One of the most well-known cryptocurrency exchanges in the world is the KuCoin platform. Since its founding in 2017, it has amassed a tremendous amount of success and recognition.
One of the most diverse and established platforms in the field, it is renowned for providing some of the best features to users. However, no site in the cryptocurrency industry is completely risk-free or faultless.
Every network, including KuCoin, has a mix of disadvantages and advantages. Knowing the platform’s advantages and disadvantages might give you a better understanding of what it offers and whether it meets your demands and requirements for trading.
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.
The fact that KuCoin has a user-friendly design is one of the main factors in why a huge audience prefers to utilise it. Some cryptocurrency exchanges are solely concerned with serving the needs of professional traders. For novice users, such trading platforms can be rather complicated.
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
the industry’s collections of digital currencies. You can buy, sell, trade, and store more than 200 crypto assets on the KuCoin platform as a user. The exchange allows users to invest in digital coins with smaller caps and gives dealers access to more than 400 markets.
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.
If you’re wondering “Is KuCoin safe?,” you should know that it uses some of the best safety features available in addition to being one of the safest platforms. The money, information, and privacy of the users are all protected by cutting-edge blockchain technologies and security mechanisms.
Top security measures employed by KuCoin include:
- 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
None of the cryptocurrency exchanges are perfect, as was already mentioned. The negative effects of an exchange need not, however, be severe. Minor elements that are detrimental to users can also exist.
As a result, you should be aware of the disadvantages listed below so you can decide whether or not it is suitable for you to use.
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.
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.