Cryptocurrency is a growing topic is this day and age and you can’t leave crypto exchanges out of the discussions.
Crypto exchanges play a big role in the crypto currency industry . They are like the engine in the car . In this article we will be talking about a few of this with major focus on KUCOIN .- The People’s Exhcange .
Contents
What’s KuCoin ?
Located in Seychelles , Kucoin provides an exchange service for users to conduct digital asset transaction securely and efficiently.
Kucoin founded in September 2017 places emphasis on the quality of projects and services it offers its users .
Their slogan “The People’s Exhange” is their fuel .
What would make one choose Kucoin as an exhcange of choice . Let’s see what features sets Kucoin apart .
Privacy and Security !
Are funds SAFU ? , Kucoin provides bank level asset security. With their micro – withdrawal Wallet and industry – level multilayer encryption together with dynamic multi factor authentication you are rest assured your funds are SAFU !
Once we know our funds are safe , we have to look at what we can do on Kucoin . This question will expose us to more feature available of Kucoin .
Peer to Peer Trading
Like the name suggest “peer to peer” buying from another peer at an agreed price or selling to another peer at an agreed price and being paid in a local fiat currency .
Futures and Margin Trading
Kucoin offers traders futures trading with up to 100x leverage and margin trading with up to 10x leverage .
Margin trading can be expensive to trade for newbies since you would be borrowing other users funds to increase your leverage hence a fee is charged.
You can trade assets like ethereum, bitcoin , litecoin , Kucoin shares an others .
Kucoin provides beginners with Futures lite and advanced traders with futures Pro .
Three is a level of risk with margin and futures trading hence a lot of decision and management needs to be considered .
Crypto Lending and Borrowing
Crypto lending and borrowing is an intuitive way of earning passive income in the crypto market .
Kucoin provide users with the ability to lend their used crypto to earn some passive income.
On Kucoin you can choose the interest rate you would like to earn when you lend out your asset , however this has to be competitive, as you would want to have users use your funds. Yes high interest rate would you profits but less likely for people to use your assets.
You can earn between 0 – 0.2 % daily .
Risk : if you hold assets like btc or eth , you can lose money while these assets decline.
Pro tip: lending usdt could save you from the fluctuations and help you focus on the passive income .
However if you are bullish on the crypto assets over a long period of time you can hold it .
Borrowing is also allowed on Kucoin . If you decided to add some more margin to your trade the borrow feature comes handy.
Final feature we will talk about is Trading Bots then we dig into trading !
KuCoin Trading Bots
Kucoin provides users with trading bots to help them automate their trades, based on your trading style Kucoin has a bot that best meets your needs .
Let’s talk a bit about trading strategies before we discuss the bots .
Trading styles and Strategies
There are 3 main styles of trading. i.e how you approach your trades and this influences your holding time , or timeframe .
Short term : day trading and scalping falls under this category and the usual holding time is 1- 2 hours or the whole day .
Medium term : swing trading falls under this category of style . The usual holding period is 2-5 days or a week of the trend is strong .
Long term : position trading style . Which is sometime referred to as investing. The holding time for this strategy is usually months and years .
Now that we have an idea of the styles and Strategies let’s see what Kucoin has for us .
Spot Grid Bot
The spot Grid bot helps you trade the range 24/7 . The market is either moving up , down or sideways.
And the best way to trade a sideways market is using the spot grid bot . This helps you set a price range and the bot does the rest . Buying low and selling high 24/7 .
Futures Grid Bot
Similar to that if spot Grid . The difference is in the leverage . With futures grid you can ass leverage to your position . But same principle applies to spot grid bot .
DCA Bot
If you are a fun of buying the dip or a long term investor in the market this bot is a must have . Automate the frequency at which you want to purchase an asset .
How do I mean ? So let’s say you want to purchase $100 of bitcoin everyone. You can automate this by using the DCA bot where everyone $100 of your available balance would be used to purchase bitcoin.
Rebalance Bot
Rebalance bot is for the long term traders. Rebalance bot helps you create a basket of assets. This is a way of spreading your risk such that when an asset in the basket gains a bit of it is sold to buy assets that may be stagnant or losing value.
Rebalance bot is a great way to hodl your assets.
Now that we know about the crypto trading bots, styles and Strategies , let’s get into the Trading .
How to Get Started With KuCoin
Getting started with Kucoin isn’t hard. Just a few steps and you are trading .
Step 1 : Signing Up
Visit the Kucoin website or download the mobile app. Go to the sign up menu and sign up .
Step 2 : Verification
A code would be sent to your email to confirm your actions. Copy the code and get your account activated.
KYC
KYC which stands for know your customer isn’t mandatory on Kucoin . You can continue to trade on Kucoin without kyc . However you won’t be allows certain features on the platform .
So if you want to enjoy almost all features on Kucoin you would need to verify your account .
Deposit
After creating an account , it’s time to fund your account by making a crypto deposit. In order to do this you can either buy crypto on Kucoin , or transfer from an external wallet. ( for example Coinbase )
Buying Crypto on KuCoin
Kucoin provides users the opportunity to buy crypto with the Cards .
By linking your debit/ credit card you can purchase your desired crypto currency and start trading .
P2P Purchase
This form of purchase helps you buy from another user and settle them in their local currency .
Example
These are other users selling their usdt at their specified rate .
Transfer From an External Wallet – Like Coinbase
In situations where you already have a crypto currency in another exchange , you can easily make a deposit on Kucoin by making a withdrawal from the exchange ( Coinbase )
This is easily done by going to the deposit menu on Kucoin , select the asset you would like deposit and copy the address .
