Kucoin advice | Bitcointalksearch.org

dkbit98

legendary

Activity: 2212

Merit: 7064

Watch out when using Kucoin exchange especially if you are from United States like you say you are because they are not listed as supported country.
They can block and freeze your account at any time and take your coins and you can never pass kyc verification there as US customer even if you want to do it.
Last year Kucoin was also hacked when they lost a lot of coins and stopped working for some time, and I generally don't like how they operate.

Quote

We do apologize as KuCoin does not offer KYC for users in the USA as of the moment and there is no official statement yet whether it will be available soon.

Oshosondy

legendary

Activity: 1624

Merit: 1200

Gamble responsibly

Quote from: eminan on March 08, 2021, 05:07:16 PM

There's some really interesting coins on there I simply cannot find on the other exchanges, and I just can't afford the gas on Uniswap. Any advice is greatly appreciated!

Uniswap is good for holders and people that just want to convert from one coin to another, but for main trading like day trading, the best option you have is to make use of are custodial exchanges. If you are an US, you will need to still provide capital gain and pay the tax which will be good. Trading on noncustodial exchanges can make you pseudonymous and anonymous in some cases.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

Quote from: eminan on March 08, 2021, 05:07:16 PM

What's the best crypto to use for trading on there (least amount of fees, ability to trade for other coins, etc.), BTC, ETH, LTC, TETHER (USDT), USDC?

It all depends on your strategy but most people prefer trading against stable coins as it makes it easier to track your profit and loss in fiat value. Fees are charged in percentage form for all trading pairs, so they are the same.

There are fee discounts if you hold Kucoin shares (KCS) - https://www.kucoin.com/vip/level?lang=en_US

Quote from: eminan on March 08, 2021, 05:07:16 PM

Since you can't deposit fiat on there and buy coins directly from it (I think?) does that make every crypto to crypto trade a taxable event? I'm assuming there's no way around this? I'm a US citizen.

Check this out, it might help
1. https://support.kucoin.plus/hc/en-us/articles/900002690886-Cryptocurrency-Taxes-FAQ
2. https://www.irs.gov/pub/irs-drop/n-14-21.pdf

eminan

newbie

Activity: 17

Merit: 1

For anyone who uses Kucoin I have a couple questions:

What's the best crypto to use for trading on there (least amount of fees, ability to trade for other coins, etc.), BTC, ETH, LTC, TETHER (USDT), USDC?

Since you can't deposit fiat on there and buy coins directly from it (I think?) does that make every crypto to crypto trade a taxable event? I'm assuming there's no way around this? I'm a US citizen.

There's some really interesting coins on there I simply cannot find on the other exchanges, and I just can't afford the gas on Uniswap. Any advice is greatly appreciated!

Topic: Kucoin advice (Read 81 times)