to this address. You will also need to pay attention to the network fee and the minimum deposit amount that are shown. You will need to wait for the confirmation of your transaction on the blockchain before your funds are credited to your Kucoin account. This may take from a few minutes to a few hours, depending on the cryptocurrency and the network congestion.
To withdraw funds, you will need to select the cryptocurrency that you want to withdraw and enter the address or scan the QR code of your external wallet or another platform. You will also need to enter the amount that you want to withdraw and pay attention to the network fee and the minimum withdrawal amount that are shown. You will need to confirm your withdrawal request by entering your trading password and a verification code that is sent to your email address or phone number. You will also need to wait for the confirmation of your transaction on the blockchain before your funds are deducted from your Kucoin account and sent to your destination address. This may also take from a few minutes to a few hours, depending on the cryptocurrency and the network congestion.
How to buy and sell cryptocurrencies
The main purpose of using Kucoin Exchange is to buy and sell cryptocurrencies. You can do this by going to the trade tab and clicking on the spot or margin button. You will see a trading interface that shows various information and tools, such as the price chart, the order book, the trading history, the order form, and the open orders.
To buy or sell cryptocurrencies, you will need to select a trading pair from
the drop-down menu on the top left corner of the interface. You can choose from various markets, such as USDT, BTC, ETH, KCS, NEO, ALTS, and DEFI. You can also search for a specific trading pair by typing its name or symbol in the search box.
Place An Order
To place an order, you will need to fill in the order form on the right side of the interface. You can choose from different order types, such as limit, market, stop-limit, and stop-market. You can also adjust the leverage and margin ratio if you are using margin trading. You will need to enter the price and amount that you want to buy or sell, and click on the buy or sell button. You will also need to confirm your order by entering your trading password and a verification code that is sent to your email address or phone number.
Your order will be executed when it matches with another order in the order book. You can check the status of your order in the open orders section below the order form. You can also cancel or modify your order before it is executed. You can check your trading history in the trading history section below the open orders section.
How to use advanced trading features
Kucoin Exchange offers various advanced trading features and tools for users who want to enhance their trading strategies and performance. These include margin trading, futures trading, staking, lending, Pool-X, and KuCoin Trading Bot. Here is a brief introduction of each feature and how to use it.
Margin trading
Margin trading allows you to borrow funds from the platform or other users to trade with leverage up to 10x. This means you can amplify your profits or losses by using a smaller amount of capital. To use margin trading, you will need to go to the trade tab and click on the margin button. You will see a similar trading interface as spot trading, but with some differences.
start margin trading
To start margin trading, you will need to transfer funds from your main account to your margin account. You can do this by clicking on the transfer button on the top right corner of the interface. You will need to select the cryptocurrency and the amount that you want to transfer, and click on the confirm button.
borrow funds
To borrow funds, you will need to click on the borrow button on the top right corner of the interface. You will see a list of available cryptocurrencies that you can borrow, along with their interest rates and terms. You will need to select the cryptocurrency and the amount that you want to borrow, and click on the confirm button. You will also need to pay attention to your margin ratio, which is calculated as (total assets – total liabilities) / total liabilities. If your margin ratio falls below 110%, you will receive a margin call warning. If your margin ratio falls below 100%, your position will be liquidated automatically.
repay funds
To repay funds, you will need to click on the repay button on the top right corner of the interface. You will see a list of borrowed cryptocurrencies that you need to repay, along with their interest rates and terms. You will need to select the cryptocurrency and the amount that you want to repay, and click on the confirm button.
place an order
To place an order, you will need to fill in the order form as usual, but with some differences. You will need to adjust the leverage and margin ratio according to your risk appetite and strategy. The higher the leverage and margin ratio, the higher
potential profit or loss
the potential profit or loss, but also the risk of liquidation. You will also need to pay attention to your available margin, which is the amount of funds that you can use to open new positions or maintain existing positions. You will also need to pay attention to your interest rate, which is the amount of interest that you need to pay for borrowing funds.
Futures trading
Futures trading allows you to trade contracts that track the price movements of cryptocurrencies with leverage up to 100x. This means you can speculate on the future price of cryptocurrencies without owning them. To use futures trading, you will need to go to the trade tab and click on the futures button. You will see a similar trading interface as spot trading, but with some differences.
Start Futures Trading
To start futures trading, you will need to transfer funds from your main account to your futures account. You can do this by clicking on the transfer button on the top right corner of the interface. You will need to select the cryptocurrency and the amount that you want to transfer, and click on the confirm button.
