What is Kucoin? Non-KYC Crypto Exchange!

at least one out of every four crypto holders have a kucoin account so if you're watching this and you're not one of them get ready to learn what they are welcome the whiteboard crypto the number one youtube channel for crypto education here we explain topics of the cryptocurrency world using analogies stories and examples so that everyone can understand them in this video we're going to explain what kucoin is how it's different from other crypto exchanges and what i personally really love about it first and foremost we need to go over a review of what kyc is in fact kyc is one of the main things that makes kucoin different from a ton of other exchanges and is one of the reasons i use them so often kyc is an acronym that stands for know your customer and it's required by u.s law that every exchange in the united states to record your personal data before allowing you to buy sell or trade crypto well kucoin isn't based in the united states so they don't have to collect your information in short this means you can make crypto trades semi anonymously for example coinbase and binance have my full name my address pictures of me and my license and even my social security number it's all on their servers but kucoin only has my name and email i really really appreciate this and by allowing me to make my trades without providing any of that information kucoin has a special spot in my heart if you're a fan of decentralization it should in yours as well now it is worth noting that just because kucoin doesn't report your trades to places like the irs if you're a us citizen you must still report your own trades to be a law-abiding citizen but it is very nice to know that kucoin wouldn't go behind my back and report the trades for you let's get into kucoin's history kucoin first allowed crypto trading in 2017 and they were based in seychelles and east africa ran by ceo johnny liu now the main base of operations is in singapore even though they're set up in say chills in 2020 kucoin had over 280 million dollars worth of assets hacked from their platform but it wasn't a problem at all for their customers since they were covered by insurance this is another thing that i really appreciate about kucoin along with not requiring kyc information and being insured the next thing i love about kucoin is their massive list of trading pairs if there isn't a coin or token on kucoin it's either one that you can buy on a dex or it's one that you probably don't want to be buying anyways before i get into the screen share i do want to say that this video is sponsored but i love kucoin i've been using them for a long time and i would recommend them even if i wasn't sponsored alright let's get into the walkthrough of how i personally use kucoin so this is the like wallet overview and you'll see right off the bat there's a ton of different accounts a main account trading account margin account futures account and a financial account and the two that i usually use are main account and trading account so the main account is basically like your overarching account that basically you can only lend from and i use it mostly just to move money into the trading account so for example i can go into my main account here and you can see i have 204 dollars of tether and 202 dollars of ethereum classic um and if i wanted to put money into this account for example to fund my kucoin wallet i would just go for example uh let's say i wanted to do if there we go there's true ethereum and i would just click this deposit button um i'm sending ethereum on ethereum and then i would just send my ethereum to this account and within 12 blocks it would be confirmed and then it would be within my kucoin account now to get back to that i go up here and i click on main account and i'm back to my main account so what i'm actually going to be doing is moving my tether from my main account to my trading account so we're going to go over here to transfer and like i said main account to trading account and i'm going to move 200 over there we go it moved and if we go up here and we check our trading account we can now see the money has been moved over i have around a thousand dollars of tether some somatic some litecoin usdc very small amounts here um and basically what i'm going to be doing now is showing you how i actually make trades on kucoin so after you've deposited money into kucoin and then you've moved it to your trading account we're going to go up here to trade and we'll click on spot trading and spot trading is what most people are going to be familiar with using um they do have a password here there's a ton of security features with kucoin you can see here there is btc usdt and i'm actually going to change this to ethereum because i'm going to buy ethereum let's find it i'm going to click on it and you can see here if i wanted to buy ethereum let's say 50 of ethereum i would simply go to the market order this market button right here it basically means buy fifty dollars worth of ethereum at the current market price best market price and then i would put in like fifty dollars and if i clicked buy it would actually buy ethereum let's go ahead and do that we're gonna buy fifty dollars of eve there we go we just made the order and you can see it pop up down here i actually have a little