Can I Use Kucoin In The Us

At commencement glance, KuCoin looks like information technology might be ideal if you’re an experienced and agile cryptocurrency trader. The exchange offers access to hundreds of tokens, as well as the ability to trade futures products and use margin. Combine all of that with relatively low fees, and KuCoin can be an attractive choice as a cryptocurrency exchange.

Just in that location are some bug that make information technology less-than-ideal for most U.S. crypto investors, and especially those who are more on the beginner end of the spectrum. KuCoin isn’t licensed to operate in the United States, which unnecessarily complicates it for near U.S. crypto investors. For starters, KuCoin historically has not allowed U.S. investors to purchase crypto with U.S. currency — though it recently introduced a feature the exchange says allows this, albeit with some hoops to jump through.  Plus, user reviews skew heavily negative.

KuCoin launched in 2017 and claims to exist the “people’south exchange.” The visitor is based in the Seychelles, and isn’t subject to U.S. regulations.

Hither’s what yous need to know well-nigh KuCoin.

Pros and Cons of KuCoin

KuCoin At a Glance

• Centralized, so trades become through a 3rd party, which tin add security
• More than 500 currencies available
• Maker-taker model with tiered fees ranging upward to 0.10%
• Free deposits, merely there are withdrawal fees
• Upward to $500 in USDT (Tether) available for users after making a first deposit or transfer of at least 50 USDT
• Offers margin trading and leveraged coin options, which offers you the chance to multiply your returns via borrowing
• Offers a Trading Bot to automatically trade for you
• Ability to trade cryptocurrency futures
• Staking allows you to earn additional coins
• Multiple opportunities to earn additional tokens through cloud mining, pooling, and crypto lending

Cryptocurrencies Available on KuCoin

KuCoin offers access to more than 500 cryptocurrency tokens. Some of the more pop coins offered on KuCoin include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Greenbacks (BCH)
• Solana (SOL)
• Polkadot (DOT)
• Polygon (MATIC)
• Cosmos (Cantlet)
• Chainlink (LINK)
• Decentraland (MANA)

KuCoin besides offers a variety of trading pairs, including those based on BTC and on KuCoin (KCS), the native coin of the KuCoin chain and substitution, too as altcoin pairs. U.S. dollar trading prices are actually based on Tether (USDT), a stablecoin pegged to the U.S. dollar.

KuCoin Fees

KuCoin has a tiered system, using a maker-taker model for spot trading and futures trading. With spot trading, you’re non actually “ownership” a cryptocurrency, rather you’re trading something y’all already have for another coin. Usually, you can choose a “limit” or “market” gild. With a limit order, you’re trading when the cryptocurrency hits a specific price. A market club is executed immediately at the current price. And with futures trading, you buy or sell an asset with a predetermined date and toll.

In a maker-taker model, makers commonly finish upwardly with a smaller fee, since they provide liquidity to the market by offering ii sides to the trade. Takers, on the other hand, are those that are just buying at market place rates.

KuCoin’s tiered organisation, which runs from levels 0 through 12, is based on your holding of KuCoin tokens or your 30-mean solar day trading volume, every bit expressed in BTC. When you level upward, you pay smaller fees. Additionally, yous can get a discount of xx% on trading fees when you pay the fees using KCS.

The highest fee yous’ll pay for spot or futures trading is 0.xvi%. However, if yous’re a maker, you might be eligible for negative fees at certain levels, rewarding you lot for providing liquidity.

Trading Bot

KuCoin also offers a trading bot that you tin set to execute your trades. Yous can cull from Archetype Grid, to sell high and purchase depression; DCA, or dollar-cost averaging, where you regularly invest small amounts instead of a lump sum; Futures Grid, where you can leverage and become brusk if you lot expect a coin’s price to go downwardly or long if yous expect it to go upwardly; and Smart Rebalance, which rebalances your holdings to maintain your portfolio percentages.

Withdrawal Fees

KuCoin doesn’t charge deposit fees, just if you withdraw your tokens from the exchange, you volition pay a fee based on the particular money. You might also be subject to a minimum. Here are some examples of withdrawal fees based on the token you choose. Minimum amounts and fees tin change based on fluctuations in cost.

KuCoin Security

KuCoin exchange uses industry-standard security protocols to protect accounts, and you can as well ready two-factor authentication. Since KuCoin is not licensed to operate in the U.S., you’ll have to get through a process to utilise
U.S. dollars, and you don’t have protection for cash deposits through FDIC-insured accounts, like you lot tin get with other mainstream exchanges similar Coinbase.

In 2020, KuCoin was the target of a hack in which there was a leak of the private keys associated with hot wallets. A number of cryptocurrencies were stolen, including BTC and ETH, to the amount of about $285 one thousand thousand. Once the hacker stole the crypto, they were able to turn around and quickly sell coins on decentralized exchanges.

KuCoin CEO Johnny Lyu said in a statement that users were paid back for the $285 million theft, via the recovery of $239.45 million through law enforcement and other exchange platforms, and $45.55 1000000 from the company’s insurance. Additionally, KuCoin says it has put measures in place to reduce the chances of this happening once more, including redeploying hot wallets and updating risk management protocols.

Who Is KuCoin Best For?

KuCoin is best if you’re an advanced cryptocurrency trader who wants features you can’t get on an exchange like Coinbase or Gemini, including access to hundreds of altcoins that aren’t available on other exchanges.

In particular for U.S.-based traders, we think more mainstream platforms like Coinbase, Gemini, or eToro are better bets.

KuCoin can be a adept choice if yous’re a more advanced crypto investor who is looking to earn boosted tokens past lending your crypto to others, also as if y’all want to trade cryptocurrency futures and leveraged tokens. This substitution is not ideal for beginners, who need to go used to the interface, which isn’t intuitive, and those who aren’t crypto enthusiasts.

How to Open an Business relationship with KuCoin

Opening an account is adequately straightforward, and you can practise it on your phone or via e-mail. Once you set a login and password, and verify the business relationship with a code, yous’re set.

You tin also verify your identity by going through a more than involved process and providing documentation with the KYC verification characteristic. Once y’all complete these steps, yous can access higher withdrawal benefits and trading features that might not be available otherwise.

KuCoin Compared to Others

Oftentimes Asked Questions