KuCoin Review: Scam & Fake or not?

KuCoin is a well-known crypto exchange, also offering several other products such as trading bot, KuCoin Earn and NFTs.

But is KuCoin a scam?

No, it is not: According to our experience and review, KuCoin is a safe crypto exchange.

Sign up now at KuCoin!

Read our in-depth review of KuCoin to learn all the background.

If you have already had an experience with KuCoin, you can share it here.

Key Takeaways

• KuCoin is a safe cryptocurrency exchange that uses the most effective measures to protect your account and assets, which includes KYC, 2FA and reserve funds
• Even after suffering an attack in 2020, the company managed to recover and guarantee every user had their money. Learn about this and much more in our review
• During our KuCoin review, we discovered many investment opportunities and tools for efficient funds management. Sell or buy crypto using spot trading and manage your assets via debit cards

About the Company

KuCoin started operations back in 2017 when CEO Johnny Lyu created the company under the banner of Mek Global Limited/KuCoin Group. Currently, the KuCoin headquarters reside in Seychelles.

Lyu obtained a Bachelor’s degree at Chengdu Neusoft University and is also responsible for the daily operations of KuMEX and Pool-X.

Recent milestones achieved by the company include breaking 30 million KuCoin users on September 2023. This amounts to an incredible sum of $1,196,841,833 in trading volume daily.

These achievements come as no surprise, as the exchange has steadily risen in popularity since its creation.

Just in September 2021, the company exceeded a cumulative transaction volume of $500 billion.

It was also in 2021 when Forbes featured KuCoin’s CEO in an article highlighting how this trading platform is one of the top five worldwide.

Safety and Regulation

Like most crypto exchanges, KuCoin is not licensed by any reputable financial authority.

Nonetheless, the exchange has licenses in multiple jurisdictions, including Malta (Malta Financial Services Authority), Seycheless (Financial Services Authority of Seychelles) and the Cayman Islands (Cayman Islands Monetary Authority).

With that said, KuCoin doesn’t have any regulatory license in countries like the United States and Canada.

This is partially because of ambiguous laws around crypto, which complicates offering exchange services.

Despite the lack of regulation, KuCoin uses a myriad of safety measures to protect your account and your assets.

For instance, you can enable the Two-Factor Authentication (2FA) and comply with the Known Your Customer (KYC) policy.

The purpose of these features is to verify your identity, meaning only you can access your account.

This brings us to the next issue, the 2020 KuCoin hack. In this incident, hackers managed to break into the system and compromise approximately $281 million.

If this incident makes you skeptical about the security of using KuCoin, the response by the CEO and the team may make you think otherwise.

The company acted quickly, recovering the assets and making sure every user had their funds untouched.

Since then, KuCoin has improved its security and employed other measures to prevent similar events.

For instance, KuCoin has 1:1 on-chain reserves covering all assets to ensure liquidity and the platform allows users to verify asset data.

Transparency is key with cryptocurrency and KuCoin offers a transparent exchange platform with proper safety and security.

Accepted Countries

KuCoin welcomes people from more than 200 countries and regions around the world, but has also some restricted jurisdictions. This is why we checked the following countries:

• Australia – Sign-up is available
• Canada – Sign-up is available, but not for the province Ontario
• Ghana – Sign-up is available
• Hong Kong – Sign-up is not available
• India – Sign-up is available
• Ireland – Sign-up is available
• Kenya – Sign-up is available
• New Zealand – Sign-up is available
• Nigeria – Sign-up is available
• Pakistan – Sign-up is available
• Philippines – Sign-up is available
• Singapore – Sign-up is not available
• South Africa – Sign-up is available
• United Kingdom – Sign-up is available
• United States – Sign-up is not available

Remember that KuCoin requires identity verification, which inevitably means you must provide documents about your citizenship.

Therefore, the platform could enforce measures like freezing your money.

We highly encourage you to check the laws of your country regarding cryptocurrency. If the law isn’t clear or straight out forbids the use of crypto services, it’s better to avoid using this platform.