Place An Order
To place an order, you will need to fill in the order form as usual, but with some differences. You will need to select a contract from the drop-down menu on the top left corner of the interface. You can choose from various contracts, such as BTC/USDT, ETH/USDT, XRP/USDT, LTC/USDT, and more. You can also choose from different contract types, such as perpetual contracts or quarterly contracts. Perpetual contracts have no expiry date and are settled every 8 hours. Quarterly contracts have a fixed expiry date and are settled at the end of the quarter. You will also need to adjust the leverage according to your risk appetite and strategy. The higher the leverage, the higher the potential profit or loss, but also the risk of liquidation. You will also need to pay attention to your available balance, which is the amount of funds that you can use to open new positions or maintain existing positions. You will also need to pay attention to your funding rate, which is the amount of interest that you need to pay or receive for holding a position every 8 hours.
Staking
Staking allows you to lock up your coins and earn rewards from the platform or the projects. This means you can earn passive income from your crypto assets without trading them. To use staking, you will need to go to the earn tab and click on the staking button. You will see a list of available cryptocurrencies that you can stake, along with their annualized return rate and lock-up period.
Start Staking
To start staking, you will need to select the cryptocurrency that you want to stake and click on the stake now button. You will need to enter the amount that you want to stake and agree to the terms and conditions. You will also need to confirm your staking request by entering your trading password and a verification code that is sent to your email address or phone number.
Your staking rewards will be distributed daily or monthly depending on the cryptocurrency. You can check your staking details in the staking details section below the staking list. You can also redeem your staked coins before the lock-up period ends by clicking on the redeem button. However, you will need to pay a redemption fee and forfeit your staking rewards.
Lending
Lending allows you to lend your funds to other users and earn interest. This means you can make use of your idle funds and generate extra income. To use lending, you will need to go to the earn tab and click on the lending button. You will see a list of available cryptocurrencies that you can lend, along with their interest rates and terms.
Start Lending
To start lending, you will need to select the cryptocurrency that you want to lend and click on the lend now button. You will need to enter the amount that you want to lend and the term that you want to lend for. You will also need to agree to the terms and conditions. You will also need to confirm your lending request by entering your trading password and a verification code that is sent to your email address or phone number.
Your lending order will be matched with a borrower who needs funds for margin trading. You will receive interest payments daily or at the end of the term depending on the cryptocurrency. You can check your lending details in the lending details section below the lending list. You can also cancel or modify your lending order before it is matched.
Pool-X
Pool-X is a liquidity trading platform that allows you to provide liquidity to various pools and earn rewards from the platform or the projects. This means you can participate in liquidity mining and earn multiple income streams from your crypto assets. To use Pool-X, you will need to go to the earn tab and click on the Pool-X button. You will see a list of available pools that you can join, along with their annualized return rate and lock-up period.
Start Pool-X
To start Pool-X, you will need to select a pool that you want to join and click on the join now button. You will need to enter the amount that you want to stake and agree to the terms and conditions. You will also need to confirm your Pool-X request by entering your trading password and a verification code that is sent to your email address or phone number.
Pool-X rewards
Your Pool-X rewards will be distributed daily or monthly depending on the pool. You can check your Pool-X details in the Pool-X details section below the Pool-X list. You can also redeem your staked coins before the lock-up period ends by clicking on the redeem button. However, you will need to pay a redemption fee and forfeit your Pool-X rewards.
KuCoin Trading Bot
KuCoin Trading Bot is a feature that allows you to create and run automated trading strategies based on predefined parameters or signals. This means you can save time and effort by letting the bot do the trading for you. To use KuCoin Trading Bot, you will need to go to the trade tab and click on the trading bot button. You will see a list of available trading bots that you can use, along with their performance and parameters.
Start KuCoin Trading Bot
To start KuCoin Trading Bot, you will need to select a trading bot that you want to use and click on the create button. You will need to enter the settings for your trading bot, such as the trading pair, the order amount, the grid number, the price range, and the stop-loss ratio. You will also need to agree to the terms and conditions. You will also need to confirm your trading bot request by entering your trading password and a verification code that is sent to your email address or phone number.
Your trading bot will start running automatically and place orders according to your settings. You can check your trading bot details in the trading bot details section below the trading bot list. You can also stop or modify your trading bot at any time.
What are the fees and rewards on Kucoin Exchange?
