In the cryptocurrency trading journey, an investor always looks for centralized platforms that are safe to use and reliable. For this reason, more than one different alternative must always be available.
Today we will talk about one of the famous platforms on the scene, which is considered one of the largest platforms currently, which is the Kucoin platform.
This platform is considered famous because of the abundance of altcoins on it, so let us know more about this important platform.
The importance of the KuCoin platform in the crypto market
The KuCoin platform was created on the island of Seychelles in 2017. The purpose of the platform was to be available to the entire public since that is essentially the purpose of cryptocurrencies.
It is known that the traditional financial system is closed and not everyone has the right to deal with it.
Therefore, the purpose of the crypto market is to provide the opportunity for all people around the world to trade and invest.
The platform is distinguished from others in that it has a strong reputation for listing altcoins and has a good abundance of liquidity.
The platform is also trusted by many influencers in the world of cryptocurrencies and major investors as well.
Finally, the platform is also a reliable place to trade Bitcoin, Ethereum, and all the famous currencies in the crypto world.
The platform is also characterized by security and trust, and it has also been one of the platforms that has greatly maintained its reputation over the past years, especially after the fall of the central FTX platform last year.
Through the link, you can register and trade now!
P2P is available, but we recommend using Binance or OKX within the Arab world!
The KuCoin platform is secure against hackers and also has reserved data that can be easily viewed.
Cryptocurrencies that can be traded on the KuCoin platform
One of the most important features of a centralized crypto platform is the cryptocurrencies available on it that can be traded.
If the platform is safe, trustworthy, good, and easy to use, but it does not have the currency you want to trade, you will not use it!
This is why we always recommend the KuCoin platform. This is because the platform has more than 800 different currencies listed.
More than 9,000 different currencies can be searched on the platform but for research purposes only. The currencies that can be traded are only 800.
This is why the KuCoin platform is considered one of the most important platforms on the scene currently.
It is characterized as the first central place for trading altcoins.
Of course, the largest cryptocurrencies on the platform are readily available: Bitcoin, Ethereum, and also currencies like Solana.
The importance of Altcoins in the market
We note from the above that, of course, Bitcoin and Ethereum can be traded on the KuCoin platform, but the platform is famous for trading altcoins. So why this interest in altcoins?
Altcoins are currencies other than Bitcoin. Recently, currencies have come without Ethereum as well, so any currency other than Bitcoin and Ethereum is considered an alternative currency or altcoin.
This is because the market cap of Bitcoin and Ethereum represents more than 60% of the total capital invested in crypto.
This is why the KuCoin platform is so popular. This platform has many altcoin projects listed and has a lot of room for growth in the future.
Therefore, it is very common to find a coin increasing several times its price on the platform within less than a day.
This is the most attractive capital on this popular platform. Trading is done either via the spot market or futures contracts.
Steps to create an account on the KuCoin platform
The KuCoin platform is a centralized platform and therefore this means that to use it you must create an account first.
You can easily create an account on the platform through the link. This is done via email and phone number.
Recently, the platform began requiring mandatory KYC procedures from its users.
Before this, it was possible to use the platform within certain limits without KYC, but now you must go through these procedures first.
This means having to upload a photo of your passport and also prove your identity on the platform.
Once you pass these steps safely, you will be able to use the platform freely.
You can then increase the limits on withdrawals and deposits by going through redundant KYC procedures.
After this, you will be able to deposit cash on the platform and withdraw from it easily.
You will also be able to deposit and withdraw cryptocurrencies, but first, make sure that the currency address is correct and the network used is also correct.
Customer service is also available on the platform to contact at any time if you encounter problems.
Deposit and withdraw funds on the platform
On the platform, you can buy cryptocurrencies directly with a bank card, and this is a method we always recommend if your bank does not prohibit dealing with cryptocurrency platforms.
Therefore, you can do this and the fees are slightly higher than the bank deposit fees of about 2%, but the purchase is made instantly.
In 2022, the platform made an offer to buy cryptocurrencies without fees via MasterCard cards, so always be aware of the platform’s website, even if the offer is renewed.
Usually, bank transfers do not work on most platforms in the Arab region, which is why we always recommend bank cards.
Trading on the KuCoin platform
Trading on the KuCoin platform takes place via either the spot market or futures.
Through the spot market, you will be able to buy and own currencies. This means you can store it on the platform or transfer it to another wallet or even other people. These coins become yours.
Through the futures market, you speculate on the direction of the currency price.
Thus you do not own the currency itself but enter into a trade on the price of the currency. It is important to know the difference between the two.
You can learn more about the platform fees in the image below. The fees are low compared to other platforms.
Other services
KuCoin offers many other services to investors and crypto users.
For example, you can borrow from the platform in exchange for a specific interest, using your cryptocurrencies on the platform as a guarantor.
You can also lend your money on the platform and get a fixed annual return.
You can stake stakes in currencies based on the Proof of Stake mechanism and receive a fixed income from them.
There is also a p2p free market available on the platform, but it is not as famous as the market for Binance or OKX in the Arab world.
Is the KuCoin platform safe?
There have been a lot of rumors circulating a lot of major platforms in the past year.
This is a result of the fall of the famous FTX platform. But the KuCoin platform is so far considered one of the most famous and safest platforms in the crypto world.
Many people even consider the platform’s mere inclusion of a coin as a security seal on the project.
This does not mean all the success of the project, but it only means that in most cases this project has a real team working to achieve a certain vision in which it may succeed or fail, but it is not seeking fraud.
The platform also has its backup proof of user deposits if they want to withdraw them at any time.
Also, in general, the platform’s relationship with cryptocurrency users is very good and this is very important.
We always recommend this platform if you want to trade altcoins on a safe platform.
