Kucoin Review – You MUST Read This Before Joining!
Are you looking for an honest and detailed Kucoin review? You have come to the right place. In this article, I am going to tell you everything you need to know about their crypto exchange.
I will answer your questions like, “Is Kucoin reliable? Is Kucoin legit? Is Kucoin safe?” And the most important, “Is Kucoin a good exchange?” I believe you will find my article informative, helpful and valuable. If you have any more questions, you can always ask me in the comments below and I’ll be more than happy to help you out.
Kucoin Review: Is Kucoin Reliable Crypto Exchange Or a Scam?
As always, I want to provide you an opportunity to have a look at my video review of Kucoin. Then you can take a look at my full article below which is much more detailed than the video.
Type: Cryptocurrency Exchange
Short Review: Kucoin is a relatively new crypto exchange that has been rapidly growing for several reasons:
1.Clean and easy-to-use interface. 2.Responsive support. 3.Low fees. 4.Lucrative referral program.
I have been satisfied with Kucoin. I have already bought Raiblocks, NEO, Kucoin Shares, DragonChain and I am also holding a few other coins on their platform as well.
What Is Kucoin?
Kucoin is a Chinese crypto exchange that has been rapidly growing recently. They have done their job well which means that more and more people are moving to their exchange.
I got introduced to Kucoin for the first time when my friend started to talk me about Dragonchain. He mentioned that Dragonchain could be a good investment and it was available on Kucoin. I made my research and realized that Kucoin is a reliable platform. As soon as I was able to transfer money to Kucoin, I bought some Dragonchain. Afterwards I have used this platform also for buying many other cryptocurrencies.
Benefits of Kucoin
Users of Kucoin (including myself) have listed numerous benefits and pros of the platform. Let me share the most important benefits what people have mentioned and I agree.
- Easy-to-Use Platform
It takes probably less than 2 minutes to learn how Kucoin platform works. The interface is clean, simple and it’s easy to find everything that you are looking for: Assets, Markets, Settings, Etc.
Trading works also on Kucoin much more easily on many other crypto exchanges that I have been using.
Kucoin requires a 2-factor authentication when you start trading on their platform. It means that you need to have a password and another verification method when you trade. The most common is Google Authenticator that you can download easily to your phone and it’s widely used by other crypto exchanges as well.
When you have set up the 2-factor authentication your account is much more secure. If somebody wants to steal it, he needs to get your password and your smartphone which is pretty impossible unless you share your private information everywhere.
- Availability of more rare alt coins
The biggest exchanges like Coinbase haven’t yet listed smaller alt coins. At the moment you can only exchange Bitcoin, Ethereum, Bitcoin Cash and Litecoin on Coinbase. Most other coins like Cardano, IOTA and Tron you can exchange on Binance which is one of the fastest growing crypto exchanges at the moment.
However, there are many smaller coins that aren’t yet available on those platforms. That’s where Kucoin comes into play. Kucoin has one of the biggest amount of coins listed in a single crypto exchange. I have bought, for example, DragonChain and Raiblocks on Kucoin because I can’t buy them on the other ones.
It’s also a very positive thing that those coins aren’t yet listed on the biggest exchanges. It means that there is a room for growth. Usually, when a coin gets listed on a new exchange, its price skyrockets. Do you remember what happened to Bitcoin Cash when it came to Coinbase? The price tripled in a few days. And that’s not even rare.
- Extremely Low Fees
Trading fees on Kucoin are much lower than most other exchange and they provide also good discounts for people who are holding Kucoin Shares coins. The basic trading fee is only 0,1% per trade and you can get up to 30% discount if you hold enough Kucoin Shares.
How to Get Started on Kucoin? – Easy As 1-2-3
Kucoin is certainly one of the easiest and the fastest crypto exchanges when if we are talking about getting started. Let me explain to you how it works step-by-step.
- Go to Kucoin.com website and click “Sign Up” in the upper right corner
It takes you to the page like this:
Then Kucoin sends you a confirmation email to your password to make sure that it’s really your password. And Voilá! Your account is ready. Before you start trading, you just need to add your 2-factor authentication code. Let me also quickly explain you the process of buying specific coins on Kucoin.
Let’s say that you want to buy, for example, Raiblocks on Kucoin like I did. You can do it like this:
- Buy Bitcoin or Ethereum on Coinbase by using $, € or £. (You get a $10 bonus through my referral link.) I recommend using Ethereum because then your fees are lower.
- Send Ethereum to your Kucoin wallet.
- Buy Raiblocks (XRB) by using Ethereum on Kucoin.
It’s as simple as 1-2-3. I know that it can feel intimidating if you are doing it for the first time but you will get used to the process immediately.
Make sure that you use the right wallet for transferring Ethereum from Coinbase to Kucoin. You can find it by clicking “Assets” on the top. Then “Deposit” on the left and choosing ETH in the drop-down menu. (See the screenshot below).
One thing to notice is that you don’t need to send them passports, driving licenses, utility bills and many other things that you need to do on some other exchange like Bitfinex. Getting started is much faster and easier. For example, to Bitfinex there is now a 6-8 week queue with the verification process before you can start trading. On Kucoin you can start trading immediately.
