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word number: 1104
Time: 2022-11-27 04:30:59 +0000
Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are probably available in every exchange while a hidden gem back then like Kucoin Share is only available in Kucoin exchange. I was lucky enough to scrap $150 when the price was $0.6 with now the price is fluctuating around $9 where my initial investment of $150 increases up to $2000. Back in the days for people like me, trading in Kucoin exchange is impossible straight away because I do not have a credit card to top up my balance where the only way was to own a cryptocurrency and deposit it into Kucoin exchange. Originally, this article was intended to be combined with the cryptocurrency quick guide but too many large images in one place can be overwhelming for many readers which is best to be separated here. For those already literate in information communication technology (ICT) probably does not need this guide so go ahead and read the quick guide cryptocurrency instead.
For traders, the first reason buying cryptocurrencies is to able to deposit them into other trading platforms and do trading there. In a popular international exchange such as Kucoin exchange, there are many more coins available compared to local exchanges.
Other than that, Kucoin have more features than trading compared to local exchanges such as futures trading where another name of it are derivatives and options. The other feature I like is staking where instead of just holding our investments long term, we can stake and earn interest or passive income.
After registering to Kucoin using my link https://www.kucoin.com/ucenter/signup?rcode=xgHf1b&lang=en_US&utm_source=friendInvite, you can continue to identity verification in the profile and setting menu on the top left or you do not have to because Kucoin still allows us to trade a small amount without know your customer (KYC). Do not forget to grab your referral link before you invite others to Kucoin to get commissions.
The next thing to do is to deposit funds. Go to the asset menu on the bottom right. Then choose the deposit button.
Choose your preferred coin to deposit, for example here I choose to deposit some Bitcoin.
A deposit address will be given or a quick response (QR) code can be used. Some assets like XRP requires a label.
If this is our first time in cryptocurrency where we just bought Bitcoin in a local exchange such as Indodax, we need to request a withdrawal. Go to funds. Here for example withdrawing Bitcoin.
Fill in the information correctly. The most important part is double, even better triple check the destination address where in this case, the Bitcoin deposit address of our Kucoin account. Never make a mistake because transactions are irreversible to prevent censorship where I once made a mistake and lost $500.
If we have been a crypto for a while, it is best practice to withdraw our long term holding coins to our personal wallet because “not our keys, not our coins” where we always have to ask permission to withdraw from exchanges which takes time. In personal wallets, full ownership is ours and transactions are immediately executable. For example to deposit Bitcoin to Kucoin exchange is to choose Bitcoin first.
To minimize the interface for mobile, often the send word is not written but instead uses the ↑ button.
Same thing to make sure to never make a mistake in inserting the address which is why the copy and paste buttons are provided or the QR code for more convenience.
In the assets menu of Kucoin, take a look at the multiple wallet menu below the three deposit, withdraw, and transfer button. By default, our deposits goes to the main wallet only for withdrawing purposes. If we want to use Kucoin’s services, we must transfer our coins to the corresponding wallets.
If choosing the coins instead for example USDT instead of the transfer button, there is a transfer button on middle below. Above that are recommended spot tradings.
The trading wallet is for bilateral or spot trading, the margin is to leverage on spot trading, the future is for derivatives or options trading, and the staking in Kucoin is called Pool-X.
After transferring coins from main wallet to trading wallet, we can start spot trading which is the default trading in every exchanges.
In popular international exchanges such as Kucoin, they now provide futures trading where other calls it derivatives or options for bidirectional trading or trading both ways. Here, we can bet the market without owning the corresponding coins. If we think the market will go up, choose “long”, and if we think the market will go down, choose “short”. If we are right, we profit, if we are wrong, we loss. Never forget to use stop loss in these kinds of trading as assets can get liquidated or disappeared. Take note of the margin or leverage which is a multiplier where we can multiply our profits but risks multiplying our losses as well.
Do not forget to transfer some funds to futures wallet to start futures trading.
Let us go back to the home menu and try staking but before that, do not forget to transfer some funds to Pool-X.
Take a look at the coins that they offered for staking where the imporetant information are the yearly interest and lockup time.
Choosing one of them will show more details of the terms of staking such as the minimum amount to participate. For example here is ORN, determine the amount and finally choose participate to start staking.
After staking, we can check the status on the Pool-X wallet and here is also a more convenient menu if we want to unstake.
For example, I chose the KCS that I previously stakes. Choose redeem on the bottom right.
First the amount, and second the redeem button. Here it takes 2 weeks to unstake.