How to Buy KuCoin Token (KCS)
Beginner’s Guide
What Is KuCoin Token (KCS)?
KCS is the native token of KuCoin, which was launched back in 2017 as a profit-sharing token that allows traders to draw value from the exchange. It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. The total supply of KCS was set at 200 million, and there is a planned buyback and burn until just 100 million KCS remain. Sooner or later, as the KuCoin decentralized trading solution goes live, KCS will be the native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.
KuCoin has also announced that “Empowering KCS” will be a key priority of KuCoin and will build KCS as a killer product rather than a simple token, which is bound to further diversify the benefits that KCS holders can access. In the long run, KCS performs as the key to the entire KuCoin ecosystem. With the development of DEX and KuChain, KCS will also be the underlying fuel and general token for future KuCoin decentralized products. More details will likely be released in the near future.
How to Buy KuCoin Token Summary
- Get a KuCoin Token wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells KuCoin Token (e.g. Kucoin, MEXC, Poloniex, Ascendex, HitBTC)
- Deposit money and make the trade
- Withdraw the KuCoin Token to your wallet
Buying KuCoin Token in 3 Simple Steps
Step 1 – Get a KCS wallet
KuCoin Token Hardware Wallets
KuCoin Token (KCS) is an ERC-20 token, which means that it can be stored in any hardware wallet that supports Ethereum and ERC-20 tokens. Here are some popular hardware wallets that you can use to store your KCS:
Ledger Nano S: The Ledger Nano S is a popular hardware wallet that supports ERC-20 tokens like KCS. It is a small and compact device that you can connect to your computer via USB. The Nano S has a built-in screen and physical buttons, making it easy to use and secure.
Ledger Nano X: The Ledger Nano X is the newer and more advanced version of the Nano S. It has more storage capacity and Bluetooth connectivity, which allows you to manage your KCS on-the-go with the Ledger Live mobile app.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports ERC-20 tokens like KCS. It has a larger screen than the Nano S and a touch-screen interface, making it more user-friendly.
KeepKey: KeepKey is a hardware wallet that supports ERC-20 tokens like KCS. It has a sleek design and a large screen, making it easy to use and navigate.
When using a hardware wallet, make sure to buy it from a trusted source and follow the setup instructions carefully. It’s also a good idea to keep your recovery seed phrase in a safe place and never share it with anyone. By using a hardware wallet, you can ensure that your KCS tokens are stored securely and protected from hacking or theft.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
KuCoin Token Software Wallets
If you’re looking to store your KuCoin Token (KCS) in a software wallet, there are a few options available. Here are some popular software wallets that support KCS:
MyEtherWallet (MEW): MyEtherWallet is a popular web-based wallet that allows you to store ERC-20 tokens like KCS. It’s easy to use and provides a range of features, including the ability to send and receive KCS, view transaction history, and access your wallet from any device with an internet connection.
Exodus: Exodus is a desktop wallet that supports KCS and a range of other cryptocurrencies. It has a user-friendly interface and allows you to easily manage your KCS, view your portfolio, and access customer support.
Trust Wallet: Trust Wallet is a mobile wallet that supports KCS and other ERC-20 tokens. It’s available for both iOS and Android devices and is designed with security and ease of use in mind. It provides a simple and intuitive interface for managing your KCS on-the-go.
Metamask: Metamask is a browser extension that allows you to store and manage KCS and other ERC-20 tokens. It’s available for popular browsers like Chrome, Firefox, and Brave and is easy to use. It also provides a range of features, such as the ability to connect to decentralized applications and access to the Ethereum network.
When using a software wallet, make sure to follow best practices for online security, such as enabling two-factor authentication and keeping your private keys secure. By using a software wallet, you can easily manage your KCS and access it from a range of devices.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest KuCoin Token software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an KuCoin Token (KCS) Exchange
Buy KuCoin Token through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy KuCoin Token through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Buy KuCoin Token through Poloniex
- Poloniex is a cryptocurrency exchange founded by Tristan D’Agosta in January 2014. In February of 2018, it was acquired by Circle for an estimated $400M, and subsequently “spun out” in October 2019. In November 2019, Justin Sun, founder of Tron, revealed that he led the acquisition of the “spin out”.
