Leading personal financial services’ evaluator, the Ascent, has named KuCoin crypto exchange the best cryptocurrency app of 2022. Three of the factors on which Ascent ranked KuCoin Exchange are security, trust and usability – all of which are paramount to any cryptocurrency exchange.
As far as security is concerned, besides all the basic safety parameters, KuCoin Exchange has its own internal-risk control departments that work round-the-clock to ensure everything is in check.
In terms of usability, besides its simple and straightforward interface, features like the trading bots, copy trading and social trading come in handy for new users dipping their toes into cryptocurrency trading for the first time.
In this 2022 review, we will find out how KuCoin Exchange safeguards users’ assets with its risk management protocols and systems. At the same time we would review the features that make KuCoin cryptocurrency exchange an extremely usable app for beginners.
About KuCoin Exchange
Launched in 2017, KuCoin Exchange has over 10 million users active across 207 countries. The exchange houses over 600 digital assets and 1100+ trading pairs. Currently, the platform offers P2P fiat trading, staking, spot trading, lending, crypto derivatives and margin trading.
Security Features to Look Out For: I.D Verification
KuCoin Exchange offers trading services to its users even without a KYC verification, but with a daily withdrawal limit of 2 BTC. The platform takes ID verification seriously, and despite allowing unverified accounts, it lays emphasis on completing KYC verification.
To that aim KuCoin Exchange allows more benefits to fully verified accounts. For example, only KYC-verified account holders are allowed to buy digital assets using fiat money. It allows traders who have completed their KYC2 verification to withdraw upto 3000 BTC per day. On the other hand, account holders with KYC done till level 1 get a daily withdrawal limit of 200 BTC.
Risk Control System
KuCoin Exchange partnered with Onchain Custodian, a Singapore-based crypto asset custody platform in April 2020 with the aim of securing the exchange’s crypto assets. Additionally, KuCoin Exchange also works in collaboration with US-based insurance brokerage firm Lockton, to support the said custodial funds.
Additional Security Measures
Here are some additional features KuCoin Exchange users can implement to activate foolproof security of their accounts.
- Use Google 2-factor authentication to log in to the exchange
- Implement IP login restriction
- Email notifications for every log in event recorded
- Phone verification
- Setting up security questions
- Setting up security phase while logging in
- Adding phishing protection phrase
- Adding trading password
KuCoin Exchange made some recent security system upgrade to better protect traders’ accounts, including but not limited to:
- Securing collaboration with top anti-APT agencies
- Setting up of KuCoin Information Security Emergency Response Center
- Implementing more robust security architecture to the Web, App and API and their access systems.
User Centric Features: Easy On-ramping With Fiat
As of 2022, KuCoin Exchange supports multiple payment methods for fiat to crypto on-ramping including USD, EUR, AUD, INR, CAD, GBP, etc. KuCoin Exchange supports 51 fiat currencies in total, having recently added 36 European currencies.
The platform supports debit and credit card purchases via Visa, MasterCard, ApplePay, and SEPA. KuCoin Peer-to-peer exchange has bank transfer as well as 20 different payment methods. Users can pay with Debit, Credit, Visa, Mastercard, ApplePay card and SEPA card. KuCoin Exchange also employs a fast buy option using which users can receive cryptocurrencies instantly.
Trading Bots
KuCoin Trading Bot is a user-friendly trading tool and is free to use. You can start creating a trading bot with a few steps to automatically execute trading strategies even without sufficient trading knowledge. KuCoin Trading Botnow supports 5 trading strategies: Spot Grid, DCA, Futures Grid, Smart Rebalance and Infinity Grid. Over 5 million bots have been created worldwide and you can copy others’ settings to get started quickly. The KuCoin trading bot is designed to automate your systematic investment plans, spot trading, arbitrage trading, smart rebalancing and futures trading.
KuCoin S: Social Trading
The KuCoin social trading platform was launched in October last year to facilitate large-scale crypto adoption. In 2022, courtesy of this feature, KuCoin is transforming into the first and biggest social trading platform in crypto.
The social trading platform is a go-to for traders looking for easy-to-obtain trusted crypto news feeds containing information on different token price moves, new listing, crypto news, trending coin, sector, portfolio, or topics, etc.
Additionally, the copy trading feature allows new traders to browse the most successful strategies on the platform, and create a portfolio that meets their return expectation and risk preference in one click.
Customer Support
KuCoin Exchange offers multilingual support to Europe, South and South-east Asia and continues to expand. For any account-related query or complaints KuCoin executives support users 24×7 through
- Online chat
- Mobile app
- Ticketing system
Final Comments
If it’s your first time dabbling with cryptocurrency trading, KuCoin Exchange is the best platform to visit. It has got you covered both in terms of polishing your trading skills, thanks to KuCoin S, and in automating your trades and generating profits. KuCoin Exchange’s security systems are also fully vetted. However, to stay on the safe side, try withdrawing your funds to a hardware crypto wallet.
If you want to stay updated on all the things happening on KuCoin Exchange, follow them on Facebook, Twitter and Telegram.