Kucoin Exchange charges fees for various transactions and services on its platform, such as trading, depositing, withdrawing, borrowing, lending, and staking. However, it also offers discounts and rewards for its users, such as fee discounts, Kucoin Token (KCS) benefits, referral bonuses, and other promotions. In this section, we will explain the fee structure and discounts, as well as the rewards and promotions on Kucoin Exchange.
The Fee Structure And Discounts
Kucoin Exchange charges a flat fee of 0.1% for both makers and takers for spot and margin trading. This is lower than the industry average of 0.2%. However, it also offers volume discounts for users who trade more than 50 BTC worth of crypto in a 30-day period, reducing the fees to as low as 0.015% for makers and 0.06% for takers. The fee level is determined by the user’s VIP level, which ranges from VIP 0 to VIP 16. The higher the VIP level, the lower the fees.
Kucoin Exchange also charges fees for futures trading, which vary depending on the contract type and direction. For perpetual contracts, the fees are -0.025% for makers and 0.075% for takers. For quarterly contracts, the fees are -0.015% for makers and 0.045% for takers. However, it also offers volume discounts for users who trade more than 10 BTC worth of crypto in a 30-day period, reducing the fees to as low as -0.03% for makers and 0.04% for takers.
Kucoin Exchange does not charge any fees for depositing funds to its platform. However, it does charge fees for withdrawing funds from its platform, which vary depending on the cryptocurrency and network congestion. The withdrawal fees are updated regularly according to the market conditions.
Kucoin Exchange also charges fees for borrowing funds from its platform or other users for margin trading. The interest rates are determined by supply and demand in the market and are updated every hour. The interest rates are calculated based on an annualized percentage rate (APR) and are charged daily.
Kucoin Exchange does not charge any fees for lending funds to other users for margin trading. However, it does charge a service fee of 15% of the interest income that is earned by the lender.
Kucoin Exchange does not charge any fees for staking coins on its platform or Pool-X. However, it does charge a redemption fee of 0.1% of the staked amount if the user redeems the coins before the lock-up period ends.
Kucoin Exchange also offers fee discounts for users who pay their fees with Kucoin Token (KCS), the native token of the platform. Users who pay their fees with KCS can enjoy a 20% discount on their fees for spot, margin, and futures trading.
The Kucoin Token (KCS) and its benefits
Kucoin Token (KCS) is the native token of Kucoin Exchange, which was launched in 2017 as a utility token that allows users to share the growth benefit of the exchange. It is currently issued as an ERC-20 token running on the Ethereum network and is supported by most Ethereum wallets. However, as Kucoin develops more decentralized features, KCS will become the native asset of Kucoin’s decentralized services as well as the governance token of the Kucoin community.
KCS has a number of benefits for its holders and users. These include:
- Daily dividends: Users who hold at least 6 KCS can receive a daily bonus, which comes from 50% of Kucoin’s daily trading fee revenue. The amount of bonus that users can receive depends on their KCS holdings and the trading volume of the platform. The bonus is distributed in various cryptocurrencies that are traded on Kucoin.
- Trading fee discounts: Users who pay their fees with KCS can enjoy a 20% discount on their fees for spot, margin, and futures trading. This can help users save costs and increase their profits.
- Participation in token sales: Users who hold KCS can participate in token sales on KuCoin Spotlight, which is a platform that showcases high-quality projects and offers them exposure and funding opportunities. Users can use KCS to purchase tokens at a discounted price before they are listed on Kucoin or other exchanges.
- Participation in LockDrop/BurningDrop: Users who hold KCS can participate in LockDrop/BurningDrop on Pool-X, which is a platform that supports liquidity mining and staking. Users can lock or burn their KCS to obtain tokens of new projects at a low cost or even for free.
- Governance rights: Users who hold KCS will have governance rights over Kucoin’s decentralized services and products, such as voting, proposing, and deciding on various issues and matters related to the platform.
- Growing use cases: KCS has a growing number of use cases outside of Kucoin’s ecosystem, such as payment, gaming, travel, entertainment, DeFi, and more. For example, users can use KCS to pay for goods and services on SwirlPay, PlayGame, Travala, Print-ted, Pundi X, Splinterlands, Constant, CoinPayments, BetProtocol, and more.
The total supply of KCS was initially set at 200 million, but it has been reduced to around 170 million due to the buyback and burn program that Kucoin conducts regularly. The program aims to reduce the supply of KCS and increase its value and scarcity. Kucoin plans to continue the program until only 100 million KCS remain.
