In 2024, the question still lingers: Is Kucoin Exchange legit or a scam? Well, let’s dive into the details to unearth the truth. Over the years, Kucoin has emerged as a prominent player in the cryptocurrency market, offering a wide range of digital assets for trading.
Company Overview
Launched in 2017 through an initial coin offering, the Seychelles-based crypto exchange, known as “the people’s exchange,” has made its mark. According to CoinMarketCap.com, KuCoin proudly stands among the top 10 largest crypto exchanges globally, in terms of trading volume.
KuCoin Highlights
How To Open An Account
The sign-up process for KuCoin is incredibly simple. You won’t need to submit any documents or go through any verifications before creating an account. Just follow the step-by-step guide below:
- You’ll need either an email address or a valid mobile number for code verification.
- Click on our KuCoin Link to sign up. By using this link, our referral code will automatically be inputted, making you eligible for all the platform’s bonuses and discounts.
- Provide your email or phone number, enter the verification code you receive, and choose a strong and memorable password.
- Finally, click the “Sign Up” button.
With these straightforward steps, you’ll be on your way to owning your own KuCoin account.
KuCoin – Benefits & Features
Cryptocurrencies Available on KuCoin
The KuCoin platform supports over 700+ coins and 1193 markets (trading pairs), catering to the needs of both new and seasoned investors. Whether you’re looking to buy or trade, you’ll find a wide range of cryptocurrencies to choose from.
Multiple Account Types: KuCoin offers multiple account types to its users. Apart from spot trading, users can also enjoy margin trading with leverage of up to 10x. Additionally, there are over 190 futures trading pairs available with leverage of up to 125x. To cater to every type of trader, KuCoin also provides Ai trading bots and a wide range of tools.
High Liquidity: With a billion dollar plus in trade volume every 24 hours, surpassing most U.S. and Canadian-based platforms by a wide margin. With over 30 million users, KuCoin ensures competitive prices for buying and selling cryptocurrencies.
Other Notable KuCoin Exchange Features
Trading Bots: Automatically trade the market based on customized parameters.
Web 3 Projects: NFT Marketplace that allows the users to Buy, Sell & Mint NFTs as well as trade Fractional NFTs.
Halo Wallet: A self-custody social wallet that ensures your assets and data are private and secure.
KuCoin Earn: Earn stable profits with professional asset management. And also the the newly added Shark Fin program that offers (enhanced yield with principal protected.), Snowball program that offers (high yield with price protection) as well as the Dual Investment (Buy low and sell high with transparent return calculations.)
KCS Bonus: By holding a minimum of 6 KCS in your KuCoin account, you have the opportunity to enjoy a daily bonus of up to 50% APR. This bonus is derived from the trading fees earned by KuCoin on its platform. Currently, KuCoin allocates 50% of the trading fees to the Bonus pool, benefiting token holders like yourself.
Lend and Borrow: Borrow funds or earn interest by lending out your crypto.
Where is KuCoin available?
KuCoin has a global presence, serving over 200 countries as a leading cryptocurrency exchange. Its user base exceeds 30 million, a testament to its popularity and trustworthiness among traders. With an extensive geographical footprint, KuCoin has established itself as a key player in the crypto trade industry.
Although KuCoin is available in many countries, there are certain regions where its services are restricted or prohibited. These limitations are primarily a result of regulatory requirements, compliance policies, and geopolitical factors.
It is important to note that the list of restricted countries may change over time. Therefore, it is advisable to review the platform’s updated terms of service and local regulations before attempting to use KuCoin.
Source: https://www.kucoin.com/legal/terms-of-use
Is KuCoin accessible in the US?
Yes, KuCoin is accessible in the U.S. but since it is currently not licensed in the United States. However, U.S.-based individuals can create accounts, but they will remain “unverified,” restricting access to certain features such as Futures Trading and transaction limits.
KuCoin – Fees overview
KuCoin trading fees for Spot and Futures are based on different Tiers. The maker/taker fees on KuCoin vary depending on the trading level and the classification of the coin being traded. Cryptocurrencies on the exchange are categorized into three classes: Class A, Class B, and Class C.
