Kucoin: a horrible exchange all around
With the boom of Bitcoin this past year, we saw many exchanges , including the changes in power. Poloniex lost all trust, and people moved to Bittrex. Bittrex closed accounts and account creation, then people went to Binance, where majority of volume is today. But it's not just big exchanges that started popping up, we saw many relatively small ones as well. Today, I'm focusing on a certain small exchange in particular, and that's Kucoin. We throw money into these exchanges without a second thought, but you should really start questioning if Kucoin is to be trusted.
One of the big red flags about kucoin currently, is the recent downtime of the site, along with locking withdraws. It's understandable that wallets can have downtime, but certainly not all of them, as it's been lately.
The screenshot you see is one of many complaints. There are numerous individuals who are having having issues, and I dare say this rivals the amount of bittrex issues. The admin did have something to say, unfortunately I do not have the telegram channel , so I only have word from this comment
It's understandable that they had leave for vacation, what's NOT understandable is to have majority of them be on vacation. They only have a staff of TEN people. You would think they could either hire more, or maybe ya know, delay vacations with the demand of crypto? I work in a hospital, and if there is demand or a increase amount of patients, you better believe they will flat out refuse my request. In my opinion, this is an leadership issue, and a very big rookie mistake to allow this to slip. But it gets better!
Yep, all the team names vanished! Why would they all of a sudden, remove all the staff names during a bunch of withdraw issues? Sounds fishy to me.....
Butttttttt, what really got me to write this article wasn't any of this, but actually the lack of response and help for people to request listing a coin. Case in point
While I will not give you all the details to the article, but I encourage you to look, because it's so damn bad. To sum it up quickly: they have been trying to list CRED on kucoin since November 26th. Even when they have paid, with lack of communication, they are making excuse after excuse for not listing it quite yet. They finally decided to withdraw their request the moment they removed the staff names... This was on March 3rd. And one final laugh in the article!
They tried to bribe them to not post it! Good on the CRED team.
Thanks for reading! Feel free to comment below.
Image source for title: https://www.google.com/amp/s/www.techbullion.com/kucoin-reviews-review-kucoin-cryptocurrency-exchange-token/amp/?source=images
The rest are taken from Reddit and the medium article, which is linked above.
I never traded there...Polo is good,it has new owners now..Bitshares..
As I've heard. Sooner or later I will be giving polo another attempt. But that trust will have to be rebuilt. People won't forget bad experiences.
i thought that kucoin will be the next big thing, but it disappointed me in every way. laggy. rewards are not working. neo gas not working. referral closed.
I am disappointed with KuCoin, I never liked it and never understood why it took off.
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Customer service is EVERYTHING! If this pattern continues the KuCoin is dead.
This is bad for crypto in general. How do you convince new people to come into the ecosystem when they hear all these horror stories? Right now there is too much "easy money" and people that are grabbing as much as they can. Services that value customers will eventually rule the kingdom, but we still have a long way to go.
Yeah, it's straight up a big joke. I wouldn't be surprised if an exit scam came along.
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