The basics of trading on KuCoin: what did the fox say?
We’re back with our next article in the series in which we are taming cryptocurrency exchanges.
It’s KuCoin’s turn: if you had any issues with exchanges before or were not sure whether to start working with them in the first place, having read these articles, you’ll have exchanges purring and eating out of your hand.
Well, maybe not purring but they will definitely do whatever you need them to do. And the nice thing about exchanges is that you don’t have to save up for years to buy a Bengal cat.
Warning! Always consult a professional when it comes to financial decisions and consider associated risks. Do the required research at all times and be aware of the current legislation and the latest news updates. “Trading is easy if you know the rules” is a myth. Financial analytics = complicated psychology, operational prudence, and the ability to be sentient about the choices you make.
What is KuCoin?
For one, KuCoin is instantly relatable and basically really cute. Also, it is one of the more interesting exchanges around, mostly due to the fact that its CEO, Michael Gam, comes from Ant Financial, which, according to some sources, is the most highly priced fintech company globally (but also the fact that it is number 18 in the world in terms of trading volume, and KuCoin aims to get to the first place, no less, by 2019).
What you will likely find interesting, however, is its low trading fees along with more than a hundred million dollars’ worth of transactions, the fact it hands out half of its trading fees profits to the users, and the fact that it was one of the first brave enough exchanges to start using the NEO blockchain.
After all, there are so many exchanges out there these days. KuCoin claims to be “the most advanced cryptocurrency exchange”. Do you believe it? Hmm. It has some pretty kickass CG, for example.
Where did THAT come from? Good graphics are always a good sign: the developers are working for the sake of making the project good and not just for the tick. So, first impressions? Good.
So what else? Plenty of languages, a lot of media channels, current 24-hour volume of 35,182,762.12 USD, referral bonuses, a secret key and 2-step verification, friendly staff that actually say “Welcome back” and doesn’t time you out after 5 seconds of thoughtful silence, your ability to suggest a coin for the exchange, and even quizzes! And there’s more.
KuCoin’s aim is to go global, and also become the leading exchange by volume in 2019. One thing we have to admit is impressive about is its team. There are 12 developers on the team, which is fairly represented on the website, and it is a good one (don’t take our word for it and read the credentials), although we are not quite sure where we can find the projects that the team’s staff have participated in, like Kiteme and Reinot. And then there were some issues with the team photos being taken down. Maybe that’s because they are so exclusive? We hope not.
What’s the point?
Other than that, everything, including the fox, looks really cute (opinions divided. We think the most attractive idea that would easily get us joining is the fact that the holders of KCS tokens get half of the platform’s revenue from trading fees every day. What else? “Real-time crypto portfolio monitoring and market tracking”, the app, “multiple security protection”, says the fox, and a very simple registration procedure, as well as an unexpectedly familial atmosphere Michael Gan’s article, brings to the table:
"I have come to an epiphany that progress cannot be achieved without knowing where to go. Since you, our dear users, are the very reason behind KuCoin’s continual success, then you should be at the very forefront of our journey, every step of the way. I’m a true believer in technology, the freedom it can bring to people and the infinite ways it can better the human condition. During my early days as a bitcoin miner, I have witnessed and understood the enormous potential of decentralized systems that the blockchain has made possible. Since then, I have seen the blockchain technology as the key to transcend the current technological and human limitations that hinder us from making further progress."
Providing a rare combination of great emotion and actually surprisingly technologically on-point thoughts, this exchange, we have to say, is one of our favorites by far. Finally, we get to find out what does the fox say:
"Blockchain is here to stay and so is KuCoin. We are the People’s Exchange, and we are of, for and by the people. We are ready to serve you better. We are ready to listen."
We love it.
How do I register?
Registration is the key. We must say, it does look like there is a lot of security here. Even to sign in, you have to go through some checks plenty of other exchanges don’t have. Anyway, let’s get to it.
1. Go to the page.
2. Put in your email and password - and note that they won’t let you get away with a weak password with lowercase letters and no numbers either. We’re not sure what that was about (dino screenshot), but it seems like there is a party going on here we didn't know about and some, ahem, interesting sense of humor. You’ll know what we mean if you go through the registration procedure.
