Education

How to Open a KuCoin Account and Make Your First Trade

Published

2 years ago

August 24, 2022

KuCoin is a cryptocurrency exchange that offers a gateway for buying, selling, and trading digital assets. It has many trading options launched on the platform, including spot trading, margin trading, futures trading, and peer-to-peer (P2P) trading. The KuCoin exchange is user-friendly and allows user activities like staking, referral or lending cryptocurrencies to earn rewards. Another perk of the platform that attracts crypto traders is the lower transaction fees compared to other exchanges.

The KuCoin exchange was launched in 2017 by Michael Gan and Eric Don and is headquartered in Seychelles. Since its launch, KuCoin has had massive user and product growth and enlisted among the largest cryptocurrency exchanges by trade volume. KuCoin is available to more than 200 countries and has over 10 million users onboarded. KuCoin’s accessibility is restricted in some countries, like the U.S. Hence, U.S. users who sign-up are limited to a few features on the platform.

Three Things Every Crypto Trader Should Know About KuCoin Exchange

Cryptocurrency selection: The KuCoin exchange has a deluge of cryptocurrencies listed for trading on the platform. There are over 700 cryptocurrencies, and trading pairs; also new tokens are often added. The cryptocurrency list includes mainstream coins like Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Cardano (ADA) according to marketcap, and other new-to-the-market cryptocurrencies. The regular listing of new cryptocurrencies makes up for the exchange being the go-to for many traders. The purchase of these cryptocurrencies is available on the platform via different ‘Crypto Buy’ options.

Services: The exchange offers both custodial and non-custodial services. Custodial services are available to users who want the KuCoin exchange to serve as their wallet for storing their crypto, which is more convenient. To help KuCoin actualize this for users, they partnered with the Singapore-based digital asset custody company; Onchain Custodian. Non-custodial services allow users who prefer their wallets to plug in and use them on the KuCoin platform.

Security: KuCoin offers user account security to ensure that users’ funds are out of fraudulent risk. Some security features on KuCoin include I.D. verification: a multilevel identity verification that authenticates user identity before giving them access to higher features on the platform. A 2-FA verification is in place to prevent third-party access to a user account and encryption that provides a safe environment for digital transactions.

How to Open a KuCoin Account

Getting started on KuCoin requires a KuCoin account. Creating an account on KuCoin using an android mobile is not vigorous and can be done following these three steps.

Step one: Download the KuCoin application from your device Google Playstore. Install and launch the app or sign-up on the website.

Step two: Click the sign-up/sign-in button and choose a Sign-up method by email or phone. If the preferred method is email, enter a valid email address, set a password, and click on create an account.

Step three: carefully undergo the intelligent verification and proceed. Confirm and enter the verification code sent to the email submitted earlier. The account is set up; follow the subsequent notification to activate a touch I.D. login immediately or later.

How to Fund your KuCoin Account and Make Your First Trade

Before any trading activity, the new user is required to fund their account. A crypto wallet on KuCoin can be funded by either buying directly via the platform using a card or receiving cryptocurrency from another wallet. Crypto deposits must be between the same network and cryptocurrency to avoid the risk of losing the deposit. Example: send Bitcoin to a Bitcoin address.

To fund a crypto wallet via card on KuCoin:

Select the ‘Buy Crypto’ option on the app homepage.

Choose a crypto to buy, say USDT. Fill in the number of USDT, and select a payment option. Click on buy.

Complete the payment process and confirm. The fund is automatically credited to your KuCoin USDT wallet.

How to Make Your First Spot Trade on KuCoin Exchange

Click on the trade icon on the homepage, and the app will redirect to the trading platform.

Select the ‘Spot’ option and choose to either buy or sell. You shall buy Bitcoin with the USDT you have in your USDT wallet.

Select an order option, either limit, market, stop limit, or stop market.

To buy on ‘market’ order, that is buying on the current market price, select the market and enter the amount of USDT for the purchase.

Preview the selected option and click on Buy BTC.

Tip

Before trading cryptocurrencies on exchanges, get proper crypto education, understand crypto trading, and set a risk management plan. To avoid being defrauded, ensure to use an exchange’s confirmed application or if you are web based, ensure the website address is correct. Kucoin.com is not the same as kucoín.com. And ensure you set up all security options.

What do you think of this article? Share your comments below.

0 0 votes

Article Rating