registration, security, withdrawal and trade

The tightening of the rules for trading virtual assets undertaken by the PRC leadership led to the fact that many trading platforms decided to relocate to Hong Kong and Singapore and began to actively intervene in the international market. Thus, the Chinese authorities, albeit unwillingly, stimulated the development of the crypto industry. An example of this is Kucoin. The exchange, which officially launched in 2017, was previously the Kubi crypto exchanger, which has been operating in the Middle Kingdom since 2013.

The worsening business climate forced the management to curtail trade and leave China. The entire team settled in Hong Kong, where the kucoin exchange was opened. The official website of the trading platform operates in seven European languages, including Russian, which indicates the desire to attract as many traders from different countries as possible.

The kucoin exchange supports 250 cryptocurrencies, identity verification is not required and the commission fee is quite acceptable.

Registration on the exchange

Official site of the exchange – https://www.kucoin.com/

The procedure for creating a cookie account is slightly different from the usual scheme:

• We go to the official website of the exchange, turn on the Russian language and press the button “Register now” in the upper right corner.
• In the pop-up window, enter a valid email address, click “Get Code”.
• Go to the mailbox, open the letter from the cookie and copy the six-digit combination of numbers into the bottom registration field. If the message is not in the inbox, look for it in spam. Please note that the security code has a limited duration.
• We agree with the rules of work on the service and click “Further».
• Create and confirm a password, and click “Send message».

Registration is completed, we go to the exchange.

Personal Area

There are sections in the user’s account:

• Account status.
• Security Settings.
• Kucoin verification.
• Contact Information.
• API management.
• Download CSV.
• Exit button.

Your account security level is still minimal, you need to increase it. For this:

• Turn on two-factor authentication
• Come up with a trading code to confirm transactions on the exchange.
• Create an anti-phishing security phrase for email and for display when entering the site. So, you can easily distinguish the fake kucoin exchange site from the real one.

It will not be possible to bind a phone number to an account, international codes of the CIS states are not yet supported. Even without this, the account protection on Cookies is higher than on many marketplaces.

Account verification and security settings

Let’s move on to the procedure for identifying a person. First of all, it is necessary for corporate accounts and large traders. If you are satisfied with the minimum withdrawal limit, then you can skip this item. Verification is not required on the kucoin exchange, but it is highly recommended to pass it. Maximum withdrawal amount on the kucoin exchange:

• Confirmed Individual Account: 100 BTC in 24 hours.
• Verified corporate account: 500 BTC in 24 hours.
• Unconfirmed account: 2 BTC in 24 hours.

A verified customer will be able to quickly regain access to the account in the event of data loss or account hacking. Detailed information on how to get verified on kucoin.

Go to the section “KYC check» — «Individual account verification“. The KYC verification process consists of three stages. Please note that the fields marked “*»Are required. Your information is subject to change before being submitted for review. After a successful submission, the data can be viewed, but cannot be changed until the verification result is published.

At the first stage of personal identification it is necessary to indicate.

• Citizenship.
• FULL NAME.
• Floor.
• Type of identity document: passport, ID card or driver’s license.
• Document number and validity period.

When all the fields are filled in, click “Next” to proceed to the second stage.

Here you need a self-timer camera or a friend’s help:

• We photograph the ID card in an expanded form.
• We take our own photo holding the open documents in one hand slightly lower than the face and a sheet of paper with the current date and the inscription KuCoin in the other.

Acceptable image format JPG, JPEG or PNG… The file size must be no more than 3 MB. The identification procedure on KuCoin takes from several hours to 2-3 days.

Withdrawal and input of cryptocurrency

To go to the wallet, press the Assets button. Subsections are available here:

• Deposit and Withdrawal of Funds.
• Main account.
• Trading account.
• Archive containing the history of deposits and withdrawals.
• My bonus, which contains information about the accrual of funds for the referral program and other bonuses from the kucoin exchange.

There are two ways to fund your kucoin deposit.

1. Transfer funds to the exchange from another crypto wallet.
2. Buy virtual coins with a credit card.

To get the address, press the button “Deposit“And choose the altcoin of interest. The system will generate an address Qr code for translate. Use it only for this coin, if you send another cryptocurrency, the money will be lost.

You can also find out the top-up address in the section “Main account».

Here is an expanded list of cryptocurrencies, opposite each there are buttons:

• Deposit.
• Withdrawal of funds.
• Transfer.

Buying virtual money for fiat in the integrated Simplex exchanger is available for verified users. You need to select a coin from the list, and if the proposed price suits you, proceed to pay for the transaction. Dollars and Euro currencies are accepted.

