One of the first things you need to be aware of if you want to trade cryptocurrency is the costs. Some exchangers have exorbitant costs. This can drastically reduce your profits, especially if you’re just starting out as a trader.
You must understand the fees associated with your selected trading platform in order to trade more effectively. This post will discuss trading on KuCoin and the associated expenses according to Traders Union article.
Describe KuCoin:
A trader-friendly exchange with low trading costs and a large selection of available cryptocurrencies is KuCoin.
The exchange, which Michael Gan and Eric Don founded in September of 2017, is presently gaining popularity due to its outstanding features. You can get the ethereum price prediction updates on the trader’s union platform.
Fees
Even among the leading exchanges, KuCoin has some of the lowest trading costs, as was already mentioned. Additionally, it offers numerous methods to make money through futures, leverage, and peer-to-peer trading, as well as a great trading interface.
Security
In addition, KuCoin gives a lot of thought to its consumers’ security. To store and secure all of its crypto assets, it is now working with Singapore-based digital asset custodian on chain Custodian. The site also uses security measures that are industry norms, like two-factor authentication and the KYC procedure. The exchange even makes use of a few cutting-edge security techniques to further strengthen their security, like password trading and the KuCoin Safeguard Program.
Is KuCoin Subject to Fees?
KuCoin still charges fees despite being one of the market’s least expensive exchanges. The pay structure is level-based, with lower trading fees awarded to people in higher tiers when they buy and sell coins. The section that follows will go into more detail on KuCoin’s fee structure.
KuCoin Fees – a Guide
As already noted, KuCoin features a levelling system from 1 to 12. Your trading fees decrease as your level rises.
Depending on your 30-day average trading volume and KCS holdings, your level varies every day. Every level has specific requirements that must be met at 0:00 AM (UTC+8) in order to advance. For the next 24 hours, you can continue at your current level.
In other words, your fees will decrease as you trade more and hold more KCS during the day. The Ethereum price prediction is forecasted to reach $2,236.404 by the beginning of September 2022.
Level of Trading Fees
When you log into your KuCoin account, you may see your current trading fee level. After logging in, just click the Fee button on your interface. It will show your level on the website. In some cases, if your level is high enough, your fee rate can even be negative.
Fees and Levels for Trading Overview
Different jobs in KuCoin have varying trading costs. The impact of being a market maker or taker on your trading fees is summarized below.
Maker/Taker: There will be different fees for Makers and Takers in the market.
Taker: There is a taker fee associated with taking certain sorts of orders (market, concealed, or iceberg).
Maker: If you choose the Post Only option in a limit order, you will be charged a Maker Fee.
KCS Pay: By turning on the KCS Pay Fee function, which enables you to pay with your KCS holding, you can further lower your trading expenses in spot or margin trading. The discount has a maximum of 20%.
Trading a fee token can potentially serve as the fee itself, eliminating the requirement for an external fee payment, according to KuCoin. As payment, you may alternatively use another token. When you trade the BTC/USDT token, for instance, KuCoin may charge a commission in the form of the USDT/KCS token.
However, bear in mind that the ultimate sum of your trades may be impacted because KuCoin reserves the right to deduct the sum directly from the tokens you traded.
Trading Charges
You might assume that only the most experienced traders would benefit from KuCoin’s cheap costs. Fortunately, KuCoin still has one of the lowest trading fees available even at the base rate, with only a 0.1 percent cost for each transaction. There is a 24-hour withdrawal restriction, and level-specific amount restrictions apply.
The fee structure for KuCoin is rather dependable and transparent, so users can readily grasp how much their charge will be in each transaction despite the fact that this can seem confusing. Here, we’ll give a few instances of actual charges that clients have to pay.