Once you have your money deposit you can start trading !
Cryptocurrency Pairs
Kucoin provides users over 200+ currencies to trade. Some include , BTC , ETH , MXR , LTC , EOS etc .
Liquidity of these assets are also great to enhance smooth trading and void of exorbitant fees.
Trading Fees
Trading on Kucoin is affordable. With transaction fees ranging between 0 – 0.1 % you get to save a lot and this in turn increase your profitability. https://m.kucoin.com/vip/fee
Withdrawal fees is dependent on the asset in question and it varies from asset to assets . https://m.kucoin.com/vip/fee
Kucoin Shares ( KCS )
Ranked 102 and with a market cap of $800M , Kucoin share is regarded as one of the best ways to earn passive income . Holding Kcs helps waive trading fee allowing users to enjoy up to 80% discount.
Time to get start trading! You can use Kucoin on the web or download the app both on iOS or Android.
They have a very good user interface for easy use .
Kucoin Rewards – Referal Program .
“Invite your friend to sign up on KuCoin, and you will both receive 5 coins”
Kucoin rewards users who invite their friends to trade on their platform . This a way of earning some passive income as well .
Reward Rules:
Once the trading volume of your invitee reaches more than 10 USDT, both you and your invitee will receive 5 coins FREE (the coins may be ADA, USDT, XRP, TRX, BTT). The worth of every airdrop is up to 5 USDT.
KuCoin vs Pionex
The cryptocurrency industry gives us a huge option opportunities. We have the opportunity to choose which exchange we would like to go with .
I will be comparing 2 of the goods in the the market space .
But first of all let’s summarize what Kucoin is all about !
KuCoin
Kucoin is a centralized Exchange .
Kucoin provide users with great features to enhance their trading . i.e trading bots , lending and borrowing options , futures and margin trading etc .
Kucoin has trading fees between 0 – 0.1 -% and provide an opportunity to waive your fees to up to 80% if you own KCS
Trading bots available on Kucoin are , Dca , rebalance , spot and futures bot .
Let’s discuss what Pionex is all about ,
Pionex is is the first cryptocurrency exchange with about 13+ free in built trading bots. – Yes free crypto trading bots .
With Licensed in the USA and Singapore pionex provides the best of security for its users.
Funds are definitely SAFU at Pionex.
Fees
Pionex provides over 300+ assets to trading and your can do so at the lowest fees in the crypto industry if not the lowest .
Pionex charges a fee of 0.05% on every transaction made.
User Experience
Pionex provides one of the best UI in the market . The web and app is so easy and simple to use . The simplicity of the app is every traders dream.
Pionex is available both on web ( Pionex.com ) and also App Store and play store.
Copy Trading service and Signals
Copy trading is a great feature where beginners can ride on the wings of expert traders to grow their game of trading . Pionex provide users with this opportunity to follow an expert trader and trade along side with them .
There is a community as well where influencers share their opinions about the market to give free insight to everyone in the community.
This is a huge resource for any trader out there and this is free on pionex
Now let’s dive deep into the trading tools available for traders who want to take their trading to the next level and how they can do so using Pionex trading Bots .
But before we do that let’s talk about Trading styles and Strategies so we can decide which trading bot is best for our type of trading .
Trading styles and Strategies
There are 3 main styles of trading. i.e how you approach your trades and this influences your holding time , or timeframe .
Trading styles :
Short term : day trading and scalping falls under this category and the usual holding time is 1- 2 hours or the whole day .
Medium term : swing trading falls under this category of style . The usual holding period is 2-5 days or a week of the trend is strong .
Long term : position trading style . Which is sometime referred to as investing. The holding time for this strategy is usually months and years .
Pionex Bots and Trading Strategies
Pionex provides about 13 + trading bots for traders , i.e ( DCA BOT , GRID TRADING BOT , INFINITY BOT , MARGIN GRID BOT , ARBITRAGE BOT , LEVERAGE GRID BOT , REBALANCE BOT , REVERSE GRID, STOP LIMIT BOT , SMART TRADE BOT . TWAP , BTC MOON , ETH MOON.
Let’s discuss the core and which trading strategy best fits it.
GRID TRADIND BOT
Grid trading bot is a sort after bot for traders who want to trade the range. The market is either going up or down or sideways . Therefore in a sideways market a ranged in formed and the grid trading bot helps you capitalize on this to make money .
E.g bitcoin is ranging between 40,000 and 50, 000 you can capture the fluctuations using the grid trading bot .
INFINITY GRID BOT
Infinity Grid Bot : if you are bullish about the market the infinity Grid bot is yours . This bot does not put a cap on the upper limit hence your trade is free to run to the upside while also benefiting from the fluctuations.
REBALANCE BOT
Rebalance bot : For the Hodlers ! Rebalance bot helps you hold a basket of assets for the long term , buying and selling assets to maintain the weight of assets . This bot is great for those who want to hold their trades for the long term .
Summary of Both Exchanges
Exchange
Both Kucoin and Pionex are centralized exchanges .
Fees
Kucoin has a transaction fee of 0.1 % and Pionex has a transaction fee of 0.05 %
User Interface
Pionex has one of the best user interface in the crypto space .
Trading Bots
Kucoin provides users with 4 trading bots options whereas Pionex provides its users with 13+ trading bot options .
Customer Service
Pionex provides top notch customer services via mail and on their social media platforms .
Buying Crypto with Card
Kucoin provides good option to use your card to buy cryptocurrencies whereas pionex does not .
In summary both exchange are growing to be a force to reckon with in the crypto industry are a great must use exchanges !