What services does Cocaine Exchange offer and what is its security? What is the fee for using KuCoin exchange services?
If you have recently seen the name KuCoin Exchange in the list of the best international digital currency exchanges, but you are not sure whether using its services is in your favor or not, read on.
Introducing Cocaine Exchange
KuCoin Exchange, like many other digital currency exchanges, offers services such as buying, selling and converting cryptocurrencies. KuCoin is one of the newest exchanges in the cryptocurrency market, created in May 2017 by a team of experienced professionals who have previously participated in projects such as Ant Financial and iBox PAY.
The goal of the founders of this exchange was to create a simple and secure platform for people around the world to use it to exchange a wide range of digital currencies.
The long-term goal of the developers of this exchange is to become one of the top 10 exchange offices in the world by the end of 2021.
Although the exchange attracted more than 1 million users in its first year of operation, its average transaction volume is much smaller than other well-known exchanges such as Bainance Exchange .
Currently, this exchange has its own unique coin, called KuCoin Shares or KCS. If exchange users invest in these cryptocurrencies and buy some of it, they will be able to receive a discount on the commission of other transactions.
In addition, Kevin KCS owners receive a fifty percent commission fee on other transactions made by the exchange.
What cryptocurrencies does Cocaine Exchange support?
At the time of writing, the KuCoin exchange supports more than 400 different pairs of cryptocurrencies; For example, the BTC / ETH currency pair means converting bitcoin to atrium. KuCoin Exchange supports more than 100 ciphers and according to the founders, KuCoin Exchange intends to support more than 1000 different ciphers by the end of 2022.
Currently, the list includes most popular coins such as Bitcoin, Atrium, Light Coin and Bitcoin Cash, as well as less popular coins such as VeChain and Lympo.
KuCoin Exchange seems to be a good choice to buy cryptocurrencies that have just entered the market and have successfully passed their initial public offering.
What is the fee for using KuCoin exchange services?
One of the main goals of Cocaine Exchange development is to reduce the cost of digital currency transactions. One of the measures taken to reduce the costs of using the services of this exchange is to eliminate the cost of depositing in the exchange. The only fee you have to pay is the digital currency transfer fee, which varies depending on the type of digital currency and is allocated to the blockchain.
For example, if you plan to buy $ 1,000 for Light Queen, you will only pay a fee of $ 1. The withdrawal fee from the Cocaine Exchange account depends on the type of digital currency. For more information on this, you can visit the official KuCoin exchange website .
Payment methods in Cocaine Exchange
KuCoin Exchange currently supports 5 Fiat currencies including USD, CAD, VND, IDR and CNY. If you are not very familiar with the digital currency market and want to buy cryptocurrencies such as Bitcoin and Atrium, it is better to use the services of Iranian or foreign exchange offices such as Coinbase. If you want to buy digital currency in Rials, you can use the services of Iranian exchange offices to buy and then transfer the purchased to your account in KuCoin exchange.
How to register in KuCoin exchange
1. To register in Cocaine Exchange, you must first enter the main page of the site.
2. Next, click on the sign up option at the top right of the screen.
4. In this step, you must enter the email address with a very strong password in the relevant fields.
5. In the next step, to prove that you are not a robot, you have to drag the puzzle piece from right to left and put it in the right place.
6. Then log in to your inbox and click on the link sent to you by KuCoin, confirm your account and complete the registration. It is important to note that none of the registration process in exchange KuCoin the authentication (KYC) and provide identification documents are required.
In order to register, you must have a phone number with a country code (other than Iran) for which a confirmation code must be sent, and due to existing sanctions, users inside Iran cannot register this way. Therefore, Iranian users can use email instead of phone.
How to buy digital currency in Cocaine Exchange
After funding the digital currency, log in to your account and click on the Markets option at the top of the page.
Then you have to search for the digital currency you want and select it. To do this, just enter the name of the currency in the site search in the right side of the page. For example, we search for NEO ciphers.
The KuCoin exchange then displays all the pairs of cryptocurrencies available for the currency you want to buy. In our example, one way to buy NEO is bitcoin. In fact, you can buy these cryptocurrencies by converting bitcoin to NEO. Click on the currency pair you want.
Then you will be on the trading page. On the right side of the page, look for the purchase option below the order list.
All you have to do is enter the number of cryptocurrencies you want to buy. Then click on the blue button and then on the green button.
Who is recommended to use Cocaine exchange services?
As you may have noticed by now, using KuCoin exchange services is very simple and not complicated. So if you do not have much experience in the field of digital currency market, working with this exchange will definitely be easy for you.
Of course, considering features such as pricing analysis, working with this exchange for professional and experienced traders is not without merit. However, the average trading volume on KuCoin is tens of millions; Much less than larger exchanges in exchanges like Bainance.
Lack of trading volume can be one of the problems facing Cocaine Exchange; Because sometimes it means lack of liquidity. This does not seem like a big deal when it comes to exchanging small amounts.
Usually, when a new digital currency enters the market, it is only available in certain exchanges. So if the passwords you want are only available in KuCoin exchange, you will have no choice but to use the services of this exchange.
How secure is KuCoin Exchange?
KuCoin Exchange is a third-party exchange whose information is stored on a centralized server. Therefore, if the server used by this exchange is hacked, your account and capital information is at risk. Has this ever happened? Yes unfortunately; several time!
By the end of 2017, for example, the total value of hacked digital currencies was over $ 15 billion. But since then, several other exchanges have been hacked and the amount has grown significantly. So is KuCoin safe and if so, how?
The KuCoin website is protected by an encryption protocol to keep your account information secure. For additional protection, you can use the Google Authenticator(Google Authenticator) there.
With this feature, a code will be sent to your mobile phone before logging in to your exchange account and making any transaction. If you plan to use the services of this exchange, do not ignore the activation of this security feature in any way.
So as soon as you buy the passwords you want, it is better to keep some in your account and transfer the rest to your wallet.
Advantages and disadvantages of Cocaine Exchange
Like any other digital currency exchange, Cocaine Exchange has its advantages and disadvantages, which are described below:
- Low rates of deposit, withdrawal and transfer of digital currency
- Simple to use
- Support for a wide range of cryptocurrencies; Especially emerging digital currencies
- Support for Google Authenticator security feature
- No need for authentication to register, buy and sell
- Low trading volume
- User problems when increasing exchange traffic
In this article, we have tried to examine the cocaine exchange from different aspects and express the advantages and disadvantages of working with it.
How to register at KuCoin exchange without the need for authentication was shown to you dear ones. It was also said to use the Google Authenticator security feature to increase account security.
The use of the services of this exchange is also recommended for people who do not have much experience in the field of digital currencies.