KuCoin Review

Review: KuCoin Exchange

4.2

Kucoin exchange has always been the underdog in its early phases, but it gained massive popularity and success after it began to implement innovative and controversial features.

Pros
  • Supports a wide range of coins and is on a variety of blockchains.
  • The lending of cryptocurrency is an additional feature.
  • One of the few crypto exchanges that allow you to trade on margin.
  • Trading bots with customizable rules allow you to automate your investment.
Cons
  • Withdrawals are occasionally unrestricted, although they do have constraints
  • Many countries, including citizens of the United States, have limited function
  • Some public forums and review sites have given it poor ratings

Business Score: 4.16/5

Branding

Kucoin exchange has always been the underdog in its early phases, but it gained massive popularity and success after it began to implement innovative and controversial features. In reality, these were the same features that aided Kucoin’s rapid growth, despite the fact that some of them were still subject to government sanctions in some countries. But, when it came to marketing and branding, Kucoin has always stayed under the radar, relying on the strongest word-of-mouth techniques,  the same way as Binance, to bring in more and more users over time. Many Americans are now using Kucoin since it has more coins than many exchanges and yet provides a top-notch experience comparable to Binance.

Team

Johnny Lyu is the current CEO and Co-Founder of Kucoin, with Larry He, the Managing Director, and Berry Deu, the Senior Sales Manager, among others, working with him. KuCoin Exchange’s cumulative trading volume was self-reported to be approximately $1 trillion last year, thanks to its team, with an average daily trading volume of $3 billion. KuCoin rewarded its employees with substantial incentives in recognition of their achievements. KuCoin presently employs over 600 people worldwide and is aiming to add another 200.

Road Map

Kucoin’s strategy, which extends through 2023, focuses on onboarding new potential coins, facilitating better and more sophisticated levels of security, and providing even quality service to worldwide customers. Kucoin has been focusing a lot on security, as seen by the fact that it has The Entire Security System Upgrade, Network Security Architecture System Upgrade, and Security Team Restructure scheduled every year. Kucoin is also continually experimenting with new user features by testing them on a smaller group of people and then implementing them based on their feedback. Kucoin also intends to grow its employment division, with the goal of adding 400 new employees by 2025.

Technical 4.25/5

Product

Kucoin as a product is always striving for unique features and improving existing features on other exchanges. Here are a few of the standout aspects!

KCS Token: KuCoin Token (KCS), KuCoin’s own token, is built on the Ethereum network. KuCoin users who own KCS are eligible for trading fee discounts and a daily share of KuCoin’s trading fee earnings. To be eligible, users must have at least six KCS tokens.

Trading on Margin: KuCoin is one of the few exchanges with a well-designed and high-liquidity margin trading mechanism. This risky investing strategy allows users to borrow money in order to increase their profits (and their potential losses). When investing in an already risky and historically volatile asset, using margin substantially increases the amount of risk you may take on, and is best left to experienced crypto investors.

Lending in Cryptocurrencies: Users may also lend their crypto assets to other would-be margin traders using KuCoin.  While the loans are secured and the receiver is required to maintain a particular level, price fluctuations might result in unanticipated losses. If a user’s balance drops beneath 97 percent of the amount borrowed, KuCoin will automatically conduct margin calls, which will replenish your loaned coins.

Trading Bot: Users may use KuCoin’s Trading Bot to automate their crypto trading by programming actions that will be executed automatically when certain conditions are satisfied. You can use it anyway from balancing your account when your investment strategy is out of whack to establishing safeguards so it can profit from price movements while you’re away.

Crypto-Related

Kucoin has always been a centralized exchange, with more crypto networks and deposit/withdrawal possibilities in crypto than any other exchange. Kucoin has also been an exchange where the crypto networks have been more reliable compared to other exchanges where users have experienced difficulties such as the crypto network being down at a critical time and being impacted by network congestion. Kucoin has demonstrated its ability to integrate numerous crypto networks including ERC20, TRC20, BSC, FTM, SOL, EOS, and XRP with minimal latency and fees. Kucoin is also testing bridges between centralized and decentralized exchanges, which will make cryptocurrency transfers even simpler and less expensive. But, at the end of the day, Kucoin is a centralized exchange, and you can’t rely on it to conduct anonymous transactions or withdraw cash in a decentralized way.

Security

KuCoin exchange protects the user accounts with industry-standard security mechanisms, as well as two-factor authentication. KuCoin provides users with a separate trade password in addition to security measures like multi-factor authentication and encryption. This password must be used in addition to the user’s usual login credentials in order to place trades or withdraw funds. It adds an extra degree of security and is a somewhat unique security feature among crypto exchanges.

In the year 2020, KuCoin was the victim of a hack in which the private keys linked with hot wallets were exposed. A total of $285 million worth of cryptocurrencies, including BTC and ETH, was taken. After stealing the crypto, the hacker was able to swiftly sell the currencies on decentralized markets.

Users were compensated for the $285 million loss, according to KuCoin CEO Johnny Lyu, who stated the company recovered $239.45 million through law enforcement and other exchange platforms, as well as $45.55 million through its insurance. KuCoin also claims to have taken steps to prevent this from happening again, including redeploying hot wallets and improving risk management methods.

*Disclaimer* The project’s reviews are not financial advice. You are risking your own funds and you should do your own research on each individual investment. We only search for strong projects and are not looking for a get rich quick scheme.

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*The review contains referral links and is based on our internal guide that you can read here: Internal Review Guide*

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