Kucoin provides the ability to earn interest on crypto. Users would be able to earn interest by staking certain assets or lending them to others and charging interest. Earning rewards on crypto would help you build on a larger portfolio rather than the coins idling in there.
They also provide a huge selection of cryptocurrencies (500+) and relatively low fees (0.1%) compared to other crypto exchanges. They specifically stand out in support staking, margin, futures, bot trading and P2P trading, which appeals to more experienced users.
Kucoin supports funding through bank transfer, Paypal and P2P (peer-to-peer). While deposit fees are free on KuCoin, here is the list of withdrawals fees they impose for users.
Here’s how to transfer funds from KuCoin to MetaMask.
Setting up your KuCoin account
Step 1: Visit https://www.kucoin.com/​ and select “Sign Up” in the top right corner of the screen to register.
Step 2: Register by phone or email and follow the security steps.
Note: Check that your confirmation email isn’t in your spam folder.
Step 3: Login to your KuCoin account.
Depositing funds into your KuCoin exchange
In today’s example, we will be using one of the most popular Layer 1 chain, Avalanche.
Step 1: To top up AVAX into your KuCoin wallet, head over to https://www.kucoin.com/assets or select Assets → Deposit on the top right hand corner of the KuCoin page.
​Step 2: Select AVAX (or the token you would want to deposit) and copy the Avalanche wallet address (highlighted).
Now you can transfer AVAX from one wallet to the selected Avalanche wallet on the KuCoin exchange.
Do take note, for AVAX tokens specifically, ensure the address you are providing is coherent with the address on the X-Chain or C-Chain.
The key difference between the x-chain and the c-chain is that the x-chain cannot be used with MetaMask or similar wallet, and cannot be used in DeFi.
Transferring tokens from KuCoin to MetaMask
Step 1: Navigate to https://www.kucoin.com/assets/withdraw or select Assets → “Withdraw”.
​Step 2: Select AVAX and continue to fill in the necessary information:
- Wallet Address: Metamask’s Avalanche Mainnet C-Chain Network.
- Network: AVAX (C-Chain).
- AVAX Amount: The number of tokens you wish to convert.
Step 3: Select “Confirm”. The system will now confirm the transaction.
Step 4: Verify KuCoin’s security measures and “Confirm Withdrawal”.
​Step 5: After the transaction, check your history by navigating to Deposit Withdrawal History → Withdrawal History.
​In addition, go to https://cchain.explorer.avax.network/ to double-check the number of received or sent tokens.
Conclusion
KuCoin is one of the most popular centralized exchanges out there for crypto. With the wide array of functionalities it offers along with the vast number of coins available, this exchange appeals to traders who are beginners to those who leverage of financial tools.
However, stay wary on the latest news on this exchange as (for Singaporeans) KuCoin is not exempted from the payment services act by MAS. Furthermore, the exchange is not licensed to operate in the United States.
Featured Image Credit: Chain Debrief
Also Read: Looking For An Alternative To Huobi? Here’s A Guide To KuCoin For Singaporeans
