KuCoin charging 0.1% fee on deposits???

FatFork

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Quote from: tvplus006 on November 02, 2024, 04:15:56 PM

Quote from: FatFork on November 02, 2024, 03:06:14 PM

I haven't tried it myself because I don't use the KuCoin exchange much anymore. However, based on the information on their website, it seems that the 0.1% deposit fee only applies when a cross-chain bridge is used for individual tokens. For instance, when you deposit USDT from the BSC network to a KuCoin wallet on Ethereum.

This becomes more or less understandable, since the use of a cross-chain bridge, and even into the Ethereum network, everywhere requires paying a fairly large commission. But the OP writes about charging a fee of 0.1% exactly when depositing on the BSC network.

Yes, he deposits from the BSC network, but as you can see from the screenshot, it is clearly stated that it is a cross-chain fee. So KuCoin probably holds USDT tokens only on the Etherium network, hence the fee.

tvplus006

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Quote from: FatFork on November 02, 2024, 03:06:14 PM

I haven't tried it myself because I don't use the KuCoin exchange much anymore. However, based on the information on their website, it seems that the 0.1% deposit fee only applies when a cross-chain bridge is used for individual tokens. For instance, when you deposit USDT from the BSC network to a KuCoin wallet on Ethereum.

This becomes more or less understandable, since the use of a cross-chain bridge, and even into the Ethereum network, everywhere requires paying a fairly large commission. But the OP writes about charging a fee of 0.1% exactly when depositing on the BSC network.

FatFork

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Quote from: tvplus006 on November 01, 2024, 07:08:29 AM

I don't understand what the problem is? Has anyone tried to verify the information that the OP posted? Right now I have made a deposit to the KuCoin exchange and I have not seen anything like it there. When making a deposit, you will see the message: "Free net deposit quota: 100,000/30 Day. For any excess amount, users are subject to bear a cost of 0.02%".

I haven't tried it myself because I don't use the KuCoin exchange much anymore. However, based on the information on their website, it seems that the 0.1% deposit fee only applies when a cross-chain bridge is used for individual tokens. For instance, when you deposit USDT from the BSC network to a KuCoin wallet on Ethereum.

Source: https://www.kucoin.com/support/32278183911833

dkbit98

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Quote from: tvplus006 on November 01, 2024, 07:08:29 AM

I don't understand what the problem is? Has anyone tried to verify the information that the OP posted?

No I didn't because I stopped using most centralized exchanges, but I saw other members complaining and making similar posts about the same thing.
I would not be shocked if more exchanges started doing this, it's like banks increased all kinds of fees in last few years.
Centralized exchanges with kyc are basically the same thing as crypto banks.

tvplus006

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I don't understand what the problem is? Has anyone tried to verify the information that the OP posted? Right now I have made a deposit to the KuCoin exchange and I have not seen anything like it there. When making a deposit, you will see the message: "Free net deposit quota: 100,000/30 Day. For any excess amount, users are subject to bear a cost of 0.02%".

_act_

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Quote from: avp2306 on October 27, 2024, 08:16:35 AM

But I don't really mind if they implement such thing to be honest since as long as they are good alternative exchange then its fine. Also for sure that you would never feel those fees especially if you transfer huge money.

Nobody can like this. This is not how it is in other exchanges. BSC is onyr of the networks that you can send tokens with a very cheap fee but Kucoin decided to go crazy and do something stupid. I can no more use Kucoin. They do not want to only be earning anymore from the higher withdrawal fee but now also from deposit. I hope other exchanges will not follow this bad step of Kucoin.

dkbit98

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Quote from: notMeNahh on October 27, 2024, 05:05:03 AM

Guyss, Is it because I've not used Kucoin in a long long time or they just recently added a 0.1% fee on BSC chain deposit? I was about to deposit USDT from my wallet to my old Kucoin account and I saw the message about a 0.1% fee on my deposit, that is absolutely ridiculous because other tier 1 exchanges aren't doing stunts like that

First time I hear about this.
Centralized exchanges are obviously turning into worse circus show than fiat banks, and I think there is a war for some time between different shitcoin blockchains.
If you do the math you will see that 0.1% fee is paying them 1 USDT for every 1000 USDT you deposit, and plus you have to pay withdrawal fee.
Few days ago I heard about crazy withdrawal fees for Bitcoin on Poloniex exchange, it's like they are competing what exchange is going to do more stupid thing.

