The Hong Kong-based Kucoin cryptocurrency exchange, developed by a team of cryptocurrency and blockchain professionals, began their efforts in 2011 to create an exchange and producing platform architecture in 2013 and finally launched one of the most successful cryptocurrency exchanges in September 2017. Selling 200 million KuCoin tokens or KuCoin Shares KCS in the ICO process and went over the market cap of $1.7 billion briefly.
What Are KuCoin Shares?
KuCoin Shares KCS is actually an Ethereum token, used by KuCoin crypto exchange. KCS enables the user to avail of special exchange features by its owner on the exchange. The KCS token works similar to stock shares offering bonuses to the holders, including lower trading fees and generating income from the fees. The holders are beneficiaries of 50% revenue generated by KuCoin under its bonus program, which is equally divided amongst all tokens at the end of the day. The size of the rewards one receives as per the number of Kucoin Shares one holds. The Kucoin shares can be used to “activate” anything from 1% to 30% trading discounts on every trade. This feature is permanent; however, the percentage can be changed by Kucoin in future trades. KCS is available only at Kucoin.
Guiding Steps on How to buy KCS on KuCoin?
Just a few steps will enable you to buy your KCS on the KuCoin platform. You would need to buy Ether first then exchange it for KCS Kucoin share. Ethereum is preferred as it takes lesser transaction time, and cost-wise it is cheaper while transacting.
STEP 1: Registration on the Exchange
You would need to sign up on Kucoin before you can move on to purchase.
STEP 2: Getting an Ethereum Wallet Address
- After signing in to KuCoin, look for “Assets” in the navigation bar. Next on “Overview” search for Ethereum. Then click on “Deposit.”
- You would need to set up your Google authenticator if you already have not done that. This is for the safety of your asset before generating a deposit address.
- Set up Google Authenticator on KuCoin and revisit overview and again search for Ethereum. Note: Ethereum and Ethereum Classic are 2 different entities.
- Copy the Ethereum deposit address, which would be required in step 3.
STEP 3: Buy Ether and send them to your Kucoin wallet
In this step, you will buy Ether and send them to your Kucoin wallet. Three websites are recommended below.
If you already have Ether then you may skip this step. Instead, send the Ether to the address you have copied.
IMPORTANT NOTE: Make sure that in Kucoin, you copy the correct Ethereum wallet address so that your Ether is deposited in the right address.
- CoinBase: CoinBase allows you to buy Ether with a credit card or with a bank transfer. You can store some Ether on Coinbase online wallet.
- CoinMama: allows you to buy Ether with debit/credit card. It also allows you to send them directly to your Ethereum wallet address. You can also buy Bitcoin on CoinMama.
- AnyCoinDirect: You may use European payment methods as iDEAL, Giropay, Bancontact / Mistercash, Mybank, SEPA, and Sofort and directly send them to your Ethereum wallet address. It allows you to buy other cryptocurrencies.
STEP 4: Exchanging Ether for KuCoin KCS
- After receiving your Ether in your Kucoin account, you can exchange Ether for Kucoin KCS.
- In your Kucoin account, navigate and click on “Markets.”
- Next, click on ETH and do a KCS search on the search bar on the right side.
- Click on KCS/ETH. And log in with Google Authenticator on the bottom-right side of the screen.
- Fill in the price and amounts that you wish to purchase. Click on Buy.
Perks of having a KuCoin
Global OTC Merchant Recruitment Program introduced by KuCoin helps the users with the in-process liquidity. The information service platform KuCoin OTC is dedicated to providing legal tender transactions and digital asset services. They are accessible to help the merchants 24×7 with its customer care service. It also aids in providing legal and professional support services.
You can trade KCS with the following available cryptocurrency:
- Ethereum (ETH)
- Bitcoin (BTC)
- NEO and GAS (NEO and GAS)
- Bitcoin Cash (BCH)
- Tethers (USDT)
- Red Pulse (RPX)
- Change (CAG)
- Dash (DASH)
- Modum (MOD)
As per CryptoMoonPress, KCS has grown in value since its inception in 2017. There is a supply of 181 million cryptocurrency coins, out of which half the number is already in circulation.
If you own 1million coins from 100 million coins in circulation, then you receive a 30% discount on KuCoin’s trading fees and 0.5% on all trading fees collected daily on the exchange. Say KuCoin get 10 BCH trading fees on a particular day, you would get 0.05 BCH and the rest 49.5% would be divided amongst the rest of the KCS owners.
Since you are paid in coins that are traded, you automatically earn a diverse portfolio.
Kucoin’s special value is related to its trade system, so if a particular coin dumps, KuCoin still prevails due to its lucrative policies.