Although not in the top-tier exchanges, but Kucoin in some ways is still chosen by many people because of the reputation created from its relatively long birth. This article will help you understand:
- What is Kucoin exchange? What are the advantages and disadvantages of the floor?
- Kucoin exchange instructions: account registration, identity verification, deposit and withdrawal transactions, ...
- Some outstanding features of Kucoin: Lending, Lucky Raffling, Spotlight and Pool-X
- Finally, there are frequently asked questions about the Kucoin exchange.
Let's find out together!
What is Kucoin exchange?
Kucoin exchange is a centralized exchange established in 2014. This is one of the CEX representatives from the country of billions of people - China, next to Binance and Huobi. Compared to other exchanges, Kucoin also has full features from Spot trading, derivatives, to many other extra features such as lottery, Staking, etc.
Kucoin Review - Kucoin Review
Advantages
- Diverse features, even a lottery.
- Supports multiple languages and currencies.
- Perhaps because the popularity is not equal to the Binance exchange , this inadvertently creates the advantage of easier listing projects on the Kucoin exchange, from which users can trade more conveniently.
- Liquidity is always in the top 10 exchanges with the largest trading volume in 24 hours.
- Support trading by Bot with many strategies.
- The information of the exchange such as products, transaction fees, ... is neatly presented at the bottom of the homepage, helping you find information easily.
- The Staking feature that can be traded in the Pool-X product is an advantage that no exchange has yet.
- There are mobile apps in both iOS and Android.
Defect
- Can't customize the light/dark interface on the homepage. Each interface of different products will have different light / dark options which is quite annoying.
- Each time you withdraw money, you have to enter a lot of codes.
Types of fees on the Kucoin exchange
Transaction fee
Kucoin exchange divides up to 12 tiers of transaction fee discounts based on the number of KCS brothers have, as well as the trading volume in the last 30 days. See details here .
Deposit fee
Similar to other exchanges, Kucoin exchange is free when depositing money into the exchange, but charges depending on the token/coin when withdrawing.
Instructions to register for Kucoin exchange
Preparation before registering for Kucoin exchange
To register for the Kucoin exchange does not take much time, prepare a few things in advance according to the following list:
- Frequently used email address (or phone number).
- A photo of the ID card includes: 1 photo of the front, 1 photo of the back and 1 selfie photo with the front (I will guide you in detail in the following part). You can use your Citizen ID card or Driver's License.
- The phone comes with the Google Authenticator or Authy apps pre-installed .
Step 1: Sign up for a Kucoin account
To register for Kucoin exchange, please visit: https://coin98.xyz/kucoin
Click the Sign Up button on the right corner of the screen to register.
Here you can register an account by phone number or Email . Then click Send Code .
Register Kucoin with Phone Number
The Kucoin exchange system will send a 6-digit code via text message or email, you check and enter that code in the Verification Code box below to confirm. Note that the code will expire within 60 seconds, if 60 seconds is over, you need to click Send Code to have the exchange resend the code.
Then enter the password and referral code (if any) in turn. ⇒ Select Sign Up to complete the Kucoin account registration.
Register Kucoin with an Email account
So you have completed the registration of Kucoin exchange and can start trading coins on the exchange!
Step 2: Identity Verification - KYC
First, you need to know what KYC is , KYC (Know Your Customer) is the process of collecting identifying information related to customers of a certain service. The basic information that is usually collected is a portrait photo, identification number, passport, address, etc.
The purpose of the KYC process is to remove unqualified people from using a certain service. With different units, these standards may be different.
To KYC your account on Kucoin exchange, you do the following steps:
From the homepage interface, point to your personal account and select KYC Verification .
Select Start Verification to begin the KYC process.
In this step, you in turn enter the following information:
- Country/Region of Residence: Country of residence or Region of residence.
- First Name: Name.
- Last Name: Last Name .
- Identity Document Type: Type of document for authentication, here I choose ID Card, ie People's Identity (CCCD).
- ID Number: Enter the CCCD number.
Then select Submit .
After submitting, you have completed KYC level 1 and receive benefits such as:
- Withdraw up to 5 BTC per day.
- Trade Future with leverage up to 100x.
- Trading limit per day: 1,400 USDT.
