TL:DR- KuCoin does not support direct bank withdraw/deposit. Instead you’ll need to transfer funds to one of your other crypto accounts that are connected to your bank. Most often these are Coinbase, Binance, Kraken, Crypto.com, Gemini, and online wallets like MetaMask.
Can I withdraw money from KuCoin to my bank account?
No, you can’t do this anywhere in the world. KuCoin doesn’t support direct bank withdraw or deposit. This means you’ll need to fund your KuCoin account through another exchange or wallet. To convert back to cash, you’ll need to send your KuCoin assets back to an exchange/wallet that’s connected to your bank account.
Don’t fret though! Below I will outline steps you need to take to get your crypto off of KuCoin and on to one of your accounts. There’s also information below about obtaining KYC with KuCoin and what benefits you can expect from doing it.
How to withdraw your crypto from KuCoin
0. Be sure to convert your crypto into the crypto you’d like to send with your KuCoin trading account. If you’re looking to send a crypto to an exchange like Coinbase or Binance cheap and fast, I’d recommend Stellar (XLM). Stellar’s fees are miniscule compared to anything Ethereum-related (like USDT), and transactions execute quick. After that, you’ll need to send the crypto you’d like to withdraw to your main account. To send crypto from your accounts to the main account, click assets in the top right.
On your trading, margin, or futures account select transfer at the bottom of their selective boxes. In the pop-up select your main account as the destination.
1. On the top middle menu, click the withdraw tab.
Click the arrow on the right side of the drop down menu and search for/select the crypto you’d like to send. In this example I’ll be sending Stellar (XLM) to my Coinbase account. The procedure for Binance, Kraken, FTX, and other exchanges is going to be very similar. It’s only a function of finding the crypto you’re sending’s wallet address on your account on that exchange.
You’re brought to the withdraw screen for that particular crypto.
This is where you’ll need to go to your exchange (e.g. Binance or Coinbase) or wallet (e.g. MetaMask if you’re sending ETH or BNB) and copy your address for that crypto’s wallet. In this example I go to my Coinbase account, click ‘XLM’, then ‘wallet’ and then ‘receive’ on the right side. I copy my wallet address on the right side. Stellar also requires you to copy and paste a memo, too. Don’t forget to do this if you’re using Stellar as an intermediary to cash out your crypto from KuCoin.
Once I’ve entered both the address and memo, I enter the amount of XLM I’m sending over and give it a quick note. In the bottom right I can see the transaction fee, which is a small 0.02 XLM here (about $0.03). I select confirm.
Once my XLM arrives on Coinbase, I sell it for USD and then cash out my USD to my bank account on Coinbase, even though the fees suck.
Be careful by checking the first 5 and last 5 digits of your wallet address before you send. This has worked for me!
What is the KuCoin withdraw limit?
For those of us without KYC (see below for your country’s status), the daily withdraw limit is 5 Bitcoin (around $200k at time of writing). The KYC level 1 limit is 200 Bitcoin ($8M), and KYC level 2 is 3,000 Bitcoin ($120M). KuCoin does not report withdraws to any governments.
If you’re verified, you can access up to 100x leverage in KuCoin Futures (not recommended), have a daily trading limit of $70,000 (USD), and daily withdraws of up to 200 Bitcoin. Everything you might need!
Here are countries NOT supported by KuCoin:
Mainland China, Comoros, Seychelles, Syria, Thailand, The United States, U.S. Outlying Islands, Ivory Coast, Cuba, Democratic Republic of Congo, Republic of Congo, Iran, Iraq, Liberia, North Korea, Syria, Venezuela, Yemen, Zimbabwe, East Timor, Cambodia, Laos, Tanzania, Serbia , Tunisia, Uganda, Mali, Afghanistan, Albania, Central African Republic, Somalia, Malawi, Mozambique, Kyrgyzstan, Bosnia and Herzegovina, Uzbekistan, Turkmenistan, Burundi, South Sudan, Sudan (North), Republic of Guinea, Guinea South Africa, the Republic of Northern Macedonia, the Lebanese Republic, Kosovo, Libya, Ethiopia, Sri Lanka, Trinidad and Tobago, Barbados, Botswana, Ghana, Jamaica, Mauritius, Pakistan, Nicaragua, Panama
The good news is if you’re in the UK, the rest of Europe, Canada, or Australia then you can make this step. This may change, since the governments in these countries are still a little ‘iffy’ about KuCoin.
KuCoin is pretty incredible given they operate without KYC and offer hundreds of exotic altcoins and low fees. However, since KuCoin doesn’t fully operate in so many countries, it’s recommended that only smaller fractions of your crypto portfolio reside there. It’s a fun playground for using leverage, provided you’re ok with getting wrecked through that eventually. Stay careful out there, folks!