The referral program and other promotions
Kucoin Exchange also rewards its users for referring new users to its platform and for participating in various promotions and campaigns. These include:
- The referral program: Users who invite new users to join Kucoin Exchange can earn up to 40% of their trading fees as commission. The commission rate is determined by the user’s VIP level and KCS holdings. The higher the VIP level and KCS holdings, the higher the commission rate. The commission is paid in real-time in various cryptocurrencies that are traded on Kucoin.
- The trading competitions: Users who trade certain cryptocurrencies or contracts on Kucoin Exchange can compete with other traders for ranking and prizes. The prizes are usually in the form of tokens or cash rewards. The ranking and prizes are determined by the user’s trading volume or profit during a specified period.
- The giveaways and airdrops: Users who perform certain actions or meet certain criteria on Kucoin Exchange can receive free tokens or cash rewards from Kucoin or its partners. The actions or criteria may include holding certain tokens, completing tasks, answering questions, following social media accounts, etc.
- The red envelopes and lucky draws: Users who send or receive red envelopes or participate in lucky draws on Kucoin Exchange can win tokens or cash rewards from Kucoin or its partners. The red envelopes are usually sent by Kucoin or its partners during festivals or special occasions. The lucky draws are usually held by Kucoin or its partners during events or promotions.
How safe and secure is Kucoin Exchange?
Kucoin Exchange takes safety and security very seriously, as it knows how important they are for users’ trust and confidence. It employs multiple layers of protection for its platform , such as bank-level encryption, cold storage, multi-signature authorization, anti-DDoS, firewall, and risk control systems. It also conducts regular security audits and penetration tests to ensure its system is robust and resilient.
However, no system is 100% secure, and Kucoin Exchange has experienced a security breach in September 2020, when hackers managed to steal around $280 million worth of crypto assets from its hot wallets. Kucoin Exchange responded swiftly and transparently to the incident, suspending all deposits and withdrawals, contacting other exchanges and projects to track and freeze the stolen funds, compensating all affected users with its insurance fund, and upgrading its security system to prevent future attacks. Kucoin Exchange also cooperated with law enforcement agencies and managed to recover most of the stolen funds within a few months.
Since then, Kucoin Exchange has enhanced its security measures and implemented various features to help users protect their accounts and assets. These include:
- The security notice: This is a page that provides users with tips and guides on how to avoid phishing scams, fake websites, fake contacts, and other common fraud tactics in the industry. Users can also verify the official Kucoin contacts or domains by entering them in the search bar.
- The login IP restriction: This is a feature that allows users to restrict their login IP addresses to prevent unauthorized access. When the login IP changes, the account protection mechanism will be triggered and the user will be logged out automatically.
- The anti-phishing safety phrase: This is a feature that allows users to set a unique phrase for their account that will be displayed in the email or login window from Kucoin. If the phrase is not displayed or incorrect, it means that the user is on a phishing site or has received a phishing email.
- The trading password: This is a feature that allows users to set a 6-digit password for important operations such as transactions, withdrawals, and API creation. This adds another layer of protection alongside the login password and 2FA.
- The list of usual withdrawal addresses: This is a feature that allows users to set a list of trusted withdrawal addresses for each cryptocurrency. This can prevent hackers from withdrawing funds to their own addresses if they manage to access the user’s account.
Conclusion
Kucoin Exchange is one of the most popular and reputable cryptocurrency exchanges in the world, offering a variety of features and services for its users. It supports hundreds of cryptocurrencies and trading pairs, as well as advanced trading features such as margin trading, futures trading, staking, lending, Pool-X, and KuCoin Trading Bot. It also charges low fees and offers discounts and rewards for its users, such as fee discounts, KCS benefits, referral bonuses, and other promotions.
Kucoin Exchange also takes security very seriously and employs multiple layers of protection for its platform and users. It also provides users with tips and guides on how to avoid common fraud tactics and how to protect their accounts and assets. It also responds swiftly and transparently to any security incidents and compensates all affected users.
Kucoin Exchange is a user-friendly and beginner-friendly platform that aims to provide the best service and experience for its users. It also strives to innovate and develop new products and features that can meet the needs and expectations of its users. It also supports various social media channels and communities where users can interact with each other and with the Kucoin team.
If you are looking for a reliable, secure, and versatile cryptocurrency exchange that can help you achieve your crypto goals, you may want to give Kucoin Exchange a try. You can sign up for an account here or download the mobile app here. You can also join the Kucoin community on Telegram or Twitter. Happy trading!