KuCoin Review: Best Singapore Crypto Exchange for Altcoins!

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KuCoin Review: Best Singapore Crypto Exchange for Altcoins!

Articles written are independent opinions, and are not affiliated/sponsored unless specifically mentioned.

kucoin review

Table of Contents

There are several crypto exchange platforms in Singapore, but very few offer the versatility and wide selection of coins that KuCoin has.

So what is KuCoin, and is it the best crypto exchange in Singapore?

KuCoin is a cryptocurrency exchange that was launched in September 2017. The company is based in Hong Kong and has offices in Singapore, Japan, and the United States.

It offers a variety of features, including spot trading, margin trading, and derivatives trading.

The exchange also has its own native token, KuCoin Shares (KCS), which allows holders to receive discounts on trading fees and earn rewards from the exchange.

The first draft of this digital company was designed in 2013 in a café to make this platform accessible for everyone, so no matter who you are, KuCoin has you covered.

But are there claims real?

What features do KuCoin offers that set them apart, especially in the Singapore market?

Let’s find out, as we are here to provide you with an honest review of this platform.

So, without further adieu, let’s get started.

What is KuCoin?

KuCoin is a cryptocurrency exchange platform established by Micheal Gan and Eric Don.

You can buy, sell, and exchange several cryptocurrencies on the platform.

Since its development, KuCoin has become a well-known trading platform globally. Its vast community of 10 million users spread over 200+ countries worldwide, including Singapore.

But it has some limitations for US users because it is not compliant with regulations there. Even if you manage to create an account and trade, you may face difficulty withdrawing your asset.

In addition to traditional trading, this platform facilitates you with margins, futures, and peer-to-peer trading.

You can even earn rewards by staking or lending cryptocurrencies.

Cryptocurrencies available on KuCoin

KuCoin has one of the most extensive lists when it comes to the number of available coins.

At the time of writing this article, there are over 600 cryptocurrency tokens with support for almost all the popular ones.

This makes the platform an ideal fit for versatile crypto traders who want a ton of options and want to diversify their investment portfolios.

Here is a list of some of the popular cryptocurrencies you can trade through this platform.

  • Bitcoin (BTC)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Polkadot (DOT)
  • Shiba Inu (SHIB)
  • XRP (XRP)

 

But the list goes on and on; you can click here to see the full list of all available coins on KuCoin.

KuCoin Token (KCS)

KuCoin Token (KCS) is the native token owned and supported by KuCoin.

KCS allows users to draw value from the exchange and had an initial supply of 200 million coins.

However, it is planned to stabilise at 100 million through a buyback and burn mechanism. The number of KCS coins burned is calculated based on KuCoin’s monthly income for that particular period.

Let’s now discuss some of the perks of owning a KCS token.

Trading Fee Discount

One of the KCS token’s main features is to significantly reduce the fees you have to pay on the KuCoin platform.

The more KCS tokens you have, the higher level you’ll be, which in turn means lower fees.

KuCoin Token (KCS) Bonus

For KCS owners and KuCoin ecosystem creators, KCS Bonus is a unique incentive system.

You can receive a daily reward of 50% of KuCoin’s daily trading fee income if you possess at least 6 KCS tokens.

Exclusive Access to KuCoin Spotlight

Owning KCS gives other exclusive benefits like having exclusive early access to the main token sale of top-notch blockchain projects published on KuCoin Spotlight.

Early investors typically see a higher return on investment than those who purchase on the secondary market.

KuCoin Features

Apart from the trading bots, KuCoin also offers a range of services that are both catered to beginners and advanced users.

Let’s discuss its services in-depth:

Spot trading

Spot trading is trading or buying cryptocurrency at real-time prices to generate profits.

This is the most basic trading feature that’s available on all exchanges and it’s one you can find on KuCoin.

Margin trading

KuCoin offers margin trading on its platform. This is slightly more towards the advanced side, but margin trading involves taking on a loan and trading with it.

It’s risky and not recommended for beginners.

Future trading

If you are looking for a futures trading platform, KuCoin has it.

In futures trading, you predict the cryptocurrencies’ future price and are obligated to buy at the future date and price.

It is only recommended to consider futures trading if you have prior experience, if you understand the possible risk and still want to venture into future trading, KuCoin offers a great option.

Crypto lending

The price of crypto is always fluctuating, and having to sell your holdings when the market is down can be an issue for investors.

Thus, KuCoin allows you to lend your crypto instead so that you can earn even while markets are down.

