KuCoin Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team
KuCoin Review – is it scam or safe?
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KuCoin is a cryptocurrency exchange based in Hong Kong. It operates on a crypto-to-crypto basis, so no fiat currencies are supported. Nonetheless, its digital assets portfolio is pretty extensive and besides, KuCoin offers its own token KCS (KuCoin Shares) and uses it in a similar way to Binance.
Like most similar of venues, KuCoin does not offer margin trading and has not disclosed whether there is any minimum investment required.
Competitive fees
KuCoin charges trading and withdrawal fees, while crypto deposits are free of charge. While this is the approach of many other exchanges, the fess of KuCoin are really competitive. It charges a flat fee of 0.1% per trade, while the average in the secctor is around 0.20% – 0.25%. Besides, for those who hold KuCoin Shares, there are attractive discounts.
In addition, withdrawal fees applied by KuCoin are also reasonable. For example, Bitcoin withdrawals are charged with a fee of 0.0005 BTC. Here you can find the complete information about withdrawal charges:
Many cryptocurrencies offered
Although it was launched in mid-Septemner 2017, KuCoin already offers a substantial number of coins for trade (around 80), and keeps adding new ones. On their website, pairs are grouped into 5 categories: BTC, ETH, NEO, USDT and KCS markets. It was even the first exchange to launch trading in the RedPulse token (RPX).
To date (late November, 2017), the most traded pairs on KuCoin are: RPX/BTC, NEO/BTC, ETH/BTC, and KCS/BTC.
Good platform with advanced charting
KuCoin’s has developed a web-based trading platform with nice design that has some advanced charting with technical indicators, powered by TradingView. Besides, mobile apps for Android and iOS are coming soon, currently available in beta version.
Promotions available
KuCoin offers a bunch of promotions: a referral program, top traders bonus promotion, and discount options for those holding its KCS token. Here is how the latter works:You get up to 30% discount on trading fees when you use their KuCoin Shares.
KuCoin Disadvantages
Does not support traditional fiat currencies
On KuCoin’s exchange you cannot exchange your dollars for Bitcon, or vice versa. Supporting fiat currencies is an advantage, especially for beginners, who don’t have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers. Those who’d rather use their bank accounts or proceed payments with credit cards, may check out some exchanges which offers such options.
Not regulated, not much info about the company
Unsurprisingly, KuCoin is not a regulated exchange. As most of you probably know, very few exchanges operate with some sort of licenses, as most countries have not developed relevant legislation regarding such service providers yet.
On KuCoin`s website, one can take a look at a bunch of pictures of the exchange’s team members, but actually there is no information about the company owning the site and the brand.
No margin trading
Unlike some cryptocurrency exchanges, like Kraken, Quoinex and others, KuCoin does not provide margin trading. So, if you want to gear-up your trading, you may either choose another exchange, or try out trading cryptocurrencies with a forex broker. Most of them offer higher levels than crypto-exchanges.
KuCoin Review – is it scam or safe? Conclusion
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