What is Kucoin Token-A Beginner’s Guide to KCS
Kucoin is a major cryptocurrency exchange that offers advanced services to new and seasoned cryptocurrency traders. Compared to other cryptocurrency exchanges, it offers a significantly cheap trading fee. Also, they offer hundreds of cryptocurrency pairs to trade.
They can also employ margin and future services to increase their earnings. People unable to trade actively can also benefit from the exchange’s passive income alternatives. However, because it’s not licensed in the United States, it’s a less appealing alternative for US-based cryptocurrencies. KCS is the main token of this crypto exchange, which can be used as a payment mechanism and exchanged for other cryptocurrencies.
What Cryptocurrencies are Available on Kucoin?
On the Kucoin exchange, traders may trade over 750 cryptocurrencies. Some of the most popular cryptocurrencies accessible on this exchange include Bitcoin, Ethereum, Polkadot, Solana, Matic, Cardano, LTC, and Decentraland. Traders can select from a wide range of trading pairings, including BTC, ETH, KCS, and USDT.
How Does Kucoin Work?
The Kucoin website and mobile app allow users to trade the cryptocurrencies offered on this exchange. Users only need an email address to set up an account. They aren’t required to go through a KYC verification process. To keep their account secure, customers can activate the two-step verification process.
Additionally, individuals who have unverified accounts can only access the exchange’s basic services. Users of Kucoin can store their assets on the exchange or connect their accounts directly to a third-party wallet.
Since Kucoin is a centralized exchange, it’s preferable to link the account to a decentralized wallet. Therefore, in the event of a hacking attempt, users bear the risk of losing their assets. To protect their money, those who don’t have a decentralized wallet can link their account to Google Authenticator.
Kucoin trading fees
For spot and futures trading, Kucoin employs a maker-taker model. Trade fees range from 0.1% and 0.16% of the trading value. Users who pay their trading fees in KCS tokens receive a 20% discount.
Users can also save money on trading fees if they have more than 1,000 KCS in their wallets. When a user creates an account on Kucoin, they have 0 Levels. The level rises with time, which eventually aids in the reduction of trading fees. The level can reach a maximum of 12.
Holding KCS for a longer period is one of the most effective techniques to boost Kucoin’s level. Users can purchase USDT straight from Kucoin with their credit or debit card. This transaction will involve a trading fee of 1%-3% of the entire transaction value.
Trading Bot is one of Kucoin’s outstanding features since it allows users to trade cryptocurrency without constantly looking at the screen. Depending on the range set by the users, the bot automatically purchases low and sells high. Users can also employ the Dollar-cost Averaging trading bot.
The trading bot can also be utilized for future trades, allowing traders to open short positions when certain criteria are satisfied automatically. Tutorials for using a trading bot are available on the Kucoin official website.
Large user base
Kucoin has a large user base, which adds liquidity to the market. By trading online, traders can instantaneously exchange their cryptos into fiat currencies. Another advantage of having a strong user base is that traders can connect to learn about new elements of the cryptocurrency market.
Earn passive income
Users can earn incentives on their cryptocurrency holdings by staking their crypto assets through Pool-X. Traditional staking is an expensive approach because investors must own a large number of tokens in to take part in the validation procedure of various crypto projects.
Pool-X, on the other hand, allows them to join in this procedure with minimal investment. The best thing is that users will not be concerned about losing their staked tokens. Pool-X is similar to a mutual fund in that it collects cash from a group of individuals and invests them in the best possible places to earn money.
The earned money from the investment is afterward distributed evenly among the investors. Pool-X, on the other hand, solely invests in the parent project, whose governance tokens are staked by community members. ICP tokens cannot be staked anywhere else; therefore, if people stake them on Kucoin, Pool-X would only stake the tokens in the Internet Protocols.
Users must lock their tokens for a set length of time. It could take between one and three months. Users can claim their tokens before the end of the time, but they will not be rewarded for doing so.
Kucoin Crashing Issues
Kucoin’s tendency to crash the market anytime it makes a big move is one of its drawbacks. People could not finish their trades when the cryptocurrency market crashed in the first quarter of 2021 because Kucoin had stopped functioning due to high traffic. The corporation then asserted that they had resolved the issue and that it won’t occur again.
But once more, the traders faced the same issue in the fourth quarter of 2021. However, Kucoin swiftly resolved the issue. Nevertheless, many traders lost money since they could not quit at the proper time. The Kucoin team is currently striving to develop a long-term solution so that users won’t have to deal with such issues in the future.
One of the most well-known cryptocurrency exchanges is Kucoin, which allows users to trade more than 750 cryptocurrencies with flexible trading fees. The complex features that Kucoin offers, such as bot trading and staking, benefit both short-term and long-term holders. If you want more details on how Kucoin operates, don’t hesitate to contact us.