KuCoin review of Account Verification and withdrawal fees According to Traders Union

by Ethan More

KuCoin Account Verification

According to Traders Union, On November 1, 2018, KuCoin implemented Know Your Customer (KYC) verification to combat and facilitate the fight against criminals and money laundering schemes. However, account verification at KuCoin is optional, especially if you are a small volume trader. It means you don’t have to verify your identity to trade; however, verified users get benefits like increased daily withdrawal limits or simplified account recovery in case of a lost password or two-factor authentication device.

At pixel time, KuCoin has three levels of verification:

  •  Unverified account. Requires email verification and allows you to withdraw up to 2 BTC per 24 hours.
  •  You verified the individual account. It requires you to submit your identity details, such as ID or passport, as well as your country of residence and increases your withdrawal limit to 100 BTC per 24 hours.
  •  We verified the institutional account. Increases your withdrawal limit to 500 BTC per 24 hours.

According to KuCoin, users are strongly encouraged to complete verification to avoid problems in the future. Additionally, verified users will be able to participate in fiat-to-crypto trading once it becomes available on the platform.

KuCoin futures trading for beginners and professional users

KuCoin launched its Futures platform (formerly known as KuMEX) in mid-2019. It allows users to trade Bitcoin (BTC) and Tether (USDT) margin contracts with up to 100x leverage. You can trade up to $10,000 of contracts with just $100 in your account.

There are two versions of KuCoin Futures: one for beginners (lite version) and one for more experienced traders (pro version).

The Lite interface allows you to trade Bitcoin (BTC) and Ethereum (ETH) contracts on USDT margin and BTC futures contracts on BTC margin.

The Pro interface is more advanced and allows you to switch between the following contracts:

  •  Margined by USDT: BTC perpetual, ETH perpetual
  •  Marginado per BTC: BTC perpetuo, BTC Quarterly 0925 y BTC Quarterly 1225

 KuCoin withdrawal fees

KuCoin withdrawal fees match those of Binance, which is known to be the exchange with the lowest prices. Please visit their fee structure page for each cryptocurrency for a complete KuCoin withdrawal fee.

Finally, you may want to buy crypto with fiat through KuCoin. The exchange supports several ways to do this, including direct bank card purchase through Simplex, Banxa or PayMIR integrations, a P2P desktop and a quick purchase feature. Fees for those transactions may vary depending on the payment method chosen but should not exceed 5-7% on any given day. For example, Simplex typically charges 3.5% per purchase, while Baxa is said to charge between 4% and addition to the transaction amount. For P2P marketplace purchases, fees depend entirely on your chosen payment method and processor fees, so please be aware when accepting or posting an ad.

KuCoin is one of the lowest fee exchanges in terms of trading fees. It is safe to say that KuCoin’s biggest competitor is Binance, as both exchanges have similar competitive strategies. They charge almost equally low fees, although KuCoin (KCS) shares offer a few additional perks.

What are KuCoin (KCS) shares?

As mentioned above, KuCoin (KCS) shares were used to finance the creation of the exchange. 200,000,000 KCS were issued and distributed to founders, private investors and regular investors. Funds allocated in the first and second phases are subject to lock-up periods of four (September 2, 2021, for phase one) and two years (September 2, 2019, for phase two).

KCS holders enjoy the following benefits:

  • Receive daily cryptocurrency dividends, 50% of the trading fees charged.
  • Get a discount on the trading fee (minimum 1,000 KCS for 1% discount; maximum 30,000 KCS for 30% discount). The system takes a snapshot of users’ KCS holdings daily at 00:00 (UTC +8) to calculate the discount rate.
  • More trading pairs, including BTC, ETH, LTC, USDT, XRP, NEO, EOS, CS, and GO.
  • Experience exclusive benefits and offers for KCS cardholders.

KuCoin users earn part of the exchange’s daily earnings by staking KCS. For example, if you have 10,000 KCS and the conversation collects 20 BTC in trading fees (0.1% of daily trading volume), you will receive 0.001 BTC converted to KCS per day (20 * 50% * (10000/100000000)).

Another way to earn KCS is by referring your friends. You can earn up to a 20% referral bonus every time your friend completes an order. You can register on the exchange using our KuCoin referral code: 2N1dNeQ.



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