Buy KuCoin Token through AscendEX
- AscendEX operated as BiTMAX until mid March 2021. Running separately from its Singapore-based affiliate Bitbox, BitMax said that it had begun serving Japanese customers on September 17, 2019.BiTMax, which is owned by Japanese message services provider LINE, offers trading in five cryptocurrencies: bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. Line has 81 million customers in Japan and another 83 million customers outside of Japan.
Buy KuCoin Token through HitBTC
- HitBTC is a cryptocurrency exchange from an unknown location that launched in 2014. It is operated by Hit Techs Limited.
Step 3 – Withdraw Your KuCoin Token (KCS)
Once you decide on an exchange, open an account and buy your KuCoin Token. Make sure to withdraw the KuCoin Token from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
OVERVIEW
What Makes KuCoin Token Unique?
KuCoin Token (KCS) is the native cryptocurrency of the KuCoin exchange, which is a global cryptocurrency exchange based in Hong Kong. Here are some key features that make KuCoin Token unique:
Profit sharing: One of the most notable features of KCS is that KuCoin shares a portion of its trading fees with KCS holders. The exchange distributes 50% of its daily trading fees among KCS holders based on the amount of KCS they hold. This provides an incentive for KCS holders to hold and use the token, as they can earn passive income through the profit-sharing program.
Utility token: KCS is a utility token that is used to pay trading fees on the KuCoin exchange. By holding KCS, users can receive discounts on trading fees, making it a useful token for active traders who want to save on fees.
Burning mechanism: KuCoin uses a burning mechanism to reduce the total supply of KCS over time. Every quarter, the exchange uses a portion of its profits to buy back and burn KCS tokens, which reduces the total supply and can help to increase the value of remaining tokens.
Strong community: KuCoin has a strong and active community of users and supporters, which helps to drive adoption and awareness of KCS. The exchange regularly hosts events, giveaways, and promotions to engage with the community and incentivize KCS usage.
Overall, KuCoin Token offers a unique set of features and benefits that make it a useful and valuable token for traders and investors. Its profit-sharing program and utility within the KuCoin exchange make it an attractive option for those looking to earn passive income and save on trading fees.
What Is The KCS Used For?
Besides being paid out as a dividend, KCS, as a utility token, is also used to pay for trading fees on the KuCoin Exchange, allowing users to enjoy discounts of up to 80%. The use case of KCS also includes participation in the token sale on KuCoin Spotlight, as well as LockDrop/BurningDrop on the Pool-X platform. But this is not all, as KCS tokens also serve a series of other purposes on the platform. For instance, KCS holders can become KuCoin VIPs and users no longer need to have a huge BTC trading volume to unlock the reduced maker and taker fees. KCS can also be used as a payment method for shopping, making hotel reservations, buying gaming equipment, and more.
What Is A KCS Burn?
The KCS initial supply was set at 200 million. KuCoin and the KCS team are buying back KCS from the market and burning them every quarter. The amount of KCS to be burned
depends on the quarterly trading volume of the KuCoin Exchange. So the circulating supply of KCS is decreasing and will eventually settle down at 100 million.
How Is the KuCoin Token Network Secured?
KuCoin employs the standard encryption protocol that ensures that user data and data transfers within the system are hidden from other users.
It uses a multi-cluster and multi-layer architectural system that can accommodate more than one transaction at the same time, ensuring system stability throughout every transaction.
Who Are the Founders of KuCoin Token?
KuCoin was founded by a team of blockchain and cryptocurrency enthusiasts based in Hong Kong. While the identities of the individual team members are not publicly disclosed, the company has stated that the team has extensive experience in the finance and internet industries, and that the founding members include top-tier Chinese tech companies and international blockchain professionals.
KuCoin was launched in September 2017, with the goal of providing a user-friendly and secure platform for trading a wide range of cryptocurrencies. The exchange quickly gained popularity, thanks to its wide selection of coins, low trading fees, and user-friendly interface.
KuCoin Token (KCS) was introduced in September 2017, shortly after the launch of the exchange. KCS was created as a way to provide users with additional benefits and incentives for using the KuCoin platform, and has since become a popular cryptocurrency in its own right. The token is traded on a number of popular cryptocurrency exchanges and is supported by a range of software and hardware wallets.