KuCoin Review 2024: A Deep Dive into the Popular Crypto Exchange (2024)

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KuCoin is a global cryptocurrency exchange and broker offering a competitive selection of decentralized securities, advanced trading strategies, and multiple earning opportunities. However, most of KuCoin's services are unavailable in the U.S.

Business Insider's personal finance team compared KuCoin to the best cryptocurrency exchanges and found it limited and lacking in trustworthiness. We reviewed and rated KuCoin from the perspective of U.S. investors who have significantly limited access to KuCoin assets and trading services.

Introduction to KuCoin

Global crypto exchange KuCoin offers over a thousand types of cryptocurrencies with staking options, pre-market trading opportunities, and institutional services. Users can trade on margin, earn passive income with trading bots, and trade crypto futures.

Although the exchange offers a competitive selection of cryptocurrencies and DeFi products, it isn't licensed in the U.S. U.S.-based investors are limited to basic selling, redeeming, and position closing services through an unverified account, which doesn't offer the same security protection as a verified account. Deposit services (not including withdrawals) are unavailable.

Some U.S. investors suggest using VPNs to mask IP addresses, but this involves a significant risk that may lead to KuCoin freezing your assets or blocking your account. Therefore, it's not recommended that U.S. investors use a VPN to unlock additional trading features.

Overall, U.S. investors should consider a different online brokerage or crypto exchange since KuCoin offers very limited access.

KuCoin: Overall Rating

How KuCoin Works

KuCoin for U.S. Investors

Since KuCoin isn't a licensed exchange in the U.S., only a limited number of services are available. U.S.-based investors can open and manage unverified accounts to sell cryptocurrencies, manage existing trades, close futures and margin positions, and redeem ETFs and earning products.

You won't be able to purchase cryptocurrencies or access staking, spot trading, API services, derivatives, margin trading, loan services, or other worthwhile features. As mentioned, some U.S. KuCoin users use VPNs to access restricted features, but this doesn't always work and may result in a locked account.

To withdraw assets from a U.S. KuCoin account, users must first transfer them into a Funding account.

KuCoin Fees

KuCoin structures maker/taker fees based on users' trading levels (LV 1-12). The higher the trading level, the lower the fees. These fees range from -0.005% to 0.1%. Spot trading charges a flat fee of 0.1% per trade, and futures contracts charge between 0% and 0.03%.

Pros and Cons of KuCoin

KuCoin Trustworthiness

Personal Finance Insider typically considers each company's Better Business Bureau profile when evaluating trustworthiness, but Kucoin has no profile with the Better Business Bureau.

On March 26, 2024, a U.S. Attorney and Homeland Security Agent charged KuCoin, and its founders (Chun Gan and Ke Tang) with violating U.S. anti-laundering laws and operating as an unlicensed money-transmitting business. The company has neither admitted nor denied these allegations.

In 2023, New York's attorney general accused the exchange of failing to register with the state before operating trading services. In December of that year, KuCoin agreed to block New York users from using its platform and pay a $22 million settlement.

KuCoin has not been subject to a large-scale hack since 2020.

KuCoin vs. Other Crypto Exchanges

KuCoin vs. Coinbase

Coinbase is one of the largest cryptocurrency exchanges in the U.S., offering hundreds of cryptocurrencies, retirement savings accounts, real-time order books, and sophisticated charting capabilities.

KuCoin and Coinbase have similar offerings. Still, KuCoin isn't licensed in the U.S. If you are interested in KuCoin, Coinbase is a solid alternative platform with similar services, trading tools, and account features. However, remember that Coinbase is currently being investigated by the SEC.

Coinbase review

KuCoin vs. Kraken

Kraken is a comprehensive crypto exchange with top-notch security features and customer support. Like KuCoin, Kraken offers earning opportunities, NFTs, and futures trading. Kraken is also licensed in the U.S.

U.S.-based investors seeking a KuCoin exchange alternative should consider Kraken. Kraken is another popular crypto exchange offering generally low trading fees (especially with its Pro platform), robust asset management services, and a large selection of educational resources to help novice crypto traders better understand the industry.

Kraken is not available to residents of New York and Washington.

Kraken review

KuCoin FAQs

Why You Should Trust Us: How We Reviewed KuCoin

We examined KuCoin using Business Insider's rating methodology for investing platformsto compare pricing, account flexibility, ethics, security, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 and 5.

Crypto exchanges generally offer multiple assets, trading tools, fees, wallet storage, and other resources. Some exchanges are better for more advanced investors or active investors, while others may better suit beginners. KuCoin was evaluated with a focus on how it performed in each category.