Kucoin

reviewURL: www.kucoin.com

KuCoin was launched in 2017 by what the company as “blockchain enthusiasts”. The CEO is Michael Gan, an Ant Financial alum.

Founded by a group of blockchain enthusiasts who had proved themselves in industry giants like Ant Financial and GF Securities, Kucoin aims at providing users digital asset transaction and exchange services which are even more safe and convenient, integrating premium assets worldwide, and constructing state of the art transaction platform.

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Score
6.9
Kucoin
Score - 6.9Score6.9
Score Android - Score Android
Score iPhone - Score iPhone
Location - SingaporeLocationSingapore
Currencies - Currencies
Languages - EN, RU, FR, PT, NL, ES, CNLanguagesEN, RU, FR, PT, NL, ES, CN
Buy with - BTCBuy withBTC
Fees - 0.1%Fees0.1%
Altcoins - YesAltcoinsYes
Margin trading - NoMargin tradingNo (Exchange does not support margin trading)
Trust score - BTrust scoreB
Beginner friendly - NoBeginner friendlyNo (Exchange is complex and difficult for beginners)
Stability - 3. MuchStability3. Much (Exchange is stable, but it has a downtime in the high stakes)
Fiat - NoFiatNo (The Exchange does not support Fiat currency like USD, EUR, etc ...)
Support speed
Safety - ASafetyA (Very secure)
API - YesAPIYes (API is available for public to use)
Rest API - YesRest APIYes (The Exchange has Rest API support)
Websocket - NoWebsocketNo (The Exchange does not have Websocket)
Mobile app - NoMobile appNo (Exchange does not have a mobile app)
Credit card - NoCredit cardNo (Exchange does not support credit cards)
Referral - YesReferralYes (Exchange offers an affiliate program)
Two factor authentification
Withdrawal limit
Verification time
Lending - NoLendingNo (Exchange does not support lending)
Stop limit - NoStop limitNo (Exchange does not support stop limit)
US licence - NoUS licenceNo (Exchange don't have US licence for Money transmitter)
PGP support - NoPGP supportNo (Exchange does not have PGP encryption)

KuCoin, which issued the KuCoin digital currency through an ICO, is also in demand among new coin issuers that are looking to join the many digital currencies that are listed on the exchange. The company’s goal, as stated in its White Paper, is to be among the top 10 global exchanges.

Based on the KuCoin’s blog, the headquarters are in Singapore and they also have offices in the Philippines. Originally, the exchange may have been based in China’s Sichuan province but seemingly relocated following the government crackdown on cryptocurrency exchanges. As of Q2 2018, KuCoin is looking to expand into the following regions: the UK, Lithuania, Dubai, Malta, Japan and South Korea.

GFX | /exchange/kucoin | kucoin-team.jpg

KuCoin Pros

  • Supports several markets and hundreds of cryptocurrency trading pairs. They require two-factor authentication (2FA) for all trades, which traders may bemoan as inconvenient, but it strengthens security.
  • Convenient and it has proven to be safe with no known security breaches.
  • Fast transaction times amid what the exchange describes as a “high performance engine.” KuCoin boasts transaction times including a peak of more than 2 million per second for order-making and an order-processing peak of more than 1 million per second. The exchange guarantees “no delay or lag.”
  • Promotion and bonus heavy, including deals where trading fees on specific coins are lifted for a period.
  • They offer benefits for KuCoin (KCS) coin holders, including slashed fees/income/votes for new coins.
  • They’re restructuring the support desk for better response times to user issues.
  • Mobile apps for both iOS and Android are in beta format.
  • The site interface is simple to navigate.
  • Competitive trading and withdrawal fees.
  • Candlestick charting tools.
  • Income opportunities for customers via a referral program.
  • No withdrawal limits 

KuCoin Cons

  • No fiat currency deposits.
  • They removed support for all Bitcoin Cash trading pairs. They say this was in response to “user feedback.”
  • It’s unclear how much vetting takes place for the many altcoins that they allow on their trading platform.
  • Lacks liquidity and trading volume, according to a YouTube KuCoin review. This may have something to do with the fact that KuCoin supports many thinly traded altcoins and/or reflective of the bear market in the first quarter of 2018.
  • They don’t appear to support KYC for security.

Manuals for Kucoin

Security rating of Kucoin

While there are no major security breaches to speak of, KuCoin in 2018 was the target of what appear to be phishing attacks, in response to which a KuCoin community spokesperson reminded traders on the Reddit platform

As per the KuCoin white paper: “Wallets in the platform … adopted multiple security levels of storage solution in line with their storage scale. We have stored the micro-withdrawal wallets in the private network architecture built on Amazon Web Services Cloud which has multi-layer firewall on the basis of security isolation.

KuCoin has integrated what they describe as “bank-level disaster proof deployment” with a multiple locations and centers to juggle tasks at the same time. The exchange applies this system across the trading platform as well as the accounting system. As a result, KuCoin should remain operational in the event of a “hardware failure” or “natural disasters.”

KuCoin relies on an “industry standard transfer encryption protocol” for data transfer layers, which basically means that your personal information is encrypted. The exchange also has “multi-factor” authentication for transactions including withdrawals. KuCoin says it has similarly implemented tight operational/internal risk controls to protect user data.

KuCoin further attributes its financial security to a key-dependent multi-layer encrypted wallet “cipher code” that’s “preserved by a special person.” The exchange also points to “macro-wallets” that are “stored in bank custody.”

Kucoin - Safety report

There have been no major hacks to the trading platform, though some individual users have posted about funds disappearing. The exchange requires two-factor authentication (2FA) for trades, but there doesn’t appear to be a requirement for know-your-customer (KYC) verification processes, at least not yet. The poster on the following Reddit thread, kentli35, is representing KuCoin.

Review of Kucoin

KuCoin is a Wild West for altcoins, with the trading platform already supporting hundreds of trading pairs with plans for more. Other exchanges, like tk’s BTCC, take a more risk-averse approach, shunning most altcoins altogether. The approach that’s best depends on the risk/reward profile of the trader.

KuCoin hasn’t experienced any major security breaches and it adopted a seemingly secure wallet system on Amazon Web Services Cloud involving a “multi-layer firewall.” They’ve unlocked the secret to creating a devoted following, which is through its bonus and promotion strategy that seems to be working. KuCoin boasts a seasoned management team that has been engaged with cryptocurrencies for years, despite the exchange’s late emergence in 2017.

Mobile apps review of Kucoin

KuCoin has an API, the documentation for which can be accessed here.

The exchange also has a mobile app for both iOS and Android systems. You can access the downloadable links for both apps here. Use the downloadable links from the KuCoin website to get the official mobile app from the exchange. Otherwise you might not download the official app.

You should be able to buy and sell coins with the app. As of Q1 2018, the app was in beta format though it remains fully functional. The exchange is monitoring user feedback and plans to make changes to functionality soon. One of the issues that users reported on Android was not being able to use the search function for coins.

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