However, if you have higher needs, you can continue with KYC level 2 steps according to the instructions below to get more benefits such as:
- Withdraw 200 BTC per day.
- Trade Future with leverage up to 100x.
- Trading limit per day: 70,000 USDT.
Select Continue to Get More Benefits .
Next, you in turn provide images including:
- Front + back of the document that you have provided ID above.
- A photo of a portrait of a brother holding that document together with a handwritten sample of paper with the content: signature + given code + date . For example, I would write: Vy “CH0NEU” 2021-09-27.
Note: If it is not convenient to upload photos by computer, you can download the KuCoin App to scan the QR code next to it and complete KYC right away by phone. Download the KuCoin App here .
Step 3: Activate 2FA security on Kucoin exchange
The first thing you should do after registering an account is to activate the two-factor security code (2FA) for your Kucoin exchange account to increase security. This code will be used every time you log in to your account, withdraw money, create APIs, etc. and can freely switch to SMS verification mode (reverse).
To enable 2FA for your Kucoin account, follow these steps:
In the personal account section , select Account Security .
Select Set in the Google Verification section.
Select Send Code and enter the 6-digit code sent to Email or text message in the box next to it.
In this step, you can use Google Authenticator or Authy for security.
- Step 1: Scan the QR code or enter the Keys to add a Kucoin security account on Google Authenticator/Authy.
- Step 2: Enter the 6-digit code on Google Authenticator/Authy in the 2-FA Code box . This code is only valid and changes every 30 seconds, so please remember to enter the correct code!
- Step 3: Click Activate to activate security.
Note: You should save the text code (also known as Backup Keys) carefully on paper, in case you lose your phone or have a problem later, you can still restore it and log in. Kucoin account.
At this point, the Google Verification item in the account will change to the Change state . That is, you have completed 2FA security activation with your Google Authenticator/Authy account.
Besides 2FA security with Google Authenticator or Authy, you can also increase the security of your Kucoin account, by activating some forms of security such as: Phone number (Email), Transaction password , Deny other login IP,…
Instructions for depositing & withdrawing money on Kucoin exchange
Recharge
From the homepage of Kucoin exchange, you choose Asset → Main Account (Deposit & Withdraw) as shown below.
Want to send any coin, you just need to enter the token code of that coin in the search box.
Here, I give an example with BTC. For the other coins, you do the same.
Enter BTC and select Deposit .
The next thing you need to do is deposit Bitcoin (BTC) into the wallet address displayed.
Note: As the wallet address of any coin you just send that coin, don't send it to another coin.
Withdraw money
This withdrawal step is almost the same as depositing. But instead of " Deposit ", you choose " Withdraw ".
Then, you enter your wallet address in the " Wallet Address " box, enter the amount to withdraw in the " Amount " box.
Finally, you choose " Withdraw ".
Buy and sell coins
To buy and sell coins, you choose Market.
Then there will be an interface that displays a lot of assets, you choose the property you want to trade by directly clicking on the property, or searching on the search box.
Or alternatively, you choose to go to Trade → Spot Market as shown below.
Below I will guide specifically about the trading interface:
[1]: Details of the order being placed, can be buy or sell.
[2]: Details of the order to trigger close. Use to take profit or stop loss
[3]: Order history.
[4]: Transaction history.
[5]: Switch between Spot and Margin states.
[6]: Example of a pending order to sell.
[7]: Where to install buy/sell orders.
[8]: Where to install the Margin command with the lever corresponding to the number x is written.
[9]: Switch to the Futures interface.
[10]: Switch to Bot trading interface.
[11]: Where the user chooses to pay transaction fees in KCS or not.
[12]: Each transaction requires you to enter the transaction password.
Types of orders to know when trading on Kucoin
Limit Order - Limit Order: Limit Order c allows users to manually set the buy/sell price they want. The limit order will only be executed when the market price reaches the previously set limit price.
Market Order: Allows you to quickly buy an asset at the time of placing an order. Usually trades on market orders will be executed immediately and always become the top priority in all pending orders.
Stop Limit - Stop Limit: This order will have 2 prices: Stop Price (Stop) and Limit Price (Limit). When the price has reached the stop price, the limit order will be immediately pushed to the order book and waiting for order execution.
