Basic guide on using KuCoin - Steemit Crypto Academy Season 4 - Homework Post for Task 7
1-) Choose any of the following exchanges and develop a basic guide on how to use it, indicating whether it is decentralised or centralised.
Huobi
KuCoin
Waves Dex
Hi steemians, today I will be talking about KuCoin exchange giving details on how it functions and how one can access it on mobile app and on the webpage. Amongst the three questions given as homework by professor @imagen from which I am to choose and answer just one, I have decided to answer question one. This question ask that I explain the basic guides on how to use KuCoin or Huobi or Waves Dex exchanges and tell if it is a DEX or a CEX. The said question is above in bold and I have chosen to use KuCoin. To make this very easy to understand, I will break my answer into subheadings or questions in order to keep us on track. Hold tight while we start.
What is KuCoin Exchange
KuCoin is a centralized exchange that is well recognized in the crypto world with a great number of users since its introduction as a cryptocurrency exchange. It was founded by Eric Don and Micheal Gan in 2017 with the headquarter locates in Singapore. This exchange is available on the KuCoin website and mobile application. Although centralized, KuCoin doesn’t emphasize on the regular user KYC verification before use. It’s user friendly and has low cost transaction fees compared to other centralized exchanges. Like other centralized system that exchanges, KuCoin has its own token known as known as KuCoin Shares (KCS) which is belt on the Kuchqin network. This token is used as a utility aloft this platform with a motive of increasing in value as being demanded for transactions on the platform.
Different buttons on KuCoin and their functions
Just like other centralized exchanges, there are a lot of options on the homepage of Kucoin. I have described details of most of these buttons and their functions on the table below. This has been arranged with “buttons“ on one column and “functions “ on the other. The identification of these options (buttons) will be well expressed on screenshots beneath the table.
| Buttons | Functions |
|---|---|
| Home | It brings you to the homepage of KuCoin showing all the trends and top gainers and losers of the cryptocurrencies listed on KuCoin |
| Market | It takes you to the current market of cryptocurrencies showing you spot and futures pairs |
| Trade | This button takes you directly into spot, margin, fiat, and trading bot from which you can carry out any of these activities |
| Futures | This is used to directly trade KuCoin futures |
| Assets | This button takes you to your account wallets. That is your Main wallet, Trading wallet, Margins wallet, Futures Wallet, and Pool-X |
| Search button | Used to search any coin or contracts available on KuCoin |
| Top gainers/losers | used to check the top gaining and losing coins pairs on KuCoin |
| Bell | Indicative of all notifications sent to your account by KuCoin |
| Profile | Shows all your information used on KuCoin. When not logged in, it directs you to login button |
| Buy/Sell buttons | Used to purchase crypto assets for trading orders. |
| Alert | Used as alarm that reminds users of a trigger amount on a cryptocurrency. Here a user can set an alarm based on a certainty price of interest. |
| Staking | Provide access to stake and earn |
How to register a KuCoin account
To register an account on KuCoin is quite simple and easy. After downloading the KuCoin mobile application or using the KuCoin web link to arrive at the webpage, the following few steps can take you through the sign up process.
Step 1
Click on the option button on the top left of the page and take “sign up”. You can also see where to download the mobile app for KuCoin.
Step 2
Fill in the required details by using either an email or a phone number choosing the country code.
Request for a verification code. If you used your email, a mail will be sent to the email address containing the verification code. Same goes for using a phone number.
Step 3
Sign in to your account making sure you are clicking “Sign in” not “sign up” as I just indicated on the photo below. Sign up is only for creating accounts.
After doing these, you are good to go. Congratulations you now have a Kucoin account.
How to fund KuCoin Wallet
To deposit cryptocurrency into your KuCoin Wallet via P2P is simply by taking the following steps
Step 1
Click on “Assets” and you will be asked to login. After login in, your account assets will be open for you.
Step 2
Click on “Deposit” and later search the cryptocurrency you want to deposit to your wallet
Step 3
Copy the required information (keys) and paste in the sending account where necessary. Note that with some tokens such as STEEM will require that you copy the deposit address and MEMO key. Alain choose the chain you want your transaction taken on. For this exercise I used ERC20.
With all these done, you paste the above copied information (keys) to the wallet funding your KuCoin wallet and confirm the transaction. You’re KuCoin Wallet will be funded after one network confirmation is done.
How to fund Spot account in KuCoin
To fund spot wallet in your KuCoin account you simply transfer funds from the main wallet into the trading wallet, choosing the amount of your choice provided there’s enough in your main account.
Step 1
Click on “trade” from homepage and then click on the cross arrows I’ve put in the red box on the screenshot below.
Step 2
Transfer funds from main wallet to futures wallet. In this case I was transferring all my funds from main to spot wallet that’s is why I click on “All” but if you want a specific amount then you can just type it in the amount box.
Step 3
Confirm the transaction
Boom, you’re spot wallet has been funded
How to fund futures account in KuCoin
The same way you fund a spot wallet in your account is the same way you fund your futures wallet but this time you click on “Futures” instead of “Trade”. Transfer funds from your main wallet into your futures wallet.
Step 1
Click on “futures” from homepage
Step 2
Transfer funds from main account to futures wallet
Step 3
Confirm the transaction
Congratulations your KuCoin Futures wallet has been funded
How to transfer funds from KuCoin to another wallet
Step 1
Click on “Assets**
Step 2
Click on “withdraw”
Step 3
Fill the search box with the name of the token you want to transfer. Click “on the name of the token and take “continue”
Step 4
Fill the boxes with the required information such as recipient wallet address, amount, and remark.
Step 5
Click on “confirm” and later fill in your password, email and phone number codes that will be sent to you for the transaction.
The Kucoin exchange is a decentralized exchange which has reduced the need for too much waste of time in carrying out verifications such as KYC which is oftentimes irritating to some users. It has brought many other easy features. This exchange has quite cheaper fees for transactions within and out of KuCoin exchange. Although not the most renown centralize exchange, KuCoin is fast growing with the day to day increase of its users in the crypto world. This exchange has a utility token known as KCS which is supported by the KuCoin block (Kuching). Unlike other CEXs, KuCoin is quite easy to use and has nice features such as the alert system which helps users to monitor the trend of tokens of interest.
It should be known that all screenshots have been taken from the KuCoin Mobile app