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There are many cryptocurrency exchanges and wallets available either online, as mobile apps, or as hardware cold wallets. With so many options available Cryptocurrencies are making headlines Often times, it seems like every week there is a new exchange platform that claims to be more secure or easier to use than others.
This creates a deeper need for information and guidance on which exchanges and wallets are best for you.
In this post, we will find out what KuCoin is and Discover 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 funds directly
Read on for our comprehensive guide to KuCoin and learn the best tricks to protect and store your cryptocurrencies for the long term!
Table of contents
What is KuCoin?
KuCoin is a global cryptocurrency exchange that has surpassed 30 million users worldwideOffering over 400 different cryptocurrencies to buy, sell, trade, stake and lend. Founded by two tech-loving friends, Michael and Eric, KuCoin joined the cryptocurrency exchange in 2013.
Since then, it has been seen as a very user-friendly exchange, and has even created its own token, KCS, and offers benefits to users who join its community. Those who hold more than 6 KCS tokens also earn Daily rewards!
Now, what is the big doubt that we always come back to? Are exchanges a safe place to store your cryptocurrencies long term?
KuCoin offers some great benefits and incentives for trading and “rolling” your investments, but it’s not the best place to keep large amounts. For example, in 2020 alone, over 10… $280 million in user assets stolen.
Let’s explore further 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 withdrawing cryptocurrencies or fiat money, the withdrawal process and timelines may vary.
How to withdraw cryptocurrency from KuCoin?
Withdrawing your cryptocurrencies from KuCoin has become easy with this Guided educational lessons Which can be found on YouTube.
It’s important to note that the steps differ slightly depending on whether you’re withdrawing from the website or the mobile app, although both are easy to understand and follow.
Step 1: Log in to your KuCoin account and click “Withdraw Assets” to go to the withdrawal scene.
Step 2: Select a coin, enter the wallet address, select the correct network, enter the amount, then press “Confirm” to initiate the withdrawal.
Step 3: Confirm your withdrawal details on the next page, then enter your trading password, verification code, and Google 2FA to submit this withdrawal request.
Basically, for any version of KuCoin, you need to click on the “Withdraw” button under Assets, select the coin you want to withdraw and type: Wallet address and the network associated with it. Select the amount you want to send and tap Confirm. You will then be asked a series of security questions and prompts, including SMS verification codes or Google verification.
How long does it take for crypto withdrawals from KuCoin to arrive?
Making a withdrawal takes only a few minutes. Just a few clicks, and your withdrawal is ready to be processed. But once you submit a withdrawal request, the withdrawal will not happen immediately. It usually takes about 30 minutes to process, depending on the type of currency, It may take a little longer.
How to withdraw fiat money from KuCoin?
currently, KuCoin only offers fiat withdrawals in EUR and GBP. And uses Settlement networks To complete these transactions. You can think of these settlement networks as a digital “middleman” when transferring money.
To make these withdrawals either on your web browser or mobile app, simply: Go to your main KuCoin account > Click “Withdraw” > Click “Withdraw Fiat” > Choose the fiat you want to withdraw > Add a new bank account > Withdrawal request.
Fees apply, depending on the currency and settlement network you use, ranging from 1 EUR/GBP to 25 EUR/GBP.
How long does it take for fiat money withdrawals from KuCoin to arrive?
Once you submit your withdrawal request, the transfer time from KuCoin to your designated bank account will be determined.It can be immediate or take up to 2 business days.. This depends on the currency and settlement network chosen. To make your transfer.
Common Withdrawal Issues: Safety or Controversy?
There are several different reasons why withdrawal attempts may be declined or unsuccessful. As frustrating as it may be, KuCoin states that sometimes, for security reasons, Block transfers and withdrawals If you suspect a hack or phishing attack.
This seems like a thoughtful security measure taken towards KuCoin, but it does raise questions about the overall security of hot wallets and exchanges.
According to some KuCoin users, Bitcoin Talk Forums and Reddit, they are blocked from withdrawing due to their location and not providing personal information to KuCoin, such as job titles and income… One Reddit user even suggested Lawsuit filed against KuCoin for blocking user transactions Of their own origins!
It was created as a concept aimed at promoting Non-custodial digital currencyThis seems contradictory to us!
Many of us trust Bitcoin as a long-term investment, along with many other cryptocurrencies. This naturally leads us to the question: “Where is the best place to safely store my crypto assets for the long term?”
easy: Cold storage hardware wallets.
Your safest option for long-term and post-withdrawal crypto storage
Although online exchanges, such as KuCoin, provide convenience, especially for those who trade their cryptocurrencies frequently, they are not the safest place. Store your assetsThese platforms are considered hot wallets, and therefore they are open to hackers and scammers, not to mention that the idea of control and custody is no longer in your hands!
Keeping your cryptocurrencies in a hardware wallet is the safest option for two very clear and important reasons:
- Offline cold walletswhich means that no one but you can access your cryptocurrencies.
- You control your private keys.Passwords, phrases, and PINs. No one else. Not an outside person, organization, or institution.
Why is Bitcoin special?
As a leader in cryptocurrency storage, Material Bitcoin offers a variety of cold hardware wallets for different cryptocurrencies and has: Advanced security measures Such as encryption and tokenization technology. The physical wallet is made of steel plate, making it damage-resistant and indestructible.
As the cryptocurrency world expands and evolves, the best place to hold any asset is with you and under your control. This means you have the power and immunity from online threats, external institutions that enforce rules and fees, and control over your digital currencies.
