Cryptocurrencies are a very new and popular form of currency. This week, the founder of Kucoin, Ted Lin, announced that the platform would be launching a new cryptocurrency called Kucoin Shares (KCS). For those who have never heard about cryptocurrencies before this is a good time to start learning about them. Cryptocurrencies are not easy to understand and can be confusing for both new and experienced users. In addition, there are many different types of cryptos and it’s not always clear which ones are safe to use. Here, we will discuss what makes Kucoin safe to use.
What is Kucoin?
Kucoin is a cryptocurrency exchange that allows users to trade digital currencies like Bitcoin, Ethereum, and Litecoin. It’s also the third most popular crypto exchange in the world. As of right now, there are over 100 cryptocurrencies and tokens to choose from on Kucoin. The platform is easy to use as it has a simple user interface with a dashboard for all your trading needs.
How Safe is Kucoin to Use?
Yes, Kucoin is safe to use. First, unlike other exchanges like Coinbase and Crypto.com, Kucoin doesn’t hold customer funds on behalf of users. Users deposit their own cryptocurrency and can withdraw it anytime they want. This means that if you are trading on Kucoin and get hacked there is a good chance that your funds will be safe. This also makes it easier to verify the authenticity of transactions as you are in direct control of your private key rather than relying on the exchange to store it.
Second, Kucoin is not a centralized exchange. Unlike Coinbase, where all trades happen on their servers, Kucoin uses a decentralized exchange called NEO for its platform. This means that there are no middlemen or additional fees between buyers and sellers which makes trading more competitive in terms of fees. Additionally, NEO blockchain technology has been designed specifically for speed and efficiency so that transactions complete quickly without sacrificing security like with other cryptocurrencies such as Bitcoin (BTC).
Third, Kucoin has made efforts to create an open-source platform with high transparency by hosting its source code publicly on GitHub so anyone can review it. This should help customers feel confident about how the platform operates and make sure that it’s operating securely with no malicious code or vulnerabilities.
Key Features of Kucoin
Kucoin is a cryptocurrency exchange like many other exchanges. However, it has some unique features that make it stand out from the crowd. These features include:
- A discounted trading fee on Kucoin Shares (KCS)
- Global liquidity: Kucoin offers low trading fees and high liquidity in over 130 countries
- Safe and secure cryptocurrency trading with advanced security measures
- User-friendly interface: Kucoin users can easily search for coins to trade or create an account in just a few minutes
Kucoin Fees
The biggest difference between Kucoin and other cryptos is that they do not charge transaction fees to the users. Instead, they charge a percentage of the trade volume. This translates into less expensive trades.
Another key difference between Kucoin and other cryptos is that they don’t require KYC/AML information before trading on the platform. That means that you can deposit as much money as you want and start trading right away.
Final Verdict
Kucoin is a cryptocurrency that has been around since 2013. It’s in the top 20 list of exchanges by volume. They offer the following payment methods: SEPA, Skrill, PayPal, Apple Pay, Debit card, Credit card, Cryptocurrency. They also carry more than 10 different cryptocurrencies to trade, including BTC, ETH, NEO, and KCS.
According to their website, Kucoin is one of the safest platforms to use because they have over 1,000 confirmations (a confirmation is when an exchange shows that the transaction was successfully sent and received by the blockchain) on transactions and they also have multi-layer security measures.
So people who still wonder if it is safe to use Kucoin can evaluate how many users are registered on the platform as well as how secure their site seems. If a user wants to trade cryptos with less risk of being hacked, then Kucoin would be a good choice for trading cryptocurrencies.