KuCoin Review 2024: My Experience with the 'People's Exchange'

Why I Started Using KuCoin

I joined KuCoin about two years ago during the altcoin boom when I was hunting for low-cap gems that weren’t available on major exchanges. Known as “The People’s Exchange,” KuCoin had a reputation for listing promising projects early, and that’s exactly what I was looking for.

After using it extensively for both trading and yield generation, I’ve developed a love-hate relationship with the platform. It’s become my go-to for altcoin trading, but it’s not without its quirks and concerns.

Getting Started Experience

One of KuCoin’s biggest draws is the ability to trade without KYC. I was able to deposit crypto and start trading within minutes of creating an account. This was refreshing compared to the lengthy verification processes elsewhere.

However, there are trade-offs:

• 1 BTC daily withdrawal limit without KYC
• No fiat deposits without verification
• Some features restricted to verified users

I eventually completed KYC to access higher limits and more features. The process took about 48 hours, which was reasonable.

The Altcoin Paradise

Extensive Selection

With over 750 cryptocurrencies, KuCoin lives up to its reputation as an altcoin haven. I’ve found numerous projects here months before they hit mainstream exchanges. Some of my best trades came from early KuCoin listings.

The exchange seems to have a good balance between listing innovative projects and avoiding outright scams, though due diligence is always essential.

Gem Hunting Strategy

My approach on KuCoin:

1. Monitor their “New Listings” section daily
2. Research projects before they list
3. Set small initial positions (high risk)
4. Take profits aggressively

This strategy has yielded some 10x gains, but also plenty of losses. It’s definitely not for risk-averse traders.

Trading Features

Spot Trading

The spot trading experience is solid:

• Clean interface with basic and advanced views
• Good selection of order types
• Decent liquidity for top 100 coins
• Smaller altcoins can have wide spreads

I appreciate the ability to trade in small amounts – perfect for testing new projects without significant risk.

Futures and Margin

KuCoin offers:

• Perpetual futures with up to 100x leverage
• Cross and isolated margin trading
• Good selection of futures pairs

I use futures sparingly here, mainly for hedging altcoin positions. The futures platform works well but doesn’t match dedicated derivatives exchanges.

Trading Bots

KuCoin’s free trading bots are surprisingly good:

• Grid Trading: Great for volatile altcoins
• DCA Bot: Useful for accumulation
• Smart Rebalance: Maintains portfolio ratios
• Infinity Grid: For long-term positions

I run several grid bots on volatile pairs with decent success. The bot marketplace also lets you copy other users’ strategies.

Fee Structure

KuCoin’s fees are competitive:

• Spot: 0.1% maker/taker (reducible to 0.08% with KCS)
• Futures: 0.02% maker, 0.06% taker
• Withdrawal Fees: Generally reasonable

Holding KCS (their native token) provides a 20% fee discount. I keep a small KCS position purely for this benefit.

Security Concerns and Improvements

Security has been KuCoin’s Achilles’ heel:

• 2020 hack resulted in $280M stolen (users were reimbursed)
• Since then, significant security improvements
• Now uses multi-sig, cold storage, and micro-withdrawal wallets

My approach:

• Never leave large amounts on the exchange
• Use all available security features
• Withdraw profits regularly

Despite improvements, I’m more cautious with KuCoin than top-tier exchanges.

Platform Performance

Performance is generally acceptable:

• Occasional lag during high volatility
• Mobile app more stable than web platform
• API can be unreliable during peak times
• Maintenance windows more frequent than competitors

I’ve experienced a few frustrating moments with frozen orders during volatility, but nothing catastrophic.

KuCoin Earn Products

The earning options are extensive:

• Staking: Various PoS coins available
• Lending: Lend crypto for interest
• Dual Investment: Higher risk/reward products
• ETH 2.0 Staking: Liquid staking solution

Returns vary wildly – from 5% on stablecoins to 50%+ on some altcoins. I use these cautiously, focusing on established projects.

Mobile App Experience

The KuCoin app is one of their stronger points:

• Clean, intuitive interface
• Full trading functionality
• Reliable price alerts
• Biometric security

I actually prefer the mobile app to the web platform for basic trading. It’s more stable and easier to navigate.

Customer Support Challenges

This is where KuCoin falls short:

• Email responses take 2-5 days
• Live chat often has long queues
• Support quality varies significantly
• Language barriers occasionally

I’ve had mixed experiences – simple issues resolved quickly, but complex problems required multiple follow-ups and patience.

P2P Trading

KuCoin’s P2P platform is useful for:

• Fiat on/off ramping in restricted regions
• Better rates than direct purchases
• Multiple payment methods

I’ve used P2P a few times successfully, but always with highly-rated merchants and small amounts initially.

Pros and Cons Summary

What Works Well:

• Unmatched altcoin selection
• Low fees with KCS discount
• No mandatory KYC for crypto-to-crypto
• Free trading bots that actually work
• Regular new listings
• Decent mobile app
• Multiple earning opportunities

What Needs Improvement:

• Customer support responsiveness
• Platform stability during peaks
• Security track record (though improving)
• Interface bugs and glitches
• Limited fiat options
• Lower trust factor than major exchanges

Who Should Use KuCoin?

KuCoin is ideal for:

• Altcoin enthusiasts and gem hunters
• Traders wanting early access to new projects
• Those preferring privacy (no KYC)
• Bot trading experimenters
• Risk-tolerant investors

It’s not suitable for:

• Large holdings (security concerns)
• Beginners (too many options)
• Those needing reliable support
• Conservative investors
• Primary fiat on-ramp needs

Risk Management on KuCoin

Given the platform’s history, I follow strict rules:

• Never hold more than 10% of portfolio
• Withdraw profits immediately
• Use stop-losses religiously
• Verify withdrawal addresses carefully
• Enable all security features

Final Thoughts

KuCoin fills a specific niche in my trading arsenal – it’s where I go for altcoin exposure and early opportunities. While I wouldn’t trust it with my main holdings, it’s invaluable for what it offers.

The platform has improved significantly since the 2020 hack, but it still feels like the “Wild West” compared to regulated exchanges. That’s both its appeal and its risk.

For traders who understand these risks and want access to the broadest altcoin selection, KuCoin is hard to beat. Just remember: only risk what you can afford to lose, and always prioritize security.

My Rating: 4.3/5

Warning: Altcoin trading is extremely risky. Many projects listed on KuCoin will fail. Always conduct thorough research and never invest more than you can afford to lose completely.