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KuCoin 2023 Review & Tutorial | A reliable platform, or a rip-off ?

What is KuCoin ?

KuCoin distinguishes itself from other crypto trading platforms by the variety of options it provides to its clients. Kucoin is known for offering its users the possibility to buy cryptocurrencies unknown to the mainstream public. Newly released altcoins, with low capitalization and a highly speculative potential, are very often listed on Kucoin.

With a little patience, these crypto will sooner or later be listed on more important platforms such as Coinbase or Binance. This popularization of new cryptocurrencies often enables the price to appreciate when they are announced on other platforms, but that is not necessarily always the case.

It’s also possible to find on Kucoin, crypto for which the price will likely never increase. What’s even worse is that if the market declines, the drop on crypto with low capitalization will be even stronger as traders disengage themselves from highly speculative assets. Cryptocurrencies with low capitalization are extremely volatile, much more than other crypto such as Bitcoin, Ethereum, Binance Coin, etc…

KuCoin has positioned itself, since 2017, as a user-friendly platform. The exchange has its own cryptocurrency, called KCS (KuCoin Token), which allows users to reduce their costs and passively yield daily income.
Despite the exchange being hacked in 2020, no KuCoin user has ever been impacted. The platform managed to bounce back from this situation by recovering the stolen funds and getting the hackers arrested.

KuCoin also enables users to trade cryptocurrencies with 100x leverage. Fees on the platform are not too high and you can reduce them by 20% if you register using our link.

Here is a spreadsheet detailing the platform’s fee structure:

As you can see, the amount of fees charged by the exchange diminishes depending on the volume you are trading, and more volume means fewer fees. But before discussing the fees themselves, let’s see how to register with the platform.

How to register with KuCoin

👉 Get 20% off on your transaction fees by clicking here

Here are the steps to follow to register:

Step 1: once you’ve clicked on this link, just fill in the information requested by KuCoin. You’ll need to choose between email or phone, then you’ll be required to provide the code sent to you by the platform.

Step 2: KuCoin will ask you if you already own cryptocurrencies or not.

What this question leads to is the advice the platform will give you to buy or transfer crypto. We will detail these steps after having secured your account.

Secure your account on KuCoin (2FA)

To secure your account and reduce the risks of being hacked, it is very important to protect your account using two-factor authentication (2FA). To activate this function on your account, follow these next steps.

Step 1: go to settings in your account and click on the “Account Security” tab.

Step 2: in this tab, you will find many different options to secure your account. You can choose to activate just one or several of them. We recommend you activate “Google Verification” first.

To do that, you need to download the Google Authenticator application on your phone and scan a QR code on KuCoin. This will link your KuCoin account to your mobile application.

Thanks to this additional security, you will reduce any risk of theft because no one will be able to connect to your account without your mobile phone.

Bonus step: other security options exist, such as verification with your phone number, a trading code, restricting the login IP, or even security phrases.

We advise you to activate as many functions as possible as long as it does not affect your trading experience.

(Be careful, if you activate the verification by restriction of the login IP, make sure you access your account exclusively from the same network. In other words, you cannot use this option if you are not always at home. Note that in some instances, internet boxes may change IP addresses randomly).

Verify your account with your ID (KYC)

To comply with the law, KuCoin will instruct you to proceed to an identity identification. This will enable you to increase your trading limits, as well as deposits and withdrawals. It isn’t very difficult to do, but make sure to have your ID available and just follow the steps below.

Step 1: go to the settings tab in your KuCoin account and click on “KYC verification“.

Step 2: click on “Start verification”, and fill in the information requested. KuCoin will process your data as soon as possible.

Bonus step: once you’ve provided your identity, you can always increase your limits. To do that, click on “Proceed to obtain more privileges”.

Now that you’re on this page, you can send photos to prove your identity.

Good. You and your account are fully equipped to tackle this space! Let’s now take a closer look at your first cryptocurrency purchase on KuCoin.

👉 Get 20% off your transaction fees by clicking here

How to buy cryptocurrencies on KuCoin

Before you find the next blue-chip, you need to buy your first crypto within a limited list of assets. KuCoin offers you alternative payment options, if you want to master them all, follow this guide closely.

Buy cryptocurrencies on KuCoin using a credit card

Step 1: in the top left of the main screen, click on “Buy Crypto” and then on “Fast Buy“.

Step 2: once you’re on the payment screen, you need to define four elements. First, select the amount that you want to spend and the currency. For this example, we decided to spend 500 euros.

