KuCoin is one of the most popular cryptocurrency exchanges in the world, with over 11 million users. Founded in 2017, KuCoin has built a reputation for being a reliable and user-friendly platform. In recent years, KuCoin has expanded its operations to include New Zealand, offering NZ residents a convenient way to trade cryptocurrencies, and it makes our list of top crypto platforms for New Zealanders. In this KuCoin NZ review, we'll take a close look at the features and benefits of this exchange to help you decide if it's the right choice for you.
What is KuCoin?
To give a short background on KuCoin, the exchange was founded in 2017 by a group of blockchain enthusiasts who had the vision to make crypto more accessible to everyone. It was launched in Hong Kong but has since moved its base to Seychelles.
Its greatest selling point is probably its wide range of altcoins. KuCoin has listed over 700 different coins and tokens, including popular ones such as Bitcoin, Ethereum, Litecoin, XRP, and NEO.
Here's a quick rundown of KuCoin's key features:
KuCoin NZ Features
If you're based in New Zealand and looking for a good crypto exchange, KuCoin could be an excellent option for you. Let's take a closer look at what KuCoin has to offer below.
KuCoin is a user-friendly cryptocurrency exchange that makes it easy for anyone to start crypto trading. The sign-up process is simple and fast and only requires an email address and password. One of the first things you'll notice about KuCoin is its sleek and modern interface. The exchange's dashboard is well designed and easy to navigate. The platform also features a detailed beginner's guide with screenshots and tutorials. The only downside is that there is no live chat feature, and traders have to submit a ticket if they need help. However, this is a small price to pay for an otherwise excellent experience.
One of the unique aspects of KuCoin is its advanced trading capabilities. With KuCoin, New Zealanders can trade on margin, spot, and derivative markets. There are over 700 different cryptocurrencies to trade on KuCoin, with spot trading and margin trading pairs. Leverage of up to 10x is available on margin trades (cross margin with 5x leverage and isolated margin with 10x leverage) and up to 20x leverage on more than 60 futures contracts.
In addition to margin, spot, and derivatives trading, KuCoin offers a P2P marketplace where users can trade without fees and an NFT marketplace where users can buy, sell, trade, or mint Non Fungible Tokens.
KCS (KuCoin's native token)
As one of the leading cryptocurrency exchanges, KuCoin is widely known for its innovative features and an extensive list of supported coins. However, KuCoin's own coin, KCS, is often overlooked. Launched in 2017, KCS is an ERC20 token that offers a variety of benefits to users of the exchange.
Perhaps most notably, holders of KCS are eligible for a daily dividend known as the "KCS Bonus". This bonus is based on the trading fees charged on the KuCoin platform, and it provides a passive income opportunity for KCS holders. In addition, KCS can be used to pay trading fees on the KuCoin exchange, offering a 20% discount. KCS holders are also given priority regarding new coin listings on the exchange and can stake their KCS to earn interest on their holdings.
As any experienced trader in traditional finance knows, making a profit on the stock market requires more than just buying low and selling high. To be successful, you need to have a keen eye for market trends and the ability to act quickly when opportunity strikes. For many crypto traders, this means using a trading bot.
A trading bot is a piece of software that automates trading decisions. This can be anything from placing orders to executing trades and everything in between. Bots are particularly useful for day traders, who need to make rapid-fire decisions to take advantage of short-term market movements. Trading bots are also more useful in crypto compared to the stock market, since the crypto markets are never closed. While you are sleeping or offline, you can use your bots to continue trading so you maximise your gains.
As one of the leading crypto exchanges, KuCoin offers trading bots to its users, FREE of charge. The KuCoin Bots are easy to use and can be customised to suit your trading style. You can place stop-losses and take-profit orders and choose which assets to trade.
Best of all, KuCoin has a leaderboard to rank the most successful bots within a 24-hr and 7-day period. You can check their configurations and copy the parameters for your own bot, to improve your strategy and increase profits. This is an excellent way to get started, if you are unsure how best to set up your own bot.
The KuCoin Bots are a great way to take the emotion out of trading. However, they are not without risk. As with any automated system, there is always the potential for errors or unexpected events that can lead to losses. If you're considering using a Bot, research and understand the risks involved before you start trading.
Advanced Trading Tools
An exchange is only as good as the tools it provides to its users. KuCoin has a range of advanced trading tools available to all users, regardless of their level of experience.
One of the most popular tools is the KuCoin Futures Calculator. This tool allows users to calculate the potential profit and loss from trading futures contracts on KuCoin. The calculator takes into account factors such as leverage, margin, and funding rates when determining results.
Anyone who's ever traded cryptocurrencies will know that there's a lot of information to keep track of. Prices can fluctuate rapidly, and it can be difficult to get a clear picture of what's happening in the market. That's why it's important to have real-time data and tools at your disposal.
Their advanced order book lets you see all the buy and sell orders for a particular coin in real-time, so you can make informed decisions about when to trade. And with their advanced order types, you can tailor your trades to your specific needs. Whether you're looking for a limit order, market order, stop market, stop limit, or OCO order, KuCoin has you covered. And with candles, indicators, and charts, you can get a clear picture of price movements and trends. With all this information at your fingertips, you'll be able to make informed trading decisions and stay one step ahead of the market.
Crypto Lending and Borrowing
Crypto lending and borrowing on exchanges has become increasingly popular in recent years as it offers a way to earn interest on your crypto holdings while you hold them. On KuCoin, you can lend your crypto assets to margin traders and earn daily interest payments.
Alternatively, you can borrow crypto assets to trade with leverage, using your existing crypto holdings as collateral. The KuCoin lending and borrowing service is highly flexible, allowing you to choose the loan terms that best fit your needs. Whether you're looking to earn passive income or trade with increased market exposure, KuCoin has you covered.
