KuCoin review – Is this broker regulated?

While KuCoin is not regulated by any of the well-known regulation authorities, the platform itself uses a system to ensure only regulated traders are using their platform, creating a more safe and more secure trading environment.

The website has a section that goes into this P2P merchant regulation in detail, so you should definitely take a look at it if you’re interested. The basic gist of it is, that you’ll have to fill out a merchant application as well as provide a deposit. Once your application is approved you will be able to access specific merchant features.

These merchant regulations also prevent any illicit behaviour as well as fraud of any kind. The system also ensures that merchants provide feedback, whenever an account may be frozen due to lack of funds, ensuring that issues like that are dealt with in a rather timely manner. All in all these regulatory policies are a pretty good substitute for a proper license.

KuCoin review – Hacking incident

One of the most notable recent events connected to KuCoin was a hacking incident that took place in September 2020. During this “virtual heist” a whooping 280 Million Dollars in cryptocurrency was stolen from hot wallets on KuCoins’ crypto trading platform.

All in all 154 tokens were affected by the hack, but despite that, it only took KuCoin about a week to return the money and continue business as usual. In total, 222 Million dollars were recovered by partners and exchanges, while law enforcement managed to track down another 17.45 Million dollars. The remaining money was covered by insurance, which meant all the investors and traders were able to keep their money.

While this is obviously not a good sign for the security of the website, it’s good to know that even under these circumstances KuCoin managed to keep the funds of its users secured.

KuCoin review – KCS Coin

One of the advantages of KuCoin is its very own native KCS coin. The platform offers a lot of incentives when it comes to its native coin, such as lower withdrawal fees, lower trading fees, as well as special rewards among other things.

It’s definitely worth buying this coin on KuCoin and holding it, to profit from the low fees and the other advantages the coin brings. On top of that KuCoin is a rather quickly growing platform, which just makes the coin even more attractive.

KuCoin review – What’s the problem with KuCoins’ customer support?

One of the things that were rather striking to us when reviewing this crypto trading platform was the customer support. While it’s probably not the worst you may encounter, there were a few problems related to customer service.

For instance, accessing customer support felt rather counterintuitive, as the help center was rather confusing to navigate. It was also rather difficult to find a phone number to reach the office, let alone the office hours. User reviews across the board were negative, showing that KuCoins’ customer support is definitely one of its weak points.

There is a live chat function as well as a ticket system which you can use. The phone number is (855) 206-2326 in case you want to contact the customer support via phone.

KuCoin review – Intuitive platform

While the customer support section was rather confusing to navigate through, luckily the rest of the platform has a rather intuitive interface, making it one of the better trading platforms to navigate through.

If you’re an avid trader then you’ll enjoy selling and buying your digital currencies on KuCoin, as you won’t be left confused while navigating the trading sections.

KuCoin review – Fees

When it comes to trading one of the most important aspects are the fees. This is especially true when you’re selling and buying digital cryptocurrencies as an active trader, as digital currencies are quite volatile. This creates a lot of opportunities for trades, and the lower the fees, the easier it is for you to potentially make a profit.

The good thing is: KuCoin is quite competitive when it comes to fees and it can easily keep up with the other platforms. Even more so when you use the KCS token, lowering the trading fees even more.

Here’s an overview of the fee structure:

*Note the KCS discounts on the top right.

KuCoin review – Payment methods of KuCoin

A good trading platform should have a wide variety of different payment options in order to attract as many traders as possible as well as make the trading experience as smooth as possible for the user.

However, since KuCoin is a crypto-to-crypto exchange exclusively, as covered in our kucoin exchange review, this means that buying and withdrawing fiat currencies is a little more tricky than usual. To do this you have to use a third-party platform such as SImplex or Banxa. Using the Buy Crypto services you will be able to access more fiat payment options.

The good thing is: KuCoin does not charge fees for deposits and it has a fixed fee for withdrawals, varying on the withdrawal method. Transactions are also processed rather quickly and usually do not take longer than 1 hour, which in turn means that users should see the change in their wallet within 2-3 hours top.

KuCoin review – Crypto Lending

One of the more interesting features of KuCoin is the Crypto Lending feature, which allows you to lend crypto tokens to other traders. Depending on the coin you’ll have different interest rates and terms connected to each coin.

This is a good way to earn money passively, practically as if receiving interest from depositing money into a savings account. However, there’s still some small risk involved in case the person borrowing from you is unable to repay you. However, KuCoin also has safety measures for this in place and will generally cover the owed amount.

KuCoin review – What can I trade on this platform?