Just like there has been an explosion in cryptocurrencies, the same thing is happening in the crypto markets. One of the latest entrants in the crypto trading platforms is the KuCoin. We take a deeper look at the platform to establish what exactly it is, how it operates, and the main features.
What is KuCoin? How does it work?
KuCoin is a Hong Kong-based cryptocurrency exchange platform that was started on the 15th of September 2017. To encourage traders to trade more and refer others, the platform provides them with shares or token (discount on the trading fees).
The exchange target providing a more user-friendly platform compared to the conventional exchanges that people are used to. About 90% of the trading fee collected on the platform is shared with users. The team targets achieving this through progressive review system update and changes in line with customer needs.
The management team of the KuCoin platform comprises of experts in cryptocurrencies, e-commerce, and blockchain technologies. These include Michael Gan (financial expert), Eric Don (internet and systems architect), Top Lan, John Li, and Jack Zhu. Though the exchange is only a few months old when this review was done, there is no doubt that the energy demonstrated by the team is likely to take the organization very far.
To start using the network, you need to have a cryptocurrency wallet. If you do not have one, consider the KuCoin wallet. Besides, you can also start on the network because it has a native crypto coin (KuCoin shares). This is a very effective entry point for new traders because they can learn progressively before trading in more advanced and valuable assets such as Ethereum and Bitcoin.
The core features of KuCoin exchange
The KuCoin referral system
This is a unique model of attracting new traders to the KuCoin network. Instead of using a lot of funds in conventional marketing, KuCoin encourages users in its system to refer new clients. In return, those who introduce new clients are given a reward.
To make KuCoin exchange more effective and deliver greater value, its team released a fully decentralized cryptocurrency referred as KCS. This is the native asset on the KuCoin platform. KCS rides on the Ethereum platform as opposed to its platform. If you use KCS tokens on the exchange, it comes with massive benefits such as bonuses on the income generated from fees, special services, and reduced trading fees.
When KCS was released, KuCoin targeted the total supply to be only 200 million. This means that only 200 million KCS will ever exist in its network. The tokens were released in 3-phases; phase one (70 million), phase two (30 million) and phase three (100 million).
To make their services more elaborate and complete, KuCoin also serves as a cryptocurrency wallet that stores the clients’ private and public keys. These are only known by the wallet and the user. The wallet makes it easy to trade in the KuCoin network as well as other cryptocurrencies. Unlike other wallets, the KuCoin wallet makes it easy for auditing by your bank for compliance with tax-related issues.
KuCoin mobile apps
The KuCoin exchange team believes that it can only advance to the next level by embracing the mobile platforms. It has created elaborate apps for people to trade using all types of mobile devices. Whether you are on iOS, Android, Windows of other operating systems, there is an appropriate app for you.
Pros of using KuCoin
- The cryptocurrency network provides an exchange platform with the latest features. Users are sure of enjoying the latest features including security features such as multilayer-encryption and advanced wallets.
- The exchange utilizes unique operational strategies that guarantee better results. They use referral bonuses and incentives among others to attract and retain clients. These methods will be very helpful in driving growth.
- High-performance system for progressive growth. The KuCoin exchange team uses a multi-layer and multi-cluster design that provides bank-level proof in all the centers. This means that the system can handle multiple tasks to guarantee users of better UX.
- High-level system security. The exchange uses the recommended industry standard encryption protocols and multi-layer clustering to guarantee users of utmost security for their operations. Besides, the native asset and entire network employ additional encryption to protect clients’ details. This means that both the altcoins on the network and personal details will always be safe.
- Multicurrency support. Today, KuCoin exchange allows traders to work on the top cryptos including LTC, ETH, OMG, PAY, BTC, BHC, BTM, and KNC among others. By the close of 2017, the platform targets offering exchanges in more than 50 crypto assets. Ultimately, it targets ensuring that users can trade in more than 1000 assets for greater independence and profitability.
Cons of using KuCoin Exchange
- While KuCoin exchange technologies are no doubt highly advanced, the system is too young to draw any conclusion. This has made even those entering and using it to focus on testing what new offers are available.
- While the platform and its native asset (KCS) are aimed at taking cryptocurrencies to the next level, the promise to open up for bank scrutiny could compromise the focus of anonymity that is espoused in the Ethereum network. If the KuCoin wallet is available for bank auditing purposes, the personal details as well those of other involved traders could get revealed.
- While the exchange team has tried to make everything easy for new users, the process is still complex. Though a person coming from another trading platform might get the concept easily, those new to cryptocurrencies might get stuck. However, users can easily reach the support on the chat to get any issue solved any time of the day or night.
The KuCoin exchange is one of the emerging giants that appear focused on dislodging the traditional leaders. From its design to operational teams, KuCoin has the potential and goodwill to become the best platform in the cryptocurrency industry. However, it is advisable to take the exchange with a lot of caution because it is new and most of its features are still under construction and testing.