In this beginner’s guide, you will be learning how to trade cryptocurrencies using Kucoin’s platform.
Kucoin is a great exchange with some of the lowest fees (especially if you are a KCS holder – their official coin).This guide will show you how to create and fund your account, as well as the mechanics of placing your first trade.
** Make sure to educate yourself before starting to trade as it carries the risk of capital loss! Besides knowledge, you will need a wallet to withdraw your coins. You can always use a software wallet. However, if you are serious about this and looking to have a diverse portfolio, we suggest a Hardware Wallet.
Not only are they the most secure means of storing cryptocurrencies, but they can also store multiple coins. No need to have the safety of all those passwords on your mind.
Subsequently, if you are trading high volumes, it will be in your interest to keep your coins offline, and this is a characteristic of all Hardware Wallets.
Okay, enough with the chit-chat! Let’s start this guide!
I’m sure you’ve guessed the first step already. Go to Kucoin.com and create an account. If you’re reading this, it is highly unlikely that you’ve never created an account online before. Follow the registration process, confirm your email and make sure to activate 2 Factor Authentication (Google Authenticator) – this app generates a code every 30 seconds. You link it to your Kucoin account and when you want to log in, it will request the current code.
Once your account is created, you will see the page below.
Now that your account is created, there are 2 ways you can deposit or withdraw funds:
You can click on “Assets”. You will see a list of coin, at the right of which, you see “Deposit/Withdraw” buttons.
Or, you can simply click on either Deposit or Withdraw in the left sidebar as shown below.
Regardless of how you go about it, it will result in the same page in the end.
After selecting your coin, copy the wallet address or scan the QR code to send the coins for deposit. For withdrawal, select the coin and input your wallet address to receive your funds.
** It’s very important to double check that you are sending the right coins to the right wallet. You can’t send ETH to a BTC address!
If you are ready to start trading (you have done your research and know, at least at a basic level, how to trade), this is how you place a trade on Kucoin. Click on markets and then click on any currency pair in the list that appears. This will take you to the platform. If you are still at the beginning of your journey, it will be beneficial to stick to the basics until you get more experience.
Once on the platform, search for the currency that you want to buy or sell.
** Note that you can not sell coins that you do not own and can’t exchange coins if don’t have the base currency. If you deposit ETH, you can buy any currency pair that starts with ETH, like ETH/ADA, ETH/TRX, and sell cryptocurrency pairs like BTC/ETH.
Input the amount that you want to trade in the box below and click on ‘Buy’ or ‘Sell’.
The transaction will execute shortly and the coins sent to your online Kucoin wallet. We suggest you move them to your Hardware Wallet, for security purposes, of course!
And…that’s it! You placed your first trade on Kucoin!
If you have any questions or comments, that’s all you down below, feel free to let us know your thoughts! 🙂