Multiple crypto exchanges and wallets are available either online, as mobile apps or as hardware cold wallets. With so many options available and crypto making news headlines more frequently, it seems that every week there is a new exchange available that claims to be more secure or user-friendly than others.
This creates an even deeper need for information and guidance on which exchanges and wallets are best for you.
In this post, we will uncover what KuCoin is and explore step-by-step how to use it and make withdrawals. Whether you want to know how to add Bitcoin to your wallet or withdraw your money directly
Continue reading for our comprehensive guide to KuCoin and learn the best tricks to safeguard and store your crypto long-term!
What is KuCoin?
KuCoin is a global cryptocurrency exchange that has exceeded 30 million users globally, offering over 400 different digital currencies to buy, sell, trade, stake and lend. Founded by two tech-loving friends, Michael and Eric, KuCoin joined the crypto exchange in 2013.
Since then, it has been looked at as a super easy-to-use exchange and even has created its own token, KCS, and offers benefits to users who join its community. Those who have more than 6 KCS tokens even earn daily bonuses!
Now, what is the big doubt we always circle back to? Are exchanges a safe place to store your crypto long-term?
KuCoin offers some great benefits and incentives for trading and “moving” your investments, but it isn’t the best place to keep large amounts. For example, just in 2020, over $280 million in user assets were stolen.
Let’s further explore how to use KuCoin, make withdrawals from the exchange and where to keep your digital assets safe and out of the hands of hackers!
Withdrawing from KuCoin and understanding withdrawal times
Whether you are taking out cryptocurrencies or fiat money, the process of withdrawal and timelines can vary.
How to Withdraw Crypto from KuCoin?
Withdrawing your crypto from KuCoin has been made easy with this guided tutorial that can be found on YouTube.
It is important to note, that the steps are a bit different depending if you are withdrawing from the website or the mobile app, although both are super easy to understand and follow.
Step 1: Log into your KuCoin account and hit up “Assets Withdraw” to jump into the withdrawal scene.
Step 2: Pick a coin, drop in that wallet address, and select the right network. Toss in the amount, then hit Confirm to roll with it.
Step 3: Double-check your withdrawal details on the next page, then punch in your trading password, verification code, and Google 2FA to fire off that withdrawal request.
In essence, for either version of KuCoin you need to click on the “withdrawal” button within assets, select the coin you want to withdraw and type in the wallet address and its related network. Indicate the amount you want to send and hit confirm. You will then be asked a series of security questions and prompts, including verification codes via SMS or Google verification.
How long does a crypto withdrawal from KuCoin take to arrive?
Making the withdrawal is a matter of minutes. A few clicks and it is ready for processing. But, once you have requested the withdrawal, it is not instant. It usually takes about 30 minutes to be processed and depending on the type of currency, can take a bit longer.
How to withdraw fiat money from KuCoin?
Currently, KuCoin only offers fiat money withdrawals for EUR and GBP and uses Settlement Networks to complete these transactions. You can think of these settlement networks as a digital “middleman” when transferring funds.
To make these withdrawals either on a web browser or mobile app, simply Go to your KuCoin Main account > Click “Withdraw” > Click “Withdraw Fiat” > Choose a fiat you want to withdraw > Add a new bank account > Request a withdrawal.
Charges do apply, depending on the currency and settlement network you use, ranging from 1 EUR/GBP to 25 EUR/GBP.
How long does a fiat money withdrawal from KuCoin take to arrive?
Once you have requested the withdrawal, the transfer time from KuCoin to your designated bank account can either be instant or take up to 2 business days. This depends on the currency and settlement network selected for making your transfer.
Common withdrawal issues: security or controversy?
There are a few different reasons why your withdrawal attempts might be getting denied or not just working. As frustrating as it may be, KuCoin states that sometimes, for security protection, they block transfers and withdrawals if suspected hacking or phishing is taking place.
This seems like a thoughtful security measure taken upon KuCoin, but does add questions to the general security of hot wallets and exchanges.
According to some KuCoin users on Bitcointalk forums and Reddit, they are being blocked from withdrawing due to their location and lack of personal information given to KuCoin, such as job titles and income revenue…one Reddit user even suggesting to sue KuCoin for blocking user transactions of their own assets!
Created as a concept that is to promote non-custodial digital currency, this seems contradictory to us!
Many of us place our confidence in Bitcoin as a long-term investment, alongside various other cryptocurrencies. This naturally leads us to the question: “Where is the optimal location for securely storing my crypto assets for the long term?”
EASY: Cold hardware wallets.
Your safest choice for storing cryptocurrency long-term and post withdrawal
Although online exchanges, like KuCoin, offer convenience, especially for those who trade their crypto frequently, it is not the safest place to store your assets. These platforms are considered to be hot wallets, and therefore are open to hackers and scammers, not to mention the whole idea of control and custody is no longer in your hands!
Keeping your crypto in a hardware wallet is the safest option for two very obvious and important reasons:
- Cold hardware wallets are offline, meaning no one, other than yourself, can access your cryptocurrencies.
- You are in control of your private keys, passwords, phrases and PINS. No one else. Not a person, an institution or a third-party organization.
Why Material Bitcoin stands out?
Being a leader in crypto storage, Material Bitcoin offers a variety of hardware cold wallets for different cryptocurrencies and has advanced security measures like encryption and code technology. The hardware wallet is made out of a steel plate, making it damage-resistant, and indestructible.
As the world of crypto seems to be expanding and evolving, the best place to keep any asset is with you, under your control. This means you have the power and immunity over online threats and third-party institutions applying rules, charges and control over your digital currencies.
Nice post, thanks!