Next, you have to choose which cryptocurrency you want to buy. We’ll go for USDT, which is a crypto that is indexed to the value of the US dollar.
Then, you have to define your payment method. This is where we select “Bank Card”.

To finish the procedure, choose the external platform that will enable your purchase. We recommend you choose the one that charges the lowest fees.

  • Step 3: make sure you checked the information and continue the payment by clicking “Confirm”.
    Note that fees are higher when you purchase with a credit card. The advantage in doing that, however, is that you’ll almost immediately receive your cryptocurrencies.

👉 Get 20% off your transaction fees by clicking here

Buy cryptocurrencies on KuCoin with a bank transfer

Step 1: once again, in the top left of KuCoin’s homepage, click on “Buy Crypto” and then on “Fast Buy“.

This is also where you pay by wire transfer, despite the tab’s description.

Step 2: now that you’re on the payments page, you need to define four elements.

First, select the amount that you want to spend and the currency. For this example, we decided to spend 500 euros.

Next, you have to choose which cryptocurrency you want to buy. We’ll go for USDT, which is a crypto that is indexed to the value of the US dollar.

Then, you have to define your payment method. This is where we select “Bank transfer”.

To finish the procedure, choose the external platform that will enable your purchase. We recommend you choose the one that charges the lowest fees.

Step 3: make sure you check the information you provided and click on “Confirm” to continue the procedure.

Then, you need to submit the platform’s bank details to your bank, which will allow you to make the wire transfer.

Note that fees are relatively lower when paying by bank transfer. You can see that for yourself when you pay by bank transfer compared to paying with a credit card, just look at the difference in the amount of USDT received.

However, making a bank transfer can take multiple days before you actually receive it.

👉 Get 20% off your transaction fees by clicking here

How to transfer your crypto on Kucoin

You may have cryptocurrencies sitting in another wallet and you’d like to transfer them to KuCoin to fund your purchase of the next bluechip? This is absolutely possible and we are going to tell you how to do it.

Step 1: in the top-right of the screen, click on “Assets”.

Step 2: once you are here, click on “Deposit“.

Step 3: in the drop-down menu, select the cryptocurrency that you want to transfer to your KuCoin wallet. In this example, we transfer Bitcoin.

Step 4: now that you’ve selected the crypto you’re interested in, you need to take note of the address attributed to this crypto. You need to transfer your assets from your other wallet to this address, without any errors.

Watch out, it is extremely important not to make a mistake during this step. If you get anything wrong, such as indicating an incorrect receiving address when you send your Bitcoin, your funds will be lost forever.

We therefore strongly recommend you to double-check the address that you copy-pasted. You could also send a small sum in a “test” transaction to make sure the address is correct.

Once you’re confident that you have submitted the correct address you can send as much as you want.

How to trade your crypto on KuCoin

After you’ve bought or transferred your first crypto, you’ll probably notice that the list of assets that are available to buy is relatively limited. This is because most of the cryptocurrencies on KuCoin are only obtainable on the market.

Step 1: access the market by clicking on “Markets“, in the top left of KuCoin’s homepage.

Step 2: once you are on the Markets tab, you will easily find the crypto that you are looking for. Here, you can filter the trading pairs so that it only shows those with the crypto that you have. In this example, we filter by USDT.

Step 3: select the crypto you are interested in. You can also use the search bar located in the top right. For example, if you are intending to trade your USDT against KCS (KuCoin Token).

Type “KCS” in the search bar and select “KCS/USDT”.

Step 4: once you’ve selected the crypto you’re interested in, you land on the trading screen. Don’t worry, we will explain it to you.

In the middle, you can see the crypto’s trendline, allowing you to assess its value.
On the right side, you can see a list of the latest purchase and sale orders.
At the bottom right side, here is the area where you can set your purchase and sale orders.
At the bottom, you’ll find an overview of all the orders that you have placed.

Now we will take a closer look at the two types of orders you can make, which are both valid for purchases and sales.

Trade your cryptocurrencies using a limit order

You can trade your crypto with a limit order. This allows you to set the price at which you want to buy, or sell it. In this example, we continue to use the USDT / KCS pair, but the same applies to all the other pairs available.

Step 5: go to the bottom left of the trading screen, here you will find the “Limit” tab. Next, set the price in USDT at which you want to buy, the purchase will be activated once the price reaches that limit. At the time of writing, KCS is traded for 14 USDT.

You may be thinking that the current price is, according to you, too expensive. Therefore, you may decide that you want to buy 100 KCS, but only for 13 USDT. Enter the amount of KCS you want to buy and the price.

