If you’re looking for an anonymous trading exchange, this KuCoin review very well brings that. We’ll get into the details later but just to set the tone right, KuCoin ticks all the boxes that we generally look for in an exchange.
Our prime priority here is to bring out the “anonymity” offered by these trading exchanges, on top of the other available features.
Is this Kucoin review worth your time? That would depend, do the following questions resonate with the doubts you have about the platform?
- Does KuCoin require KYC Verifications?
- How can you Deposit/Withdraw on KuCoin?
- What are the Fee and Minimum Limits on KuCoin?
- Is KuCoin Safe?
- Is KuCoin Available in my Country?
- Which Trading Pairs are Available on KuCoin?
- Can KuCoin be Used on Mobile Devices?
- How Good/Bad is KuCoin Support?
If yes, then this KuCoin review should be able to help you.
KuCoin boasts a massive 24-hour trade volume of 39,165,485.81 USD as of today. So yeah it’s active and popular. Here are the primary features it brings with itself:
- Primary URL: https://www.kucoin.com/
- KYC: Optional
- Supported trading pairs: 400+
- Payment Methods: Cryptocurrencies + Fiat
- Fee: 0.1% Trading fee.
- Security: Trading Password/ Personal Phrases / 2-FA/ IP Detection
- Margin /Leverage Trading: Yes
Let’s dissect each of those listed features in detail then?
Does KuCoin Require KYC?
The simple answer – No. The platform lets a user trade/deposit as well as withdraw funds without any KYC whatsoever.
The other side of the story is that, KuCoin does have a KYC-procedure, which when completed grants the user special benefits.
KuCoin uses a single – level KYC verification, meaning you don’t get extra benefits depending on your verification level. Rather, there’s just one verification which extends the withdrawal limits for the users.
The verification requires users to enter:
- Full name
- Country of Residence
- Date of Birth.
- choose an Identification document.
As for the Identification documents, a user is required to upload:
- The front of the document.
- The back of the document.
- And a selfie with the document proving ownership.
Note that the selfie does have additional requirements, for e.g. it has to include a note, which has to be marked with a random “text” that the platform provides you with. The current date, as well as a signature needs to be on the note as well.
And then there’s a third requirement , the platform asks users to fill a form and answer basic questions before finally accepting the KYC application.
The KYC requirement would also depend on the deposit method you’re using. As long as you stick to Crypto-only deposits you should have your anonymity pretty intact.
How can you Deposit/Withdraw on KuCoin?
KuCoin primarily was a Crypto – only platform, although recently they integrated fiat payments via Simplex as well.
It accepts an extensive number of Crypto deposits, and there are but only a few coins which probably aren’t accepted on the platform.
Each BTC deposit requires 2 confirmations, this number differs based on the Cryptocurrency being deposited. Multiple deposits to the same address are allowed.
As for fiat payments, those are processed via Simplex and a user can use his/her Visa/Mastercards to purchase Cryptocurrencies.
Note that using Cards to deposit is literally giving up any chance you may have at being anonymous.
Not only because Card payments can be traced back to card owners, but because paying using Simplex requires users to complete a KYC with Simplex separately.
What are the Fee and Limits on KuCoin?
The trading fee on KuCoin is dependent upon the user’s trade-volume, as well as his/her KCS holdings. Satisfying even one of the requirements enables users for the respective fee-schedule.
The fee is charged both to the Maker as well as the Taker of the trade. For new users with trade-volume lower than 300 BTC, the fee starts with being 0.1% for both the parties.
Although it’s lowered to 0.7% for Makers, and stays at 0.1% for Takers with KCS holdings between 1000-10000 KCS.
The fee goes down to a lowest amount of 0.0125% for Makers, while the lowest possible point for the Taker fee is 0.03% (considering you satisfy the required trade-volume, as well as KCS holdings).
As for Crypto deposits, they’re completely free as is traditional with similar platforms. Withdrawals can’t be made using Fiat methods. Withdrawal fee depends on each Cryptocurrency individually. The fee charged for BTC is 0.0005 BTC/withdrawal.
There’s no minimum deposit requirement for any Cryptocurrency. Withdrawal limits are currency-specific. Fiat deposits via Simplex do have limits, a minimum of USD $50.00 worth of Cryptocurrencies can be purchased, while the maximum limit is USD $20,000.00
Fiat payments are charged a fee of around 4% by Simplex for each transaction.
