Is KuCoin a scam or not
We have a comprehensive one KuCoin Test done. With this we were able to collect a lot of KuCoin experiences, and are thus able, by and large, to present an almost consistently positive result to the provider. We have put together everything that seemed relevant and important to us in the following KuCoin review. These findings led us, among other things, to the conviction that fraud is not an issue at KuCoin.
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What is the KuCoin?
What is KuCoin actually? According to its own information, it is one of the largest online exchanges when it comes to trading in crypto currencies. In addition to trading crypto currencies with one another, it has recently become possible to trade fiat currencies such as US dollars and euros in crypto currencies. The exchange platform is based in Hong Kong. She now has a lot of experience. The exchange was founded in 2013 by a small group of blockchain enthusiasts.
In addition, the operators have even created their own currency KCS (KuCoin Shares).
KuCoin is especially suitable for exchanging one crypto currency for another. Because most of the smaller cryptocurrencies such as NCOS (Corona Coin) or the above-mentioned KCS Coin cannot be purchased directly, but are exchanged for Bitcoin or Ethereum. For such an exchange you need a swap exchange like KuCoin.
KuCoin is an exchange for trading cryptocurrencies. Numerous different large and small cryptocurrencies can be bought or sold on the portal. Among them big representatives like Bitcoin, KuCoin Ethereum and KuCoin Ripple, but also the still small but potential currencies of the future like KuCoin Litecoin or KuCoin IOTA.
In total, the exchange offers the exchange of over 300 different currencies.
What is KuCoin's goal? The company's goal is to become one of the ten largest and best stock exchanges in the world. The sponsorship and incentive programs and other features are designed to help accelerate this growth. The exchanges are to receive financial stability through the use of a multi-layer and multi-cluster architecture.
At the same time, the exchange offers an extremely powerful trading engine. This makes it possible to process up to two million purchase requisitions per second.
The KuCoin cost
When using KuCoin, costs arise as fees if a user wants to buy or sell a cryptocurrency. Like many other exchange exchanges for cryptocurrencies, the KuCoin platform also lives on income that it earns in the form of commission fees.
In contrast to most other file sharing exchanges, KuCoin offers two advantages. First, the KuCoin costs are very low. However, they can be further reduced by acquiring KCS. This is the abbreviation for the crypto currency KuCoin Shares (KCS) developed by KuCoin. KCS is based on the ERC20 standard for Ethereum. There are currently around 200 million KCS in circulation. The company plans to purchase tokens with 50% of its transaction fee income each quarter and then destroy them. These withdrawals should continue until a total of 100 million KCS are destroyed. The KCS tokens can be purchased directly on the stock exchange with Bitcoin, Ethereum or US dollars.
How much are KuCoins trading fees?
KuCoin charges fees for trading, depending on the trading volume and cyropocurrency. Instead, there is a percentage that is applied to the desired trading volume. On average, the KuCoin costs range between 0.10% and 0.0125% depending on the trading volume of the last 30 days.
Test of KuCoin
When testing KuCoin, it was noticed that the important key figures and price developments for the various crypto currencies can be read and compared quickly and easily. By trading with a credit card or PayPal, the user is in possession of the cryptocurrencies he has acquired more quickly. The exchange offers a particularly easy entry point, especially for beginners. The operators are currently trying to make the start easier by offering special instructions for new customers and increasing the number of users. In addition, the platform offers a bonus program with its KCS Coin and rewards for every customer referred by a user. With the bonus program, the site uses half of the income gained on the day to buy KCS Coins and pay them out to owners. However, the investor should have at least six coins in order to benefit from the program. Occasionally, the website tries to become more attractive with sweepstakes and competitions with crypto currencies.
If you have any questions or problems, a multilingual customer service is available, which is actually available 24 hours a day. This is particularly useful in comparison to other platforms, where a response can sometimes take several days. If you still prefer an email service, this is also offered by the site.
Is KuCoin legitimate and safe?
In order to be able to participate in trading in cryptocurrencies on KuCoin, each user must log in with an email address and password. You can then verify yourself or pay by credit card and PayPal. Since the money is debited immediately, you as the seller can be sure that you will actually receive the money. Conversely, it can be proven easily and, above all, quickly that your money has actually been debited.
That is why KuCoin is a reputable trading platform that has been around for a few years now. This is a licensed broker with now millions of users and, according to its own information, a total trading volume of more than 66 billion dollars since 2013. In addition, the founders are known real people by name, which is usually not the case with fraudulent websites. The company is supported by three large investors who have invested a lot of money in the further development of the website and trading programs. The app has now been downloaded thousands of times and rated well in the app stores. It can be deduced from this that the users are satisfied with the services.
