If you’re even remotely interested in cryptocurrencies, you’ve probably come across KuCoin. The crypto exchange accepts users from all over the globe, hosting over 200 million wallets, according to its website.
However, not everything is so bright with this exchange. Let’s dive into this KuCoin review and find out all the issues that have emerged throughout the years.
KuCoin is a brand of Mek Global Limited, registered in Seychelles. The firm says it has another entity in Singapore, registered as PhoenixFin Pte. Ltd.
Seychelles has specialized licensing for virtual assets, while MAS regulates crypto trading in Singapore. However, KuCoin regulation cannot be found with this or any other authority, as a matter of fact. This means we’re in business with an illegal entity dealing with customers’ funds.
We’ll present you with all the regulatory attention this company received in previous years. If you have anything else to share with us, we’ll be pleased to hear from you.
Firstly, we’ve received a warning from the Seychelles regulator, FSA. This institution warned investors in February 2021 that Mek Global Limited doesn’t hold a license for soliciting investors to trade in virtual assets.
In August 2022, the Canadian license provider of the province of Ontario issued warnings against both entities, in Seychelles and Singapore, and KuCoin itself. According to this warning, KuCoin has no authorization to engage in the business of trading in securities. The alert was raised to a national level by the Canadian Securities Administrators.
The following month, we received a warning in Spain. CNMV declared KuCoin and Mek Global Limited fraudulent entities offering investment services without approval. Finally, in December 2022, the Dutch National Bank stated that KuCoin provides crypto trading services in the Netherlands without required legal registration with DNB.
It’s more than enough to show you what kind of firm you’re dealing with.
KuCoin was founded in 2017 and has since then been onboarding investors from all over the world. Our traffic analysis shows that the majority of their victims come from:
According to a SimilarWeb data report, the site had 9.5 million visits during March 2023. The majority were from the UK, the US, and Canada. Note that KuCoin has no authorization to operate in any and has been banned in Canada on top.
If you’re not inclined to believe the authorities, maybe you’ll trust your fellow investors. KuCoin earned quite a negative reputation among them.
For instance, we found 860 reviews on Trustpilot at the time of writing, 74% of them being 1-star. This has led to the broker rating being bad, with only 1.6/5 stars. Additionally, Trustpilot issued a warning against fake reviews that have been removed. It’s a malicious practice to post fake comments to increase your scores.
Also, we’ve found similar warnings on Reddit, where users described their negative experiences in detail. The main issue seems to be non-responsive customer support.
KuCoin trading platform is a basic WebTrader. Once you want to place limit or market orders, you can do so by choosing a trading asset, which will redirect you to browser-based software.
Besides the simple chart, you can find an order book, and real-time trades, choose the amount you want to invest, and set leverage. The leverage ranges from 1:1 to 1:125, despite the EU ban being 1:2 on crypto assets due to high volatility. Presumably, this is one of the reasons that led to all those regulatory warnings.
In addition, you can download the KuCoin app for Android and iOS. Then, you can place trades through your mobile device, as well as store your crypto, swap it, or participate in the earn program.
There are two available options for trading with KuCoin:
In addition, you can buy crypto using your card, bank transfer, add crypto from another wallet, or top up your fiat balance. You can participate in the earn program, add funds to a pool or be one of the lenders/borrowers.
As an exchange, this company doesn’t offer risk-free trading. You can open WebTrader at any time, but you cannot place any trades through a KuCoin Demo account. Instead, you have to deposit the money first.
The minimum deposit is $1, which is pretty okay. You won’t even notice it. But the issue starts when you provide your personal information, including KYC documents, to a crypto provider that’s been banned from Canada to Europe.
If you were trading or investing in crypto and earned a profit, there are several ways to cash out. You can transfer the profit to another crypto wallet or request a debit/credit card transfer. In some cases, you can also ask for a direct bank transfer.
However, if there’s anything we’ve learned from reviews, it’s that there are numerous KuCoin withdrawal issues. Therefore, be careful and report any irregularities immediately.
If you’re one of those who cannot withdraw their balance from your KuCoin account, don’t hesitate to file a detailed report to Global Fraud Protection. Our chargeback experts and CipherTrace crypto analysts are here to assist you with this matter and ensure you get justice.
Don’t be afraid to report fraud. Book a free consultation today!
KuCoin is not a legit crypto exchange. If you have any issues with their services, let us know, and we might be able to help.
Yes, KuCoin has a mobile trading app for Android and iOS devices.
You can deposit a minimum of $1 with KuCoin exchange.
KuCoin is not a legit crypto exchange. If you have any issues with their services, let us know, and we might be able to help.
Yes, KuCoin has a mobile trading app for Android and iOS devices.
You can deposit a minimum of $1 with KuCoin exchange.
The post An Honest Review of KuCoin Scam appeared first on Global Fraud Protection.
