Rated 4.1 on Forbes, the KuCoin exchange is among the best and most popular cryptocurrency exchanges out there. With a straightforward user interface, this trading platform renders depositing funds and trading a piece of cake. Two factors that differentiate KuCoin Exchange from other third-party cryptocurrency exchanges are its competitive fees and excellent altcoin support.
Another feature that sets the KuCoin crypto exchange apart from its competitors is that traders can start using the platform without KYC verification. However, providing KYC details is recommended for enhanced security and enjoying higher withdrawal limits. With so many unparalleled benefits, KuCoin is providing a solution to all crypto enthusiasts who wish to get in on the crypto trend. That being said, let’s look into some of the trading actions you can take on KuCoin, even as a beginner.
KuCoin: A Frill-free Trading Platform Requiring No KYC
Signing up to KuCoin takes minutes as opposed to major cryptocurrency exchanges, where signing up could be unnecessarily complicated. All you need to enter is either your cell phone number or your email address. Post sign up, you would find yourself on the Asset Overview page, divided into four sections:
- Main Account – Here, you can transfer your existing cryptocurrency from other exchanges or web
- Trading Account – Reserved for transferring your cryptocurrency from the main account before you begin
- Margin account – Used for trading cryptocurrency on a margin. You can open a trade with limited funds and increase your buying power by borrowing capital from the Margin trading is recommended for seasoned cryptocurrency traders.
- Pool-X Account – This section will redirect you to KuCoin’s Pool-X website, which is the staking and investment account of the KuCoin crypto
Transferring cryptocurrencies between all four accounts is instant and free of charge. All you have to do is add your cryptocurrency and select the account to which you want to transfer your coins.
Depositing Funds on KuCoin Crypto Exchange
To deposit crypto in one of the four accounts:
- Choose a cryptocurrency and its For instance, in the case of BTC, you can select the SegWit network, which has low costs for sending BTC.
- Copy the KuCoin address
- Paste the address to the withdraw field of another For example, Binance, or any web wallet.
- Have your crypto deposited to any of the four accounts on the KuCoin
Withdrawing Funds on KuCoin Exchange
Withdrawing funds and trading on the KuCoin exchange requires setting up two-factor authentication. For that, go to Security on the Main Menu – add your phone number or set up google verification and add a trading password.
In terms of security, setting up google verification is a better option. All you have to do is download google authenticator from the app store and set it up with your KuCoin account. The withdrawal function is activated a day after setting up the password and the two-factor authentication.
KuCoin cryptocurrency exchange is an ideal exchange for transferring cryptocurrencies from other exchanges and wallets. It has a “Buy Crypto” option with fiat currencies; however, the number of fiat currency options offered by KuCoin is limited. Users can buy cryptocurrencies using their credit/debit card via a third-party payment processor.
- Fast buy – Users can use this option to buy USDT, ETH, and BTC with a fiat currency (though the number of fiat currency is limited for this option).
- Instant Exchange – Users can use this option to exchange a cryptocurrency instantly without paying any service charges. It’s an easy and quick alternative to spot trading if users wish to expand their cryptocurrency
Trade on KuCoin Exchange with a Higher Number of Charts and Insanely Low Fees
The spot trading fees on KuCoin is 0.1% which is insanely low. Just because signing up to KuCoin is KYC-free doesn’t mean users don’t get to enjoy trading security. KuCoin will ask you to enter your trading password every 5 hours for better protection of your assets.
The exchange offers KCS (its native token) holders a 20% discount on trading fees. If you are a KCS holder, make sure to select the ‘KCS pay fees’ option on your user profile.
The Spot Trading window on KuCoin shows you four charts at once so that you can view four different markets at the same time. For example, you can view a BTC/USD, an ETH/DAI, and two other market charts on the same panel. This is a feature unique to KuCoin, and the charts show in-depth trading analytics based on timelines.
On Spot Trading, traders can view order books, bids, the price at which a crypto coin is currently trading against a stable coin. Users can select ‘Market’ to buy the best market price of the cryptocurrency against a stable coin amount that users have to spend to buy the asset. Post purchase, the asset goes straightaway to ‘Order History.’
Limit order – Traders can use this option to customize it to their desired price for buying a cryptocurrency. A limit order allows traders to buy a crypto asset cheaper than the current market price. The order will be added to the Order History and the Assets tab when the price that a trader is willing to pay in USDT matches the worth of the cryptocurrency they want to buy. Till then, it would be considered as an ‘Open Order.’
KuCoin is your wild card entry to a fast-evolving world of altcoins with high-growth potential. This cryptocurrency exchange has spotted and listed many projects that are now doing wonders. Dubbed as the ‘People’s Exchange,’ KuCoin offers unparalleled customer support, not to mention a seamless user experience.
Recently KuCoin also partnered with Blockwiz, a Toronto based web3 digital marketing agency that provides integrated cryptocurrency marketing solutions across crypto influencers, PR, SEO, and social media; to strengthen online communities and meet their business objectives.
So, are you willing to be a part of the crypto revolution? Feel free to check the KuCoin exchange community on Twitter, Telegram, and other social channels for more information!