Apart from this, there’s a 2 BTC/day withdrawal limit on unverified accounts, 100 BTC/day for verified individual accounts and 500 BTC/day for verified Institutional accounts.
*Unique Feature: Kucoin has this really amazing feature which credits NEO GAS automatically to users who hold NEO on the platform!
Is Kucoin Safe?
Yes, it does seem so. Infact, the platform is almost “painfully” safe. Painfully as in, I was auto logged-out of my account every couple minutes (and sometimes in Seconds) for one reason or another.
Apart from this, the official security features include
- 2FA via SMS and Google Authenticator.
- E-mail verification.
- Trading Password.
- Email Safety Phrase
- And a Login Safety Phrase.
The 2-FA is basically an additional password which is sent to a user everytime they login or make a withdrawal. It can either be set to be sent via SMS (not anonymous), or Google Authenticator.
Infact, depositing any kind of currency or funds requires atleast one of the following security precautions to be enabled:
- 2-FA via SMS.
- 2-FA via Google Authenticator
- Or Trading Password.
E-mail verification is used for all crucial actions such as setting 2-FA, making a withdrawal etc.
Trading password is used for most fund-related actions, for e.g. making a withdrawal or a transaction.
The E-mail safety phrase is a personal phrase which can be set by each user. Every E-mail then sent from Kucoin for your account will be accompanied with this phrase ensuring the E-mail is legit and not a scam.
The Login safety phrase prevents phishing, it’s displayed everytime a user logs in. So if it’s not displayed you probably are on a similar looking phishing site.
It even displays all the recent logins and the IP addresses used for the logins. Additionally, major security changes made and the location from where those changes were made are displayed as well:
Cold Storage doesn’t seem to be available, and the support-staff claimed it being a “secret”.
Either way, the account security features are pretty impressive and have multiple layers to them.
Which Trading Pairs are Available on KuCoin?
KuCoin is pretty rich when it comes to the number of individual coins, or trading pairs available.
The approximate number of individual coins is around 200, which lets us estimate around 400 trading pairs in total.
Which Countries is KuCoin Available In?
KuCoin doesn’t provide a specific “Restricted country” list. Although seeing if KuCoin supports your country isn’t hard, if you can register it means it’s available.
It however does have a list of countries where 2-FA via SMS is available exclusively (any other country not in this list yet doesn’t have the feature):
- U.S.A, India, Indonesia, Turkey, Canada, Philippines, United Kingdom, China, Thailand
Can Kucoin be Used on Mobile Phones?
You may not be a full-time trader, or just don’t like carrying around a laptop all the time (not everyone’s as crazy as me).
Kucoin offers an impressive and easy to use Mobile app for:
The welcome-dashboard displays the on-going giveaways and competitions in a slider, there’s a “Buy with Card” option as well, and the footer is used for navigation. The interface is much similar to the one we saw in our Binance Review.
Even a new user can simply click on “Markets” to check the price, or on “Trade” to trade instantly.
In a nutshell, it’s totally mobile-friendly.
How Good/Bad is Kucoin Support?
This KuCoin review did get long, excuse me for trying to be detailed. The one last aspect we’d consider is the support.
It hands down is one of the best ever trading exchange supports I’ve ever seen. For starters it has a super informative and detailed F.A.Q
Then it replies to support-tickets. But most impressive of all is its 24X7 live-chat feature. It indeed is available 24X7 (we’ve tested it for weeks now), and the team replies extremely fast with detailed answers.
They even auto-transfer instantly to other agents in case the current agent goes offline.
Wrapping this KuCoin Review up, I can’t say there’s any disappointment. For starters, It lets us access/use all the features without any mandatory verifications.
Depositing via almost any Cryptocurrency is possible, and then there is the Fiat acceptance. The Interface, fee, or even support is all more than acceptable. The security features too are impressive.
So in my personal opinion, if you’ve been looking for a new Cryptocurrency trading platform, or just looking for a change, Kucoin may very well be worth it.
But this site isn’t all about me, it’s about US (and that includes you). So do let us know what you think of this KuCoin review, as well as your questions/doubts and suggestions about the company.