KuCoin Canada Review (May 2022): Why We Don’t Like It

February 21, 2022
Reviews
kucoin canada review

KuCoin is a cryptocurrency exchange that began operations in Hong Kong in 2017 and bills itself as “The People’s Exchange”. Despite its many positive features, though, KuCoin doesn’t have a beginner-friendly interface for traders new to crypto in Canada, nor is it easy to use or understand without significant research.

For the aforementioned reasons, I wouldn’t suggest KuCoin as a good crypto exchange to use. Instead, I’d recommend CoinSmart, which has a user-friendly design and makes it simple for beginners to get started in the world of cryptocurrencies. Considering that it also has the lowest trading fees across all crypto exchanges in Canada, I can’t recommend it enough.

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What Is KuCoin?

KuCoin is a cryptocurrency exchange that began operations in Hong Kong in 2017 and bills itself as “The People’s Exchange.” Their objective was to offer a simple and secure platform on which to buy and trade a variety of digital currencies to individuals all around the world.

The site has made a huge impression on the worldwide cryptocurrency community, attracting over 8 million users in four years and serving 1 out of every 4 crypto coin owners around the globe.

KuCoin Features

1. Margin Trading

One of KuCoin’s more sophisticated capabilities is margin trading, which allows you to leverage your position by borrowing money to buy additional crypto tokens.

Lending is only appropriate for highly seasoned traders, though, owing to the fact that it makes cryptocurrencies, which are already a volatile investment, even riskier.

2. Crypto Staking

If you stake your cryptocurrencies through Pool-X, a KuCoin-backed business, the KuCoin Earn service will pay you interest on your crypto coins.

Certain cryptocurrencies use staking to verify transactions in the blockchain and to help maintain network security. By locking up your funds for a certain period of time, you may get great rewards, such as an interest rate of up to 10% or more on your staked assets.

3. KuCoin Trading Bots

KuCoin also allows you to use trading bots through its mobile app, and it works similarly to Coinberry‘s Autopilot system.

Trading bots may automatically buy and sell your cryptocurrencies, so you don’t have to be online all the time to track the market, and they do so utilizing a time-tested strategy in an investment known as dollar-cost averaging.

Cryptocurrencies on KuCoin

KuCoin has one of the widest arrays of supported cryptocurrencies, at over 380 supported tokens. Here are some of the most popular that you can currently buy, sell, and trade on the platform:

Bitcoin (BTC)Bitcoin Cash (BCH)
Ethereum (ETH)Litecoin (LTC)
Tether (USDT)Chainlink (LINK)
Binance Coin (BNB)Polygon (MATIC)
Cardano (ADA)Theta (THETA)
XRP (XRP)Wrapped Bitcoin (WBTC)
USD Coin (USDC)Stellar (XLM)
Dogecoin (DOGE)Internet Computer (ICP)
Polkadot (DOT)Ethereum Classic (ETC)
Uniswap (UNI)Filecoin (FIL)

KuCoin Fees

Crypto withdrawal fees for some of the most popular coins on KuCoin are as follows:

CryptocurrencyWithdrawal Fee
Bitcoin (BTC)0.0005 BTC
Ethereum (ETH)0.004 ETH
Tether (USDT)1 USDT/10 USDT
Cardano (ADA)1 ADA
XRP (XRP)0.1 XRP

KuCoin also offers free crypto deposits, but you’ll incur fees when depositing fiat money into your account. If you trade frequently or have at least 1,000 KuCoin Tokens (KCS), the fees you pay on KuCoin will be smaller. The maker/taker fee begins at 0.1% and decreases as your account levels up, and your fees will be reduced even more if you choose to pay in KCS.

Our Recommendation: CoinSmart

Even though KuCoin has a few interesting features, there are a few cons that don’t allow me to recommend this exchange for Canadians.

For starters, it’s not a beginner-friendly crypto exchange, and it also has limited educational resources for new traders, which means that only experienced traders will benefit from its use.

Also, despite how low KuCoin’s fees are, it also has limited deposit options. Although the exchange allows you to trade cryptocurrencies for fiat currency, you must use a third-party application to complete the transaction. You can pay with a credit or debit card, Apple Pay, and Google Pay, but you can’t transfer money by bank transfer.

It’s for these reasons that I instead recommend that you use CoinSmart. Here are a few of the reasons why I’d use it over KuCoin:

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it’s the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

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Offer ends May 19.

In Summary

KuCoin is one of the largest cryptocurrency exchanges around today, with over 300 supported cryptocurrencies and a customer base of nearly four million users. However, despite its positive features, KuCoin doesn’t have a beginner-friendly interface for traders new to crypto in Canada, nor is it easy to use or understand without significant research.

For these reasons, I wouldn’t recommend KuCoin as a top crypto exchange option. Instead, I’d recommend CoinSmart, which has a user-friendly interface and offers an easy way for new traders to get started in the world of cryptocurrencies. Considering it also has the lowest trading fees across crypto exchanges in Canada, I can’t recommend it enough.

CLAIM MY $50 BONUS
Offer ends May 19.

KuCoin FAQs

How To Withdraw From KuCoin

To withdraw funds from KuCoin, you only have to follow these steps:

1. Desktop Version

  1. Log in to your KuCoin account.
  2. Click on the “Assets” tab.
  3. Click on the “Main Account (Deposit & Withdraw)” tab.
  4. Click on “Withdraw” to enter the withdrawal page.
  5. Type the name of the token you’re interested in withdrawing, or scroll down and click on the token you’re interested in withdrawing. 
  6. Add a personal crypto wallet address and amount.
  7. Click “Confirm” to carry out the withdrawal. 

2. Mobile App Version

  1. Log in to your KuCoin account.
  2. Click on the “Assets” tab.
  3. Click on the “Main Account (Deposit & Withdraw)” tab.
  4. Click on “Withdraw” to enter the withdrawal page.
  5. Type the name of the token you’re interested in withdrawing, or scroll down and click on the token you’re interested in withdrawing. 
  6. Add a personal crypto wallet address and amount.
  7. Click “Confirm” to carry out the withdrawal. 

Is KuCoin Safe?

Yes, KuCoin is a safe crypto exchange to use. It has partnered with Onchain Custodian to safeguard its crypto assets, insurance in the event of a platform breach, and a large percentage of its crypto assets are kept in cold storage.

Is KuCoin Legal In Canada?

Yes, KuCoin is legal to use in Canada. Even though it’s not based in Canada, it still follows all the necessary legal requirements to offer its services there.

Is KuCoin Legal In Ontario?

As of February 2022, KuCoin still operates in Ontario, though it isn’t licensed in the province, so it’s uncertain how long they will continue to operate there. Several other crypto exchanges—including Binance—have already stopped operating in Ontario due to regulatory difficulties, so it’ll be interesting to see how KuCoin deals with the mounting regulations being placed upon it in Ontario.

We don’t recommend working with an exchange that’s likely going to be banned in Ontario (and potentially all of Canada) in the near future, which is why we recommend signing up with CoinSmart instead.

Does KuCoin Require KYC In Canada?

KuCoin requires that all users go through a partial know your customer (KYC) process, which means you’ll only be asked for things like photo identification if you exhibit suspicious activity on your account. On top of that, KuCoin users who have not passed KYC can only withdraw up to 1 BTC per day, and that limit increases substantially to 200 BTC per day for users who have passed KYC.

KuCoin Referral Codes

Unfortunately, there are no KuCoin referral codes active at this time.

Does KuCoin Report To The CRA?

Yes. Although KuCoin is not based in Canada, it reports large transactions on the Canadian version of its platform to the Canadian Revenue Agency (CRA).

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5