You can buy cryptocurrency for rubles on other exchange sites. The replenishment of the kucoin deposit is not subject to any commission fee.

To transfer assets from the exchange to your wallet, click “Withdraw funds” in section “Assets“. Enter the address to which the withdrawal is made, the withdrawal amount and click “Confirm».

There is a minimum withdrawal amount and a commission for each coin. The size of the commission for withdrawing funds for popular cryptocurrencies.

The withdrawal request is processed within 30 minutes, the transaction speed depends on the blockchain network. You can cancel the transfer no later than 3 minutes after confirmation. The status of ordered can be viewed in the section “Conclusion history».

How to use the exchange, indicators for trading

In section “Markets»You can see the dynamics of the rate change and the daily turnover of funds of the trading pair you are interested in. For trading, go to the “Trade” section. Cryptocurrency exchanges are similar in general terms, but at the same time, each has its own characteristics.

Interface

The first difference is the Kucoin trading code, it must be entered to create an order. Market, limit, stop-limit and stop-market orders are available. The platform supports 5 trading pairs:

• BTC.
• ETH.
• KCS is the internal coin of the Kucoin exchange.
• NEO coin is very popular in China
• SC, this trading section contains all cryptocurrencies pegged to the US dollar.

Choosing an altcoin for exchange and creating an application.

How to trade

If you need to quickly buy or sell cryptocurrency, choose the Market Order.

In a limit order, you define the upper buy limit or the lower sell limit for the cryptocurrency. The order will be executed when a suitable counter offer appears. Do not forget that the price of a limit sell order must exceed the market price and, accordingly, the buy price must be lower than the current one, otherwise it will be executed on the market.

A stop market order is triggered when the price specified in the order is compared with the market value of the coin.

In a stop-limit order, you need to specify two values: stop price and limit, they can be the same or different. When the value of the selected coin reaches the stop mark, the order turns into a regular limit order.

In advanced mode, you can create a Post only order. The order is entered into the order book as a maker order with a limit price. The Hidden function allows you to create a Hidden order, for this put the visible number 0. If the visible number is set within the acceptable range from the minimum to the largest, the order will become an Iceberg order. A hidden order placed in the order book will not be displayed for other traders, and in the case of an Iceberg order, part of the amount set as visible will be displayed in the order book, while the rest will be hidden. The system will charge taker commissions for both types of orders: for hidden orders and for iceberg orders.

The platform has a rich set of trading instruments, but a fly in the ointment is mixed into the ointment. There is no margin trading on the kucoin exchange, a trader can only rely on his own assets.

Another feature of the kucoin exchange is the need to manually transfer funds from the wallet of the main account to the trading account in order to make transactions. It is carried out using the button “Transfer“. If you want to withdraw funds from the exchange, they must be transferred from the trading account to the main one.

Commission on KuCoin for cryptocurrency trading

Trading fees on the kucoin exchange are charged according to the following rules:

• In a market order, the buyer pays the commission.
• In a Limit Order, the creator pays the commission.
• With a Hidden order, the commission is always paid by the buyer.
• After you create an Iceberg order, you pay a commission until the hidden quantity is fully fulfilled.

The basic Maker and Taker transaction fees for all trading pairs are 0.1% (excluding GGC trading pairs, with a 0.25% commission). There is a discount system for coin holders of the Kucoin exchange, calculated from their monthly turnover of funds.

Advantages and disadvantages

The kucoin platform has an impeccable reputation, it is one of the most reliable sites for cryptocurrency trading. Listing the advantages of the exchange, first of all, it should be noted:

• Low fees.
• Multifunctional and user-friendly interface.
• Large selection of trading pairs.
• Nice support service.
• The presence of a referral program.
• Mobile app.

Disadvantages of kucoin:

• Lack of fiat currencies.
• No margin trading.
• The support service works only in English.

In terms of the daily turnover of assets, the kucoin exchange is significantly inferior to the leaders of cryptocurrency trading at the time of this writing, it was in the 78th place in the rating coinmarketcap.

User reviews

Thanks to the high level of security and an experienced development team, the marketplace has not yet encountered great difficulties in its work. The kucoin exchange reviews on forums and social networks are mostly positive. Although some users are shocked by the very strict adherence to security rules, which leads to delays in the withdrawal of funds. But when you consider that the internet is swarming with hackers, the draconian defenses are well worth it. Kucoin is a secure trading platform for beginners and professional traders that will hardly disappoint you.

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