Crypto exchange Huobi Global announced that it will be stopping its services to Singapore-based users and closing all their accounts on March 31, 2022.
This news comes after Binance recently prevented users in Singapore from depositing fiat currencies, or buying or spot-trading cryptocurrencies on the platform.
This has led to many Singaporeans scrambling to look for an alternative crypto exchange to trade on, with KuCoin being a popular option.
What is KuCoin?
KuCoin Exchange is a crypto-derivatives exchange platform offering its users access to popular trading products like leveraged tokens, perpetual swaps, margin trading, lending and staking.
Kucoin was launched in 2017 and claims to have currently have 8 million registered users across 207 countries and regions around the world.
It completed a Round A Funding with leading investors IDG Capital and Matrix Partners in late 2018.
KuCoin’s unique offerings
Kucoin brands itself the “People’s Exchange”, and has a selection of unique offerings which have helped it to spur growth. Here are some examples:
- Futures: KuCoin has perpetual futures on 75 different cryptocurrencies. This includes BTC, ETH, LTC, ADA, SOL and XRP.
- Staking: KuCoin’s staking platform is called Pool-X Earn. You can earn double rewards $POL on top of the normal staking rewards. Cryptocurrencies supported are ADA, ATOM, DOT and TRX.
- Trading Bot: KuCoin has a trading bot that allows users to bot their trades either using parameters set up by their AI algorithm or by the users themselves.
Setting up an account on KuCoin
You can access the KuCoin platform from your computer browser or mobile phone using their iOS or Android App. This guide will demonstrate how to set up your account on desktop.
Type in your Email first and click “Send Code”, once you get the code from your email. You can fill up as required and click “Sign Up”.
First thing you want to set-up will be your 2FA. KuCoin allows you to use email, SMS, Authy or Google Authenticator. It might seem troublesome, but remember, securing your accounts should be your utmost priority!
After you have signed up for an account, the next step is to undergo the Know-Your-Customer (KYC) process, and like many other crypto trading platforms, KuCoin has a tiered KYC system.
Although being unverified and having KYC1 has the same benefits of up to 1BTC/24hour limit.
Completing the KYC process allows you to regain your account should you lose access to your login credentials or your 2FA device.
Depositing Crypto into KuCoin
Unfortunately, KuCoin doesn’t allow you to deposit SGD directly into the exchange.
If you are new, we recommend depositing USDT from FTX, you can read up more here on how to deposit USD into FTX and come back here when you are ready to convert your USD to USDT.
Go ahead and click the “convert” button and the following popup will show up, select “USD to USDT” and the conversion rate will be shown.
Go ahead and click “convert” once agreeable with the conversion rate.
Withdrawal of USDT to KuCoin
Click “Deposit” on KuCoin and it will bring you to their USDT deposit page and select “TRC20” for the 0 fees on the withdrawal from FTX.
Copy the address given by the prompt and go back to FTX for your withdrawal.
Paste the address and in the field and remember to select “TRON TRC20” as the method. Once done, you can expect your withdrawal to be in KuCoin in about 10-15minutes.
KuCoin vs. other exchanges
KuCoin offers one of the most numbers of coins listed for trading and they are also regularly listing tokens. Fees on KuCoin are the same as Binance and you can use their tokens KCS for fees discount on your trades.
KuCoin also has a referral program which is being revamped at the moment but you use the one here!
Now that you are familiar with the basics of KuCoin — setting up an account, deposits, it’s time to go ahead and begin trading!
Featured Image Credit: World Finance / Chain Debrief
Also Read: Here’s A Guide To FTX For Singaporeans