TL;DR- Is your order taking forever to execute? Did you decide not to do the trade in the meantime? We’ll examine the causes here. In the meantime- go to your trading screen on KuCoin, scroll down to where it says open orders, find the order you’re looking to pull the plug on and on the right side hit cancel.
If you haven’t already, I heavily recommend getting a hardware wallet like a Ledger Nano to hold your crypto and NFTs! A little bit of spending on security goes a long way in the jungle of a space that crypto is.
Can you cancel orders on KuCoin?
Yes- provided your order hasn’t filled. If your order has filled, then you’ll just need to sell your crypto. You’ll know your KuCoin order has filled if you go to the trading screen and look down to open orders and you don’t see any. When KuCoin completes a trade on the trading screen, you’ll see a white pop up with light green text telling you your order has completed. If your sound is on, you’ll also hear that extremely satisfying ‘cha-ching’ sound.
Why hasn’t my order filled yet?
The most common answer here for you is that you did a stop limit order or a limit order instead of a market order, and the trigger criteria for your order executing wasn’t met. For example: let’s say you do a spot order for a Bitcoin buy at a price of $43,433 or below. You place your order, but by the time you place your order, Bitcoin’s price has gone further up, to say, $43,500. It continues to go up. Your order never executes, because it’s waiting for the price to go back down to $43,433.
You can see I set a limit price for $42,005 for a Bitcoin buy, but the price is way above that ($42,176), so the order won’t execute.
How to cancel your trade/order on KuCoin
1. Make sure you’re logged in to your KuCoin account. On your home screen, select the trade text in the top center. When the drop -down menu appears, select spot trading. If your stuck order is on KuCoin Futures, select margin trading.
2. When you arrive at the trading screen, scroll down to the bottom left and on the menu under the candlestick screen select the open orders button on the very left.
3. Here is where you’ll see your trades that haven’t yet completed. You can seen in my picture I’ve got an Ethereum trade that’s not going through. Find the trade you want to cancel, and select the turquoise cancel button. If you’re looking to cancel all your trades, you can hit the cancel all button in the top right of the lower menu.
4. If the order cancels successfully, you’ll get a white pop up in the top left saying the cancel was successful.
Note: KuCoin’s online platform is buggy, and a lot of users have problems where they can’t see the open orders screen on the trading screen. I have two fixes for this- the first (which always works) is to use the KuCoin app on your phone to cancel the order by following the same steps. The next is to logout, clear your browser cookies, and log back in. You can also try logging in from a different browser.
How do I cancel my order on the KuCoin app?
The process is the same on the KuCoin app, but obviously things look different since it’s a mobile interface. Hit the trade button in the middle and scroll down to open orders then hit cancel.
How can you fix this moving forward?
The best way to fix this moving forward is to use market trades only when you’re buying and selling. When on the trading screen, click over from limit to market.
KuCoin is legit and has a lot to offer. Before I go into the awesomeness- I wanted to let you know its main drawbacks. First, it’s only pseudo-legal in the US. Second, you can’t actually connect your bank account to the platform. With KuCoin you’ll always have to transfer to and from another exchange that is connected to your bank account, like Coinbase.
So what does it have that’s good?
KuCoin has some of the lowest trading fees on the market, unlike Coinbase- who completely takes advantage of their US users right now. There are no monthly account fees, and withdrawal fees are comparable to those charged by other ‘cheaper’ exchanges like Binance. Depositing crypto is free, while depositing fiat such as US dollars with a card costs money- around 4%. The price varies depending on how you send money and which third-party service you use. I’ve found the absolute fastest and cheapest way to fund your account is with Stellar Lumens (XLM). For God’s sake, don’t use Ethereum or USDT to fund your account. You’ll lose plenty is gas fees during the transfer if you do.
KuCoin brags on the fact that one out of every four cryptocurrency holders in the globe uses its service. A large customer base offers liquidity to the market, which means you’re more likely to be able to make the deals you want because there are more individuals trading. It also means you’ll be able to join a vibrant community of traders who speak your native tongue- KuCoin is a big deal among us crypto degen diehards!
KuCoin’s got an Amazon jungle of exotic altcoins. KuCoin is worth a look if you want to venture out into less well-known coins. It also features a Spotlight section where new currencies promote themselves so that consumers can get in early. Careful though- most new coins are shitcoins and going nowhere fast.
Like passive income? You can stake your coins on KuCoin and earn interest. You can stake coins through X Pool a KuCoin-backed company, or you can loan out your crypto and get interest. I found my experience with X-Pool to be clunky and the withdrawal took forever, so for now I earn most my interest with with BlockFi.
Keep in mind KuCoin is still a crypto exchange. You won’t have the same safeguards as you would with a traditional bank, so be sure you’re okay with the extra risk. If you want a crypto exchange that actually has FDIC insurance with every account, try Gemini, although they’ve got some hefty fees.
Other fun stuff on KuCoin
KuCoin provides a lot of extra features, but you should consider whether or not you want to use them. Margin trading, for example, allows you to leverage your position by borrowing money to acquire more cryptocurrency. Leverage should only be used by experienced traders since it makes cryptocurrencies, which is already a dangerous investment, considerably riskier. Always remember: using leverage in crypto is the definition of insanity.
KuCoin also has a mobile app that allows you to employ trade bots. Trading bots can purchase and sell your cryptocurrencies for you, so you don’t have to keep track of the market all the time. Crypto bots, on the other hand, are not as advanced as robo-advisors. The tech is pretty buggy, though. It’s not always evident how they are investing your funds, and you must be aware of the bitcoin trading tactics they employ. Bots don’t add much to the mix if you’re purchasing for the long haul. Buy and hold, baby! Not financial advice…