Canadian town now allows Tax payments in Bitcoin
17 Jul 2019
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Cryptocurrency exchanges are on the rise. Wouldn’t you agree?
Over the last two years, there have been many cryptocurrency exchanges that have come to the forefront. However, if you go back a few years, there was only one exchange – Mt. Gox. Things were different.
The shift has happened because many investors around the world have become more educated about cryptocurrencies, and we at CoinSutra would like to believe we have had an important role to play in spreading awareness.
Cryptocurrency users are more mature than ever and have a plethora of options. Also, every crypto exchange has its USP that it uses to entice users. In today’s times, it is not just Mt. Gox.
One such unique exchange is KuCoin. I have used this exchange a number of times and have found it rather easy to use with a lot of cryptocurrencies to buy/sell here.
In this article, I wish to share some of the key aspects of my review after using the KuCoin exchange.
KuCoin is a world-class blockchain asset exchange that prides itself as “The People’s Exchange” and has risen to the crypto space in 2017.
KuCoin also has a native cryptocurrency called as KuCoin for its exchange users. Holders of this token get access to unique features that we will discuss further in this article.
Moreover, it is a crypto-to-crypto exchange which means you won’t find fiat pairs like USD/EUR here. You can, however, rely on USDT-like stablecoin for saving yourself from volatility.
For quite some time, it was also amongst the busiest exchanges in the world that was pulling the most crypto trading volume (in top #10).
It also has real-time order books and programmes for institutional investors which we will talk about later in this article.
1. Buy/Sell Books
KuCoin is a multi-coin international exchange that maintains order books to match buyers and sellers. But to use these, you need to go through a simple KYC check.
The UI of this exchange is excellent and not cluttered like Bittrex or Bitfinex. That’s why it is easy to glance at books and make decisions quickly.
2. Supported Cryptocurrencies
KuCoin has more than 398 markets live as per CoinMarketCap which means you have 398+ cryptocurrencies/pairs trading on it.
Amongst which, you will find popular cryptocurrencies like BTC, BCH, LTC, ETH, and LTC, and numerous other ERC20 tokens such as OMG, DADI, KCS, etc.
KuCoin doesn’t support fiat currencies as of now, but you can find many pairs of USDT currency.
3. Fee Schedule Of KuCoin
The real fun is here.
KuCoin has a simple trading fee structure of 0.1% and doesn’t follow the taker/maker model. But one can even customize this trading fee and get a discount of up to 30% on 0.1% trading fee.
The important things to note here is that only KCS (KuCoin Share) holders can get this discount as per the following model:
For every user holding at least 1000 KCS, this will result in a 1% discount on trading fees. The maximum discount rate shouldn’t exceed 30%. Therefore, holding 10,000 KCS results in a 10% discount, holding 30,000 KCS results in the maximum discount rate of 30%.
For deposits, the transaction fee is ZERO. For withdrawals, here is the fee structure based on different cryptocurrencies.
4. Supported Countries
KuCoin supports a large number of countries around the world such as US, UK, Canada, Japan, Indian, Australia, Singapore, etc. China is not part of their user base as the governmentwhich recently banned all cryptocurrency activities in their country. Here is a graph of their user base across the world:
5. Customer Support
Customer support of KuCoin is quite robust. I have not faced any issues with them thus far. Also, their live chat feature is unique and unlike any other exchange and helps in on spot resolution of minor problems.
Apart from that, you can leverage their Freshdesk powered ticketing system and also an FAQ section to solve your most pressing questions.
6. Mobile Apps
As if all the features above weren’t enough, they also have mobile apps which anyone can use with same login credentials to trade cryptocurrencies on the go!
One requires this facility because cryptocurrencies are highly volatile assets which need quick decision making to make the most out of it.
7. Advanced Charts
On the KuCoin exchange, you can also find interesting, advanced charts for a more in-depth analysis of your trading strategy. You will find charts of different intervals where you can apply different types of indicators to reach a conclusive decision.
You can also check the market depth by looking at the buy/sell walls.
It is effortless to get started on KuCoin. You require an email sign-up to get started on it. However, come November 2018, you will need to go through a proper AML/KYC process to withdraw more than 2 BTC.
The KYC verification process consists of completing an online questionnaire, submitting supporting documents and authorizing KuCoin to complete the verification process. The processing time for each KYC Verification can take up to 2-4 weeks, depending on the total volume of submissions. (source-KuCoing blog)
That’s why it is adviced that you apply for it right away. A KYC verified account will also have access to the Fiat-Crypto exchange services that KuCoin plans to launch in the near future.
Is KuCoin Trustworthy & Safe To Trade?
Given its last year’s record and my experience of using it, I can say it is an excellent and safe exchange to trade some exciting cryptocurrencies that you might not find on any other exchange.
Plus, another unique thing that this exchange offers is NEO GAS for holding NEO cryptocurrency on the KuCoin exchange. NEO GAS is generated on the exchange and is credited to NEO holders. This functionality is only available on Binance exchange now.
Moreover, there is another incentive for KCS holders to earn passively on KuCoin exchange as they are entitled to a 50% bonus which KuCoin will be sharing with these users from its trading fee earnings.
For example, user Bob holds 10000 KCS in his account on our exchange. Let’s say in October the average volume of our entire exchange per day is 10000 BTC, according to our current fee rate, the trading fee we collect per day is 20 BTC. So this user will get 20 * 50% * (10000/100000000) = 0.001 BTC per day, 0.03 BTC per month!
Another cool thing for KuCoin exchange users is the availability of its UI in 12 different languages and prices in more than 30 fiat currencies which is a must requirement to be an international crypto exchange.
Now time to hear from you: Which exchange do you use? Have you used KuCoin yet? How has been your experience so far? If you have, do share your experience with us in the comments below 🙂
Some of the official links to stay updated about KuCoin exchange and related news:
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