## What led to the rise of KuCoin? 

Two IT nerds who were early blockchain users are behind KuCoin. 

Michael, who began coding at the age of eight and launched his first firm at 16, began mining BTC when he learned about Bitcoin from his supervisor Eric in 2012. However, when he attempted to sell some BTC on Mt. Gox, he realised that what was then the world's largest marketplace took much work for amateurs to use. 

As blockchain usage grew, Michael and Eric saw that it was transforming the financial system to benefit everyone globally — including the less educated, unemployed, and unbanked — relatively not just the wealthy few. By the end of 2013, they had completed the initial draughts of the KuCoin code. 

In 2017, the Seychelles-based crypto exchange announced an initial coin offering. Known as "the people's exchange", it is ranked in the top 10 largest crypto exchanges by volume, according to CoinMarketCap.com. 

## How does KuCoin affect US users? 

[KuCoin](https://www.kucoin.com/) is not authorised in the US. Users there can sign up for accounts, but they will remain "unverified", limiting access to some functions. KuCoin has comparable restrictions outside of the US.  

KuCoin has low fees and allows you to trade in various [cryptocurrencies](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-cryptocurrency/). It's one of the few platforms that allows US consumers to open a margin account for trading cryptocurrency. It gives a 20% reduction on trading costs when you use its token, [KuCoin Token](https://www.coinbase.com/price/kucoin-token) (KCS).   

Users must complete essential financial industry Know Your Customer (KYC) disclosures on the platform. These revealers are put in place to combat crime and money laundering.    

[Hackers](/news/article/nft-hackers-passports) routinely attack cryptocurrency exchanges. The exchange was hacked in 2020, and more than $280 million in assets were lost. However, most of the stolen assets were recovered, while KuCoin paid for the ones they could not recover through its insurance.  

Discounts are given to investors depending on their average monthly holdings of KCS, the platform's native token, or their trading volume in the preceding month. They can reduce fees even more if they pay using KCS. 

## KuCoin fee and class structure 

KuCoin, like other cryptocurrency exchanges, features a maker/taker fee structure, which means you pay varying costs based on whether your order is a maker or a taker. 

Makers add liquidity to exchange by placing fresh open orders that others can fill. Meanwhile, takers restrict liquidity by satisfying existing maker orders. 

The maker/taker fees level varies according to trading level and coin "class" on KuCoin. Cryptocurrencies on exchanges are classified as follows: 

### There are three classes: 

- Class A includes the most popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). The maker/taker range when trading Class A coins and the basic level of Level 0 (LV0) is 0.1%/0.1%, respectively. 

- Class B coins, such as Love Coin (LOVE), trade for a 0.2%/0.2% maker/taker fee for that low-volume level of LV0. 

- Class C has very few coins mentioned, and you may never have heard of some of the ones that are listed. Class C contains [cryptos](/news/article/kucoin-crypto-metaverse) with less than $1 million market caps, such as BURP and HIPUNKS. 

Users must pay a charge to withdraw practically all coins from their KuCoin account, as with other cryptocurrency exchanges. 

## KuCoin protection plan 

The crypto exchange has collaborated with Onchain Custodian, a Singapore-based crypto asset protection platform, to keep custody of KuCoin's crypto assets.   

Furthermore, Lockton, a private insurance agency, backs such assets. The site provides basic security protections such as identity verification, password swapping, and anti-phishing phrases.  

However, due to their inability to complete KYC verification, US customers are warned that their accounts may not be as safe as overseas ones. Unverified accounts do not have the same fraud and hacker protection as verified accounts. 

## How to open a KuCoin account 

It is simple to open an account. Go to the respective website, join, and input your email address. They will email you a verification code, which you will enter to create your password. You may also register using a phone number. 

Once you've signed up, you can configure your security settings. These include identity verification,  trade password, and anti-phishing safety phrases are among them. Once you've finished configuring your security settings, you're ready to start trading crypto. 

Customers in the US cannot complete the KYC procedure or use verification benefits such as more significant daily withdrawal limits, fiat trading, better futures leverage, and faster account recovery if they lose their credentials or their account gets hacked, as KuCoin is not US licensed 

With more than 700 currencies on the KuCoin platform, novice and experienced investors may discover almost any cryptocurrency they want to buy or trade. 

## Disadvantages 

The main disadvantage of KuCoin is for users in the US. The need for a US licence poses several dangers. The primary concern is the difficulty for consumers residing there to complete KYC verification. 

Users of KuCoin's platform in the US face significant risks not shared by other platforms licenced in the country. The ability to complete KYC verification would allow clients in the US to access the full range of KuCoin's products. It would also make the site more secure and easier for users in the US. 

The crypto exchange may be a better option for overseas users, as they can complete KYC verification. US customers are not afforded the same safeguards as overseas users. 

kucoin logo on blue background image of man trading

KuCoin: What Led to Its Rise? 

Crypto exchange [KuCoin](https://www.kucoin.com/) has launched a 'virtual skyscraper' in the Bloktopia metaverse.

KuCoin will be housed in the tower’s 5th floor. The virtual building will have 21 levels and will hope to house other content creators, including Polygon and Avalanche.

The company is set to join an already well-known spread of blockchain companies based within the virtual skyscraper, including its parent company High Fidelity, Everdragons and Black Bull Capital.

## A Dynamic Environment

Black Bull Capital’s CEO, Trevor Koverko, described the building as a “dynamic environment” for blockchain companies.

He told [Cointelegraph](https://cointelegraph.com/): "I think it's going to be really unique and different, and it's going to be so cool."

"What we've done with this project is create something where you'll have people from all different walks of life and you'll have a very interesting cross-section of people that companies can go to, to service their needs."

People will be able to virtually communicate with eachother and interact within the space.

The space is host to various virtual and augmented reality activities.



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KuCoin: What Led to Its Rise?

KuCoin Crypto Launches Metaverse Space