Trading Offer

According to KuCoin, you will find over 700 altcoins supported by this exchange.

These also include the most popular, like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Tron (TRX) and a wider range of cryptocurrencies.

Even more impressive is the fact that KuCoin supports more than 1,200 trading pairs.

While reviewing the offering, we found the exchange allows the most common ones like ETH/BTC but also less common trading pairs such as ETH2/ETH. Basically, the possibilities are pretty much endless. The following are some of the trading pairs supported by KuCoin.

• ETH/BTC
• TRX/BTC
• XRP/BTC
• DOGE/BTC
• MANA/ETH
• MATIC/BTC

Another interesting fact about KuCoin is that the exchange has its own cryptocurrency called KCS. KuCoin launched this coin in 2017 with the idea of turning it into a profit-sharing token for traders to get more value out of the exchange.

The KuCoin token is an ERC-20 token that runs on the Ethereum network and is therefore supported by Ethereum wallets.

There are a few benefits of using this cryptocurrency, such as receiving a trading fee discount for your transactions.

Trading Types

KuCoin offers one of the most complete exchange services with multiple types of trading opportunities. Let’s break them down briefly and find out how you can use these services to multiply your assets.

• Spot Trading
• Margin Trading
• Staking
• KuCoin Derivatives
• Lending
• KuCoin Earn
• P2P

Spot Trading

With this type of trading, KuCoin allows you to sell or buy assets at the current market price. The exchange is instantaneous, making it a good function to buy low and sell high.

Margin Trading

KuCoin also allows you to use extra for investments, which can be several times the amount of the initial money. Use these funds to maximize the use of your assets going long or short.

Staking

Use the Staking strategy to hold your cryptocurrency and earn rewards based on how well you do. If you change your mind, KuCoin allows a redemption period to redeem your assets any time you want.

KuCoin Derivatives

The derivatives offered by KuCoin consist of different tools you can use for profit. These tools include Futures Overview, USD-Margined Contracts, Coin-Margined Contracts, Futures Brawl, Futures Bonus and Leveraged Tokens.

Lending

Fling a request to lend money is a possibility at KuCoin. This is a tool we highly recommend if you value low-risk investments with stable returns.

Trading Software

KuCoin offers interesting technology that allows you to create bots designed for specific purposes. For example, you can create a Spot Grid Bot to sell high and buy low. Another popular one is the Futures Grid Bot, which evaluates market trends to earn profit.

These trading bots are available 24/7 and can comply with many orders to follow your trading strategy. Once you set the parameters and create the conditions, the bot will start to work and complete your order as soon as the market meets the desired conditions.

Some of the orders you can set are a Stop Limit Order to sell or buy assets at a specific price, a Market Order to buy or sell cryptocurrency under the current market price, and a Stop Limit Order to set limits and stop prices.

Thanks to this trading bot technology, KuCoin guarantees less manual work and more profit via accurate market data reading.

Other Products

The amount of products is another solid reason to use KuCoin. This exchange tries to go one step further by providing new and innovative ways to earn money, which we will explore here.

• Web3
• Crypto Card (KuCard)
• Referral Program
• NFT Support

Web3

The product named Web3 is the idea of advancing the internet era to an internet powered by the blockchain.

By using this product, you have more control over your data and access to features like Wonderland, fractional NFTs, Halo Wallet, and KCC to earn profit.

Crypto Card (KuCard)

The KuCard is a VISA debit card that you can use to make payments and pay with your digital funds. This product has a few advantages, such as converting crypto to FIAT instantly.

Additionally, you may be eligible for promotions like cashback or discounts.

Fees

The deposit and withdrawal fees set by KuCoin are standard and competitive compared to the cryptocurrency market. In this case, the platform offers a trading fee structure consisting of tiers.

This system rewards users with fee discounts based on different factors, such as the average monthly holdings of KCS or the trading volume from the previous month.

Similarly, using KCS to make payments reduces fee charges slightly.

KuCoin also sets fixed fees for makers and takers, which will vary depending on the type of crypto and its classification from Class A to Class C.