KuCoin Deposit and Withdrawal Fees
Although KuCoin has added the Fiat Deposits & Withdrawal options (8 Fiat Currencies listed on the Fiat Deposits & Withdrawal page), users are currently only able to Deposit & Withdraw fiat in Brazilian Real (BRL). Fiat Currencies list includes the following:
- BRL Brazilian Real
- EUR Euro
- KZT Tenge
- RUB Russian Rubble
- TRY Turkish Lira
- UAH Hryvnia
- USD US Dollar
However, they do provide a convenient “Fast Buy” feature that allows you to use a credit card for purchases. In addition, you can utilize third-party partners like Simplex and Banxa for alternative payment methods. Another option is to use the P2P Exchange service.
Fiat Currencies (even though Kucoin will eventually support fiat deposits and withdrawals but in order to use this option you’ll have to complete user Identity verfication (KYC) to use this service.
| Fiat Wallets (Deposit/Withdrawals supported) | 8 Currencies Added but not fully supported |
| Credit/Debit Card | Service Available |
| P2P Exchange | Available |
Crypto Withdrawal Fees
Deposits on KuCoin are free and there’s no applicable Fee. However, the withdrawal fee varies according to the asset. For a detailed overview of the trading and Deposit/Withdrawal fee, you can check this page here.
| Coin – Token | Withdrawal Fee | Minimum Withdrawal Amount |
|---|---|---|
| Bitcoin (BTC) | (0.0007 + Amount * 0%) BTC | 0.0008 BTC |
| Ethereum (ETH) | (0.005 + Amount * 0%) ETH | 0.01 ETH |
| USDT (BEP20) | (1 + Amount * 0%) USDT | 3 USDT |
| USDC (TRC20) | (1 + Amount * 0%) USDC | 3 USDC |
| XRP (Ripple) | (0.703 + Amount * 0%) XRP | 30 XRP |
| SOL (Solana) | (0.020 + Amount * 0%) SOL | 0.022 SOL |
KuCoin Exchange – Regulatory Status
KuCoin, along with all other popular cryptocurrency exchanges, upholds regulatory measures and compliance policies to guarantee the safety and security of its platform as well as its users. Furthermore, these measures are implemented to combat money laundering, fraud, and other illicit activities associated with cryptocurrency trading.
KuCoin has secured licenses in multiple jurisdictions to ensure compliance with legal and regulatory requirements. Some of the licenses acquired by KuCoin include:
- Malta: KuCoin is registered with the Malta Financial Services Authority (MFSA) as a Virtual Financial Asset (VFA) Service Provider. This registration authorizes KuCoin to operate within Malta’s regulatory framework and provide its services to residents of the country.
- Seychelles: KuCoin is registered with the Financial Services Authority of Seychelles (FSA) as a Digital Asset Exchange (DAE). This registration enables KuCoin to conduct its digital asset exchange operations in Seychelles and cater to users worldwide.
- Cayman Islands: KuCoin is registered with the Cayman Islands Monetary Authority (CIMA) as a Designated Non-Financial Institution (DNFI). This registration permits KuCoin to function as a digital asset service provider in the Cayman Islands and extend its services to residents of the country.
It is important to note that although KuCoin is licensed and regulated in certain jurisdictions, it is currently not under the regulation of any financial authority in the United States or Canada.
KuCoin KYC Requirements
KuCoin like all major Centralized Exchanges also has a Know Your Customer (KYC) verification procedure to ensure adherence to regulatory mandates and deter fraudulent activities. By verifying their identity, users can bolster the security of their accounts and safeguard their funds.
It is important to mention that users have the choice to create an account using only their email address, without the need to provide any additional personal details. If the user decides to complete the KYC process there are 3 verification levels and each level offers increased daily withdrawal limits, access to leverage, and additional features.
- Unverified Accounts: Daily withdrawal limit of $20K and leverage up to 5x for futures trading.
- Level 1: Benefit from a daily withdrawal limit of $25K and leverage up to 20x for futures trading.
- Level 2: Access a daily withdrawal limit of $30K.
- Level 3: Unlock the potential with a daily withdrawal limit of $1M and leverage up to 125x for futures trading.