You can also pledge anywhere between 25% to 100% of your holdings for loans.

Interest is calculated daily, and the maximum time you have to pay off your loan is 28 days.

Peer-to-peer trading

KuCoin supports in-house peer-to-peer trading, which allows you to bypass any third-party involvement in your trading, making it a viable option for people with privacy concerns.

The way P2P trading works is that the trading is carried out between 2 individuals without the involvement of a third party.

The parties can settle on their desired prices and complete the trade without ever having to expose their identity to each other.

KuCoin Earn

Kucoin allows you to make passive income from your crypto holdings but puts it into a separate account.

Products like Flexible Savings and Staking are offered by KuCoin Earn in both flexible and fixed terms.

There are quite a decent amount of cryptocurrencies you can stake on KuCoin Earn such as Bitcoin, Polkadot, and ETH2.0, to name a few.

If you select the flexible term plan, you can withdraw the money at any given time but may get lower APR rates for your holdings.

Selecting a fixed term like 14 days or a full month will give you better yields.

How much you will make passively from KuCoin Earn varies significantly on the market and the stability of that particular holding.

If you have invested in safer, more reliable coins like bitcoin or Ethereum, you will get significantly lower rates than less popular ones like HYDRA and MATIC.

For detailed rates, click here.

KuCoin Trading Bots

KuCoin offers you to create trading bots that help automate many of the manual complexity of trading and allow you to focus on the important aspects of your investments.

A trading bot is a software that keeps track of prices and market fluctuations and makes trades for you.

There are several trading bots you can create, and some are more complex than others.

The Classic Grid lets you buy low and sell high; DCA, or dollar-cost averaging, lets you invest little by little instead of one lump sum; Futures Grid lets you leverage and go short or long based on your predictions; Smart Rebalance maintains your portfolio percentages over time.

However, you need quite a decent amount of capital for each bot, so be prepared.

KuCoin Fees

KuCoin’s fees are one of the main reasons why many choose this platform.

It offers the lowest trading and withdrawal fees, and as your trading volume increases, the price decreases further.

Different services in KuCoin have varying trading costs. The impact of being a market maker or taker on your trading fees is summarised below.

KCS Pay: By turning on the KCS Pay Fee function, which enables you to pay with your KCS holdings, you can further lower your trading expenses in spot or margin trading.

When trading the BTC/USDT pair, the cost might be discounted by up to 20%.

As payment, you may alternatively use another token. For instance, when you trade the BTC/USDT token, KuCoin may charge a commission in the form of the USDT/KCS token.

However, remember that the ultimate sum of your trades may be impacted because KuCoin reserves the right to deduct the sum directly from the tokens you traded.

Trading fees

KuCoin has a 1-12 levelling system.

The higher your level is, the lower your trading fees.

Depending on your 30-day average trading volume and KCS holdings, your level varies every day.

Every level has specific requirements that must be met at 0:00 AM (UTC+8) to advance to the next level.

For the next 24 hours, you can continue at your current level. In other words, your fees will decrease as you trade more and hold more KCS during the day.

So how much do you actually have to pay as trading fees in Kucoin?

At levels 0 – 4, you will be charged 0.10% (if you have KCS Pay Fee enabled, you will get 20% off). The withdrawal limit is locked at 200 bitcoins or equivalent.

When you reach level 5, your fees start decreasing. Your monthly withdrawal limit goes up to 4,000 Bitcoin, and the taker fee reduces to 0.7%, with the maker fee completely waived.

As your level increases, your fees will keep reducing.

At level 12, Kucoin charges just a 0.025% taker fee with a 30-day average withdrawal volume equivalent to 80,000 BTC.

TIER MIN. KCS HOLDING (30 DAYS) MAKER/TAKER FEE Minimum Spot Trading Volume Last 30 Days (BTC)
LV 0 0 0.1% / 0.1% <50
LV 1 1,000 0.09% / 0.1% >=50
LV 2 10,000 0.07% / 0.09% >=200
LV 3 20,000 0.05% / 0.08% >=500
LV 4 30,000 0.03% / 0.07% >=1,000
LV 5 40,000 0% / 0.07% >=2,000
LV 6 50,000 0% / 0.06% >=4,000
LV 7 60,000 0% / 0.05% >=8,000
LV 8 70,000 -0.005% / 0.045% >=15,000
LV 9 80,000 -0.005% / 0.04% >=25,000
LV 10 90,000 -0.005% / 0.035% >=40,000
LV 11 100,000 -0.005% / 0.030% >=60,000
LV 12 150,000 -0.005% / 0.025% >=80,000

Futures Fees

When funding futures contracts, there are variable expenses on the KuCoin platform.

