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Can New York residents still trade AltCoin on KuCoin?
US residents can not buy Kucoin. So it does not allow New York residents to sign up. The United States has very strict regulations for cryptocurrency exchanges, & KuCoin is not licensed to trade in the USA. Suppose you live in the USA. You might be tempted to use KuCoin without completing the KYC verification
Whether you want to buy digital currencies like Ethereum and Bitcoin with your debit/credit card or trade cryptocurrencies. KuCoin has something for you! The global exchange and 3rd party broker is home to the largest trading volume. It offers a commission structure to fit most budgets.
This article will discuss everything you need to know about KuCoin, the rising star of cryptocurrency exchanges.
What Is KuCoin?
KuCoin is a global cryptocurrency exchange that offers many features and trading options. KuCoin, dubbed as “People’s Exchange” by its founders. It was publicly launched in September 2017 by Michael Gahn and Eric Don and is headquartered in Seychelles. The KuCoin exchange is based on the principle of accessibility. First, it has a user-friendly and intuitive interface. It also offers the lowest trading fees on the market, making it suitable for traders just starting.
One of the main reasons for creating an exchange was to give traders access to lesser-known cryptocurrencies. As of this writing, KuCoin is capable of trading almost 400 coins. KuCoin is also proud to have one of the longest lists of cryptocurrencies available.
What Is KuCoin’s Native Token or (KCS)?
The price of many popular exchange tokens, including KCS, the base coin of KuCoin, is on the rise. Since August 21, 2020, the token price has risen by around 700%, attracting the attention of cryptocurrency and blockchain investors. 80 118 638 Exchanges where KCS circulates offer daily bonuses to KCS holders. The total supply of this token was 200 million. The implementation of the incinerator strategy reduced this token to 170 million at the time of creation.
How To Purchase KuCoin Token (KCS)?
Now that you understand the basics of KuCoin tokens, you may be buying cryptocurrencies. Here’s the process of purchasing KCS Token:
Step:1 Open An Online Account
The first step to purchasing KCS involves opening an account with KuCoin. Visit their website and enter your email address and password. Once you have done so, you can verify your account and start trading. KuCoin also has a promotional offer that allows new users to earn up to 500 tethers (USDT) simply by signing up.
Step: 2 Buy Or Download KuCoin Wallet App
KuCoin’s cryptocurrency is stored on the crypto exchange. You can store KCS on the KuCoin exchange, but it may not be the safest place to keep it. You may lose tokens if KuCoin is hacked. Wallets solve this problem by allowing people to control their investments.
Step:3 Make A Purchase
If you have a KuCoin account, you need to purchase USDT and exchange it for KCS. There are three main ways to buy USDT. The first is to quickly purchase with a credit or debit card directly from the KuCoin exchange. Another way is to buy USDT on a peer-to-peer network to buy USDT instantly from verified holders.
The last way is through a third party using a payment channel. All three methods are relatively quick and easy. After buying USDT, move to the USDT/KCS pair. Add the amount of USDT that you’re going to swap.
What Is The KuCoin Transaction Fee?
One of the most important things to consider when choosing a cryptocurrency exchange is fees.
Fortunately, KuCoin’s fee structure is quite simple. For trading, the platform charges:
- 1% Maker Fee
- Fee 0.1% Tenant
Depositing with KuCoin is free, but there are fairly standard withdrawal fees. Their value in USD will depend on the asset’s current market price you wish to withdraw.
What are The Features Of Kucoin?
When it comes to safety and reliability, KuCoin has some drawbacks, but it is a good and responsible company. For example, you do not have a license to operate in the United States. It means that US citizens do not have access to all the platform’s benefits and are not protected by the law if they choose to use the forum directly.
Singapore-based digital asset management firm backed by Lockton, the world’s largest private insurance provider. On the other hand, KuCoin is very responsible for security. The company has partnered with Onchain Custodian to store digital assets.
KuCoin uses a standard multi-layered identity verification process to verify identities before allowing higher-level features thoroughly. It prevents illegal and fraudulent activity on the platform.
KuCoin uses bank-level encryption for all user data, providing the best possible experience for digital transactions.
Moreover, most crypto assets stored in the KuCoin account are kept in cold storage. It’s a standalone wallet with virtually no remote access.
That’s not all. In addition to industry-standard protocols and good encryption, KuCoin enforces several other security policies to ensure maximum security.
One of them is the transaction password, a 6-digit password that must enter for each transaction. However, KuCoin is also a part of a safety program. It’s a coalition of interested organizations working to improve digital security in cyberspace. In spite of this, KuCoin has a competent customer support team that responds quickly to customer inquiries.
KuCoin: Is It Worth Using?
KuCoin cares a lot about reputation and security and is a great beginner-friendly cryptocurrency exchange that is definitely worth using. Through this platform, people can now trade cryptocurrencies easily and safely.
KuCoin holds a much wider variety of cryptocurrencies than you can get from many exchanges or brokers. KuCoin is worth a look if you are looking to switch to a less popular coin. It also has a spotlight section promoting the new currency to get it early. Keep in mind that new or lesser-known coins carry more risk than regular coins.
Conclusion – Is KuCoin Safe? Can you use it in New York, USA?
KuCoin is a secure exchange. It is one of the most trusted cryptocurrency exchanges on the market. It boasts a large international platform and complies with many regulatory frameworks in countries worldwide.
Unfortunately, in 2020, more than $280 million was stolen due to hacking. However, a few months later, KuCoin’s CEO announced that all funds had been successfully returned to the user. Nevertheless, the exchange is safe to trade and has one of the most liquid trading floors with billions of trades per day. Unfortunately you can’t use Kucoin in New York or any other USA states.