Kucoin — Frequently Asked Questions (FAQ)
What is KuCoin Shares (KCS)?
KuCoin Shares (KCS) is a cryptocurrency that operates on the KuCoin exchange platform. It serves as a utility token, providing benefits to its holders within the KuCoin ecosystem. KCS holders enjoy a variety of perks, such as discounted trading fees, access to exclusive promotions, and additional rewards. The value of KCS is determined by market demand and supply dynamics, with its price fluctuating based on market conditions. As an investor, owning KCS can provide you with a unique opportunity to participate in the growth and success of the KuCoin exchange. By accumulating KCS, you not only benefit from the various rewards and discounts offered but also potentially gain from any appreciation in the token’s value over time
What Is KuCoin’s Minimum Withdrawal Amount?
Each cryptocurrency on KuCoin has its own minimum withdrawal amount, depending on the coin and network you select the fee can be anywhere between $1 to $30 per transaction.
For instance: The withdrawal fee for SHIB on the ERC20 network would be (800000 + Amount * 0%) SHIB and the minimum withdrawal amount 800000 SHIB and if you use KuCoin Network then the fees would be (61500 + Amount * 0%) SHIB, min. amount: 67500 SHIB.
What Is The Max Leverage On KuCoin?
The Leverage on KuCoin ranges from anywhere between 0.01x to 125x. So the maximum leverage available on KuCoin Futures is 100x, while the default leverage is 20x. Users can enter the leverage they want or drag the slider to set the leverage. Users need to pass KYC first.
Is KuCoin Safe?
KuCoin has implemented robust security measures to protect its users’ funds. The platform utilizes advanced encryption technology to safeguard personal information and transactional data.
Additionally, they employ a multi-layered security system, including two-factor authentication and withdrawal whitelisting, to prevent unauthorized access and potential breaches.
The exchange also stores the majority of its funds in cold wallets, which are offline and therefore less susceptible to hacking attempts. While no exchange is completely immune to risks, KuCoin has demonstrated a strong track record in terms of security, with no major security incidents reported to date.
Users are encouraged to take additional precautions, such as using unique and complex passwords and enabling additional security features.
Overall, KuCoin can be considered a safe option for trading and storing cryptocurrencies.
Where Is KuCoin Headquartered?
KuCoin is headquartered in Seychelles, However, the company aims to open over 20 regional offices right now they have offices in Bangkok, Hong Kong, Dubai, and other regions. This global presence will allow Kucoin to better serve its diverse customer base and stay up-to-date on the latest developments in different markets.
Who Owns KuCoin?
Founded in 2013 by Michael Gan, Eric Don, Top Lan, Kent Li, John Lee, Jack Zhu, and Linda Lin., KuCoin was Launched in September 2017. KuCoin is a subsidiary of MEK Global Limited (MGL), a Seychelles-registered entity. The ownership breakdown of KuCoin remains undisclosed, leaving uncertainty about the exact percentage owned by each party involved. However, this did not stop KuCoin from making progress as a matter of fact they raised $150 Million At $10 Billion Valuation to grow their Presence In Web3, last year. You can find more information about all the Series A and B rounds on this page here as well as other information related to the KuCoin Exchange.
Does KuCoin Have Proof Of Reserves?
Yes, KuCoin does offer Proof of Reserves (PoR) verification which makes it easy for you to check that the assets in your KuCoin balances are backed by real assets. To check their proof of reserves simply visit their website and at the bottom of the page you’ll see the link to a page that contains all the required information.
Was KuCoin Ever Hacked?
Has KuCoin ever experienced a security breach? Yes, KuCoin has been hacked in the past. In one of the biggest exchange hacks ever, more than $275 million worth of cryptocurrency was stolen from KuCoin on September 25, 2020.
The total damage amounted to over $280 million worth of stolen cryptocurrencies. Apart from this major hack, KuCoin’s Twitter account was also compromised for a brief period of 45 minutes, during which 22 Bitcoin were reportedly stolen.
KuCoin confirmed that it suffered a loss of 22638 USDT due to this Twitter account hack. Following these incidents, KuCoin has made efforts to reimburse or recover the stolen customer funds and improve its security measures.
