Today we take a look at KuCoin for you. What is KuCoin? A scam or a legit exchange for you to use? Is it an MLM (pyramid structure) business behind this or what is going on? Are there better alternatives? These are some of the questions this review will answer.
Owner: A team of blockchain professionals
Price: Free to join
Who is it for: People looking for a safe and modern exchange of cryptocurrency
Overall rating: (3 / 5) Not recommended
What is KuCoin – An overview
KuCoin is simply another cryptocurrency exchange among the many others out there. The platform was launched back in 2017 and is, therefore, one of the “new players” on the market. It is a modern platform that gives a very secure impression. It was founded by a group of blockchain enthusiasts who got a strong reputation in other successful projects in the industry, for example, GF Securities, Ant Financial, iBOX PAY, Jianbang Communication and Youling.
The primary aim of KuCoin is to be able to always provide its users with a safe and non-complicated method of converting their currencies on their (state-of-the-art) platform.
How does it work?
To getting started using the platform you have to first sign up, then to be able to use the platform you go through the usual verification process to prove that you are you… Just like any other exchange works (to getting started) in other words.
What cryptos can you exchange here?
Here is where KuCoin got its advantage over its competitors (depending on what you look for) I would say, while well-known exchanges like Coinbase for example that only deal with the most “established” Bitcoin, and a few other cryptos.
Kucoin, on the other hand, got a wide range of cryptocurrencies that you can deal with on the platform.
They are too many to list here on this review but you can easily check out yourself exactly how many different ones they deal with by going to the “Assets tab” in the top menu on KuCoins website.
Important to mention here:
Even if a platform might be safe and secure to use you have to keep in mind that it doesn´t automatically mean that the “cryptocurrencies” being dealt with on the platform is. Please be aware of that around 95-99% of all the (around 2,000) cryptos out there are complete scams.
So please be very careful and do NOT buy any crypto that you aren´t completely sure is not a scam. How can you know if a cryptocurrency is a scam then? Well, it is not always easy to see and sometimes it is very easy to see. However, you have to know what to look out for. Click the link below to find out how to spot a cryptocurrency scam.
KuCoin actually got pretty low fees, both when it comes to trading but also for withdrawals. There is no fee to make a deposit (surprise, surprise), and the trading fees are 0,1 percent, based on what crypto you purchase. For withdrawal it will depend on what crypto you want to withdraw, the Bitcoin withdrawal fee, for example, is 0,0005, and Ethereum is 0,01.
For the whole fee table, you can visit the KuCoin website and go through the (many) different cryptos there. They are simply too many to list in this review.
How is the support of KuCoin?
Something I always put a lot of weight on when it comes to the support system of a company is if the