About this article: Our Kucoin exchange guide will cover everything you need to know to start using the cryptocurrency exchange. We’ll show you how to setup a Kucoin account and get you on the path to using it. As always, we need to remind you not to invest money you cannot afford to lose and encourage you to do your own research before investing in any cryptocurrency.
- 1 Who Are Kucoin?
- 2 Why Open An Account?
- 3 How To Open An Account
- 4 How To Deposit on Kucoin
- 5 How To Transfer From Coinbase To Kucoin?
- 6 How To Buy Cryptocurrency On Kucoin?
- 7 How To Withdraw Your Crypto From The Exchange?
- 8 Is Kucoin Safe?
- 9 Customer Support
- 10 Kucoin Fees and Limits
- 11 Kucoin App
- 12 Conclusion
Who Are Kucoin?
Kucoin are are cryptocurrency exchange founded by a group of blockchain enthusiasts who have a proven track record at large corporates like GF Securities and Ant Financial.
The Kucoin project started all the way back in 2011 with detailed blockchain research. The technical architecture of the platform was built way back in 2013. It wasn’t until 2017 that the team felt that the platform was solid enough to launch and they have seen rapid growth ever since.
Unlike Coinbase, Kucoin is entirely a crypto to crypto exchange and does not allow regular currency deposits (for example; USD, EUR and GBP). Instead, users trade their Bitcoin or Ethereum, purchased on Coinbase, for other more exotic cryptocurrencies. Sound complicated? Don’t worry, we will guide you through the process in this article.
Why Open An Account?
Coinbase is usually the first platform people are introduced to when they start dabbling in cryptocurrency. However, most do not want to restrict themselves to run of the mill cryptos like Bitcoin, Ethereum, Bitcoin Cash and Litecoin. There are just so many exciting cryptocurrency projects out there with potential. To get exposure to them, you need to use a cryptocurrency exchange like Kucoin.
Kucoin has gained a reputation for listing cryptocurrencies quickly when they come out of ICO and having a large selection of cryptocurrencies available (150 cryptos and counting). If an exciting cryptocurrency is not available on Binance, Kucoin is our next port of call.
The huge range of cryptocurrencies available on the exchange, combined with a super user friendly interface, has contributed to Kucoin’s explosive growth over the last year.
How To Open An Account
Kucoin Key Facts:
- Large Selection Of Cryptocurrencies: Kucoin gives you the opportunity to get your hands on around 150 different cryptocurrencies. The exchange has a reputation for listing more exotic cryptocurrencies and quickly listing projects that have just finished their ICOs.
- User Friendly: We think Kucoin is one of the simplest exchanges we have ever used.This is likely one of the main driving forces behind it’s explosive growth.
- Multi Language: Want to trade in your native language? The exchange offers translated versions of their site in: 🇺🇸 🇨🇳 🇵🇹 🇳🇱 🇩🇪 🇪🇸 🇷🇺 🇯🇵 🇫🇷
- Customer Support: TotalCrypto have had a great experience with Kucoin email support.
Get Your Crypto On One Of The Fastest Growing Exchanges In The World.
Once you are on the Kucoin site, make sure you can see ‘🔒Secure’ in the top left hand corner of the URL bar. This check is to make sure you are on the official site and not a fake one, operated by hackers. Then just hit the ‘Sign Up’ button.
Enter Your Details
After accepting the terms and conditions, you will be asked to create a password and to enter your email address. Once done, click ‘Next’.
To prove you are a real person, you will then be asked to slide across a jigsaw piece and align it with the puzzle hole.
An activation email will then be sent to your registered email account. Click the link to activate your account. Can’t find the email? Make sure you check your SPAM folder.
Securing Your Account
You will then be taken to the Kucoin account overview page. The next steps are to make your account as secure as possible and verify your account.
After clicking ‘Verify Identity’ on the overview page, you will be asked to fill in your personal details and to upload a copy of your photo ID. Once submitted your account should be verified shortly.
Setting Up Google 2-Step Authentication
Select Google 2-Step from the option panel, you will then be asked to install the Google Authentication App on your mobile device.
- Google Authenticator – Download Now!
- Google Authenticator – Download Now!
A secret key will then be generated. Make sure you write this down, it will let you regain access to your account if you lose your mobile.
Finally, just scan the QR code using your Google authenticator app and a 6 digit verification code will be generated.
Just enter the code into Kucoin to finish setting up 2-Step verification.
Setting Up Security Questions
The last thing you need to do to secure your account is to set up your security questions. Select ‘Security Questions’ from the options panel.
The just select and fill out your security questions.
🎉Your account should now be secure and ready to go!🎉
How To Deposit on Kucoin
When logged into your account, hit the ‘Assets’ button on the navigation bar. Then just search the cryptocurrency you wish to deposit on the exchange.
Once you click the ‘Deposit’ button, you will then see your Kucoin deposit address for the selected cryptocurrency. Use this address as the recipient address when sending funds to the exchange.
IMPORTANT: Make sure you only send Ethereum to an Ethereum address, Bitcoin to a Bitcoin address and so on. Failure to do so could result in lost funds.
How To Transfer From Coinbase To Kucoin?
A common question we are asked is how to transfer from Coinbase to Kucoin? To do this, you will need your Kucoin deposit address for the cryptocurrency you want to transfer (see section above).