For example, KuCoin considers Bitcoin and Ethereum as Class A tokens. In this case, makers and takers at the lowest VIP level must pay 0.1% of KuCoin fees. If the makers and takers operate with KCS, they receive a 20% discount, making 0.08% the final fee charge.

Likewise, it’s necessary to pay a fee for withdrawals, which also varies depending on the crypto. If you operate with Bitcoin, you must pay 0.001 plus the amount by 0%.

The minimum amount for Bitcoin withdrawals is 0.0012 BTC. On the other hand, deposits do not carry fees.

The amount you pay as a fee can vary based on different things. But KuCoin does a good job of explaining how they decide on the fees so you can understand how much you’ll have to pay.

Payment Methods for Deposits And Withdrawals

KuCoin uses a payment system that allows you to buy cryptocurrency using FIAT currency like USD or EUR via VISA or MasterCard.

If you don’t want to use a credit or debit card, the exchange also supports e-wallets. Thus, you can deposit funds using Transfer Wise, Neteller, Skrill, Cash App and Google Pay.

The minimum deposit is $5 in FIAT, but it varies if you transfer cryptocurrency. You can deposit 0.001 BTC, 0.01 ETH, or similar amounts.

It will ultimately depend on the type of cryptocurrency you choose.

One thing we must point out is the deposit time, which can take up to three hours even if you deposit cryptocurrency.

The funds arrive eventually, but three hours is plenty of time, especially if you want to trade or sell to earn profits fast.

Withdrawal times are usually faster, taking from 30 to 50 minutes. However, other users have mentioned that they have experienced delays as well.

In some cases, KuCoin processed the withdrawals in two or three hours.

Mobile App

Whether you wield an Android or an iPhone, KuCoin’s got you covered.

Grab it from the Google Play Store for Android charm or the App Store if you sway with iPhone grace. Your gateway to crypto awaits on both paths.

This mobile application runs smoothly on the device, showing updated data about the market and offering access to all functions offered by KuCoin.

Drawing from our experience, the biggest benefit of this trading app is that it facilitates accessing your account.

You can scan the QR code and that’s it. It’s fast and allows you to manage your crypto asset collection and place orders remotely even when you’re not home.

Registration and Verification

Creating an account on KuCoin is a straightforward process. Still, using your account to the fullest will also require verification. Let’s start by registering an account.

• Go to the KuCoin website and click Sign Up in the upper right corner.
• The website will require you to provide an active email and then you will receive a verification code.
• Provide the verification code as required on the website and then fill out the form by submitting a password and agreeing to the terms of service.
• Alternatively, KuCoin allows you to create an account using your mobile phone number. The process is the same.

Once you have an account, you can sign in by scanning the QR code using your mobile phone. Otherwise, provide the credentials and access your new account using a browser on your desktop computer.

Then, we proceeded to verify the Kucoin account, an easy and smooth procedure.

• Log into your KuCoin account and click on your profile icon. Go to the Identity Verification tab.
• Once there, you must select your country and whether you prefer using your ID card, passport, or driver’s license to verify the account.
• Follow the instructions and submit documentation.
• You will also need to do a face recognition process, which you can complete using the camera of your mobile phone.
• Confirm everything is alright and submit your verification.

The time needed to verify our account was approximately three days, but in some cases, verification may take up to five days.

Taking the time to verify your KuCoin account is necessary to enjoy some extra benefits. Namely, your daily withdrawal limit will go from 30,000 USDT in an unverified account to 999,999 USDT in a verified account.

With your account registered, you can now use the service and its functions. Still, we recommend checking out the demo account.

The Demo Account offered by KuCoin provides an educational tool to understand the cryptocurrency market and how the exchange works.

With KuCoin Sandbox, you get to play around with trading strategies without risking your cash.

It’s like a practice ground where you can test out your moves and see how they work, all without any real money on the line.

We liked the KuCoin Sandbox demo account because it is a complete service, giving you access to more than 600 assets available on KuCoin and a range of products.

As a result, you can practice spot trading, margin trading, crypto lending, derivatives, P2P and much, much more.

