Checking out another review competition, I discovered it was Kucoin competition. This gave me so much joy and excitement because making a review on the Kucoin exchange platform doesn't require me browsing anything. This is because I have been using this exchange platforms for more than 2 years now (it's almost 3 years). This would make my review to be purely from my personal experience and not from things found on the web.
Kucoin is an Asian exchange platform that was established in the year 2017, September precisely, and is presently headquartered in Singapore. The exchange platform presently has a Chinese man as their CEO known as Johnny Lyu. The founders of this exchange platform seems to be really confusing as there seems to be quite a lot of people. Johnny Lyu became the CEO recently, 2020 I guess. This makes him not the founder but just the current CEO.
I got introduced to Kucoin by an Asian friend of mine who explained things to me about crypto and adviced me to check out the exchange platform he use. He assured me of the fact that I would love Kucoin majorly because it is the "People's exchange." (This also happens to be its other name). I then began using it, not because I wanted to love it, but because I don't want to fail that friend of mine. I gradually began using it actively and got into the crypto sphere completely.
Talking about its interface first, Kucoin happens to have one of the most easy used interface I have ever come across. They have every single thing simplified for just anyone. That was the reason why I didn't find it hard to adapt to this "crypto thing." I also find their interface well designed too.
Another thing I got to discover about Kucoin is their liquidity. The Kucoin exchange platform has one of the most liquidity in the crypto network, this is because it's one of the biggest of its kind in the world. Liquidity is something I like, because who would want to wait for hours before getting his or her token converted or sold?
The exchange platform also have a good support team. Their support team gives response to all your request at a good speed and one can keep them reminded via their Telegram channel if your question is yet to be replied or if you don't like the reply you got. They make use of a support ticket which would enable you send your questions and have a unique number to relate your problem to them, in case you don't get replied on time. Their admins and Musketeers on the Telegram group chat are also quite friendly. There are some times when I would be having a question to ask and immediately I drop that question, I get a response. The Admins don't even waste time at that and are available at all time. Their response are also calm and friendly. What I mean here is that they don't treat a Newbie as a Newbie. They don't get angry when you ask an honest question that would look like a Foolish one to an Expert in cryptocurrencies.
Moving on to their trading interface and fees. The Kucoin exchange platform has one of the most advanced trading platforms I have ever come across. Trading on their platform has been made so simple that you wouldn't have to do it more than once or twice before getting used to it. They have also made trading easier by listing many coins and tokens on their platform. This enabled traders access to whole lot of coins to trade with. Take a look at one Project I got involved in. This one is known as SFund. The Project started well but couldn't get an exchange platforms listing. They tried some exchange platforms like Hotbit and others but were denied. They then went to Kucoin and after little discussion on it, the token got listed and is currently traded with USDT. This explains the fact that Kucoin isn't calm with their users only but are calm with those people that wants their coins and tokens listed on the Kucoin exchange platform. Now moving to the fees they charge. As a crypto trader, I ensure I make a well detailed research on the fees an exchange platform charge before going into using the exchange platform. This is because an exchange platform is virtual and you wouldn't have anyone to keep complaining to if you dont like the fees they charge. The Kucoin exchange platform seems to be lenient on the fees they charge. This is because they charge Makers a fee of 0.1% and charges the same amount for Takers. The exchange platform also gives a discount for traders that make use of the Kucoin Shares (KCS) to pay trading fee. This happens to be a very competitive fee and looks too good for an exchange platform as great as Kucoin. As for their withdrawal fees, I find them very affordable and these fees tends to vary from coin to coin. Take the Tron, TRX, as an example. For every TRX withdrawal I make, I get charged a fee of just 1 TRX. This fee is very cheap and that's one thing I like about the Kucoin exchange platform.
Allow me go into the Kucoin Shares. Kucoin Shares is the native token of the Kucoin exchange platform. It is an ERC-20 token that serves quite a lot of purposes. One of which was the one I mentioned earlier: reduced trading fee. This KCS can also be staked on your Pool-X account and earn you rewards. The KCS can also be hold on the Main account and earn the Trades a daily bonus. Presently, the KCS token has been listed on Binance and they also promise to list it on other exchange platforms.
Finally, I would be talking about the rewards a Trader enjoys from using the Kucoin exchange platform. The first one is the many competitions they have. These competitions includes the Trading competitions, Trading Bots competitions, Futures trades competitions and many others out there. They also give out rewards during special occasions like a new year, Christmas and even during Easter celebration. The AMA (Ask Me Anything) Sessions they hold is also something I really like. This is because they educate traders on the project they would be talking about and even reward some traders. These type of events are held on their Telegram group chat and information are passed before then to keep Kucoin users prepared. They host AMAs in three sections. The first section is when the Lead Admin, also known as Steve, asks the Guest a question. The next is when the Group Members ask their questions and those with good questions get selected and are rewarded at the end of the day. The last section is when they drop some questions and the fastest people that answer all the questions correctly gets rewarded.
The Kucoin exchange is an Exchange platform I have been using for close to 2 years now, this leaves me with quite a lot to talk about in this review. So get prepared as we get started.
A brief introduction is always required before a Write-up and that's the exact reason why I would be starting my review with an introduction. The Kucoin exchange is an exchange platform that was established in the year 2017. The exchange platform started in the great Country of China but had to move to Hog Kong due to the Government crackdown on Cryptocurrencies. The "People's exchange," as it's always called started its journey in the competitive market of crypocurrencies and the blockchain with almost nothing but is now one of the most popular exchange platforms we have today. The exchange platform got so popular that they even got a recognition from Forbes.
