TL;DR- To deposit crypto into your KuCoin wallet from another exchange or wallet, KuCoin itself doesn’t have fees. But you’ll need to pay the network fees for the cryptocurrency you’re sending. I’ve found the absolute cheapest and fastest way to fund your KuCoin account is with Stellar Lumens (XLM). Read on for more info.
What are trading fees vs. transfer fees?
Transfer fees- fees you pay getting your crypto on and off the KuCoin platform, charged by the crypto network you’re transferring on (i.e. Ethereum gas fees, Bitcoin transaction fees)
Trading fees- fees you pay trading your cryptos once you’re already on the KuCoin exchange
Example of transfer fee: I $50 worth of Bitcoin from my Coinbase wallet to my KuCoin wallet. The Bitcoin network charges me a fee of 0.00000121 BTC ($0.05) to send that Bitcoin to my KuCoin Wallet.
Example of a trading fee: on KuCoin, I take my $50 of Bitcoin and swap it for $50 of Ethereum. KuCoin charges me a 0.1% fee, or ($0.05) to swap my Bitcoin for Ethereum.
KuCoin is legit. Here are five things you should know about KuCoin before you start shooting:
1) KuCoin does not require KYC for basic level trading
2) KuCoin does not connect with bank accounts- you have to fund your KuCoin account using crypto you bought on another exchange or use a credit card (4% fee for credit cards)
3) KuCoin offers leverage trading (up to 20x) for everyone
4) KuCoin is not ‘officially’ available in many countries
5) You can short cryptos on KuCoin if you think the price of a crypto will fall
The cheapest, fastest way to fund your KuCoin account (lowest transfer fees)
Ethereum and a lot of other cryptos are slow and expensive. The Stellar network (XLM) is fast and super cheap. Let me show you below.
1. I get on the exchange that links to my bank account: Coinbase. I currently have $150 of Stellar Lumens I’d like to send over to KuCoin. I want to get in on some of those exotic altcoins KuCoin has! I go to my Coinbase wallet for Stellar Lumens and go to the ‘send’ function. On another browser tab, I copy my KuCoin Stellar Lumens address. I go back to my Coinbase tab and paste that address. Note: Stellar also requires you to copy and paste the ‘memo’ field. Make sure you do this.
2. Before I confirm the send, Coinbase lets me know that the Stellar network fee is zero right now. Sweet! So much better than Ethereum. I’m hitting ‘send’ on this transaction at 10:23PM local time. Let’s see how long it takes to show up on my KuCoin Stellar (XLM) wallet.
3. My Stellar Lumens arrive in less than 60 seconds in my KuCoin wallet- with a transfer fee of zero. I have had to pay transfer fees on Stellar before, but they’ve never exceeded $0.01. Why isn’t this project a bigger deal?
That’s the quickest, cheapest way to fund your KuCoin account. If you’re looking to move your assets off of KuCoin, just do the same thing in reverse. Swap your assets on KuCoin for Stellar Lumens (XLM) and send them back to your exchange that’s linked to your bank account. Remember, be careful with your addresses and think long and hard before making any kind of crypto investment. This isn’t financial advice. Onwards on your crypto journey!