How to Trade Bitcoin on Kucoin Exchange
Many large Bitcoin exchanges were overwhelmed by new users in late 2017. Going into January 2018, this has led to many smaller exchanges growing very fast. Kucoin is an upcoming Bitcoin/cryptocurrency exchange in 2018.
In the first week of 2018 Kucoin's traffic tripled, and is currently at over half a million active users as of January 11th 2018. This guide will go through how to start on Kucoin for all these new users; starting with how to sign up, then how to deposit/withdraw money, and finally how to trade and keep your account secure.
We posted a similar guide for Binance here.
How do I sign up on Kucoin?
Similar to other exchanges like Binance, to start using Kucoin you need to create an account. To do this, click here to go to their sign-up page. Then enter your email address and a password and click 'Next'.
A few things to keep in mind:
- Use a real email account, you'll be sent a verification email before you can start using Kucoin (click the link in the email they send).
- Make sure you're on the official Kucoin website, www.kucoin.com. Kucoin is becoming very popular, so will likely see an increase in phishing attacks over the coming weeks (where people create fake versions of the website that look similar). This link above for example is different to what you see, it links to an affiliate registration page.
Set up Google 2-Step
After signing up you may be prompted to set up 'Google 2-Step' (it might require you to). This is sometimes referred to as 'Two-Factor Authentication', where when you login - or each time you load the trading page on Kucoin - you need to enter a code generated by an app on your phone.
To set this up, first install the 'Google Authenticator' app on your smart phone; it's available for Android and iOS. Once installed, open the app and you'll see a small + icon in the top right. Click this, and select the option to 'Scan barcode' (if you use two-factor with other websites it won't overwrite them, it just adds a new row in the app; you may need to scroll down to see it). Once you verify your email on Kucoin you should be directed to a page with a barcode - scan this with the Google Authenticator app. If you don't see this page, go to the 'Settings' page on Kucoin, and then to the 'Google 2-Step' tab on the left.
An important note here is that as well as the bar code you'll also see a backup code. You'll want to write this down, ideally on paper, as this backup code can be used in the 'Manual entry' option in Google Authenticator in-case you ever lose your phone. Without it, if you lose your phone, it's very difficult to regain access (sometimes impossible). But keep in mind anyone else could also use it to bypass your two-factor; this is why we suggest writing it down on paper, so if someone gets onto your computer they don't get access to it.
After Google 2-Step is set up, each time you login or go to the trading page, you'll be prompted to enter a code. In the Google Authenticator app you'll see a section with your email address followed by '-Kucoin', you need to enter the code displayed just above this (it will reset every 30 seconds or so).
How to deposit money on Kucoin?
Kucoin is a crypto-crypto exchange. This means you can trade cryptocurrencies with other cryptocurrencies, e.g. Bitcoin, Ethereum, Litecoin, etc. You can't trade with fiat (USD, EUR, GBP, etc.). So to deposit money you first need to buy a cryptocurrency on a fiat exchange, and then send it from that exchange to Kucoin. Often smaller altcoins are only available on exchanges like Kucoin - this is why people don't just use fiat exchanges. See this guide for some fiat exchange options.
Once you've bought some crypto on a fiat exchange (Litecoin is a popular choice for sending between exchanges, but you can use any coin that's available on Kucoin), you now need to send this to Kucoin. To do this, go to the withdrawal section of the fiat exchange (this is normally on the page displaying all your coins, where next to each coin there's a 'withdraw' option). When you click 'withdraw' you'll be prompted to enter an 'address'. To send money to Kucoin, you would send this to the 'deposit' address on Kucoin.
To get your Kucoin deposit address, go to the 'Assets' tab in the header, then next to the coin you want to deposit - click on 'Deposit' on the right. Make sure you're sending Litecoin to a Litecoin deposit address, not Bitcoin for example. If you send Litecoin to an address for a different coin, this is comparable to sending fiat money to a total stranger - best case scenario you might get it back in a few weeks, worst case you'll lose it. So be careful here. Once you click this you'll see a 'wallet address' displayed on Kucoin. Send the coins from the fiat exchange to this address. It may take a while to display on Kucoin, but within an hour or so you should see it displayed just below where the 'wallet address' was displayed (try hitting refresh a few times if you don't see anything, and make sure the coin you sent is selected).
How to trade on Kucoin?
Trading means to sell one coin in exchange for another, for example selling Bitcoin to buy some Litecoin. To do this on Kucoin, first click on the 'Markets' tab in the header. You'll now see tabs at the top labelled with BTC, ETH, etc. Below them you'll see lots of trading pairs - these are the coins you can trade between. If you wanted to buy some Litecoin, you might select the 'BTC' tab at the top and search for 'LTC' in the top right. To start trading a pair, click on the chart icon on the right of that row (or you can click anywhere on the row, if you click on the 'star' it would add that pair as a favourite).
Now you'll see a full-page trading interface. This can seem scary at first, but you only need to know a few things here:
- The big chart in the top left is the price of the coin you're buying against the coin you're selling, on 'LTC/BTC' for example the price is how much 1 LTC would cost in BTC.
- The chart in the bottom left and all the red and green numbers in the top right are the order book. Red means sell orders, green means buy orders.
- At the bottom in the middle are your active orders, and if you click on 'Dealt orders' you will see your past orders.
- In the bottom right is where you can buy/sell coins, this is the part we're going to use! You may be prompted to enter your 'Google 2-Step' code, do this now (before doing this, it's a good idea to check you're still on the official Kucoin website).
To buy/sell coins on Kucoin, you use the bottom right of the trading page. Just below where it says 'Buy/Sell' is where you buy coins, and to the right of that is where you sell them. At the time of writing this, Kucoin only offers limit orders - this means you need to enter the buy/sell price manually when you trade.
If you want to buy some coins, you enter the price of the lowest sell order available (as you're buying it from someone who's selling) - this is displayed in the 'Order book' to the right of the price chart. Click on the lowest red number (to get the cheapest coins) to select that price, then enter an amount you want to buy under the 'Buy' section and click the green 'Buy' button. To sell, you do the same with the green numbers, except that you want the highest sell price to get the best value. Click on the highest red number, then enter the amount in the 'Sell' section and click the red 'Sell' button.
Sometimes when you buy/sell a coin, if the current market price has changed the order might not go through straight away. Your order would show under the 'Active orders' section if this happened, and under 'Dealt orders' if it went through straight away. You can either cancel this order (there's a cancel button on the far right of the 'Active orders' section), or leave it open. If the market moves the right way it might go through, or it might stay open indefinitely.
Click the 'Kucoin' logo in the top left of the trading page to get back to the home page.
How to withdraw money from Kucoin?
Withdrawing from Kucoin is similar to depositing (see the section above for this), where you'd click the 'Withdraw' button next to the associated coin on the 'Assets' page, and then enter the address that you want to withdraw it to. This can be another exchange or a wallet. Be aware that you're normally charged a fee for withdrawals, this will vary in amount depending on the coin; Bitcoin for example has very high fees in early 2018.
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September 16th, 2018
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