Cryptocurrency
In terms of daily trading volume and number of users, KuCoin is one of the prominent cryptocurrency exchanges. Its trade started back in 2017 and places a strong emphasis on the projects listed, which have undergone extensive due diligence at the behest of its research department.
Over 100 countries are represented on the exchange. It has a simple and quick user interface, as well as prompt customer and technical support. They have one of the industry’s largest trading communities. With this in mind, we’ve put together a detailed step-by-step kucoin review. A guide on how to trade on KuCoin and also information on some of the most important factors to consider when selecting a cryptocurrency exchange.
As soon as you arrive at the exchange, you will notice that you must enter your trading password in the bottom right corner. That is an additional security measure, which is why we mentioned in the beginning that you must set it up when creating your account. Once you enter it, all of the orders will be automatically unlocked, and you will be ready to trade.
It’s stylish and simple to use. On the main panel, you can see a chart and add your preferred trading pairs on top of it. The order book is on the right side, and the various sorts of orders you can place are right below it.
Right below the chart is your position panel, where you can keep track of how your trades are progressing. You can open a position using a limit order or a market order.
When you want to purchase something for a specific price, you place a limit order. You must clarify the price at which you would like to buy or sell when placing a limit order. In this example, we’ll use the BTC/USDT trading pair, which is currently trading at around $54,000. Our limit order states that if we want to buy 1 BTC when the price falls to $50,000, As soon as the price falls to this level, our limit order will be entered into the order book and filled.
This is the most fundamental order type, and it is used to purchase Bitcoin at the current spot price. All you have to do is enter the amount of USDT you want to invest in purchasing BTC at the ‘Best Market Price’ available at the time the order is executed. It will immediately go to the order book and be filled at the best available price at the time. If you’re going to be trading actively, you’ll appreciate that KuCoin facilitates Stop Limit as well as Stop Market orders, which allow you to set Stop Loss and Take Profit limits.
KuCoin Futures is a futures contract platform for those looking to trade with leverage. It currently has futures contracts for Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin (BTC), Uniswap (UNI), Bitcoin SV (BSV), Chainlink (LINK), and a lot of other cryptocurrencies, all of which are priced in USDT.
On some contracts, users can open positions with up to 100x leverage. It is important to note that leveraged trading carries an exponentially higher risk of capital loss and should only be used by experienced traders. COIN-margined contracts, on the other hand, support BTC, ETH, DOT, and XRP.
Fees are one of the most important factors to consider when selecting a cryptocurrency exchange. Fortunately, KuCoin’s fee structure is straightforward. The kucoin fees are given below for trading:
Putting money into KuCoin is free, but there are fees when you want to take it out. These fees are pretty standard, and their USD value is based on the current market price of the asset you want to take out.
KuCoin is regarded as a secure exchange. Indeed, it is one of the most trustworthy cryptocurrency exchanges on the market. It has a big global platform and adheres to multiple regulatory frameworks from countries all over the world.
In 2020, the exchange was hacked, resulting in the loss of $280 million in cryptocurrency. However, the CEO of KuCoin reassured users a few months later that all of the funds had been successfully recovered. Still, it is safe to trade on the exchange, and it is still one of the most liquid markets, with billions of dollars changing hands every day.
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