bit of eath available that i didn't earlier and that was the ethereum that i bought .029 eth now something really neat that kucoin offers is this isolated margin and futures option and it is definitely a little more advanced if you know what you're doing you can actually make more technical margin positions and the thing is is that they make it very easy i'm not going to get into that in this video i may if you leave a comment below i might get into it but i'm going to go back and i'm going to show you how to sell ethereum since i've already bought ethereum to sell ethereum i'm going to go to the spot market i'm going to click on the market order best market price and i'm going to sell uh i'm actually going to sell all of my ethereum which i think i can do by clicking 100 so that's all of the ethereum that i just bought i'm going to go ahead and sell it we'll click on sell eve and you can see here my ethe went back to zero and i gained usdt back so just like that kucoin at a glance looks a little technical but if you just use this little spot down here buying and selling on kucoin is ridiculously easy so another thing that i love about kucoin uh let's get back to the home page we'll go to assets uh and we'll go to main account uh this is back to like the home page i like to call it uh and we go over here to the wallet actually i think it's this one and we go to spot trade history and you can see for example here where i bought ethereum and then where i sold ethereum and the specific price and the amount that i received it for and this makes doing taxes at the end of the year very easy because you can simply export to csv or you can just import into whatever software you're using you can also go to trade history and see a little bit more detail about like the fees that you paid so now that i've already went over how to deposit money into crew coin how to buy and sell crypto on kucoin the next thing i want to show you are some of their other features uh for example if we go over here to buy crypto you can actually buy crypto on the kucoin platform however at the current moment i don't recommend it i usually buy crypto on another platform and then move it over to kucoin and then make my trades within kucoin and that is because the peer-to-peer option the third party option and even the fast trade option which is like you can use a debit card i believe the fees are kind of high on that but i guess that's the trade-off you get for not being kyc compliant if we go back over here to tray markets actually you can see all of the tokens that they allow you to trade and this is what blows my mind if you scroll down here to the bottom they have 23 pages of different tokens coins and tokens that you can buy and sell which is a ridiculous amount and i don't think i've seen any other cryptocurrency exchange match this as i in this video i want to share with you two other things the first thing is that i personally don't like to leave money on kucoin for any centralized exchange for that matter i don't like to leave money uh in someone else's hands i like to move it to my own account so i'm going to show you how to do that really quick basically we'll go to the main account here and for example if i wanted to move tether into my own wallet you can see my tether here i've got five tether i would basically go to withdraw and then i would enter my tether my ethereum address i would select ethereum and they've got a ton of other networks here that's another thing that i haven't really mentioned but uh like tron for example an algorand a lot of other exchanges don't offer these networks but kucoin does and so basically this is how you withdraw it's super simple you just enter your wallet address that you want to withdraw to for example i could copy this paste it here and then change this to ethereum and then after that i would be able to basically withdraw my crypto to my own wallet and the second thing i wanted to mention is that since kucoin is sponsoring this video they're actually doing a promotion right now to where whenever you uh register through the link below it's it'll be an affiliate link and then deposit 100 and make one trade within the spot market which is basically this right here that i showed you so you deposit 100 and you make a trade you'll actually be able to receive a 25 newbie bonus so that's immediately 25 return just for registering with an account and remember it's not kyc compliant you just have to set up like an email address and you can get going uh deposit 100 and you can do that through like sending ethereum or sending bnb and then make one trade in the spot market so you could buy bitcoin you could sell ethereum whatever you want to do and then within 10 days they will credit your account with 25 so i'm actually gonna wrap this video up again i absolutely love kucoin i use them all the time to buy and sell crypto you can register with the link below to support the channel and actually receive a 25 newbie bonus hopefully this video was helpful hopefully i saved some of you guys some fees and confusion on using this software and hopefully i see you in the next video thanks so much for watching

Channel: Whiteboard Crypto

Views: 51,939

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Id: HGIwSqlq5yM

Length: 9min 57sec (597 seconds)

Published: Mon Jun 13 2022