The world of cryptocurrency has 235 exchanges, both new and old, as per Coinmarketcap stats. For beginner investors, it can be difficult to choose the right one. As an example, we’ll take a closer look at the Kucoin exchange platform, a reputable exchange that has 27 million registered users worldwide and still counting.
Yes, today we going to see about the KuCoin exchange, its working, its features, and its business model.
About the KuCoin Exchange Platform
KuCoin is a centralized crypto exchange platform that holds approximately 700 cryptocurrencies for buying, selling, and trading according to CoinMarketCap. Some of the top and most active coins on the platform include BTC, ETH, USDT, BNB, ADA, XRP, and more.
Additionally, the Kucoin exchange platform has its crypto token known as KuCoin Shares or KCS, but it has rebranded to KuCoin Token. The platform offers trading bot services and has five different account types available for its users.
Here are the different types of accounts available for Kucoin users:
- Main account: This account is for storing, depositing, and withdrawing funds.
- Trading account: You can use this account for spot trades and KCS pay fees.
- Margin account: These accounts are for margin borrowing and margin trading.
- Futures account: This account is specifically for future trading.
- Pool X account: Use this account for staking and soft staking.
Just like other trading platforms, KuCoin follows the same working pattern. However, the offerings and benefits for users differ from the others. Let’s see the benefits it offers to the users next.
Benefits of the Kucoin Exchange
- The Kucoin exchange platform offers a wide range of trading pairs and 700+ cryptocurrencies, including popular coins like BTC, MXR, EOS, and LTC, as well as tokens such as OMG, KCS, and DADI.
- KuCoin’s maker/taker fee starts at 0.1% and decreases as levels rise, with an additional 20% discount for KCS payments. Besides, withdrawal fees are also among the lowest in the industry.
- It provides trading bots for those new to trading or with limited time, allowing for trading based on set parameters.
- The advanced charting features help traders better understand trading strategies and the 24/7 live chat and efficient customer support are notable.
- Additionally, KuCoin offers a demo trading account to help beginners gain in-depth knowledge of trading strategies.
Hope you understand the advantages of the Kucoin exchange, now let’s see how to use this platform.
How to Use the Kucoin Exchange Platform?
The trading process on the Kucoin exchange is similar to other trading platforms, with minor variations. However, for those who are new to this platform, we will provide a step-by-step explanation.
Step 1: User Registration
To get started with KuCoin, go to their website or download the mobile app from your app store. Once you’re on the Kucoin exchange platform, click on the “Register” button to create an account. You can register using either your email address or phone number.
Step 2: Account Verification
While not mandatory, it is recommended to complete the verification process to receive additional benefits. Simply provide the necessary identification documents for verification purposes. Verified users can enjoy advanced features, reduced fees, and the chance to earn rewards.
Step 3: Buying and Selling Cryptocurrencies
To deposit funds into your KuCoin account, simply choose from the available deposit methods. Once you’ve done that, go to the “Markets” tab and check out the list of available cryptocurrencies.
From there, you can select the specific cryptocurrency you want to buy or sell. To place your orders, make use of the trading tools and options provided.
Step 4: Understanding the KCS Token
The KCS token is the native coin used on the KuCoin exchange platform. It has various functions other than simply being used to pay for trading fees. It provides users with the ability to participate in events and purchase tokens on the platform.
Step 5: Using KCS for Payments
KCS has multiple payment methods that can be used on various platforms such as SwirlPay, PlayGame, Travala, Print-ted, and BetProtocol. It is accepted for transactions in multiple fields including gaming, retail, NFTs, and travel applications.
If you possess KCS tokens, it is crucial to store them safely. You can use Kucoin’s built-in wallet or a hardware wallet for added security.
In a way, if you are a trader, it is important to stay informed about new features, promotions, and updates on the platform. And if you’re a business owner looking to create a crypto exchange platform like Kucoin, Zodeak is your one-stop solution. Our experts are knowledgeable in cryptocurrency exchange development and can help you with consulting or developing the platform at your discretion.