The KuCoin platform is one of the most popular cryptocurrency exchanges in the world. It has achieved immense recognition and success over the years since its establishment in 2017.
This platform is one of the most versatile and oldest in the industry and is known to offer some of the best features to the users. However, none of the platforms in the crypto space are 100% risk-free or flawless.
Every platform, including KuCoin, offer a combination of drawbacks and benefits. Understanding what the ups and downs of the platform are can help you get a good idea of what it offers and if it is according to your trading requirements and needs.
Therefore, you should take your time and acquire information such as “is KuCoin safe and suitable?” and more. Here are the pros and cons of the exchange, mentioned in detail.
Benefits of the KuCoin Platform
The benefits of the crypto platform are essentially the biggest selling points of the exchange that make it stand out among other exchanges.
Knowing which highlighting features are supported by the platform can help you determine how suitable the exchange is for you.
Here are the benefits you can enjoy if you use the KuCoin exchange.
Beginner-friendly Interface
One of the biggest reasons why a large audience chooses to use KuCoin is its beginner-friendly interface. Some of the cryptocurrency exchanges are only focused on facilitating the professional traders. Such trading platforms can be quite complex for new users to use.
The KuCoin platform, however, has been built to offer some of the best services to all kinds of traders, making it one of the best platforms for new and experienced traders alike.
Wide Range of Digital Assets
Apart from knowing ‘is KuCoin safe?’ you should also know that it offers support to one of the largest collections of digital currencies in the industry. As a user of KuCoin, you can purchase, sell, trade and store more than 200 crypto assets on the platform. The exchange offers traders the access to more than 400 markets and enables users to invest in digital coins with smaller cap too.
Trading Bot
Validating the fact that the KuCoin platform is user-friendly, it is important to know that the exchange also offers the services of a trading bot. This bot is free-to-use and can be instructed by the traders regarding what type of trades they want to execute, which are automatically executed by the trading bots.
High-end Safety
If you want to know ‘is KuCoin safe?’ then you should know that not only is it one of the safest platforms but it also makes use of some of the best safety systems available. The advanced blockchain technologies and security protocols protect the funds, information and privacy of the users.
Some of the top safety systems used by KuCoin are:
- KYC (know your customer) verification
- Offline crypto wallets
- Two-factor authentication (2FA)
One of the Highest Leverages
Another major benefit for the crypto traders using the KuCoin platform is the leverage it offers. The leverage ratio should be chosen very carefully because the higher the leverage the higher the risk you may face while trading.
It is also important to note that different crypto exchanges offer different leverage ratios. KuCoin is known to offer one of the highest leverages in the industry for futures account, which is up to 100x.
Drawbacks of the KuCoin Platform
As mentioned above, none of the crypto exchanges are flawless. However, it is not necessary that the drawbacks of an exchange may be monumental. They can be minor aspects as well that do not work in favor of the users.
Therefore, you should know the drawbacks mentioned below so you can determine if it is good enough for you to use or not.
Limited Trading Pairs
If you are a trader who wants to diversify your portfolio then KuCoin might not be the best or most suitable exchange for you to use. This is because it has limited options for trading pairs and does not support the fiat-to-crypto trading pairs.
Support for Limited Accounts
Another drawback of the KuCoin platform that is important for users to know is that this exchange only offers USDT futures account. This is a limited availability of features that can cause the users to opt for another platform above KuCoin.
Unavailability in the USA
Another major drawback of the exchange is that it is not available in the USA. The residents of United States who are interested in buying or trading crypto need to look for another exchange that is available in their country or region.
Final Takeaways!
The KuCoin platform is an outstanding cryptocurrency exchange that supports some of the best features. However, just like every other crypto exchange, KuCoin also has some benefits and drawbacks that are mentioned above in detail.