If you prefer to sell, it works exactly the same way. The sales price you set will trigger the order according to the amount you put for sale.

Step 6: once you’re satisfied with how your order is set, you can click on “Buy KCS”. Your order will be broadcast to the list of active orders. When your set price is breached, your order is automatically executed.

Trade your cryptocurrencies using a market order

A market order is the easiest way to trade your crypto. It allows your order to get immediately filled at the market price when you decide to pull the trigger. This works both for purchases and sales.

  • Step 5 bis: you’ll find the “Market” tab in the bottom right of the trading screen. Here, just enter the amount in USDT, or in another crypto, that you want to spend. For example, let’s consider an order for 100 USDT. If one KCS is traded at 15 USDT when you place your order, you will then receive 6.67 KCS.

    This works the same for a sale. Enter the amount in KCS that you want to spend and they will be sold instantly at the market price.

Step 6 bis: when you are comfortable with how your order is set, click on “Buy KCS”. Your order will be filled immediately at the market price. You’ll then find your KCS stored in your wallet.

You are now aware of the two easiest ways to buy, sell and trade cryptocurrencies on KuCoin. There are other tools available to trade on KuCoin, you can for example use stop limits or stop markets.

The platform also offers margin trading or contract futures. We will cover this type of trading in a dedicated review.

👉 Get 20% off your transaction fees by clicking here

How to withdraw your crypto from KuCoin

Several days, weeks, or months have gone by and you finally found your blue chip? Congratulations! You are on the right track to becoming the wealthiest person alive! But before that, do you want to secure your funds and withdraw them from the platform? No problem, we will guide you through this.

Step 1: to start, access your assets from KuCoin’s homepage.

Step 2: now that you’re in your assets tab, go to the withdrawals section by clicking on “Withdraw“.

Step 3: here, you need to select the crypto that you want to withdraw. For this example, we will withdraw USDT, which is usually the crypto that you would withdraw to reinvest on another platform.

Step 4: fill in with care the boxes you see in this form. Start by choosing the blockchain that you want to use to withdraw your USDT.

This will impact the amount of fees you’ll pay as well as the time to process the transaction. Be careful, if you transfer your USDT on the Ethereum blockchain, you will be using the ERC-20 protocol and your USDT will be linked to this specific blockchain.

In the same way, it would be linked to Tron’s blockchain if you were using the TRC-20 protocol, or to any other existing blockchain depending on what protocol you chose.
Once you have determined your blockchain, you need to input the address of your receiving wallet.

Once again, be careful here. You need to perfectly copy / paste your receiving address. If there is a mistake, your funds will be permanently lost. We recommend that you send a small amount first, as a test transaction, to be confident of the address you typed.

To finish, just fill in the amount of crypto that you want to withdraw.

Step 5: when you are confident of all the information you provided, click on “Confirm”.

You will receive your crypto into your other wallet in a few minutes. The time to process the transaction can vary depending on which blockchain you chose to use.

FAQ about KuCoin

Is KuCoin secure?

Despite being the victim of a hack in 2020, KuCoin managed to bounce back, and its users were not affected. However, there is always a potential risk.

That’s why we recommend that you avoid leaving your funds on a trading platform. When you store your funds on an online platform, you are at risk of losing your funds if your account is the target of a hack, or if the infrastructure itself gets hacked.

However, there’s no need to panic. Risks are relatively low and KuCoin is a safe platform to trade your cryptocurrencies. If you need more comfort, go back to our section on how to enhance your security. And if you want to crypto hack-proofed, then you might want to have a look at “cold wallet” solutions, such as Ledger.

Do you need to be an adult to create an account on KuCoin?

Yes, to register with KuCoin, you need to be an adult as stated in the general conditions of use. Therefore, if you are less than 18 years old, do not try to register an account with KuCoin, because during the identity verification you’ll get caught. Having an ID in your name that confirms your age is mandatory.

Can you withdraw in euros directly from KuCoin?

Unlike other exchange platforms such as Coinbase, Binance, or FTX, KuCoin does not allow you to withdraw your crypto in euros or even dollars.

That’s why we recommend you to withdraw in USDT from KuCoin when you want to realize your gains.

By transferring your USDT to other exchanges, as suggested previously, you’ll be able to convert them to euros and withdraw them to your bank account whenever you want to.

How to contact KuCoin

If you have any issue, KuCoin gives you access to their information center by clicking here. In case your problem persists and you need to contact them, you can do this by clicking here.

To register with KuCoinclick here