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Is KuCoin Good For Beginners

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Getting started on cryptocurrency can be daunting, especially without a platform to trade. KuCoin is an exchange platform for trading crypto.

But is it a good option for beginners? Let’s find out below.

Is KuCoin Good For Beginners?

KuCoin is an excellent crypto exchange platform for all users, including beginners. 

KuCoin has many helpful features for new crypto users. Let’s explore some of them:

Trading Interface

You can trade on KuCoin by creating an account and basic personal information to the platform. With that, you can keep track of your activities and access your trade history. 

An intuitive user interface allows you to easily find your way around, but there are also complex options for the advanced user. You get plenty of tools to customize your account as you wish. 

Also, KuCoin has multi-device compatibility, allowing you to trade on the go. You can use KuCoin on your office desktop, laptop, tablet, and smartphone and track your activity anytime.

Also see Is Binance Good For Beginners?

Trading Products

Unlike most crypto exchanges, KuCoin offers users plenty of excellent options to trade crypto.

You can trade over 700 coins on KuCoin, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and DogeCoin (DOGE).

KuCoin supports leverage, allowing you to trade up to 15 different currency pairs on margin. A perfect example of pairs you can trade on margin includes BTC/ETH and XRP/BTC.

You can also trade futures on both the Light and Pro modes. Here, you can take advantage of the 100:1 leverage to participate in contract trading. 

Security and Privacy

KuCoin works overtime to ensure they safeguard the platform against hackers or scammers. Their development team updates the system to patch vulnerabilities to prevent your accounts from being exposed to attacks.

They use top-tier encryption, robust security protocols, and decentralization and frequently monitor the system to secure your privacy and trading account.

Lending Program

The lending program gives you outstanding opportunities to make money. You can earn passive income from interests by lending your crypto assets to other users on the platform. 

You can also gain an upside by providing liquidity to traders running margin accounts and trading futures. 

Safety and Countermeasures

KuCoin outdoes other platforms by offering insurance coverage to its customers. At this writing, KuCoin has partnered with Lockton, an Onchain watchdog in the private insurance business, to help you protect your assets.

More so, KuCoin is one of the few crypto exchanges that once deployed recovery techniques after losing money to hackers in their September 2020 attack. They recovered over 80% of lost assets within two months, which shows their commitment to protecting you. 

Community Backing

KuCoin has massive community backing. When you join the KuCoin community, you join other users on social media forums. You also enjoy unlimited customer support and receive regular updates about the exchange. 

If you’re interested in learning more about how KuCoin operates, we recommend our guide KuCoin: Decentralized Or Centralized Or DeFi?

What do You need To Know Before Using KuCoin?

Getting started with KuCoin? Here are some things you need to know before going forward.

  • First, have some basic knowledge about how cryptocurrencies, blockchain technology, and decentralized exchanges work.
  • Find out what KuCoin is and how it works.
  • Choose the tokens you’d like to trade on KuCoin. You may get your crypto from a centralized exchange like Coinbase or exchange tokens for fiat money. 
  • Create a crypto wallet that sends, receives, or stores your tokens. 
  • Use fiat money or credit to fund your KuCoin trades.

Which Crypto Exchange Is Best For Beginners?

KuCoin is one of the best crypto exchanges available for beginners, but there are plenty of alternatives in the market.

What works for you depends on your needs. Different crypto exchanges serve different market segments. 

Finding one that meets your unique needs is the key to a seamless trading experience.

How To Practice Trading Without Risk?

Cryptocurrency trading simulators are the best way to practice trading without risk. 

There are multiple simulator platforms you can train on before using real money to trade. In simulator trading, you trade with virtual money, which you can replenish at any time with a click of a button.

Demo accounts and simulators can help you practice your trading strategies without losing your digital money. 

The following are great examples of platforms that let their customers experience fake trading:

  • eToro.
  • Bitfinex.
  • Bitsgap.
  • TradingView Simulator.
  • Cryptohopper Paper Trader.

Additional Tips for Beginners

You can find many great tips useful for a beginner crypto trader. Here are some:

Use Reliable News Sources.

Always use proper news channels as a source of information about what to trade and when to enter and exit trades. 

Start Small

As a new trader, start your trading journey by placing small trades. After you learn how to make good trades, you may increase your trade capital. 

Limit Orders

Place limits on your trade orders whenever. Limits orders protect you from sudden market movements that may cause unexpected losses. 

Manage Your Emotions

Psychology is a critical component in trading. If you don’t manage your emotions, you may make decisions that cost you money. Always stick to your trading strategy.

Have a Trading Strategy

You need a working strategy to practice and trade. Strategies guide you on when to enter a setup or exit a trade. Also, your strategy helps you optimize your trading and select good crypto assets to trade. 

Final Thoughts

KuCoin is an excellent trading platform that’s easy to use, even for beginners. But you need some basic crypto knowledge before using it. Before trading actual crypto, test your crypto strategy on a demo account or simulator before using real capital or crypto assets on your KuCoin account.

References:

https://www.kucoin.com/

https://www.planetcompliance.com/cryptocurrency-for-beginners-5-tips-and-tricks-you-should-know/