Ok, ok, we’ll tell you now. You know how you’re supposed to complete captcha and click those really annoying signs to verify you’re human on Google? Well, here you're supposed to fit an image into place to prove you’re not a bot and we have actually seen a sign that said: “Wow, the monster ate the image, try again.” Awesome. We personally think humor is a great way of winning customers over. So far so good.
3. Accept the T+Cs.
4. Get the email in your inbox (check the Spam folder or resend).
How do I start trading?
Before you start, of course, we will warn you again that trading is an oftentimes lucrative but dangerous affair. Always do your research carefully and contact someone from your analytical department before you start trading. Never trade with borrowed funds!
Before anything else, also please don’t ignore the KYC and security protocols. The more secure you are, the better. Keep your key secure, too:
"When you lose, damage, change your phone or accidentally uninstall Google Authenticator, you can reset Google 2FA for your KuCoin account ONLY through the key provided here, neither Google nor KuCoin store a copy of the key shown now, loss of this key means your funds risk becoming unrecoverable."
1. Go to the Markets page after you’re in.
2. Choose the trading pair. For example, this is what the screen looks like for the NEO-KCS pair.
3. Locate the Buy section in the right bottom corner.
4. Become pleasantly surprised at the commission size.
Note that the price suggested by the exchange is the “referential price”, as they out it, but the decision is yours.
Don’t I need to transfer funds to the exchange first?
Of course, you’re right, our perceptive reader! How are you going to buy if you haven’t deposited funds into the wallet? Even though at the time of writing fiat fund transfers temporarily don’t work, you can transfer funds, for example, from Coinbase. In accordance with these illustrations
go to the Assets tab, then Deposit, then find a token. Click confirm and then copy the token address, which you are to use to transfer funds after reading the touching warning that shows again how much KuCoin cares:
Also, note there is a Deposit History underneath, so you can see what went where and when (and how much).
We know you've heard this a thousand times before, but if you send the wrong type of coin to an address where it doesn’t belong, it will - poof - vanish.
Also, make sure don’t check in coins that aren’t listed in KuCoin:
"If the token or coin you deposited isn't listed on our platform, KuCoin is unable to receive the tokens or coins, and cannot send it back to your account. It has become stuck in the blockchain. If we list this coin or token in the future, you can contact us, and we will try our best to help you find it. Please be very careful when you are depositing, and always check if the coin or token is listed on KuCoin."
How do I get the money out?
Go through the login procedure if you're not logged in already. Then Assets and Withdraw, select the address you’re withdrawing to and go through the security procedures. You’ll get a confirmation email. Check the Spam folder, by the way, if you’re not getting the letter straight away.
Then click “Confirm” after you’ve read the instructions and take a look at the logs to make sure everything adds up. Withdrawals usually take about 30 minutes.
What if I withdrew to the wrong address?
If you’ve made a withdrawal to the wrong address, you’re in trouble, although not as much as you think. If the status of the withdrawal is “pending”, you can still put an end to your suffering by cancelling the withdrawal. If it is in the process, the staff in an online chat can help. If it has succeeded, you’ll need to get in touch with the staff at the other end (the receiving platform).
Well, we have nothing but good things to say. Don’t pass up the opportunity for passive income by holding KuCoin shares and getting a cut from the daily trading fees, and getting gas from NEO (whose value as a nextgen smart economy token is extremely likely to find good use in the economy of the future).
There is great functionality here, much more than we had the time for in this short guide. There is a myriad of opportunities, a somewhat less complicated trading interface than what you normally get, which is nice, and completely awesome support staff.
So far, if we had to recommend any platform, it would definitely be KuCoin with its cute and cuddly fox mascot, charity contributions, tons of security checks, lots of top-notch functionality, the ability to influence the life of the platform by adding your own coins for listing, the fact that the staff can reverse erroneous steps you took, which means they are pretty much on your side, and above all the sense of being a part of a family you strangely feel when you join, and their (a little) funny sense of humor. We give this platform a firm 5 out of 5 and wish it all the best for the future.
We are closing with probably the best reason why we love KuCoin, besides everything else, the reason why we believe KuCoin has a future.
Godspeed, Michael Gan. This city needs a hero.
"Education is key to long-term success, which is why KuCoin is investing heavily in education. We want to invest in our future by ensuring we have constant access to a skilled workforce and competent research. This enables us to bring users firsthand, reliable information on blockchain tech, news, and innovations."