KuCoin|What is a Crypto Exchange?
A cryptocurrency exchange is a website where you may buy and sell digital currencies. You can use exchanges to trade one cryptocurrency for another — for example, changing Bitcoin to Litecoin — or to buy cryptocurrency with fiat currency, such as the US dollar. The pricing of cryptocurrencies on exchanges is based on current market prices. You can also use an exchange to convert cryptocurrencies back into US dollars or other currencies. You can keep it as cash in your account (to trade back into crypto later) or withdraw it to a conventional bank account.
According to Tyrone Ross, a financial advisor and CEO of Onramp Invest, a crypto investing platform for financial advisors, no one crypto exchange is appropriate for everyone. Instead, he claims that it aids in the evaluation process.
What to look for in an exchange?
Due to state or national rules, you may be unable to buy or sell cryptocurrency on specific exchanges depending on your region. Some countries, like China, have outright prohibited individuals from using cryptocurrency exchanges.
There is a lot of regulatory uncertainty around bitcoin in the United States, and several states have enacted their legislation. New York, for example, requires exchanges to obtain a BitLicense before operating in the state and only permits licenced organisations to offer certainly recognised coins. Most other states do not have as rigorous rules as New York, although many do regulate in some capacity or are considering doing so. According to the National Conference of State Legislatures, thirty-one states have digital currency legislation pending in their legislative sessions in 2021.
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Your bitcoin holdings are not safeguarded in the same way that money in the bank or traditional investments are. Some exchanges, such as Coinbase and Gemini, maintain your USD funds in FDIC-insured bank accounts. However, cryptocurrency balances are not covered by the FDIC.
Some exchanges have insurance coverage to protect users’ digital currency from hacking and fraud. For example, Coinbase is covered by a $255 million insurance coverage. This means that account holders would be safeguarded if Coinbase’s reserves were hacked and any amount of cryptocurrency worth up to $255 million was stolen. Others, such as Kraken, rely on security procedures rather than insurance plans to protect their clients.
What Is KuCoin Token (KCS) and How Does It Work?
KCS is KuCoin’s native token, created in 2017 as a profit-sharing token that allows traders to take advantage of the exchange’s value. It was released as an Ethereum-based ERC-20 token that was supported by the majority of Ethereum wallets. The entire supply of kcs has been set at 200 million, with repurchase and burn plan in place until only 100 million KCS remain. KCS will be the native asset of KuCoin’s decentralised financial services and the KuCoin community’s governance token in the future as the KuCoin decentralised trading solution goes online.
You can lower your KuCoin costs by trading more or keeping at least 1,000 KCS. The maker/taker charge starts at 0.1 percent and decreases as you progress through the levels. If you choose to pay in KCS, your fees will be lower.
Even the highest charge, 0.1 percent, is less than what you’d pay on many large exchanges. You must, however, consider the deposit and withdrawal fees.