Detailed Review of Exchange KuCoin
KuCoin exchange offers spot, margin, futures, and peer-to-peer (P2P) trading in addition to traditional cryptocurrency trading options. The company was founded in 2017 and is based in Victoria, Seychelles.
KuCoin is known for its IEO token launch platform. Cryptocurrency lending is another unique feature of the KuCoin exchange. Additionally, KuCoin users have access to many platform features, such as purchasing cryptocurrencies with credit and debit cards, staking rewards, zero-fee crypto swaps, and much more.
In the future, the team at KuCoin aims to transition to a fully decentralized exchange model.
Currently, KuCoin operates on a centralized model, attempting to replicate best practices from traditional asset exchanges, including specialized teams for risk management and compliance. These teams are responsible for internal controls and interdepartmental reviews aimed at reducing fraudulent activity on the platform.
Advantages
- Low fees
- Wide selection of coins
- Accessible staking
- Advanced trading options
- Fast customer support
Disadvantages
- Emails: Several users noted that the provider sent them numerous promotional emails even after multiple attempts to unsubscribe.
- Slow periods: Some users reported that during high transaction volumes, the service became overloaded and operated slowly.
KuCoin's Native Token
KuCoin has its own native token, KCS (KuCoin Shares). Holders of KCS cryptocurrency enjoy several benefits:
- Receive daily cryptocurrency dividends amounting to 50% of collected trading fees.
- Discounts on trading fees (minimum 1,000 KCS - 1% discount; maximum 30,000 KCS - 30% discount). The system takes a snapshot of users' KCS holdings daily at 00:00 (UTC+8) to calculate the applicable discount rate.
- Exclusive perks and offers for KCS holders (check the KuCoin website for updates).
KuCoin Shares (KCS) is the exchange's token used to reward users and attract new clients. Users holding a certain amount of KCS in their accounts are eligible for discounts on trading fees. Additionally, KCS holders receive daily dividends, known as KuCoin bonuses, equal to 50% of the trading fees on the exchange. Those who bring new users to the platform are entitled to receive 40% of the commissions, while the exchange retains the remaining 10%. Dividends are paid out in the currency that was most traded throughout the day.
KuCoin Referral Program
To encourage referrals, each user receives a registration link that they can share. Referral bonuses are awarded for both direct and indirect activity. Users earn bonuses based on the activity of their referrals and all new users that their referrals add to the platform.
Users with a sufficient amount of KCS in their exchange account receive discounts on trading fees.
While trading discounts and referrals are the current use cases for KCS, KuCoin plans to utilize the token for transaction payments after launching a fully decentralized platform. As of the time of this report, the current trading fees on the exchange are 0.1%.
