Cryptocurrency used to be fairly niche, but it has developed into a legitimate force in the global economic system in recent years. With so much international attention, it’s no surprise that a lot more people are interested in purchasing crypto for themselves. Cryptocurrency is purchased through exchanges, of which there are many.
Exchange platforms have various pros and cons, and finding the best one for your needs can be tricky if you don’t know much about trading crypto yet. KuCoin is one of the newer exchanges, but it has already developed a large fanbase due to its innovative features. Keep reading if you want to learn three facts about KuCoin.
1. KuCoin supports hundreds of different cryptocurrencies.
One reason users love KuCoin is that it supports a wide variety of digital currencies. While many exchanges support the most popular tokens like Bitcoin and Ethereum, it can be more difficult to find a platform that allows you to purchase other cryptocurrencies like Cardano, Monero, and Tron. KuCoin has also become known for being quick to add new and emerging cryptocurrencies to their exchange, meaning you’ll have access to all the latest digital assets.
Before you get too involved in trading, it’s a good idea to learn as much as you can about crypto first. While there’s a lot of media hype surrounding digital assets, they can be complicated to understand. Educating yourself about blockchain technology—which supports the cryptocurrency ecosystem—and the differences between currencies and exchanges will help you make better choices on which assets you want to invest in. You’ll have to make a lot of decisions on which type of wallet to use, which exchange platforms to trade on, and which currencies to hold a stake in. It’s smart to make use of all the information available to you.
2. The KuCoin exchange is crypto-exclusive.
A unique aspect of the KuCoin exchange is the fact that it’s crypto-only. This means you can’t purchase digital assets on the exchange with fiat currency. If you’re just getting started with crypto, you may want to consider a more basic platform first. The advanced trading features can be extremely attractive to more experienced investors. The low transaction fees, number of currencies available for purchase, and reputation for being one of the most secure exchange platforms are all compelling reasons to consider switching to KuCoin.
3. Users can invest in KuCoin by purchasing shares.
KuCoin’s exchange offers its own native token, KCS, and holding a stake in the asset can provide significant benefits for users. If you hold a minimum of 6 KCS in your account, you’ll receive a portion of the dividends from the site’s trading fees, discounted fees on their own trades, and even access to additional trading pairs. 50 percent of daily trading fees are paid out to Kucoin’s users in proportion to the number of shares they hold. These dividends are paid out daily in KCS, which you can hold onto or exchange for a different cryptocurrency. The exchange uses 10 percent of its net profit to buy back and burn KCS each quarter, which prevents inflation.
Cryptocurrency is a complex asset that can be used to exchange for goods and services or as an investment. No matter which type of currency you want to invest in, you’ll need to use an exchange to purchase it. Though there are hundreds of exchanges out there, KuCoin is one that’s worth checking out. It may not be the most beginner-friendly platform, but it has a lot of new features that appeal to a lot of longtime crypto enthusiasts. Their use of the native token, KCS, to offer additional benefits to their users is particularly unique. If you’re looking to invest more in cryptocurrency, you should consider using KuCoin.