TL;DR- An added security feature on KuCoin is the 6-digit numerical trading password. In the event that hackers took control of your computer, this would protect you from losing your crypto.
If you’re not yet on KuCoin, you could be missing out on a lot of exotic alt coins and a great, easy to use UX. Note that (depending on where you are) KuCoin does NOT have KYC for most people. This is a huge advantage, especially if you live in a crypto-restricted locale like New York. US citizens and citizens from most countries can trade on KuCoin. KuCoin is incorporated in Seychelles, but hosts most of its operations in Singapore. The rule of law and free enterprise are alive and well in both nations, so you won’t have to worry about any crackdowns or other BS. To start trading on KuCoin, you’ll need to fund your KuCoin account.
What is KuCoin’s trading password?
KuCoin’s trading password is a 6-digit numerical code that the platform will prompt you to input before performing any trades. You’ll also have to enter the trading password to send crypto from KuCoin to another entity in most instances.
Yes, it’s a pain in the ass. if you want to send crypto from your KuCoin account to another exchange (like Coinbase) or a hardware wallet (like a Ledger Nano), KuCoin requires:
- Your two-factor authentication code
- Email confirmation code
- Your trading password
This seems like a lot, and it is. But these are the pains of being on a platform that requires no KYC process for basic-level trading. If you’re into futures trading (options) and would like to leverage your trades more than 5x (and up to 100x!) you’ll have to go through the KYC process.
Why have a trading password?
Since the crypto asset class is still young, there are unfortunately a lot of scammers and bad actors as a proportion to all crypto hodlers. If some hacker were to take virtual control of your computer or phone, you’d want protection from crypto theft. The trading password can protect against this. I used to think security like this was overkill, but the longer I’ve been in the crypto space, the more horror stories I’ve heard about theft. There’s tremendous incentive for bad actors to get access to your account.
If you haven’t made a trading password yet
If you don’t remember creating your KuCoin trading password, don’t fret. Setting your trading password is fast and easy. Here are the steps:
1) Log in to your KuCoin account. On the top right side, click on your name initials/first two letters in the circle. From the drop down menu, select Account Security.
2. On the account security page, scroll down to the trading password entry. It should be the fifth item down the page. On the right side next to trading password, select set. If your trading password is already set but you can’t recall what it is, the button will say change. In either case, click set or change.
3. KuCoin will prompt you to enter a code from your email. If you no longer have access to that email account, you’ll need to reach out to KuCoin Customer Support. Hit Send Code, check your email, and copy/paste the code into the box. Select Next. KuCoin will show a pop-up with a disclaimer about the trading password. Select Okay, I understand.
4. Under Trading Password and Confirm Trading Password enter a re-enter a six digit numerical code that you’re likely to remember. Make sure and write it down somewhere, too. Select Confirm.
5. Note that if you are changing your trading password from an old one, KuCoin will hold all trading and transactions on your account for 24 hours for safety.
Now you’ve got your trading password! Remember the numbers or keep them handy, as KuCoin will prompt you for the password to confirm trades, like when you’re shorting cryptos on KuCoin futures. It’s a whole other level of fun and danger, and I don’t recommend it. I happen to use it because I loathe memecoins and shitcoins, and put my thoughts into actions by shorting the s*** out of them. Either way, it’s good to have accounts on all exchanges so that when opportunities come, you’ve got multiple options to jump on them quickly. This is important, as the crypto space moves fast.