Then log in to your Coinbase account, hit the ‘Accounts’ button in the navigation bar and click ‘send’ on your chosen cryptocurrency wallet.
Next, enter your Kucoin deposit address as the recipient address in Coinbase and select the amount you wish to transfer. Once you hit continue, your cryptocurrency will then be sent to Kucoin. All you need to do is to sit back and wait for it to appear in your account.
IMPORTANT: Again, we need to remind you to make sure you only send Ethereum to an Ethereum address, Bitcoin to a Bitcoin address and so on. Failure to do so could result in lost funds
How To Buy Cryptocurrency On Kucoin?
The first thing you need to do is to find the official abbreviation for the cryptocurrency you are interested in buying on Kucoin. This will help us find the correct market on the exchange. We will show you how, using Electroneum as an example:
- Head over to Coinmarketcap.
- Type in the Electroneum in the search field.
- Right next to the Electroneum’s name you will see the letters ‘ETN’ in brackets. This is the official shorthand for the crypto. To make our Electroneum trade we now know that we must search for the ‘ETN’ market.
Once logged into your Kucoin account, navigate to the homepage and select ‘Markets’. Choose BTC if you have deposited Bitcoin or ETH if you have deposited Ethereum. In this example, we will buy Electroneum with Ethereum and will select the ETN/ETH market to make the trade. However, you can use this method to purchase any cryptocurrency on the exchange.
Once you have located the market, just click it to be taken to the trading screen.
When you are taken to the trading screen, you will need to enter your two factor authentication code to begin trading. There is a box on the bottom right hand corner of the screen to enter this.
You will now see the full trading screen. It looks overly complicated at first glance, but don’t be put off. Simply enter the amount of ETN you want to buy in the ‘amount’ box and click ‘buy’. You can also click ‘max’ to spend your entire Kucoin balance on ETN.
Once you have clicked ‘buy’ your trade will be processed and your Electroneum will appear in your Kucoin account.
How To Withdraw Your Crypto From The Exchange?
Even though TotalCrypto rates the Kucoin exchange, we recommend you withdraw your cryptocurrency off the exchange and store it in your own personal wallet. Why would you consider doing this? The reason is that cryptocurrency exchange hold a lot of customer funds, which makes them big targets for hackers. Also, having control of your own crypto is probably better than trusting an exchange to keep your crypto safe for you.
TotalCrypto will show you how to get your funds off the exchange:
- Once logged in, hit the ‘Assets’ button at the top of the Kucoin site. Then search for the cryptocurrency you wish to transfer and hit the ‘Withdrawal’ button.
- Then enter the public address of the wallet you want to send your crypto to, the amount you want to withdraw, security question answer and 2FA code and hit confirm. Once done, your cryptocurrency will be transfered from Kucoin to your own private wallet for storage.
💡Top Tip: Kucoin will always show you the fee before allowing you to withdraw and revise their fees from time to time. Just make sure you are comfortable with the fee before hitting the ‘confirm’ button.
Is Kucoin Safe?
Work on the Kucoin exchange began all the way back in 2011 and it’s been built to the standards used by the world of finance. Sensitive data in encrypted and added security layers such as two factor authentication have only added to the platforms robustness. Kucoin also has a dedicated internal risk and operations departments, each having strict internal standards.
Although Kucoin is the new kid on the block when it comes to cryptocurrency exchanges, we have confidence in their exchange.
Kucoin offer an automated FAQ chat bot. However, we think the best method of support is through their 24/7 email support on: [email protected]. With Kucoin email support, TotalCrypto have always received responses within 24 hours.
Kucoin Fees and Limits
There are no deposit or withdrawal limits on Kucoin, you can transact as much or as little as you want.
When it comes to Kucoin trading fees, the exchange charges 0.1% per trade and any discounts you may get by holding KCS are applied on top of this base fee. The exchange will charge an extra fee for withdrawing your funds off the platform, the Kucoin withdrawal fee depends on the cryptocurrency you are withdrawing and it is a fixed fee. To find out how much it will cost you to withdraw your cryptocurrency, just check out the official withdrawal fee breakdown here.
Kucoin have released their IOS and Android app. Currently, the apps are only in BETA but are fully functional. The exchange is currently looking at user feedback to make adjustments, add functions and improve the interface.
TotalCrypto thinks the app looks great and are pleased that Kucoin is taking the time out to implement changes that the community want. The product is certainly not full polished, but we have to remember that it’s still in the BETA phase. For those that want a completely finished product, it is probably best to wait until feedback changes have been implemented and the App has been fully tested by the community.
- IOS: Download instructions and a guide for installing the app can be found here.
- Android: Users can just scan the QR code below to download the APP.
As always, it is completely up to you whether you choose to use the Kucoin exchange or not. We can share our thoughts on it though:
- Simple and easy to use interface. Kucoin make it straightforward to swap one cryptocurrency for another.
- Over 150 cryptocurrencies are available on the platform. This wide selection makes Kucoin the go to exchange for TotalCrypto, if we cannot get a cryptocurrency on Binance.
- The exchange seems to be exceptionally well thought through, which is probably not surprising seeing it has been 7 years in the making.
- Does not accept regular currency deposits (USD, EUR and GBP).
- Kucoin is not quite a one stop cryptocurrency shop.
In conclusion, TotalCrypto thinks that Kucoin is a great user friendly, centralised exchange and we have no hesitation in recommending it to TotalCrypto users.