This feature also includes the trading bot, another helpful product you must try to automatize your trading operations.

The KuCoin Sandbox is one of the best crypto demo account tools we’ve tested. Thus, it’s something we highly recommend whether you’re a beginner or an experienced trader.

Bonus for New Customers

KuCoin also offers a Welcome Gift of up to 700 USDT worth of profit to trade on KuCoin. This promotion consists of completing tasks, including creating an account, making a first deposit, completing a first trade and practicing pro trading.

As a condition, the KuCoin exchange exchange requires you to complete these tasks within 7 and 30 days following registration. Otherwise, you will miss the opportunity to claim these rewards.

Speaking of rewards, the Welcome Gift gives you access to the following benefits:

• USDT cryptocurrency is for you to use as you please, whether you want to withdraw, trade, or hold once you meet the minimum requirements.
• Coupons that you can use to get deductions for VIP trials, trading bot rebates, spot deductions and more.
• Other prizes, such as rewards, bonuses, cryptocurrency to use in KuCoin trading features, etc.

The Welcome Bonus is a fantastic incentive to use the KuCoin platform as a new user. In our experience, we can tell that the rewards are much better if you intend to commit to this exchange and use it regularly.

Customer Support and Languages

As for customer support, KuCoin offers educational resources and a bot where you can allegedly contact a human representative.

However, moving from the bot to an actual person is frustrating as the support team sometimes doesn’t respond.

Looking for options, we discovered that one of the quickest methods to get a response to your inquiries is by calling them out on social networks like Reddit.

When asked about this matter, a representative mentioned that they are late to respond because they get many messages daily. This could be true, as other people have stated they received customer support quickly.

In any case, the inconsistencies of the customer support service exist and it’s an issue to consider.

Conclusion

KuCoin comes as a worthy alternative that will allow you to sell and purchase crypto with opportunities for short and long-term profit.

With diverse types of trading options and multiple products to increase your assets, this cryptocurrency exchange remains at a decent level compared to the competition.

To answer if KuCoin is a scam and fake or not, we can safely say that it isn’t a scam.

There are some significant delays with the deposit and withdrawal times, which are the biggest disadvantages of KuCoin if you prefer faster processing times offered by another exchange.

Other than that issue, KuCoin is one of the largest exchanges that provide a smooth crypto trading experience. The platform is fast, smooth and well-made for new and seasoned crypto holders.

Sign up now at KuCoin!

We would like to hear your opinion. Join the conversation by leaving your comment in the section below and share your thoughts with us!

Frequently Asked Questions

Find the answers to the most common questions about KuCoin.

Is KuCoin safe and secure?

KuCoin is a safe and secure exchange platform that uses plenty of security features to protect your account and assets. Some of these features include KYC verification, two-factor authentication and website encryption. Our section “Safety and Regulation” shares more insight into this matter.

How long does the verification take with KuCoin?

Verifying your account with KuCoin takes approximately three days. Sometimes, the process can be faster. Find out more about this procedure in the “Registration and Verification” section.

How can I deposit money at KuCoin?

You can deposit money at KuCoin by making payments using VISA, MasterCard, Skrill, Transfer Wise and other e-wallets. Cryptocurrency deposits from a third-party wallet are also available. We cover this topic in more depth in our “Payment Methods for Deposits and Withdrawals” section.

How long does it take to withdraw money at KuCoin?

When you take out money from KuCoin, it might take around 40 minutes to three hours. You can check the part about how you pay and get money in and out in the “Payment Methods for Deposits and Withdrawals” section.

How does KuCoin work?

KuCoin offers a variety of services and products to maximize cryptocurrency trading. When you sign up for this platform, you can access trading features like P2P, Spot Trading, Margin Trading and other trading types to earn money in the short and long term. Read the “Trading Types” and “Other Products” for more information.

Allan Garland

I'm part of the crypto space since 2013 and I strongly believe in it. But I also know how it feels to get scammed and to realize financial losses. With my website Cryptoscam.info I want to support you to stay safe and to give you a platform to share your experiences.