This is due to the USD/USDT loan rates’ ability to fluctuate between positive and negative values.

As a result, the funding rate for futures contracts will range from 0.03% to 0%, the latter of which serves as the base rate during typical market conditions.

Level Minimum KCS HOLDING (30 DAYS) MAKER/TAKER FEE Futures Trading Volume Last 30 Days (BTC)
LV 0 0 0.02% / 0.06% >=100
LV 1 1,000 0.02% / 0.06% >=100
LV 2 10,000 0.015% / 0.06% >=400
LV 3 20,000 0.01% / 0.05% >=1,000
LV 4 30,000 0.01% / 0.04% >=2,000
LV 5 40,000 0.01% / 0.04% >=3,000
LV 6 50,000 0% / 0.038% >=6,000
LV 7 60,000 0% / 0.035% >=12,000
LV 8 70,000 -0.003% / 0.032% >=20,000
LV 9 80,000 -0.006% / 0.03% >=40,000
LV 10 90,000 -0.009% / 0.03% >=80,000
LV 11 100,000 -0.012% / 0.03% >=120,000
LV 12 150,000 -0.015% / 0.03% >=160,000

Deposit Fees and Funding Methods

There are no deposit fees to fund your KuCoin account.

You can either choose existing crypto from another wallet to fund your KuCoin account or select your local currency.

KuCoin currently supports over 50 fiat currencies, including USD, CAD, AUD, SGD, and others.

However, you can only fund your account via Visa/MasterCard.

Depositing using a debit or credit card may incur a 3.5%  transaction fee that your bank deducts.

This is on top of the payment provider that KuCoin uses which may charge up to 3.8% per transaction.

We recommend you to use other platforms like FTX or Gemini to deposit SGD and buy USDT.

You can then send the USDT to KuCoin, and use it to make any necessary purchases inside your KuCoin platform.

Withdrawal from Gemini is free, so you might wanna consider using Gemini for this.

You can also deposit and withdraw fiat currencies through various payment gateways like P2P trading otc and third-party solutions like Simplex.

Withdrawal Fees

Withdrawal fees are primarily connected to the network’s transaction fees themselves, so they can vary slightly.

At the time of writing, the withdrawal fees of some of the popular coins are:

Crypto Fees
BTC 0.001
ETH 0.01
LTC 0.001
NEO Free
QTUM 0.1
SNT 10
KNC 0.5
BTM 5
USDT 30

You can click here to see the updated list of all withdrawal fees.

Kucoin Security

Security is integral to any crypto exchange platform as it can make or break your entire trading experience.

KuCoin is built on a decentralised platform using blockchain technology. There have also been different safety protocols that are in place to safeguard your trading.

KuCoin is also end-to-end encrypted, meaning all your passwords are handled securely.

You also get advanced features like 2-Factor Authentication to safeguard your user login credentials.

It further protects your personal information with advanced SSL encryption.

KuCoin further enhances its security by implementing KYC (know your customer), which is also a requirement by MAS (Monetary Authority Singapore).

What this does is that to make withdrawals, you must present a government-issued photo ID and a photo of yourself with the ID.

This eliminates any fraud/money laundering in the marketplace and creates a safe environment for all.

And to top it up, you will also get an email confirmation when anyone logs in to your account.

But despite all these security measures, hackers managed to steal more than $275 million worth of cryptocurrency from KuCoin.

This is one of the biggest hacks in the crypto space, and experts raise some serious questions about the platform’s security.

KuCoin is still investigating the hack with the collaboration of international law enforcement agencies.

KuCoin also publicly stated that stolen customer money would be “covered completely” by an insurance fund, which is definitely reassuring.

Trading Experience

KuCoin is clearly focused on experienced traders who want to trade the wide selection of cryptocurrencies that it offers.

But the user interface is intentionally made simple so if you’re an experienced trader, you’ll find that it’s rather intuitive.

After you sign up for Kucoin, which mainly involves putting your personal details and following the on-screen instructions, you will be greeted with a dashboard.

Here you will find tabs with features clearly labelled for you to check out.

You can also keep track of your portfolio, make trades, and request withdrawal from the dashboard.

KuCoin also comes equipped with a ton of useful graphs, which you can use to give you an idea of the market trends.

