KuCoin cryptocurrency exchange can be a good choice for you as a user because of quite a number of reasons. Founded in 2017, KuCoin offers vast and many crypto investment options that obviously includes trading. It enables its users to have access to more than 500 coins, coupled with its amazing low charges on trading and other crypto-related transactions. Its centralization allows trades via a third party, offering added security.
More so, it issues its users the ability to stake for profit, and as well offers Free Tether (USDT) coins to new users when they sign up. It as well features advanced trading options, which include futures and the ability to trade on margin and leveraged coin options, giving users the chance to multiply their returns via borrowing.
Its Trading Bot feature automatically helps users to trade, coupled with an advantage of free deposits for users. KuCoin also offers multiple opportunities to earn additional tokens through cloud mining, pooling, and crypto lending, among others. However, this array of great features from KuCoin doesn’t make it this kind of crypto exchange with zero defects; it has its cons that will definitely be discussed in this article.
No Fiat Currency
One of the downside of using KuCoin is that the exchange doesnt work with fiat currency. So, youll need to use a different service to get Bitcoin or Ethereum before trading on KuCoin. While most digital coins can be purchased with BTC or ETH only, some cryptocurrencies can be bought with NEO, USDT, or KCS.
License Concerns
As it stands, KuCoin is not regulated by any national licensing bodies, and this had been a great concern to many users specifically in some regions who with this are not fully assured of their assets security, as compared to the level of insurance that traders will get with a regulated exchange. Hence, there is no form of strict verification, thereby supporting anonymous trading. For instance, KuCoin doesn’t have the U.S/New York’s BitLicense, so does not support the sign up of New Yorkers, as well as other U.S residents, excluding them from its KYC countries list.
Related:
- Is Kucoin available in UK?
- Is Kucoin available in India?
- Is Kucoin available in Malaysia?
- Is Kucoin available in Canada?
- Is Kucoin Good for Day Trading?
- Does Kucoin Reports to IRS?
- Is Kucoin available in Pakistan?
- Is Kucoin Available in Kenya?
- Is Kucoin Available in Indonesia?
- Is Kucoin Available in Iraq?
Concerns on Who Kucoin is best for
Even though there has been reports that activities like deposits, completing a trade and the likes makes KuCoin a simple and easy to use platform, yet reports has it that its interface is not user-friendly and features a lot of advanced trading options which makes KuCoin very difficult especially for those who are more on the beginner end of the spectrum. Its therefore difficult to navigate for new crypto investors and traders, making some concerned users conclude that the platform is best for only experienced and expert investors and traders. The platform as well as has limited educational resources for new traders.
Issue of Trading Volume
It was gathered that the average trading volume at KuCoin is in the tens of millions, which is a lot less than bigger exchanges like Binance. This low trading volume can be an issue sometimes, from the point of view that there is no enough liquidity. Trading only small amounts might not be an issue, but exchanging very large quantities could be a problem, of which KuCoin at this particular point might no longer be the best exchange for you to use.
Kucoin users can also experience some difficulties during high-traffic periods.
Calculate Your Crypto Tax:
- us crypto tax calculator
- crypto tax calculator India
- Crypto tax calculator uk
- Crypto tax calculator Canada
- Crypto Tax Calculator Australia
- Crypto Profit Calculator
- NFT Tax Calculator
Final Thought
Everything with an advantage definitely comes with a disadvantage, it’s therefore best for you as a crypto trader to be very meticulous and articulate in your dealings; choosing what’s best fitted to your plans at the set time.
Related: