Cryptocurrency is becoming mainstream. Even the mass media covers topics on the latest happenings in crypto markets and cryptocurrency exchange sites. Bitcoin seems to be a hip thing to own nowadays – so hip that it’s getting referenced in pop culture. There’s already a bandwagon effect and the sad thing is that investing in cryptocurrency is no walk in the park. A lot of prospective investors would often get lost along the way – mostly at the hands of phishers and scammers.
Since cryptocurrency became a buzzword with the word “money” attached to it, a lot of shady personalities immediately saw the opportunity to jump ship and focus their evil scheming on a new platform. They immediately identified the profit to be had and used one of cryptocurrency’s main selling point to their advantage: the luxury of anonymity.
It seems that everywhere you go, in the real world or online, some people will find a way to scam people out of their hard-earned cash – or Bitcoin. A lot of their tactics are similar to the ones were are all familiar with: spam, redirects, fake sites, and many more. But what’s surprising about this new breed of phishers is their aggressiveness. They seem quite hungry for coin, the more reason that you keep your guards up all the time.
But even if these schemes are familiar, what “innovations” did these miscreants cook? And how can you ensure your safety while investing in cryptocurrency?
Types of Cryptophishing Schemes and How to Avoid Falling into Their Traps
Spam Emails 2.0
This is probably the most common type of phishing that people of all walks of life encounter. You receive these e-mails disguised as official correspondence from banks or credit card companies asking for you to either provide your banking details or login details. It’s the same with crypto phishing but in this case, the e-mails are disguised to appear like they came from cryptocurrency exchange sites. Another difference is that these e-mails are somehow well put-together. Gone were the awkward wording and sentence structure. These emails really mimic official cryptocurrency exchange emails and even security alerts.
Users would receive important alerts via email saying that someone had tried to access their cryptocurrency exchange account or that suspicious account activity had been observed. Almost all instances of these e-mails include a link where users should login or just click to find out what the issue is about.
What makes this simple scheme tricky is that you should be paying close attention even to the tiniest detail. But if you don’t have a lot of time to just read every word, you may easily miss the red flags.
Other forms of emails used for phishing include incentivized surveys. Victims are asked to participate in a cryptocurrency survey with Bitcoin and cryptocurrency giveaways as incentives. They are then redirected to a convincing yet fake login screen mimicking cryptocurrency exchange sites. These sites are so convincing that victims are tricked into inputting their e-wallet credentials and basically handing out the coins they hold.
How to spot emails used for phishing:
- Always check the sender. It would be impossible for phishers to copy the exact emails used by cryptocurrency exchange sites. They would often try hard enough by creating spinoffs of either the legitimate sites’ domain name or its official support email address. Familiarize yourself with the email addresses used by cryptocurrency exchange sites to contact their customers. Save them to your contacts if possible.
- Never click the links within the body of the email. Sometimes, all it takes is one single click for phishers to access your data. They often use call to action (CTA) buttons like “Click here to Login” and “Cancel this transaction” to persuade you into subconscious following their commands.
- Use different emails for different cryptocurrency exchange sites and other cryptocurrency-related services. Most often, phishers obtain your email from Slack or by buying them in bulk from databases. Make sure that the email you use to sign up for newsletters, forums, etc., isn’t the same email that is connected to your e-wallet or crypto exchange login.
Fake Google Ads Search Results
Kucoin had been recently targeted by fake Google Search ad results. These search results pose as the official Kucoin website, luring unwary users. These results appear because they set these phishing sites and pages up to rank in Google’s search result pages. It won’t be beyond phishers to use black hat SEO strategies in order to rank very high up on the page – even higher than the legitimate cryptocurrency exchange sites themselves.
Another form of the scheme is posting ads for fake cryptocurrency exchange sites. These phishers buy ad space from Google just to execute their dastardly deeds but what’s really scary about these ads is that there’s a perceived legitimacy and authority on them. Who would expect phishers to actually pay real money just for their schemes?
How to spot ads and search results used for phishing:
- Check the URL. The website where these ads/search results would redirect you can often be easily identified as knock-offs. Check for minor spelling discrepancies and SSL certificates.
- Don’t click on the first result you see. Check if a similar web address appears on the result. If so, one of the results is certainly a fake. The fake sites don’t usually have SSL certificates.
- Search for cryptocurrencies and crypto exchanges through trusted websites that offer crypto market and industry data. Websites like coinmarketcap.com aggregate data about crypto markets. If you are in doubt about an ad or search result, check them over the links and information by trusted crypto market sites.
- Use ad blocking services. Prevent yourself from seeing these ads in the first place. But if you don’t want to go to this extreme length, you can just opt out from seeing ads from these sites or similar sites.
Cryptocurrency Exchange Site Social Media Impersonation
Kucoin also became the subject of Twitter impersonation (also in Facebook and there’s a fake Kucoin app). Emerging cryptocurrency exchange sites and crypto services are often used by scammers and phishers because they know that the platform is known enough for people to search for information about them yet, not known enough for everyone to know their official website and social media accounts. Spotting a fake website is easier because phishers can’t register the same name but the same can’t be said in social media.
You can choose any name you want for your social media page. That’s the main problem, especially on Facebook where a lot of fake community pages had popped up over the years. These pages also employ somewhat innovative strategies in order to pull people into the page or even make them unwilling participants of the scam.
First, the fake pages gather contact information from the people that like their page. They can also create Facebook groups since to have more access to members. They would then single out one of these users, essentially targeting them for phishing schemes like raffles and giveaways where they win a certain amount of coins they can claim by clicking on a link.
The page tags real people into these posts, making it appear that these people really won or recommend these promotions. Other users are then tricked into thinking that the scheme is legitimate.
This scheme also happens in Twitter with the fake page posting fake promotions either making the users click on a link or causing outrage over the services’ failure to deliver the promised prices (as what happened with Kucoin). This can cause the cryptocurrency exchange site to be branded “fake” and “scam” by unwary users.
How to spot fake social media pages and posts used for phishing:
- Set your accounts to private and adjust your security and privacy settings. Make sure that you have control over who can tag you in posts and that you can review tags before they are posted in your timeline. If you are already tagged, immediately untag yourself, report the post to Facebook and block the poster. It won’t be advisable to contact these people. Do not engage them as much as possible.
- Get the links of the cryptocurrency or cryptocurrency exchange sites’ social media accounts through their official websites. Do not trust information coming from unverified accounts.
Targeted SMS Social Engineering Attacks
Social engineering attacks are far more sophisticated and most of the time they are too good at covering their tracks. These attacks often aggressive in persuading you to give up private information. One tactic that is growing in popularity is the use of SMS notifications.
There could be several ways for these attackers to access your personal information. One is through hacking an email password and accessing the contact list. They may email or send SMS messages to everyone in the contact list. And since you know the source of the email/message, you trust that the links or downloads attached to the message are safe and legitimate.
Cryptocurrency phishers use this type of attacks but instead of using a person’s identity, they use cryptocurrency exchange sites. They send notification SMS to cryptocurrency exchange site users – addressing them by name, mimicking the site’s tone of language. The linked site has an SSL certificate and they really look like the cryptocurrency exchange’s login page.
How to prevent falling victim to these social engineering attacks:
- As a precaution, do not click on links sent through email or SMS. Go to the currency exchange site and log in. Check your notifications and if there are any, perform requested actions from there.
- If the issue stated in the SMS is not specifically about your account but about any system issues, contact the cryptocurrency exchange site directly.
A lot of chat platforms had been affected by a recent “phishing wave.” This includes Slack channels, Skype, Telegram, and WhatsApp. The scheme uses bot accounts. Some users in Slack groups are sent phishing DMs in bulk.
This is a derivative of the phishing schemes in the above examples. They have almost identical tactics and use tools at their disposal, in this case, the chatbots. The advice and tips from above still apply especially the golden rule in a suspected phishing scheme: don’t click the links.
As they, at the end of the day your safety lies in your own hands. Aside from exercising caution, you can also use tools like the anti-phishing protection that is either sold on its own or as a part of an antivirus plan. This is important, especially that you are handling sensitive data on your computer. You are more vulnerable especially that your browsing activities and habits point to your interest in cryptocurrency. At most, you’d be targeted with many cryptocurrency ads or worst, cryptocurrency phishing ads. So if you find yourself in similar situations as the examples above, just don’t click the links.
Cryptocurrency isn’t as simple as many make it seem. There are numerous terminologies to familiarize and trading concepts that are way over a lot of heads. The process is often made more difficult by some cryptocurrency exchange platforms. Everything’s not straightforward with chances for mistakes mounting at each minute you’re carrying on a transaction. This isn’t always the case, though. As the crypto market is expanding, more and more cryptocurrency newbies are pulled in. A lot of new and emerging cryptocurrency exchanges rise up to the challenge of offering intuitive platforms that are for everyone.
What makes these cryptocurrency exchanges standout are the features that make cryptocurrency trade exchanges easier for entry-level traders and users. And at the top of this list are three cryptocurrency exchanges that are making names for themselves in the industry in the past months. These exchange platforms are Kucoin, Binance, and Bibox. But what features are we talking about?
Kucoin, Binance, and Bibox all have these features or their own take in delivering a similar experience:
- Beginner-friendly user interface (intuitive, easy navigation, standard)
- Fixed and fair fee structure
- Multiple payment options
- Transparent and easily-accessible transaction and currency data
- A wide array of currency pairs
- High level of security
- Efficient performance
- Friendly customer service
- Positive overall user experience
- Countries supported?
Let’s look closer on how these three cryptocurrency exchanges implement these features to make their platform and their service some of the most beginner-friendly in the industry.
The Top 3 Most Beginner-Friendly Cryptocurrency Exchanges and Their Strategies
Kucoin: The People’s Exchange
Kucoin was launched in September 2017. It is a young Hong Kong-based exchange platform. So far, it exceeded expectations and is steadily rising up from comparisons with Binance.
- Beginner-friendly user interface – intuitive
Kucoin’s user interface is straightforward and intuitive. The interface’s main focus is to deliver a convenient yet highly functional cryptocurrency trade exchange platform.
- Fixed and fair fee structure – competitive
Deposits are free of charge while withdrawal fees vary depending on the currency. Some currencies like NEO and GAS don’t have any withdrawal fees. The trading fees are fixed to 0.1 percent of the traded assets. Users that hold at least 1,000 KCS tokens can also avail of a 1 percent trading fee discount.
- Multiple payment options – no fiat deposits
Kucoin is a crypto-to-crypto exchange platform.
- Transparent and easily-accessible transaction and currency data – markets
Kucoin’s trading pair markets give users necessary insight on currency trends including real-time analysis, historical price, and trading volume. Trading View-powered advanced charting is used. One downside is that Kucoin doesn’t offer margin trading. There was an announced plan on the inclusion of margin trading in the future but no projected timeline was specified. Currencies also have high liquidity.
- A wide array of currency pairs – ahead of the curve
Kucoin is known for listing currency pairs long before other platforms do. The platform uses an underlying technology that enables it to support almost an infinite number of trading pairs. Aside from that, Kucoin makes it easier to find unique and rarer altcoins compared to bigger cryptocurrency exchanges. Trading pairs are categorized into six trade exchange markets: BTC, ETH, NEO, USDT, KCS, and BCH. The best part about this though is that even with a smaller trading volume, some currencies like Revain gain the highest total trading volumes compared to the volume they receive in any other cryptocurrency exchanges
- High level of security – advanced security
Kucoin has advanced security that exceeds industry standards. The platform using bank-level encryption and industry-standard transfer protocols. Its multi-clustered and multilayered financial system architecture was the inspiration behind the core exchanging system. Google’s 2-factor authentication is also utilized for an additional layer of security.
- Efficient performance – state-of-the-art
Transactions are processed after just a couple of seconds. All pre-pay and withdrawal transactions are inspected by an AI algorithm to ensure the safety and validity of all transactions. Kucoin’s technical performance is backed by a state-of-the-art memory matching technology that has a peak order-making value of more than 2 million orders per second and a peak order-processing value of more than 1 million orders per second.
- Friendly customer service – 24/7 support
Customer support is always available via email, website chat support, and email. Replies don’t exceed 10 minutes for non-voice channels. Kucoin also has an official English-language Twitter account that is updated regularly.
- Positive overall user experience – bonuses galore
Kucoin’s native cryptocurrency, Kucoin Shares (KCS) tokens give users an opportunity to diversify their cryptocurrency portfolio and earn passive income in the process. KCS holders can earn a share of 50 percent of the total 24-hour trading fees. Kucoin also redistributes another 40 percent of the trading fees through its referral program.
- Countries supported – focused on the international cypto market
The Chinese government had recently restricted local IPs from accessing cryptocurrency services. This was after ICOs were banned in the country. Cryptocurrencies like Kucoin were able to continue operation by instead focusing their attention solely to international traders.
Binance: Exchange the World Indeed
Binance first gained popularity with its wide array of Initial Coin Offering listings and low trading fees. Also operating from China, Binance’s ICO’s issuance was announced in June 2017. Binance had experienced some setbacks in the past months, including a halt to new registrations, trade exchange stoppage, and incessant hacking rumors. But Binance remained strong performance-wise amidst all these setbacks. Its popularity continues to soar.
Here’s what users like most about Binance:
- Beginner-friendly user interface – a bit tricky
There’s a learning curve for Binance’s interface but it has a similar structure to other cryptocurrency exchange platforms. The platform offers two trade exchange options – basic and advanced. One needs to have a basic background in cryptocurrency trade exchanges.
- Fixed and fair fee structure – highly competitive
Binance offers trading fee discounts with its Binance token (BNB). Traders can enjoy a 50 percent discount on the 0.1 percent trading fee if they pay using BNB. There are no deposit fees but withdrawal fees vary from currency to currency. GAS and NEO also enjoy free withdrawal fees. There are no transfer limits but level 1 users have imposed withdrawal limits. Binance frequently updates their withdrawal fee rates.
- Multiple payment options – no fiat deposits
Just like Kucoin, Binance is a crypto-to-crypto exchange platform.
- Transparent and easily-accessible transaction and currency data – basic and in-depth
The basic trading dashboard offers insightful graphs and charts on the trading pairs. Users’ order books and trade exchange history are also available through this dashboard. The advanced dashboard, as the name implies offer more insights include a real-time trading volume and historical price.
- A wide array of currency pairs – regular additions to listings
There are nearly 200 altcoins in Binance’s listing with around 80 currency pairs. This number continues to grow to this day. There are options for BTC, ETH, BNB, and USDT trading pairs.
- High level of security
Binance uses 2-factor authentication for currency exchanges. On the operational level, Binance is secured by a multi-tiered security system.
- Efficient performance – high order volume support
Binance is capable of handling around 1.4 million orders per second. There’s a downside though, Binance currently only generates limit and market orders. Though a lot of users expect more advanced trading options, this will be enough for beginners.
- Friendly customer service – very visible in social media
A lot of users look into social for updates and news about cryptocurrency exchanges. Binance users can connect with the exchange platform through Facebook, Twitter, WeChat, and Weibo. There are limitations on their website’s support, though. Only registered users can access customer support and only via website support ticket form. Replies are sent through email.
- Overall positive user experience –
Binance’s website doesn’t lag, making all transactions a breeze. Account verification is only needed for level 2 accounts. Level 2 users have a daily withdrawal limit of 2BTC. Level 1 accounts have 2BTC daily withdrawal limit.
- Countries supported – multi-language support
Just like Kucoin, Binance caters to the international crypto market. Binance moved from Shanghai to Hong Kong with servers hosted in Korea and Japan. Binance also supports different languages.
Bibox is another Chinese cryptocurrency exchange platform. Bibox employs AI algorithms, encryption, modules, and smart tools that facilitate the optimal performance of all transactions. The Bibox team is composed of top Chinese blockchain and cryptocurrency personalities. One of the team members being the co-founder of OKCoin, another from HuoBi.com – two of the largest Bitcoin exchanges from China.
- Beginner-friendly user interface – knowledge base
The Bibox website’s interface is straightforward and minimalist. Navigation is direct-to-the-point with the coin marketplaces shown right on the homepage. The token marketplace and transaction interface has a very similar interface with Kucoin.
Bibox isn’t just an exchange platform, it also serves as a repository of information for newbie investors and traders with its “Token Introduction”.
- Fixed and fair fee structure – competitive
Deposits are free and withdrawals are charged with a network transaction fee. Trading fees vary according to the “Taker and Maker” (taker 0.10 percent, maker 0.00 percent) rules. The use of BIX to pay trading fees is subject to diminishing discounts after the first year of Bibox’s operation (50 percent in the first year to 0 percent in the fifth year).
- Multiple payment options – token trade exchange
Bibox is focused on token trade exchange.
- Transparent and easily-accessible transaction and currency data –
Bibox processes a large amount of crypto market entry and exit data. The platform filter said data to provide the best current investment deals to users.
- A wide array of currency pairs – token support
A wide array of ERC20 tokens are supported with the current system supporting OmiLayer and EOS. There are plans to include fiat currencies like CNY, EUR, HKD, and JPY in the near future. Bibox also had a native token, BIX coins.
- High level of security – safe microtransactions
Bibox employs micro-service splitting. This system is designed to facilitate the breakdown of large transactions into microtransactions, ensuring that each transaction is carried out successfully and securely.
This platform is one of the most invested in minimizing and preventing risks. Bibox has an anti-fault mechanism in the form of an AI system that addresses core system faults in real time. API interfaces like RESTful, WebSocket, and Fix are also used to minimize the risk of sudden currency swings and losses.
- Efficient performance – seamless
Bibox utilizes a memory matching system similar to the system used by Kucoin. This system enables the platform to deliver orders and other transactions at speeds ranging to several megabits per second. This allows the platform to a large throughput of a couple of millions of users. Bibox also deploys a new distributed cluster framework for an overall seamless user experience.
- Friendly customer service – knowledgeable
There had been many user reviews praising the Bibox’s team’s deep knowledge of the blockchain technology, financial processes, and AI algorithms. Bibox costumer service is carried on through support email and is also available through Wechat.
- Positive overall user experience – integration
Bibox has integration capabilities that enable it to seamlessly integrate with other cryptocurrency exchange platforms and services.
- Countries supported – open for the foreign crypto market
Just like the first two cryptocurrency exchanges, Bibox’s operation is limited in their home country.
Cryptocurrency seems like a whole new world even for seasoned traders. The promise of profits continues to pull people towards like a gold rush. Investment options are continually rising with new emerging cryptocurrencies. This also means that new cryptocurrency exchanges pop into existence left and right, some of them only leading newbie traders to a disappointing start in the industry. Thankfully, there are cryptocurrency exchange platforms that make it easier for everyone. With more than 1,200 active trading altcoins, the crypto market is indeed a diverse ecosystem.
Kucoin is the new kid on the block. Kucoin V1.0 went live in August 2017. Its age is a red flag for some and it was first released in Hong Kong amidst China’s banning and crackdowns companies involved in cryptocurrency. These are a just two of the reasons to feel trepidation but in just a short time Kucoin gained a considerable chunk of the crypto market – and it is boldly revolutionary. But the question remains: is Kucoin legit? This Kucoin review would clear that up.
In order to answer this burning question, Kucoin should pass the following guidelines for:
This means that Kucoin needs to shatter all red flags and doubts about their platform. Size, popularity, and crypto market dominance doesn’t always equate profits in cryptocurrency. In the short history of cryptocurrency, there had been notable incidents of fraud, collapse, hacking, and asset mismanagement. This does not include the inherent risks of the industry.
So how does Kucoin stack up? We’ll find out in this Kucoin review.
Kucoin Operation: The Foreign Crypto Market Loophole
There had been an increasing number of governments that are passing more stringent laws to regulate ICOs. Even in the US, the Commodity Futures Trading Commission (CFTC) announced that it will address the issue of cryptocurrency regulation. Regulations like these are two-edged swords that on one hand ensure the security of investments but on the other hand, it can also remove the unique appeal of cryptocurrencies especially in terms of privacy. The issue mostly resides on the lack of international standards regarding cryptocurrency exchanges and blockchain technology innovations.
This is where people have reservations about Kucoin. A majority of Kucoin reviews and forum discussions center around Kucoin’s Hong Kong location and the legalese surrounding its operation. China banned unapproved domestic cryptocurrency activities including new ICOs. Cryptocurrency essentially undermines Chinese government’s control of the economy since cryptocurrency activities are beyond their power. Therefore, the Chinese government isn’t totally against these activities, they are more concerned on how the blockchain technology, in general, can be used to influence the economy, place risks on Chinese citizens, and facilitate illegal activities. China is actually interested in creating a “blockchain ecosystem” that can be used by the government.
Kucoin’s business strategy exploits loopholes in China’s regulations. The Chinese government had recently released new regulations that block any foreign exchanges initiated by their citizens. Kucoin is confident that they can survive any cryptocurrency regulation because they only cater to foreign customers. The risk of closure seems unlikely even with recent crackdowns as blockchain startups continue to make waves in China. Even Chinese industry giant Alibaba and Tencent are looking into developing blockchain capabilities to further explore enhancements for their services.
Kucoin Safety: Multiple Levels of Security
A lot of people fear that Kucoin would be another Binance, but not in a positive way. Just like Kucoin, Binance is based in Hong Kong. Binance recently halted trading, citing the need for system upgrades. A lot of investors feared that there’s something more behind the stoppage with some fearing for the worse. Hacking and denial of service (DDoS) attacks are two of the most common safety breaches in cryptocurrency exchanges and it can cause drastic fluctuations in cryptocurrency prices or even shutdown of the cryptocurrency exchange platform. Though a lot of platforms are prone to these attacks, Binance customers feared that this is the case, sparking withdrawals from the platform.
The lack of transparency often drives customers to question the capacity of the platform to safeguard their investments. Kucoin has two advantages with safety: multi-leveled security system and internal risk control.
Amazon Web Services Cloud is used to build the private network framework that stores micro-withdrawal wallets. Aside from that, the wallets also have multilayered encryption at an industry-level. Macro wallets are stored in banks. All data handling, in general, are secured and encrypted with bank-level security.
Kucoin has departments that tackle internal risk control and operational processes. Just like in banks, the departments follow strict protocols and multi-level transaction reviews. There are more technical aspects of this matter but this Kucoin review would mostly focus on establishing Kucoin exchange’s legitimacy especially in the context of its operation.
Kucoin Stability: Helmed by an Experienced Team
There’s no way to predict if an exchange platform is on the verge of implosion. Even seasoned cryptocurrency enthusiasts are surprised by some high-profile shutdowns in the past months. These shutdowns had put newcomers like Kucoin exchange under close scrutiny. The question had always been stability and survival in the long-run. More than financial stability, Kucoin exchange should prove that it has a stable operational structure.
Even before Kucoin’s launch in 2017, its founding team was working together since 2011. They were first involved in a research on blockchain and related technologies. Kucoin’s technical framework only came into being in 2013 and it took a couple more years before they perfected the cryptocurrency exchange platform’s features and processes.
These team members are passionate about digital currency, especially the blockchain technology. Their backgrounds include leadership roles in top finance and tech industry giants. Kucoin’s CEO, Michael Gan used to work for Ant Financial as a technical expert. Eric Don, the COO used to be the CTO and senior partner of Youling, Fengzheng Lianxian, Ruiyun Wulian and several other IT companies. The CTO, Top Lan, designed and worked on the deployment of Kucoin’s trading system. He’s the technical expert in the Open Source Community. Other members of the Kucoin exchange team also have similar backgrounds, mostly in the internet and IT-related industries.
Kucoin also has a team of consultants and financial stability experts. They secure the platform’s financial system through multi-approach precautions like using three banking centers. These finance experts are also the same team that designed the multilayered financial system that inspired the core exchanging system.
Therefore, the people behind Kucoin have insider knowledge on how cryptocurrency exchange platforms work and how its operation can be sustained.
Kucoin Competitiveness: Dividends and Competitive Rates
Kucoin exchange supports both popular and unique altcoins off the bat. A majority of their 70 tradable coins have low market caps. Some Kucoin reviews question the decision to hold more controversial currencies, but they consider Kucoin’s decision to use crypto-to-crypto currency exchange instead of crypto-to-fiat currency as smart (this somehow polarizes Kucoin reviewers). Kucoin exchange is also building a reputation of offering new trading coin pairs before other cryptocurrency exchange platforms.
Kucoin has one of the lowest trading and withdrawal fees. Trading fees can go as low as 0.1 percent of the assets purchased. There are no deposit fees and there are cryptocurrencies with free withdrawals.
Aside from this, Kucoin also has a native trading token, Kucoin Shares (KCS). KCS tokens are standard ERC-20 tokens based on the Ethereum blockchain. It currently holds an approximate value of US$0.50 with a circulating supply of 100 million tokens at any given time. Kucoin redistributes about 50 percent of their daily trading fee earnings through the KCS Bonus and 40 percent through the referral program.
The KCS Bonus system sees users that hold KCS tokens worth US$1000 receive about US$0.15 daily. The more shares that users hold, the more bonus/dividend share they receive. Kucoin would conduct daily accounting of the KCS Bonus that token holders can receive and load the said bonus directly to the user’s account in the corresponding currency used in the trading transactions. The referral program, on the other hand, enables users to earn more by making referrals and earning a percentage of the invitees trading fees. The more referrals, the more invitation bonus earned. Kocoin exchange reviews immediately pointed out how the referral system (especially with the infographic released by Kucoin exchange) looks very similar to a pyramiding scheme. The similarities end there though. What these Kucoin reviews failed to address is that there are no initial investments involved in the program. All parties involve benefit equally – the users more than Kucoin exchange itself.
The KCS token system is considered as a sound investment, providing a steady passive income opportunity. The KCS token payouts are bound to increase as Kucoin users increase and more trading fees are collected.
Kucoin Efficiency: Intuitive and Fast
Traders that coming from other cryptocurrency exchange platforms will be surprised on the intuitiveness of the Kucoin’s platform. Processes from registration to withdrawal are all straightforward. Only an email address is required for registration. There’s an added layer of protection with the Google 2FA Registration.
There is support for many currency trading pairs that users can register before starting the trading process. Withdrawals are processed within seconds to a few minutes. There is a 24/7 customer service hotline, website, and email support. KuCoin is also highly visible in social media.
A lot of cryptocurrency exchange platforms suffer from bugs and other currency exchange process shortcomings. These bugs and less-than-stellar performance often leave customers frustrated. So far, Kucoin’s operation only experienced minor issues since its launch.
The cryptocurrency exchange platform’s technical performance is backed by a highly-efficient memory-matching technology at the core of its trading engine. This technology is hardware-accelerated with a peak order-making value of more than 2 million per second and a peak order-processing value of more than one million per second. The technology is basically more than a hundred times faster than the average industry standards. There are no lags, no delays.
Kucoin review Conclusion
The main caveat about Kucoin is its age. Its popularity also makes people wary of its legitimacy. A lot of Kucoin reviews from users center on the fear that a simple glitch can be something more. It’s the same with other cryptocurrency exchange platforms. So far, KuCoin’s
But isn’t there really anything that people should be worried about Kucoin? These are key takeaways that shatter the red flags:
- There are clear details on how Kucoin operates.
- The people that operate Kucoin aren’t anonymous.
- The company and contact information are accessible.
- The product/service is functioning.
- The product/service is safe and easy to use.
- The platform’s structure does not manipulate the processes for its own profit.
- The users receive profits.
The conclusion: Kucoin is legit.