Many experienced investors can use these tools to make informed decisions.

But when it comes to the actual design, we felt that there is room for improvements.

Although the user experience (which for me personally matters most) remains top-notch, the actual design and look of the feel of KuCoin feels dated.

We would love to see KuCoin getting a visual overhaul to differentiate itself from other crypto exchanges.

Also, it can get quite overwhelming if you’re a beginner investor.

KuCoin Customer Service

Customer service is a significant part of many businesses, particularly for crypto exchange platforms, as it can make or break your entire experience.

Thankfully, KuCoin does not disappoint in this regard and has a very experienced team in this part.

You can send an email or call the office at any time to get help.

They are available 24 hours a day and 7 days a week to cater to a wide range of time zones.

But how is the actual service?

According to Trustpilot, KuCoin is rated a mere 2 out of 5 stars.

What’s more alarming is that 71% of all reviews posted are one-star reviews where users complain about the issues they had faced with the platform.

One common issue is the KYC verification process takes much longer to verify than others.

This is obviously frustrating when you just want to make a withdrawal and are bombarded with a bunch of requirements that may take up to 5 business days to verify.

But document verification is a mandatory step by MAS, and all financial companies must abide by the regulation.

KuCoin can definitely improve its efficiency to speed up the verification process.

Another critical but rare complaint is using a different network to send your assets, which is less stable than the primary network.

There are also complaints that P2P seller arrangements are often scams where they pay using PayPal and request refunds.

As this is done out of the platform, KuCoin isn’t responsible for this.

However, KuCoin’s customer support has to deal with such issues, which usually end up with some angry customers.

But apart from this, KuCoin does a good job addressing common customer issues.

They also have an extensive library of helpful tips and tricks that should help you solve common problems as well.

Overall, KuCoin has a decent customer support and a team that is willing to help. But there is still a lot to be desired, especially when it comes to ironing out some of the minor glitches.

The Future of Kucoin in Singapore

The recent ban on cryptocurrency trading in China has dealt a heavy blow to exchanges across the country.

However, KuCoin has managed to weather the storm and emerge as one of the leading crypto exchanges in the world.

So, what is the secret behind KuCoin’s success?

For starters, KuCoin has always been an innovator in the world of cryptocurrency exchanges.

It was one of the first exchanges to offer a user-friendly platform, and it remains one of the most user-friendly exchanges in operation today.

In addition, KuCoin has always been very proactive in addressing the needs of its users.

For example, when China cracked down on cryptocurrency trading, KuCoin quickly adapted by offering crypto-to-fiat pairs for Chinese users.

This allowed them to continue trading despite the ban.

Looking ahead, there is no reason why KuCoin cannot maintain its position as one of the leading crypto exchanges in Singapore.

The exchange has a strong team behind it and a proven track record of innovation and customer service.

As long as it continues to meet the needs of its users, KuCoin is likely to continue growing in popularity.

KuCoin Pros and Cons

Pros

  • A massive list of available coins
  • Lower fees and generous discounts for owning KCS tokens
  • Support for over 50 fiat currencies
  • KuCoin Earn lets you make passive income on your crypto holdings
  • Top-of-the-line security

 

Cons

  • High funding fees for fiat currencies.
  • Many of its features are restricted in the US
  • Not the best customer support
  • Document verification may take some time

 

Conclusion

With cutting-edge trading tools and specialised charts that are simple to use and understand for both experienced traders and newcomers, KuCoin offers one of the best trading services currently available in the market.

We love the choices that KuCoin has to offer and when you pair that with low trading fees and discounts for owning KCS tokens, we quickly have a winning product.

KuCoin is currently available in over 200 countries and supports over 1100 markets, making it one of the biggest players in the crypto game.

But like most other platforms, KuCoin also has some minor issues that it needs to address. The customer support and reliability of the overall platform are questionable.

The long verification process is also one issue that many customers complain about. There have also been instances of hacking where over $275 million dollars are being hacked.

We conclude that KuCoin is a great platform if you’re looking to trade a variety of altcoins (and shitcoins).

Additionally, we appreciate the lower fees and services that the platform has to offer and have no problem recommending KuCoin.

However, if you’re looking for the lowest fees in the market and are not interested in small-cap altcoins, FTX is definitely the best for this and Gemini to make free withdrawals.

If you’re a beginner, KuCoin can get pretty overwhelming and you’ll incur a lot of fees if you don’t know what you’re doing.

That’s why we recommend Crypto.com if you’re a novice.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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