The first thing to talk about when reviewing an Exchange platform should be the platform's statistics. This includes the number of coins, trading pairs, and trading fee the platform implements. Starting with the number of coins listed on the Kucoin exchange platform. As at the year 2017 (which also happens to be the year the exchange platform was established and when I got to know about it), the Kucoin exchange platform had about 23 coins listed with about 54 pairs available to trade. this don't seem to be a bad statistic for a new exchange. The story seems to have changed completely today as the Kucoin exchange platform now have over 500 coins listed and close to a thousand pairs for a Trader to choose from. This list doesn't include useless coins but good coins with good use cases. Some of the coins with good use cases of which I know is the SFUND (Seedify Fund) DOT (Polkadot) AVAX (Avalanche) and even the most popular ones like BTC (Bitcoin) ETH (Ethereum) LTC (Litecoin) and many others. The exchange platform lists as much as 5 new tokens a day and introduces these tokens with a Trading competition which have lots of rewards for Traders. The trading fee an exchange platform charge a Trader is an important factor to look into before choosing an Exchange platform. The Kucoin exchange platform is a good example of an exchange platform that sets a very attractive and competitive trading fee. My reason for making this statement is because the Kucoin exchange platform charges all traders a flat trading fee of 0.1%. Trading fee discount is a popular thing in the crypto space as many exchange platforms gives eligible traders a discount in the normal trading fee they charge. The Kucoin exchange platform is not left out in this as every KCS Holder enjoys a Trading fee discount of 20% which leaves them with a trading fee of 0.08% instead of the normal 0.1% every other Traders are charged. The next thing I would talk about is the native token of the Kucoin exchange (KCS). The KCS is an abbreviation for Kucoin Shares. This is a token that was built on the Ethereum blockchain network and seems to be doing very well. This is displayed in the price movement of the Token. As of the first time I heard about KCS (this happens to be around the year 2019), the token had a price of about $4 but today, KCS is traded at about $23 and even had an ATH (All Time High) of $26 during this Bull run. The crypto space is always known for earmimg oportunities and that's why there's rarely a coin or token without a benefit attached to it. The Kucoin Shares (KCS) dosen't seem to be left out of this as Hodlers of KCS receive a daily bonus which is automatically deposited in their Kucoin account. For a user to be eligible, that person would need to have a minimum KCS holding of 6. That dosen't seem to be too much and also considering the fact that you get the reward by just Holding and wouldn'thave to stake or Farm thereby executing the need to wait for a specific time (also known as Redemption period). Another benefit enjoyed by KCS holders is the trading fee discount (of which I talked about earlier). Every Kucoin trader that holds KCS and wish to pay their trading fee in KCS enjoys a discount of 20%. This would have to be activated as it is not automatically configurated. Setting this up isn't difficult as it is boldly displayed at the top left side of your screen.
Security happens to be one of the most important factor in our every day life, the crypto sphere don't seem to be exempted either. The Kucoin exchange platform helps all their traders settle their Security needs as they require a pass code before any transaction can be executed and a verification code before a withdrawal can be executed. The Kucoin exchange platform also makes use of the Know Your Customer (KYC) but don't impose this on all traders. Non verified users (that is, traders that are yet to complete their KYC verification) have a limit of 1 BTC per day. This limit seems to be more than enough for an average trader.
Bonuses seems to be another topic that might interest a lot of crypro traders, I also happen to be guilty of that. Well, not to worry, the Kucoin exchange platform got that covered. The exchange platform seems to be very generous in distributing rewards and does this almost every time. I would be listing some of the Bonus opportunties, most of which I have benefited from. The first one is the Kucoin AMA (Ask Me Anything). The exchange platform has cultivated a habit of enlightening their users or traders whenever a new token is listed on the Exchange platform. They dont just get this enlightenment across but get it across the masses along with some rewards. I have been a beneficiary of this for quite a ot of time and seem to enjoy it. The next one on my list is the New listing trading competitions. The exchange platform seems to be popular with this. They always invite traders to trade a new coin or token listed and always have a huge price pool for that. Participating is as easy as buying a specific amount of the token and wait for the reward distribution. The next one on my list, which also seems to be the final one is Special days or celebrations. During special activities like Christmas, Eid, Thanksgiving, Easter, and a whole lot of others, they host special activities to celebrate this season and there's always a price poo associated with it.
The community an exchange platform has been able to build happens to be an important factor in determining your choice of exchange platform. The Kucoin exchange platform has been able to build a large community which also happen to be filled with Mods and Admins to help users out. Currently, their Telegram group has reached the limit of 200,000 members and their Twitter accounts also have a follower of 335,000. These communities have also been made active by the numerous activities they host. The Telegram group chat is where AMAs are held and they also host Twitter contest.
There's almost nothing in this life that has an advantage without a disadvantage. The Kucoin exchange platform don't seem to be exempted here. The only problem I seem to have with them is their support team, especially on Email. Their support team seems to be very slow in their response and users would have to remind them via Telegram sometimes. This problem seems to be one that is popular with big exchange platforms and I do hope the Kucoin exchange platform would work on this. Aside this, I don't seem to have any problem with the exchange platform.
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