KuCoin is one of the most popular crypto exchanges, known for its wide variety of altcoins and competitive fees. But how good is it really? Our detailed KuCoin review covers everything you need to know about using KuCoin in 2024.
KuCoin’s Founders and Leadership
KuCoin was founded in 2017 by a team that included Michael Gan, Eric Don, Top Lan, Kent Li, John Lee, Jack Zhu, and Linda Lin. In 2020, Johnny Lyu took over as CEO as the exchange joined the top 5 globally. Lyu brought experience from previous tech and e-commerce companies.
KuCoin Token (KCS) Utilities
The native KuCoin Token (KCS) allows holders to get up to 30% off trading fees. It also fuels the KuCoin ecosystem, providing voting rights, benefits and discounts across the exchange’s services. Additionally, referral bonuses paid in KCS incentivize new signups.
Key Metrics:
- 30+ million users
- $1.2 billion in 24h trading volume
- 686 cryptocurrencies listed
- 1,074 markets
- 0.68% market share
- Top markets: ETH/USDT, BTC/USDT, SOL/USDT
- Top coins by markets: USDT, BTC, ETH
- Top coins by volume: SOL, BTC, ADA
KuCoin Review: Pros and Cons
| Pros | Cons |
| Lower fees than most top exchanges (0.1% taker) | Interface can be complex for beginners |
| Excellent altcoin and DeFi selection | Limited fiat currency support |
| Great staking rewards and bonuses | Fewer advanced trading features |
| Secure exchange infrastructure | |
| Easy sign-up and verification | |
| Good customer support |
Overall, KuCoin stands out with its low fees, altcoin selection, staking rewards, security, and easy sign-up process. The main limitations are the complex interface, lack of fiat support, and missing advanced trading options.
KuCoin Fees
KuCoin has a straightforward fee schedule with some of the lowest rates among top exchanges:
- Maker fee: 0.1%
- Taker fee: 0.1%
Using the KuCoin Token (KCS) can reduce fees by up to 30%. This makes KuCoin very affordable for active traders. Withdrawal fees vary by coin.
KuCoin Security
KuCoin uses industry-standard security practices like multi-level encryption, 2FA authentication, micro withdrawal wallets, and SSL encryption. It also carries criminal insurance to protect user funds.
While KuCoin did suffer a major hack in 2020, affecting about 6% of assets, the exchange has since reimbursed all users. It has also upgraded security and added an insurance fund to cover losses in case of future hacks.
KuCoin Verification
KuCoin has a simple and straightforward verification process:
- Basic: Email and phone number
- Intermediate: Real name + ID document
- Advanced: Address verification
With just an email and phone number, you can deposit and withdraw 2 BTC per 24 hours. Full verification raises limits considerably while reducing risk.
KuCoin Customer Support
KuCoin offers 24/7 customer support via:
- Web tickets
- Telegram groups
- Online chat
Support is generally responsive, knowledgeable, and helpful according to user reviews. KuCoin also offers an extensive Help Center/FAQ portal with videos and guides.
KuCoin User Experience
The KuCoin interface packs all key features into a single dashboard with real-time market data. However, with charts, order forms, staking offers, competitions, trends, ads, announcements and more on one page, it can feel overwhelming initially.
With practice, the layout makes sense, but it caters more to experienced traders. For beginners, it’s less intuitive than some competing exchanges.
Available Tokens on KuCoin
As a crypto-only exchange, KuCoin provides direct trading between 700+ cryptocurrencies without fiat conversion. Top coins offered include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Polkadot (DOT)
- Chainlink (LINK)
- Uniswap (UNI)
KuCoin also lists many small-cap coins and DeFi tokens weeks or months before rivals. The proprietary KuCoin Token (KCS) offers discounts on fees and other perks when held.
Regulatory Compliance and Legal Status
KuCoin has registration exemptions that allow US residents to access all trading services. However, it does not hold licenses to operate in the US or EU-regulated markets. It instead focuses on operations in Asian countries.
Liquidity and Volume
With $14 billion in 24 hour volume, KuCoin provides ample liquidity for major pairs like BTC/USDT, ETH/USDT and SOL/USDT. Smaller cap coins tend to have thinner volume, so patience may be needed on large orders. Margin trading can help offset periods of low liquidity.
Staking and Lending
KuCoin offers easy native staking for supported coins with yields up to 30%. Crypto lending services allow holders to earn interest daily or take loans. New “KuCoin Earn” products also allow yield farming for tokens like UNI, ZIL and AAVE.
App and Web Experience
KuCoin Web Experience
KuCoin’s responsive web interface works smoothly on desktop and mobile browsers. All features and charts fit neatly into the modular dashboard with crisp graphics. The visual density can make it less intuitive than other exchanges, though.
KuCoin App Experience
Available for both iOS and Android devices, the KuCoin app efficiently replicates the full desktop experience. It provides mobile price alerts, 2FA login, and quick order execution in a clean interface. However, like the desktop site, it prioritizes features over simplicity.
Final Recommendation
For intermediate and advanced traders seeking a liquid exchange with the lowest fees, newest altcoins, and great rewards programs, KuCoin is a top choice. The complex UI requires some adaption but unlocks powerful tools for seasoned users.
Due to few fiat options and limited legal compliance, though, KuCoin suits dedicated crypto traders more than casual investors. It bridges the gap between fully decentralized and regulated exchanges well.
KuCoin Alternatives
| Feature | KuCoin | Kraken | Gemini |
| Fees | Lowest | Low | Average |
| Altcoin selection | Best | Average | Limited |
| User experience | Complex | Intermediate | Beginner-friendly |
| Legal compliance | Unregulated | Strong | Very strong |
| Staking & rewards | Best | N/A | N/A |
FAQs
Is KuCoin safe and legit?
Yes. Despite a 2020 hack, KuCoin is licensed, follows KYC procedures, and uses cutting-edge security tech like multi-sig wallets and micro-withdrawals to protect user funds. It also carries criminal insurance and has paid back users after the previous breach.
Can I make money with KuCoin?
Yes! KuCoin lets traders profit from spot, margin and futures trading across 700+ coins. Staking and lending through KuCoin Earn also generates up to 30% APY. Holding the KCS token earns discounts on fees. There are many ways to earn money on KuCoin.
Is it legal to use KuCoin?
KuCoin operates legally but does not hold licenses to serve US or EU-regulated markets. However, US residents can still use all features thanks to registration exemptions. KuCoin focuses on Asian markets instead, where policies are more flexible.
Is Binance or KuCoin better?
For a range of coins, KuCoin is better. But for liquidity, fiat support, charts and order options, Binance has a slight edge. Fees are similar, though KuCoin can be lower with the KCS token. Both have solid security. For most users, Binance inches ahead overall but KuCoin is great for altcoin traders.
