If you’re a crypto enthusiast, then you’ve probably heard of KuCoin. It is one of the largest cryptocurrency exchanges in the world has earned a reputation for being a secure, safe, and trusted exchange. If you are thinking about starting a crypto trading portfolio with KuCoin or moving your funds from Coinbase to KuCoin, this guide will help you get started. Keep reading!
Is KuCoin Safe?
In short, KuCoin is safe and reliable with insurance cover for any cybersecurity breaches.
The crypto exchange has partnered with a Singapore based crypto asset custody platform called Onchain Custodian to secure the crypto assets stored on its exchange. The custodial funds are backed with insurance arranged by Lockton, the world's largest private insurance brokerage company.
KuCoin says it stores client assets offline in cold storage which makes it harder to hack. But it doesn't mention what percentage is kept offline. The remaining funds are kept online in hot wallets, so customers can make withdrawals and trades.
At the end of last year, some KuCoin hot wallets were hacked. KuCoin took action quickly and was upfront about what transpired, and its losses were fully covered by insurance. Currently, the company has a bug bounty program in place to encourage ethical hackers to report any weaknesses in the system.
Excellent user-level protection is also offered by KuCoin. Users are encouraged to set up two-factor authentication as well as an additional password for trading, on the site. To conclude, your funds are safe with KuCoin.
Is KuCoin better than Coinbase?
KuCoin and Coinbase have been around for a while and are known to be trustworthy and secure. Both have their own advantages and disadvantages, so what is better for you?
KuCoin offers extremely low fees of 0.1% with a further 20% discount if you pay with KCS, whereas Coinbase charges a flat 2.49% transaction fee which is higher than competitors. However, KuCoin has unreasonably high fees (3% - 12%) for buying crypto with fiat currency, and you cannot withdraw fiat from the exchange.
While KuCoin has over 600+ cryptocurrencies available for trade, Coinbase only offers 70+ cryptocurrencies. Both KuCoin and Coinbase have a mobile app available for iOS and Android with a simple and user-friendly interface.
Both have great security features and offers insurance coverage, however, Coinbase’s security features appear far more comprehensive. It has never been hacked, while KuCoin has had its security compromised once.
Aside from crypto trading, KuCoin offers additional features such as crypto lending, trading bots, margin trading, futures trading and a P2P marketplace with zero fees. Coinbase lacks this feature set.
To conclude, it is up to you to decide which exchange you would prefer to use. Both have their own advantages and disadvantages, and the choice is yours. That said, since KuCoin isn't licensed in the U.S, we recommend Coinbase for those living in the U.S.
How to Transfer Funds from Coinbase to KuCoin?
Unquestionably, KuCoin is one of the most reputed crypto exchanges in the world. With the help of their innovative trading platform, they have managed to attract a lot of investors. So, what’s stopping you from transferring funds from Coinbase to KuCoin? Here is how to Transfer funds from Coinbase to KuCoin:
- First, you need to log in to KuCoin using your account credentials.
- Then, navigate to Assets > Main Account (Deposit & Withdrawal). You will see all different coins available on the exchange.
- Now, you have select the coin you like transfer. Say Bitcoin.
- Search for Bitcoin and tap Deposit. Just copy the Bitcoin Address.
- Now, log in to your Coinbase account.
- Tap on the Send/Receive button at the top right corner.
- In the Send tab, select the coin you like to transfer (here it is Bitcoin) as the Pay With option.
- Enter the amount of crypto you like to transfer and paste the address we copied from the KuCoin website in the To field.
- Once you are done, hit Continue. Your fund will be deposited in your KuCoin account.
Absolutely, this is how you can transfer funds from Coinbase to KuCoin. The above process is easy and straightforward. So, what are you waiting for? Go ahead!