Of course, this does not prevent you as an investor from making losses. However, cryptocurrencies are always an object of speculation. However, the facts reduce the risk of losing your money to scammers.
In addition, the platform is very transparent with the fees and makes it easier for beginners to get started with step-by-step instructions. The website does not necessarily need personal data if you pay with credit card or PayPal or if you already have a filled Bitcoin wallet and you can protect your account with 2FA authentication. With these security measures, KuCoin is serious.
Is there any fraud at KuCoin?
This is why fraud is difficult with KuCoin.
KuCoin is anti-fraud and a secure platform because it uses very modern encryption techniques. It includes encryption of the transmission protocols and multi-factor authentication for additional security. There is also an extensive risk management system in order to comply with the "Hong Kong Securities and Futures Commission’s Statements" rules.
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With many crypto exchanges, you have to laboriously identify yourself before trading by participating in a so-called video identification process and proving to an employee that the information provided is actually correct, or you can upload images of ID documents or invoices. With KuCoin, verification is not absolutely necessary in normal trading. Because KuCoin offers its users the option to pay by credit card. This makes fraud by other users much more difficult.
At the same time, as an occasional user, you save a lot of time and nerves if you don't have to verify yourself via video identification before you can even start.
In order to be able to act further, however, they must identify themselves. To do this, go to the menu, then to "Account" and then to "KYC authentication". Now you can upload documents for KuCoin verification that confirm your identity (passport, ID card or driver's license). These are checked for validity. This makes the website very secure, as a fraudster cannot remain anonymous.
Depending on the workload, the validation check can take up to a week. At the end, the website will inform you by email whether the document verification was successful or failed.
Is KuCoin rip off?
Is KuCoin rip off? No, in our KuCoin test the platform, like many other exchange platforms, takes a commission for every exchange. However, this is very low.
The fees charged are very low for both trading and withdrawals. Deposits and withdrawals are completely free of charge and the trading fees sometimes range from 0.1 to just 0.0125 percent. In addition, small withdrawals are made very quickly, sometimes even in seconds. This means that KuCoin is far from being a rip-off.
Trading on KuCoin with IOTA:
IOTA trading with Bitcoin (BTC) is possible on KuCoin. In order to actually be able to purchase IOTA Coins, you first need Bitcoins. You either already have them or you can simply purchase them on KuCoin with a credit card and then exchange them for IOTA in full or in fractions as you wish.
Trading on KuCoin with Ripple:
It is similar on KuCoin with Ripple. You can also exchange this currency from Bitcoin. If you search for these exchange pairs, you will also find the course history of the last minutes, days or weeks.
Buying and selling Ethereum on KuCoin:
You can also purchase Ethereum on the exchange. Here, too, you first need Bitcoin in order to then exchange it again. The same applies to exchanging other cryptocurrencies such as KuCoin Ethereum and KuCoin Litecoin.
Is KuCoin German?
KuCoin is not German. KuCoin is an English website. However, it offers the option of changing the language and the specified currency. The site offers a total of 13 different languages and 32 different currencies. This allows you to switch KuCoin to German. The KuCoin support is also multilingual.
Trading on KuCoin with crypto:
A few years ago it was only possible to exchange crypto currencies on the stock exchange, but KuCoin now also offers the option of buying and exchanging Bitcoin directly with a credit card.
KuCoin has a very large selection of tradable currencies. More than 300 different trading pairs are currently possible, and the number is rising.
How high is the KuCoin spread?
The KuCoin Spread fluctuates with every crypto currency. The KuCoin spreads range from 0.1% to a maximum of 14.08% on average. That is relatively high. Thus, the selected cryptocurrency has to book some price gains before a sale is worthwhile.
How reliable is the KuCoin support?
The KuCoin Support was extremely experienced and competent in our KuCoin test. In addition, the support can be reached at any time of the day by phone, email and contact form. The customer service is even available in German. Therefore, the customer service can be seen as very reliable.
KuCoin deposits into your KuCoin account are quick and easy. To do this, go to the administration of your main account. In the tab on the top left you will find the options for KuCoin deposits. Before doing this, however, they must have verified their mobile phone number and their email address. You will then receive an address to which you can transfer your Bitcoins. Once the bitcoins have arrived at this address (usually within a few minutes or hours), they will be credited to your account and you can exchange them for other currencies.