How to Withdraw Funds from Kucoin?
Let’s say that you have traded some cryptocurrencies now for a while on Kucoin. You have become a crypto millionaire and it’s time to get some cash and buy your Lambo. (Just kidding!)
Cashing out from Kucoin is easy. You just go through the process that I explained to the other way. You exchange your asset, for example Raiblocks, to Ethereum on Kucoin. Then you transfer Ethereum from Kucoin to Coinbase and on Coinbase you exchange your Ethereum into $, € or £ as you wish.
You can always contact Kucoin support by sending them an email to firstname.lastname@example.org. Alternatively, you can contact them by using social media channels like Facebook, Twitter, Reddit or Telegram. You can find all their social media accounts by scrolling to the bottom of their website.
Personally, I have never had any issues with Kucoin so I have never needed to contact their support team. Therefore, I read and asked other people’s experiences in order to provide you the best information. I found out that pretty much everybody has been satisfied with the support they received. Here some sentences that I have heard:
- “Superior support.”
- “Nonstop support.”
- “Quality Support.”
Kucoin Reviews – Everyone Is Praising It
I always take a look at reviews from other people before putting some money into something. I was honestly surprised to see how positive reviews Kucoin has received. For example, on CryptoCompare Kucoin has received the average rating of 4,2 stars out of 5 based on 28 reviews. That’s an amazing score especially when you take into account that some major exchanges have received only the average rating of 3 out of 5.
I found 50 more Kucoin reviews on the other site and I realized that pretty much everyone gave them 4 or 5 stars out of 5. That was extremely convincing. Let me just show you a few examples:
I think it’s a huge thing that it’s almost impossible to find negative reviews of Kucoin. Pretty much everyone is talking positive things about it. That being said, we need to remember that there are always a few persons who may have had some technical problems or something similar.
Kucoin Referral Program
Kucoin has a very interesting and lucrative referral program. You can earn money by inviting new members to Kucoin. This is how the referral program works:
- You earn 20% of the trading fees of your directly invited users. Let’s say that you invite a friend that pays $1,000 trading fees during his lifetime on Kucoin. You earn $200 by inviting him.
- You earn 12% of the trading fees of your indirect referrals the second level.
- You get 8% of the fees for your indirect referrals in the third level.
Numbers 2 and 3 mean that you will earn bonuses also from those people that your invitees refer to Kucoin. Let’s say that you invite Jack to Kucoin. You earn 20% of fees that Jack is paying. Then Jack invites his friend Jamie. You will then also earn 12% of trading fees of Jamie. He enjoys using the Kucoin platform and invites Joel. Then you’ll earn 8% of the trading fees of Joel.
You are probably starting to see the potential of their referral program. Experienced affiliate marketers can make a full-time income just by promoting Kucoin. You can get involved with the coin Kucoin referral program easily. You just need to sign up Kucoin and click, “Explore” -> “Invitation Bonus” on Kucoin website.
UPDATE JANUARY 2018:
Kucoin has announced that the referral program is at least momentarily out of use. They will announce for more updates in the future.
Kucoin Shares Review by Roope
I have mentioned Kucoin Shares a few times during my article. You may be wondering what they are and what can you do with them. Kucoin Shares is a cryptocurrency and they enable you to received dividends from all trading fees that are done on their platform. In addition, the value has been growing and I expect it will grow in the future as well. If you have enough Kucoin Shares, you will also get discounts when you are trading on their platform.
The video below explains very well how you can earn Kucoin bonus for owning Kucoin Shares:
Kucoin gives 50% of all their trading fees to users who own Kucoin Shares. In the other words, Kucoin is sharing 90% of their trading fees at the moment. 40% through their referral program and 50% through their Kucoin Shares bonuses. The company keeps less than 10% of all fees which are already very small. In the other words, they take less than 0,01% trading fees per trade. That’s nothing compared to some major exchanges that take up to 1% fees.
Kucoin Shares may be also a very valuable coin if the company keeps on growing fast in the future. I may make big money just by holding my Kucoin Shares for a few years. They are paying daily bonuses and I could sell the coins for the higher price later.
Conclusion – Is Kucoin Legit?
Yes, Kucoin is a legitimate cryptocurrency exchange that is rapidly growing. More and more users are coming in all the time. They gained 50,000 new users within 30 days just some time ago. Can you imagine how fast growth that is? Kucoin can certainly become one of the leaders in the industry with such a quick growth rate.
It’s obvious that they are doing several things right to achieve their huge growth. I have also enjoyed using Kucoin among hundreds of thousands of other users. I think that there is also a great potential with investing in small coins that are only available on Kucoin and other smaller exchanges. When small coins get listed on Bitfinex, Bittrex, Binance, Kraken or Coinbase, the price will most likely skyrocket and those who bought it on Kucoin make big money.
If you have any questions about Kucoin, feel free to ask me anything in the comments below and I’ll be more than happy to help you out.
Do you also have positive experiences of Kucoin?
Which cryptocurrencies have you bought on their platform?