The decentralized finance (DeFi) sector is rapidly growing but still faces significant challenges. For example, one of the biggest issues DeFi must address is Impermanent Loss (IL). This is a problem that can have serious consequences for liquidity providers. Today's review will examine how SMARDEX intends to solve the IL problem and end liquidity providers' unjust losses. We'll also look at all the services that SMARDEX offers and examine the project's tokenomics. What Is SMARDEX? SMARDEX is a project intending…
The KuCoin Exchange – An Easy to Follow Guide for New Users
KuCoin is an advanced and secure cryptocurrency exchange that has become the industry’s top-quality blockchain services provider. The platform is one of the most popular exchanges in the world at this time. KuCoin has over 5 million registered users from 200+ countries and regions. This level of user participation means that KuCoin enjoys some of the highest liquidity in the market. Specifically, the exchange has hit nearly $500 million daily.
Benefits of the KuCoin Exchange
KuCoin managed to stay ahead of the curve through its pioneering and innovative spirit. The development team remains active and continues to introduce new features and services. Nowadays, KuCoin does a lot more than provide users with a safe way to purchase Bitcoin.
KuCoin was built from the ground up to cater to the international crypto community. Currently, the platform has communities in 205 countries and 13 languages. This global approach gives exchange access to unlimited users.
KuCoin users enjoy a wide selection of cryptocurrencies. The platform hosts over 200 global blockchain projects with over 400 trading pairs. Additionally, users enjoy multiple order types for every kind of risk appetite. Specifically, spot traders can place limit, stop, market, post only, and iceberg orders.
KuCoin allows users to purchase cryptocurrency directly from its friendly interface. In addition, you can buy crypto with fiat through Simplex, Banxa, and OTC. Impressively, the platform supports most major fiat currencies, including USD, JPY, KRW, EURO, GBP, and more.
KuCoin users enjoy some of the lowest fees from a recognized centralized exchange. However, users pay a fee when they trade, send, or receive crypto on the exchange. These fees go into further development of the platform.
KuCoin frequently offers promotions to users. At any given time, the exchange will run over five promotions. These events include Airdrops, Staking pools, and a year-round Bug bounty.
Kucoin Customer Service
Another strong draw for KuCoin users is the platform’s 24/7 customer service. New users can get answers to their crypto questions before they invest in the exchange. Best of all, the exchange offers customer service in many languages to suit your needs.
How Does The KuCoin Exchange Work?
The KuCoin exchange leverages different technologies to offer an easy and quick way to start trading crypto. The developers behind this network have gone to great lengths to create a collection of powerful investment tools and services to better your ROI. KuCoin is available on multiple platforms, including the firm’s website and a mobile app.
Professional investors prefer KuCoin because it offers advanced trading tools. For example, margin trading allows users to borrow more tokens by pledging a small number of tokens to long (buy) or short (sell) coins. In addition, KuCoin offers margin trading with up to 20x leverage. Notably, the network supports margin trading on most mainstream cryptos, such as BTC, ETH, and its native token, KCS.
You can also trade futures on KuCoin. For years, the market fought hard to get Bitcoin Futures. KuCoin offers leveraged trading of Bitcoin futures of up to 100x. Professional traders should only conduct leverage trading as it increases profit and risk.
Soft Staking is a new feature that KuCoin brings to the market. The process works very similarly to traditional staking. You earn rewards by locking your crypto up in pools. Impressively, the exchange already offers Ethereum 2.0 staking via this product.
Kucoin Yield Farming
Regular KuCoin users can also earn interest by lending their crypto to others via a yield-farming mechanism. Yield Farming pools allow you to stake your crypto in liquidity pools other users borrow against and receive repayment plus interest. Currently, users enjoy 12% annual rewards using this system.
Pool-X is another product unique to KuCoin. This staking and mining pool exchange provides liquidity with staked crypto. Users can earn profits in two ways. First, users lock their crypto in mining mode, receiving staking profits and POL mining rewards.
KCS is the native utility and governance token for the KuCoin ecosystem. This token can be stored in any Ethereum network wallet that supports the ERC-20 standard. Best of all, KCS holders receive daily cryptocurrency dividends.
History of The KuCoin Exchange
KuCoin entered the market in September 2017. Currently, the exchange’s main office is located in Seychelles. The firm also has satellite offices in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions. In November 2018, KuCoin announced $20 million (USD) round A funding from IDG Capital and Matrix Partners.
On September 25, 2020, the crypto community discovered that the KuCoin exchange was the victim of a massive hack. In total, 1,008 BTC, 14,713 BSV, 26,733 LTC, 9,588,383 XLM, USDT worth $14 million, $153 million of ether and ERC20 tokens, and over 18 million XRP were stolen. Miraculously, KuCoin refunded losses to users and caught the hackers, and recovered $204 million in stolen crypto.
How to Use the KuCoin Exchange
Creating a KuCoin account is easy. Since the exchange handles fiat-to-crypto conversions, you must verify your identity before utilizing the exchange. KYC and AML requirements mean you will need to provide identification. The initial part of the sign-up takes under five minutes. KYC approval can take a day. Once approved, the interface makes it simple to see the platform’s most common trading functions.
KuCoin – Still Holding Down the Fort
KuCoin continues to offer top-quality service to its users with competitive fees. Additionally, the platform is consistently at the forefront of new blockchain technologies such as DeFi yield farming. For these reasons, investors will always flock to this reputable, proven centralized exchange and blockchain ecosystem.