It is similar with the KuCoin payouts. You can also find these in the main account management. Then you only have to enter an address of your wallet for "KuCoin payout" to which the crypto currencies are to be transferred. Both deposits and withdrawals on KuCoin are free of charge for most crypto currencies. The exception to this is the payout from Ethereum (ETH). With a payout, 0.1 percent fees apply. KuCoin thus offers extremely favorable conditions.
How does the opening of a KuCoin demo account work?
When opening a KuCoin demo account, you do not initially have to verify yourself. It is sufficient to provide and confirm an email address and a password for a KuCoin demo account. Still, you can make deposits, buy bitcoins (with a credit card) and familiarize yourself with the platform. And all of this without having to deal with annoying video ident or other procedures beforehand. However, in order to be able to trade fully later, they must confirm their identity.
Earn money with KuCoin:
Earn money with KuCoin when a KuCoin cryptocurrency that you have bet on makes sudden price gains. If you then exchange these currencies at an exit point of your choice above your entry level back into Bitcoin (and possibly back into Fiat currencies) you have made a profit and were able to earn money with KuCoin.
Use of KuCoin and Paypal:
Recently, trading with KuCoin has also been possible quickly and easily via KuCoin Paypal. This has numerous advantages. On the one hand, they can get hold of cryptocurrencies faster. At the same time, the processing of the payment process is as relaxed and uncomplicated as an Amazon purchase. But that's not all, because the PayPal buyer protection applies when buying via KuCoin PayPal. This way, you can be even more certain that you are not being used by a fraudster.
Open an online KuCoin wallet
Like many other crypto exchange sites, KuCoin also offers you a wallet. This add-on is then installed in the browser and given a password. Even if an offline wallet is usually the safer choice, an additional online wallet is recommended for smaller cryptocurrencies, as the small cryptocurrencies cannot be stored in most of the popular offline wallets. The KuCoin Wallet is free and easy to use. As an alternative, KuCoin offers you the in-house app.
What can the KuCoin app do and when is it recommended?
Of course, many investors want to track their money while they are on the move. This is exactly why KuCoin has developed an app for Android and iOS. The KuCoin app can be downloaded from the Play Store (for Android) and the Apple App Store. With it, it is also possible to trade cryptocurrencies quickly, easily and, above all, mobile. At the same time, you can also manage your own account or simply monitor the course of your own currencies. The KuCoin ratings are good.
Our KuCoin opinion after the KuCoin test:
The KuCoin crypto exchange is a swap exchange for smaller crypto currencies. So if you already know that you no longer want to trade as Bitcoin and Ethereum and are looking for a platform that is as simple as possible, for rich portals like bitcoin.de. These often only trade in the largest cryptocurrencies such as Bitcoin, Ethereum and Ripple. With KuCoin, however, you have significantly more options and can bet in new currencies with as yet untapped potential. The entire platform is secured by SSL encryption. If the verification is complete, you also need a mobile device for 2FA authentication. In addition, random codes are generated that change every 30 seconds. This code must be entered on the computer when logging in. This procedure is also used on many other platforms, but of course does not offer 100 percent protection. Still, in our opinion, KuCoin is a very secure platform.
According to numerous KuCoin reviews, it is a secure and reputable platform for exchanging crypto currencies with one another. Especially in comparison to other portals such as Etoro, it is noticeable that KuCoin is particularly excellent in the areas of customer service, speed and currency offer. In this way, the company tries to assert itself against the older and larger competitors.
If you take a look at the range of KuCoin and other crypto exchanges, you can assume that there is no second crypto exchange that offers so many crypto currencies. The offer from KuCoin is probably unique and your biggest plus point.
Another nice side aspect is that 50% of the trading fees that KuCoin received when exchanging with your currencies are distributed back to owners of the KCS token and they get part of the fees back. As a result, the already low fees of the platform continue to decrease on average.
Furthermore, the cooperation with other exchanges such as Binance is another positive fact.The minimum amount of 50 US dollars is also relatively low, especially for beginners.
The only disadvantage: If you want to exchange FIAT currencies (dollars, euros, etc.) for a crypto currency, you have to pay relatively high fees of ten percent (five percent credit card fee and an additional five percent commission).
In conclusion, it can be said that, in our opinion, KuCoin is a reputable exchange for crypto currencies, even a very successful and innovative one with numerous advantages. KuCoin is not a fraud, you don't have to be afraid of it. Neither from hackers, thanks to the 2-factor authentication. So you can trade crypto currencies like KuCoin Ethereum or KuCoin Litecoin with a clear conscience and hopefully watch your money grow.
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