Stop Market - Market Stop Order: This order will also have 2 prices: Stop Price (Stop) and Market Price (Market). When the price reaches the stop price, the market order will be triggered and executed immediately.
The above commands will be displayed in the Spot and Margin frames, when you enter the successful transaction password.
Instructions for trading on Kucoin exchange
Leverage Trading - Margin Trading
You can trade Margin by going to the trading screen as I mentioned above, switch to item [8] to place an order.
Or alternatively go to Trade → Margin Trading . Then place the same order.
Trading Bot - Trading Bot
You choose Trade → Trading Bot .
With bot trading, you need to choose a trading strategy that suits your needs, including:
- Spot Grid (or Grid Trading ): A trading strategy based on price movement in a predefined grid pattern.
- DCA: Divide the investment capital into several parts in a fixed, regular way over a long period of time.
- Futures Grid: Grid Trading with leverage.
- Smart Rebalance.
In which, DCA, Future Grid, Smart Rebalance require you to download the Kucoin application to your device, and Spot Grid can immediately create a Bot on the homepage.
Trade Futures - Trade Future
You can trade futures contracts by going to the trading screen as I mentioned above, switching to [9] to place an order.
Or alternatively go to Derivatives → Futures Lite or Futures Pro . Both are similar in terms of features, only Futures Lite has a simpler interface.
You fill in the price, quantity and desired leverage to trade. Then click Buy/Long or Sell/Short to complete the order.
Instructions for using the extra features on the Kucoin exchange
Get Kucoin ref link to introduce
On the main Kucoin interface page, click Finance → Refferal .
You can copy the link or give the QR code to your friends to register.
Kucoin Lending
If you have assets that you want to hold for a long time, you can use the Kucoin Lending service to lend your property to receive interest.
You click Finance → Crypto Lending .
Then, you choose the asset you want to lend, enter the necessary information such as the amount, the loan period, then click Lend USDT (if the asset is USDT) to complete.
Lucky Raffling
Lucky Raffling is a lottery feature of Kucoin, suitable for those who like the style of "all-or-nothing".
To participate, you choose More → Lucky Raffling .
The interface of Lucky Raffling is quite simple, you just need to select the game, then click Buy Now to buy tickets.
Spotlight
Not to be inferior to other exchanges, Kucoin also has a separate area for the distribution of new project tokens ( IEO ), which is Spotlight .
To participate in receiving these tokens, click More → Spotlight .
After that, you will be taken to the interface to select the project you want to participate in, as well as the projects that have been launched before. You just need to click on the project you want to join to read information and how to participate.
Note: To join Spotlight on Kucoin, you need to KYC before.
Pool-X Kucoin
Pool-X is Kucoin's Staking system. Different from the Staking features on other exchanges, Pool-X allows brothers to Staking assets, and at the same time can buy and sell assets after this Staking, which can be understood like Liquid Staking.
Learn: What is Staking? Staking guide for beginners A - Z
To access Pool-X, in the More section , choose Pool-X Earn or go quickly by clicking here .
Staking
To find assets that support Staking on Kucoin or want to participate in Staking, click Earn .
Scroll down, you will see the Staking section , select More to see more coins/tokens that are supported staking on Pool-X.
Next, you can search for the coin/token you want to stake by searching in the Search coin/token box , then select Subscribe and the amount you want to stake.
For example, here I Stake ADA, I will enter the amount of ADA I want to staking, select I have read and agreed with… , then Subcribe is done.
Exchange
If you want to exchange assets after Staking, click Exchange .
BurningDrop
With the BurningDrop feature, you lock a certain token in, and you will receive an interest in another token.
For example: ETH key to receive XNL, KCS key to receive XNL, etc.
Polkadot
In addition, Kucoin also supports Polkadot's Crowdloan, Kusama. If you want to participate, click on Polkadot, select the project you want to support and lock KSM/DOT.
ETH 2.0
Besides Polkadot/Kusama's Crowdloan, Kucoin also supports Staking for ETH 2.0 . You choose More → ETH 2.0 to start Stake ETH.
