KuCoin is a centralized cryptocurrency exchange created in 2017 with the goal to be a “simple and safe platform for people all over the world” to trade various digital tokens and cryptocurrencies. it boasts that one out of four crypto holders worldwide uses KuCoin, holding 25% of all crypto users. It also supports over 500 cryptocurrencies on its site and has the largest social trading platform online.
KuCoin has a lot of commendable features. KuCoin is known for its low trading fees, especially relative to other crypto exchanges like Coinbase. It has also launched a trading bot feature that automates buy and sell orders based on the user’s preferences and market analysis. It also highlights more obscure cryptocurrencies that are not available in other exchanges.
The crypto exchange platform is beginner-friendly. It has simple registration and know-your-customer process. The exchange is also available as an app, making it more accessible to users. However, the exchange is not licensed in the US.
The organization says that it uses bank-level data encryption and security and specialized risk control departments to ensure that its users’ funds are safe. However, in 2020, $281 million was stolen by hackers. Fortunately, it was able to recover 84% of the stolen funds and refund the customers.
The KCS Token
KuCoin also lets its users earn interest by staking some of the assets. The KCS is the native token of KuCoin. It is used to pay trading fees, participate in token sales, and receive more benefits. Some of the benefits of holding KCS are the daily cryptocurrency bonus, a trading fee discount, and access to more trading pairs.
In 2021, KCS experienced exponential growth. It had over 3100% price rally of KCS, 300+ new listings on the platform, and reached 10 million registered users. It launched new features including the trading bot, leveraged tokens, and a play-to-earn product called KuCoin Win. According to the KuCoin blog, they are planning to expand its decentralized products and services including wallets, NFT markets, GameFi and Social Fi. It also aims towards more decentralization.