KuCoin Plus is a new trading area on KuCoin. This new addition provides a designated trading area for well-performing projects that meet specific criteria. As we all know, the crypto world can be a minefield - so it's great to have a trusted exchange taking care of the vetting process. With this new feature, New Zealand traders can trade with peace of mind knowing that the projects in KuCoin Plus have already passed a strict screening process.
Negatives of using KuCoin NZ
KuCoin is a dedicated crypto trading platform, so unfortunately it is not ideal for beginners who want to simply buy crypto and HODL it for a few years. The main reason is because it is not possible to sell your crypto for NZD on KuCoin. If you wish to withdraw funds from KuCoin, you can only withdraw your crypto. To convert your crypto back to NZD, you will need to send it to another exchange, such as Swyftx, then sell it for NZD. From Swyftx, you will be able to withdraw your money to your bank account.
If you are searching for a simple buy and hold crypto exchange in New Zealand, Swyftx is your best choice. It is on our list of top crypto exchanges for New Zealanders, it has more than 320 cryptocurrencies, low trading fees and spreads, and staking on 20 coins. Read all about Swyftx here, or register using this link, and receive a welcome offer of $20 BTC for FREE!
KuCoin NZ Fees and Deposit Methods
KuCoin's trading fee structure is very low compared to other exchanges. The base trading fee for spot trading is only 0.1%, and if you pay fees using KCS (KuCoin's token), you receive 20% discount, so the fee is only 0.08%. If you are trading futures, the fees are even lower, at just 0.02% for makers and 0.06% for takers.
Cryptocurrency deposits are free, but unfortunately there are no NZD (or any fiat currency) deposits accepted. However, if you want to buy crypto directly using NZD, you can use either the P2P marketplace, or the fiat gateway. The P2P marketplace is free to use, but the selection of available cryptocurrencies is limited. If you want to buy a specific coin that's not listed on the P2P marketplace, you'll have to use the fiat gateway, via third-party payment merchant. The fees range between 3%- 5%, and you can pay with Visa/Mastercard or Apple Pay.Crypto withdrawal fees will depend on the coin you are withdrawing, and are subject to change due to market conditions. Fiat withdrawals are not supported on KuCoin. If you wish to withdraw NZD, you will need to transfer your crypto to another exchange, such as Swyftx, then sell it there and withdraw to your bank account.
KuCoin New Zealand Security
As online security becomes increasingly important, users are rightfully concerned with the safety of their personal information. When it comes to cryptocurrency exchanges, the stakes are even higher, as these platforms manage large sums of money and user data. Thankfully, KuCoin takes login security very seriously, employing several measures to keep users safe.
Two-factor authentication is required for all login attempts, and user biometrics are stored for added security. In addition, login IPs are strictly monitored and restricted, adding an extra layer of protection against malicious activity.
The process of customer identification and verification, also known as KYC, is a vital part of ensuring the safety and security of online platforms. For users of KuCoin, this means that certain account features, such as higher withdrawal limits and fiat to crypto conversions require KYC verification.
To prevent fraud and enhance account security, KuCoin has also implemented an anti-phishing security phrase function. This requires users to input a randomly generated security phrase when logging into their account or attempting to withdraw funds. The phrase must match the exact one stored on the user's device, ensuring that only the rightful account owner can access their KuCoin account.
KuCoin also employs a strict risk management system which includes real-time monitoring of suspicious activity, automatic freezing of suspicious accounts, and manual investigations by staff.
In addition to the standard security measures, KuCoin has several unique features that make it a safe and secure platform to use. One such feature is its decentralised exchange structure. By spreading its trading operations across multiple nodes, KuCoin can offer a more robust and resilient platform that is less susceptible to attack or downtime.
That's not all. In 2020, the exchange insured all user assets through a partnership with Onchain Custodian. This means that in the event of a hack or security breach, users can rest assured that their funds are protected.
KuCoin is certainly one of the most secure crypto platforms in the world. By implementing multiple layers of security and taking measures to protect user data, KuCoin has established itself as a safe and reliable platform for all your cryptocurrency needs.
Pros and Cons of KuCoin New Zealand
KuCoin is a global cryptocurrency exchange that has proved popular with crypto traders in a short time, and it is one of the best options for New Zealanders looking for a serious trading platform with a good reputation.
Some of its unique selling points include advanced trading features, free trading bots, and a large selection of 700+ coins. Trading fees are very low, making it an excellent choice for those looking to trade frequently. In terms of security, KuCoin goes to great lengths to safeguard user data and funds.
Overall, KuCoin is a fantastic option for New Zealand traders seeking a comprehensive trading experience. However, their lack of NZD deposits and withdrawals support may be a deal-breaker for users that just want to buy and hold crypto. For those users, we suggest Swyftx instead.
Frequently Asked Questions
Yes, KuCoin is a legitimate and trusted crypto exchange that has been around since 2017, and has over 11 million users. It has industry-leading security measures so you know that your funds and data is always secure.
Both crypto exchanges offer a similar trading experience, with 0.1% trading fees. We would recommend KuCoin as the better choice for New Zealanders, as it has the additional feature of free trading bots.
KuCoin does not accept any fiat withdrawals, so you won't be able to withdraw NZD. If you wish to sell your crypto and withdraw NZD to your bank account, you can send your crypto from KuCoin to Swyftx, and complete the transaction there.
Fiat withdrawals are not supported on KuCoin. If you wish to withdraw your fiat currency, you will need to transfer your crypto to another crypto exchange such as Swyftx, then sell it there, and withdraw your money.
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