KuCoin’s Journey to Becoming Top Exchange

KuCoin is a cryptocurrency exchange founded in August 2017. The exchange was born from a passion for blockchain technology and the advantages it presents to modern-day finance.

KuCoin believes that technological progress will revolutionize the way value is created and distributed. KuCoin built its firm on the basis that, one day everyone will get involved with cryptocurrencies. The company’s mission is to facilitate the global free flow of digital value.

Kucoin presents options and diversity to users as it has over 200 cryptocurrencies, in more than 400 markets, and it has grown into one of the most comprehensive cryptocurrency exchanges online. KuCoin offers very high-level security, a slick interface, and beginner-friendly UX. 

KuCoin’s offering:

• margin and futures trading, a built-in P2P exchange
• ability to buy cryptocurrency using a credit or debit card, instant-exchange services
• ability to earn cryptocurrency by lending or staking via its Pool-X 
• opportunity to participate in fresh initial exchange offerings (IEOs) via KuCoin Spotlight
• small-cap cryptocurrencies with tremendous upside potential 
• a large selection of coins
• lesser-known cryptocurrencies
• generous profit-sharing incentives – up to 90% of trading fees go back to the KuCoin community through its KuCoin Shares (KCS) tokens

Kucoin charges the user’s a trading fee which is 0.1% maker fee and 0.1% taker fee, these do not apply to some of the trading pairs. Users who hold its exchange token-KCS will enjoy trading fees discounts and daily bonuses.

KuCoin is a non-U.S.-based exchange, so U.S. citizen users above the FBAR threshold will need to include their FBAR filing. In addition to information about the user’s account as well as KuCoin’s country of operation, users need to include their highest balance of cryptocurrency held on the exchange during the year, calculated in U.S. dollars. 

The platform is able to calculate this value based on users’ KuCoin cryptocurrency transaction history. 

Cryptocurrency to cryptocurrency trades is taxable in many jurisdictions, including the United States. Users will likely need to report trades made on KuCoin.

Per the IRS guideline, users must report the U.S. dollar values of the trades that they execute, even for cryptocurrency to cryptocurrency trades. Several cryptocurrency tax software can help users with this, importing trades from KuCoin automatically via API connection or via CSV / spreadsheet records. 

Different users may use KuCoin to trade a wide variety of altcoins, software is notably helpful in this case as it will be able to calculate the necessary fiat values for taxes for even the more obscure tokens. 

The trading history of users will be calculated as well, it will register the cost basis of that BTC if it was later transferred to KuCoin and traded for an altcoin.

Kucoin lending

In the world of digital assets, there is also cryptocurrency lending. This is an alternative investment strategy where investors lend cryptocurrency to borrowers in exchange for interest. This system comprises the lender and the borrower. 

It is important to note that these are loans with collateral. The lender receives interest from the borrower in exchange for the loan, while borrowers deposit cryptocurrency assets as collateral to secure the investment. This serves as a guarantee for the lender because if anything goes wrong, they can use this collateral as a form of compensation.

KuCoin offers an opportunity to lend one unused asset to other users who are seeking loans for margin trading. For example, a margin trader predicts the BTC price will go up. 

They borrow USDT to buy BTC, and when the price goes up they sell BTC for USDT and pays back the borrowed USDT with interest. 

To guarantee the loan, the trader needs to maintain a certain amount of assets as collateral so that they can pay back the USDT if his prediction is wrong and BTC goes down.

KuCoin lending is considered to be for the investor with a low-risk appetite, as they are able to earn profit from interest lending and they don’t have to take high risks in traders. 

KuCoin app 

The KuCoin App helps users to stay connected to the latest market changes anywhere, anytime. The app is available for Android and iOS users.

The app also gives users access to the 24/7 help center. Users are able to look at winning and losing trading pairs at will.

The App offers a full trading experience with comprehensive candlestick charts. Price warning setup is also available, so users do not lose on any prime trading opportunities. Users can also save a record of their favorite trading pairs. 

The app is said to be worth the download as it comes with an asset interface that includes double account management that is highly secure and flexible. Users will also receive login notifications. Token prices reaching the warning price point, news and promotion, and asset change announcements are all available within the app. 

Finally, users can check their service fees and discounts as well as register accounts as individuals or corporations. There is also an option to switch languages or currency preferences and upgrade security setting to keep the account constantly protected. 

KuCoin vs. Binanace 

Binance is recognized as the largest cryptocurrency exchange in the world. KuCoin is also recognized as one of the most popular cryptocurrency exchanges in the world. A brief comparison of the two is necessary to see the level and operational excellence of KuCoin. 

KuCoin’s native cryptocurrency KCS

KuCoin has its native cryptocurrency called KuCoin Shares (KCS). The advantage of having KCS is users receive discounts on trading fees and earn more cryptocurrency. KCS was at its highest in 2018 when the value was $1.8 million. 

The platform’s trustworthy and reliable reputation is evident in the expansive user base that KuCoin holds. There are roughly 8 million users located around the world.

KuCoin security

KuCoin has comprehensive security measures and they are insured for cyber crimes and fraud to ensure the investment are safe.

KuCoin was hacked in September 2020, and the hackers made away with an estimated 1,008 BTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, 14,713 BSV and 26,733 LTC. Some $153 million of ether and ERC20s, and over 18 million XRP were also stolen.

The CEO at the time, Johnny Lyu reassured: “Any stolen customer funds would be covered completely by an insurance fund.”

As of October 7, 2020 the exchange recovered some $204 million of the stolen cryptocurrencies and has made headway into identifying a suspect.

KuCoin is said to be one of the most active cryptocurrency exchanges, with daily average volumes of over $100 million, according to CoinGecko.

So users can be assured that they won’t suffer any irreplaceable losses from their cryptocurrency investments. As KuCoin has been seen to be very quick and responsive in these matters, ensuring that investors are reimbursed.  

How to get started on KuCoin

Users who want to get started with KuCoin must go to KuCoin sign up, fill out the information required to open an account, and then undergo these necessary steps;

• Set up a Two-Factor Authenticator (2FA)
• Verify your email and/or phone
• Set up a trading password
• Set up safety phrases for email, login, and withdrawals

How to withdraw on KuCoin

• Log in to the KuCoin account. Click on the “Overview” under the “Assets” tab, then the “Withdraw” tab. Users may type the token name in the search box, or scroll down and click on the token they want to withdraw.
• Once users have selected the correct token, they will need to add the wallet address (composed of remark name and address) and amount. The Remark is optional. Then click “Confirm” to carry out the withdrawal.
• Input user trading password> E-mail verification code > Google 2FA code or SMS verification code to complete all the withdrawal steps.

KuCoin has a 24-hour helpline where users can get assistance for queries of any nature. There is staff available to assist users with deposits, withdrawals, interface-related questions, or any other questions. 

KuCoin is a safe and reputable cryptocurrency exchange and it is considered to be amongst the most popular exchanges in the world. KuCoin offers a comprehensive service bouquet of services for its users such that they do not have to use multiple exchanges to get a quality service. 

The post KuCoin’s Journey to Becoming Top Exchange appeared first on BeInCrypto.

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