Want to jump straight to the answer? You can buy KCS on KuCoin.
KuCoin is a major exchange in the crypto space that supports millions of crypto users. It offers a variety of features, ranging from crypto trading to staking of digital assets. The exchange uses its own token, KuCoin Token (KCS) to power a variety of features on the exchange and enhance the range of financial assets that investors can purchase.
What Is KuCoin Token (KCS)?
KuCoin Token is currently used as a form of payment, but the developers plan on using it as a governance token in the future. The token is an ERC-20, meaning that it is based on the Ethereum chain.
Its bonuses program marks 1 of the largest uses of KCS. Users can earn 50% of all trading fees by holding at least 6 KCS tokens. Users can also receive these bonuses if their KCS is locked into a staking pool or trading bot. This feature encourages users to buy the token and is a tool that gives back to its holders.
Users can also use KCS to pay fees on the exchange. When fees are paid in KCS, users can get up to an 80% discount on trading fees. This is another way that KuCoin incentivizes the usage of their token.
Another unique feature of KCS is a burning system. Burning takes tokens out of circulation to attempt to increase the value of each token left in circulation. Tokens are burned at the end of each quarter, and the amount burned depends on the volume from the previous quarter. The initial release supplied 200 million tokens, but tokens will continue to be burned until there are only 100 million. Nearly 30 million tokens have already been burned. This unique system increases the value of each token without being too intrusive to the overall ecosystem.
KuCoin also intends to create its own decentralized exchange (DEX) and blockchain called KuChain. Both of these projects will be largely fueled by KCS. However, there is no set release date for either project and these uses are purely speculative.
Brief History of KuCoin Token (KCS)
The KuCoin cryptocurrency exchange was created in 2013 by several software engineers and venture capitalists in Singapore. The exchange gained traction in the crypto market, and the team launched KuCoin Token in September 2017.
The token’s price remained fairly stagnant from 2018 to 2020, trading around $1. However, it rose dramatically in 2021, hitting all-time highs of nearly $28 in November 2021. The cryptocurrency market has suffered quite a lot since then after the downfall of FTX and the depegging of Terra. As a result, KuCoin was trading just under $7 as of November 15, 2022.
How to Buy KuCoin Token (KCS)
Now that you understand the basics of KuCoin Token, you may be interested in purchasing the cryptocurrency. Fortunately, it is readily available on the KuCoin exchange.
- Open an online account.
The first step to purchasing KCS is to open an account on KuCoin. To do this, navigate to its website and provide an email and password. Once you have done this, you can verify your account and begin trading. KuCoin also has a promotional offer where new users can win up to 500 Tether (USDT) just for signing up.
- Buy or download a wallet (optional).
While you can store your KCS on the KuCoin exchange, this may not be the safest place to store it. Crypto on KuCoin is held on the exchange. If KuCoin were to be hacked, your tokens could be lost. Wallets fix this by allowing individuals to have control over their investments.
- Make your purchase.
Once you have an account on KuCoin, you need to purchase USDT to swap for KCS. There are 3 main ways to purchase USDT. The first is to fast buy it with a credit or debit card directly on Kucoin’s exchange. Another way is to purchase USDT in a peer-to-peer manner, where you can purchase USDT directly from verified holders.
The final method is through a 3rd party using a payment channel. All 3 methods are relatively fast and easy. Once you have purchased USDT, navigate to the USDT/KCS pair. Enter in the amount of USDT you would like to swap and execute the trade. From there, your KCS can be found in your portfolio.
Best Cryptocurrency Wallets For KCS
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that hold the private keys needed to send crypto. If the physical device is not present, then crypto cannot be sent. This method is arguably the safest way to store crypto.
Ledger offers some of the safest and most efficient hardware wallets. The Nano S is designed for beginners and offers basic features. The Nano X is meant for more advanced users, offering features such as bluetooth connectivity and massive amounts of storage.
Best Software Wallet: Coinbase Wallet
Software wallets are wallets that hold the private keys needed to send crypto online. These are much easier to use than hardware wallets, but may not be as safe. However, Coinbase Global Inc. (NASDAQ: COIN) offers an extremely secure hardware wallet that has plenty of useful features.
Coinbase wallet supports KCS and allows users to trade it on DEXs. They can also safely store the token through an app lock feature, allowing users to lock the wallet so that no crypto can be sent.
Bonus Section
Keep an eye out for the release of KuChain and KuCoin’s DEX. These projects will increase the uses of KCS and may impact the price.
Trade, Sell or Convert your KuCoin Token (KCS)
To convert your KCS, find the pair of KCS and another token. KCS can be swapped for a variety of tokens, including BTC, ETH and BNB. Enter in the amount of KCS to swap, and the new token will be in your portfolio.
To sell, you can use the peer-to-peer option. Find the currency you would like to sell for fiat and select from the available buyers. You can see the price and how much each buyer is willing to pay. Once you have selected a buyer, execute the sell, and you will have fiat currency to send to a bank account.
Current Crypto Prices
Towards the end of November 2021, India entered the debate surrounding cryptocurrency. Indian officials claimed that they have no intention of recognizing crypto, while the Reserve Bank of India (RBI) unveiled plans to test a central bank digital currency.
India houses a large portion of the world’s population, so the government’s ruling on crypto will play a vital role in the future of the markets. If you want to see where your favorite cryptocurrencies are at, make sure to take a look at Benzinga’s price table. However, the depegging of Terra in the summer of 2022—followed by FTX’s bankruptcy—has made it difficult for crypto prices to recover.
Is KuCoin Token (KCS) a Good Investment?
KCS’s major gains in 2021 are largely attributed to the hype surrounding KuCoin’s exchange. While there are some uses for KCS, they mostly surround the exchange. If the developers can release KuChain and the DEX, then the utility of the token may greatly increase, pushing the token to appreciate even further.
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About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.