And to participate in transactions on Pool-X, you use another currency, which is POL. POL details are as follows:
Token Pool-X (POL) Information
1. POL rate today
Currently, you can track the price of POL tokens on Coin98 Markets right here: https://markets.coin98.com/currencies/proof-of-liquidity
Coin98 Markets is a page where you can update real-time prices as well as view detailed information about Token Metric of a project. In more detail, you can visit the homepage and community page of the projects or filter the coins/tokens by Marketcap, Transaction volume,...
Update POL price continuously at Coin98 Markets (updated: September 28, 2021)
2. POL Key Metrics
- Token Name: Proof Of Liquidity.
- Ticker: POL.
- Blockchain: Tron.
- Token Standard: TRC-20.
- Contract: TWcDDx1Q6QEoBrJi9qehtZnD4vcXXuVLer
- Token Type: Utility.
- Total Supply: 1,000,000,000 POL.
- Circulating Supply: 221,320,000 POL.
3. POL Token Allocation
- Staking Mining: 50%.
- POL POS Node Mining: 28%.
- Budget System: 20%.
- LockDrop: 2%.
Distribution POL
4. POL Token Sale
POL has no Token Sale
5. POL Token Release Schedule
Here is a graph of the correlation between POL circulation and time:
POL unlock time
Here is a chart of POL Mining:
Amount of POL Mining over time
6. POL Use Case
POL is used to:
- Making transaction currency in Pool-X.
- Staking as Node.
7. How to earn and own POL
You can buy and sell Staking and Stake POL tokens to receive POL, or buy on the exchange.
8. Storage Wallet & POL Token Exchange
You can trade and store POL on Kucoin exchange. In addition, POL is a token of TRC-20, so it will also be stored on Coin98 Wallet according to the following steps:
- Step 1: At the main interface, select Receive .
- Step 2: Enter POL in the search box.
- Step 3: Copy the wallet address and send the POL token to this address.
9. Roadmap & Updates
- Initial POL distribution via LockDrop.
- Distributing POL through Staking.
- Launching access to Pool-X Full Operational Chain via POL.
- Launch and setup POL Nodes.
- Develop POL-chain, start decentralized management.
Kucoin exchange FAQ
Is Kucoin exchange reputable? Has it been hacked?
Kucoin is one of the exchanges that have been around for as long as Binance, so although not as good as Binance in some aspects, it can be said to be reputable. As for hacking, Kucoin has not been hacked so far.
Which country's Kucoin exchange?
Kucoin is an exchange from China.
What is Kucoin Token?
The token of Kucoin is KCS (Kucoin Shares) . The use of KCS is:
- Raise your tier to reduce transaction fees.
- In addition to the tier fee reduction, if you choose to pay transaction fees with KCS, you will receive an additional 20% discount. If your tier paid less than 0.02%, there will be no 20% discount.
- Participate in some activities in Pool-X like other regular tokens.
- Hold KCS (no need to Stake) still receive KCS bonus that comes from sharing 50% of Kucoin's transaction fee profit.
- Similar to the FTT of the FTX exchange , you can convert the small amount of excess tokens each time you sell into KCS to compact your Portfolio, as well as help these tokens have other uses.
Is KYC required to withdraw?
No KYC is required to withdraw, but if KYC, you will get more withdrawals.
What is the deposit and withdrawal limit of Kucoin exchange?
Depending on whether there is KYC or not, the deposit and withdrawal limit will be different. Details have been outlined above.
What is Kucoin App on Android & iOS?
You can go to this link to download Kucoin's application on your phone by scanning the QR code, or you can go to the App Store or Google Play to search for Kucoin.
Does Kucoin exchange have an IEO?
Kucoin exchange has an IEO, which is the Spotlight section I mentioned above.
Epilogue
Currently, I only trade on Binance and Kucoin exchanges. Bittrex exchange only uses when the altcoins you want to buy are not listed on the two exchanges above. KuCoin is a spot trading platform that only trades crypto-crypto, brothers who want to trade margin with leverage can choose exchanges: Snapex, FTX, BitMax, ..
So, Coin98 has introduced you to the Kucoin exchange and the most detailed instructions for trading on the Kucoin exchange, if you have any questions or problems in the process of using Kucoin, please comment below. for immediate help!
