Sometimes you need to unload your bags quick. The market may have topped out, or it could be falling fast, or you might be in a crunch and need funds. If you absolutely need funds now and you also have a Coinbase account, you should convert your crypto to Stellar Lumens and send them to your Coinbase account to use instant cash out (3% fee, but will get you the funds if you’re in an emergency (not financial advice, of course)!
In this guide (which will be for desktop, but you’ll take very similar steps on mobile) I’ll go over how to sell your cryptocurrency on KuCoin and use an example. After the example I’ll discuss ways to get your funds off KuCoin entirely (send to another exchange like Binance, Coinbase, Kraken, or FTX) or you can read my article about getting your funds off KuCoin once you’ve sold.
Other KuCoin tutorials
Wanna know more about how to do different things on KuCoin? You’re in luck.
I’ve got the the bases covered when it comes to guides on KuCoin, fool!
- How to short cryptos on KuCoin
- How to enable stop losses and take profits on KuCoin
- How to use leverage on KuCoin
- How to withdraw funds from you KuCoin account
- How to convert crypto on KuCoin
- What’s the ‘trading password’ on KuCoin
- How to view your trade history on KuCoin
- How to fund your KuCoin account
- How to cancel your order on KuCoin
- How to close your futures position on KuCoin
Right. Let’s get to it.
How to Sell Your Cryptocurrency on KuCoin
First things first: in order to sell your crypto, the crypto needs to be in your trading account and not your main account. Don’t ask me why KuCoin does this separate trading and main accounts thing- I don’t know. Log in to your KuCoin account. On your home page (the ‘asset overview’ page), you’ll see all your account balances. Click your trading account and make sure the crypto you’re looking to sell is in your trading account. If it isn’t, go to your main account or futures account and select transfer next to the crypto’s name and balance and send it to your trading account.
Go to your trading account by hitting the wallet icon in the top right and selecting trading account from the dropdown.
On your trading account, scroll to the crypto you’d like to sell and hit trade.
Next you’ll need to select the trading pair. Basically, what do you want to sell the crypto you’re holding now for? In today’s example I’ll be transferring to USDT (Tether), a stablecoin that is a cash equivalent. If you’re looking to convert to another crypto that’s not listed in the trading pairs, follow my guide on converting crypto on KuCoin. Select the trading pair you’re planning on swapping.
You’re brought to the trading screen. Don’t freak out- it’s overly complicated. In the bottom right, select the market button for a hassle-free sell order that will execute immediately (note- you may have to enter your trading password before doing this). In the bottom right of the screen you’ll see a box which has a red button at the bottom that says ‘sell ETH‘ or whatever you’re selling. Above that is a text box where you can enter the amount you want to sell, but I prefer to use the [25%, 50%, 75%, 100%] boxes underneath it. I hit 100% here and it automatically lists all my ETH in the box. Hit the red sell ETH (or whatever crypto you’re selling) button.
Soon you’ll have an order confirmed pop up appear in the top right of your screen. To make sure your balances are updated, click the green KuCoin logo in the top left, then your wallet icon on the top right of the next screen, then your trading account on the drop down. You should see your new balance of USDT/whatever you sold your crypto for.
That’s it! Now I’ll cover a little about KuCoin, what their fees are, and their bonus program.
KuCoin is a cryptocurrency exchange based in Hong Kong. It was founded in September 2017 by Michael Gan. The exchange has gained popularity due to its variety of cryptocurrencies and low fees. KuCoin offers access to hundreds of exotic altcoins that Binance can’t in locales like the US, EU, Canada, and Australia. KuCoin operates with pseudo-legal status in most these countries, so I do try to keep only small amounts of my crypto portfolio on KuCoin in case some kind of cryptomageddon happens with them.
KuCoin Selling Fees
When you sell a cryptocurrency on KuCoin, you will be charged a 0.1% fee. This is lower than many other exchanges. For example, when you sell on Coinbase you will be charged a 1.49% fee. Both of these may sound small, but think about how other non-crypto trading platforms like Charles Schwab and Robinhood have no feels at all. If you’re making trades constantly, these fees will eat away at your portfolio more than you think. Fees suck. Avoid them like cancer.
KuCoin Bonus Program
KuCoin also has a bonus program which rewards users for holding KuCoin Shares (KCS). KCS is the native token of KuCoin. For every $1,000 in KCS that you hold, you will receive 1% bonus on all the trading fees that you generate. Notice that this means only $1,000 worth of KCS and not 1,000 KCS tokens. I like this, because it means there’s a set financial commitment to get the trading fee discount. The award only makes sense if you’re trading a lot of volume on KuCoin, though.
Selling on KuCoin is a great way to get rid of your altcoins for a more stable currency. Not financial advice- but keep in mind that when the crypto market suffers corrections, its usually altcoins getting the s*** kicked out of them the most- I’m talking losses of up to 90% or more when Bitcoin and Ethereum are “only” taking 40% or 50% losses. Keep in mind too that cryptocurrency as an asset class is at least 12-15x more volatile than stocks. And stocks are considered ‘too volatile’ by many fund managers for safe and easy returns.
Are you panic selling? Keep in mind that selling in a panic or downturn can yield the opposite results of what you’d like. Consider being a buy and hold crypto investor, and consider minimizing your exposure to altcoins. I hate being negative, but I have to be real- 95% or more of crypto projects around today are going to shit or will go to shit. There simply isn’t enough real world use case yet for all of them. Be careful, it’s a jungle out there.