Signing up for Kucoin
Utilizing the link above visit Kucoin and similar to Binance or another other exchange complete the verification. It is important that you utilize the verification otherwise you may be limited to functions such as withdrawal and trade amount which overall may be counter productive. Additionally, this is important for leveraging trading as well as tax implications.
Kucoin has a unique feature which includes a few accounts all used for different purposes.
- Main Account – The main account is your base account which is where all of your assets such as fiat and crypto will sit. You will need to move assets from your main account to your trading, margin or poo-X account to execute trades (exchanges between accounts are free). Please note that in order to execute trades you will need to complete a cell phone verification /Google authenticator as well as set up a trading password. Within the Main account there are a number of features which include “Deposit, Withdraw, Transfer and Lend”
- Trading Account – The trading account is utilized to execute trades such as buying crypto, selling crypto and even exchanging crypto.
- Margin Account – The margin account is used to execute trades with leverage such as x2, x5 or even x10.
- Pool-X Account – This account is utilized to stake coins and collect APY / APR.
How do I deposit money/ Buy/ sell / convert / move crypto off Kucoin
Deposit Fiat/Crypto- Kucoin does not actually allow users to deposit Fiat like a traditional exchange. Kucoin’s only method of purchasing crypto is basically done via Credit/Debit card.
- Credit/Debit card purchases
- As previously mentioned Kucoin only allows users to purchase crypto utilizing a Credit / Debit card through the following providers Visa/MC, SEPA and Apple Pay. Furthermore, when the platform allows you to choose which channel (Vendor) you would like to purchase your crypto from (e.g., simplex, Banxa, Mercuryo). See below:
- When making a purchase users will be asked to input the amount they would like to spend and a calculation with the current price and channel will appear. Once you are certain on the amount of crypto you would like to buy then you will be directed to another page to sign up for the vendor (e.g., Banxa) to finish the information required to complete the transaction. Please note that Kucoin operates differently than most exchanges and as such it would be best to purchase USDT and then utilize that to perform swaps or exchanges for other cryptos. Otherwise, you will be making multiple transactions for each time you would like to purchase a different crypto leading to more fees.
- Fast Buy – Another option that Kucoin currently offers to purchase crypto is their Fast Buy feature, however it is not currently operational.
How do I buy on Kucoin?
- As previously mentioned, in order to execute any trade on Kucoin you must first transfer any assets you are trying to sell from the Main account to the Trade Account.
- Once you have moved the assets/crypto you want to trade to your Trade Account (e.g., USDT) then you can actually initiate trade in an open market. Kucoin’s most base pair is USDT and as such most but not all assets can be traded for USDT.
- Now that you have your assets you would like to trade in your Trade account, you will click the markets button in the upper left and it will take you to the trading menu.
You select the asset pair you want to trade for example BTC → USDT.
- Kucoin has lots of functions, some of which we will cover at another date but for now let’s focus on the buying aspect . In order to buy something you select “market” in the bottom right portion of the screen and then select your amount of BTC you want to sell. Selecting “market” allows you to buy the asset for the current market price. Kucoin allows you to select how much of the base asset you want to trade for example 25, 50, 76, 100% of the current USDT in your Trade Account.
- Once you have completed the purchase of the asset you will see the order placed in your bottom left section of the screen “Open Orders.” Here you can see your other open orders, stop orders, order and trade history. Please note this asset will remain tradeable within the Trade Account.
How do I sell on Kucoin?
- Similar to that of buying on Kucoin, you will select the “Market” button on the Sell side of the Kucoin Order Book. You will again select the amount of the asset you are trying to sell (e.g.25%) and then execute the trade. The trade will again show up in your
“Open Orders” section until it is completed.