bullrun2024bro

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Quote from: notMeNahh on October 27, 2024, 05:05:03 AM

Guyss, Is it because I've not used Kucoin in a long long time or they just recently added a 0.1% fee on BSC chain deposit? I was about to deposit USDT from my wallet to my old Kucoin account and I saw the message about a 0.1% fee on my deposit, that is absolutely ridiculous because other tier 1 exchanges aren't doing stunts like that

Haven't used KuCoin since they introduced KYC some time ago, but now I am pretty happy that I didn't go through their KYC process.

Just don't use their service anymore. If enough people do it, they will remove the fees again.

There are several reliable Bridges/DEXs out there, which support BSC. Just use these instead, e.g. Jumper.

batang_bitcoin

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They need to modify their article about the full breakdown.

Quote from: https://www.kucoin.com/blog/kucoin-fees-a-full-breakdown-before-trading-crypto

KuCoin Deposit and Withdrawal Fees
[...]
KuCoin charges no deposit fees, making it as convenient as possible to start your crypto journey.[...]

I guess this is one way of recovering the money that was hacked that has happened 4 years ago. That percentage with millions of users will definitely become significant amount but this recent deposit fee is going to push their users away from them.

Quote from: https://www.chainalysis.com/blog/kucoin-hack-2020-defi-uniswap/

Last Friday, September 25, 2020, hackers stole more than $275 million worth of cryptocurrency from KuCoin in one of the largest ever exchange hacks. Specifically, the stolen funds included:

1,008 BTC ($10,758,404.86)
11,543 ETH ($4,030,957.90)
19,834,042 USDT-ETH ($19,834,042.14)
18,495,798 XRP ($4,254,547.54)
26,733 LTC ($1,238,539.89)
999,160 USDT ($999,160)
$147M worth of ERC-20 tokens
$87M of Stellar tokens

PX-Z

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It's a competitor thing so i can tell where its coming from, it's even better coz they implemented BSC tokens in their platform instead of not doing so. But yeah since its already added so now making a chance to grow their business finance besides of user using competitor's tokens.

JeromeTash

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Who still uses Kucoin when we have some great alternatives out there?

To me, I think Business is not going on well for them. They did try to copy Binance with their Kucoin shares coin, but it did not gain traction that much. They also have a huge ban list of Countries whose citizens are not supposed to use the platform. I don't know where they got it from, but it remands of of that one of LocalBitcoins.

They are surely going the HitBTC way, and I don't think they will resurrect from the fall. Don't be shocked if they start charging a fee on dormant accounts as well.

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Quote from: Rikafip on October 27, 2024, 12:48:36 PM

Quote from: hosseinimr93 on October 27, 2024, 08:58:50 AM

This is the first time I've heard of an exchange charging fee for deposits

I came to write exactly this, like what kind of business model is that, to charge people for deposits? Especially since its not like 2012 where people didn't really have bunch of other options, unlike now.

I mean, 0.1% ain't much, but out of principle I would never give them even that amount. But I guess people don't really mind and are willing to pay for it, because if they aren't. they would remove it already.

Ahaha. 0?1% ain't much till you're depositing $10k. It'll affect whales the more though. From complaints I saw on Twitter from alot of asian whales complaining. it's their loss cos other food alternatives like Bitget don't charge. They even offer bonus for first time depositors ahha. I think binance too doesn't charge.

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Quote from: notMeNahh on October 27, 2024, 05:05:03 AM

Guyss, Is it because I've not used Kucoin in a long long time or they just recently added a 0.1% fee on BSC chain deposit? I was about to deposit USDT from my wallet to my old Kucoin account and I saw the message about a 0.1% fee on my deposit, that is absolutely ridiculous because other tier 1 exchanges aren't doing stunts like that

Source: https://x.com/BroLeonAus/status/1849081039408574841

High Deposit fees is really not a good thing as customers will not like the idea, there fees are getting too much. I am just noticing the deposit fees. I have been using Kucoin for a while now and because i like the way everything went smoothly ever since i lost access to my Binance that i didn’t notice the high transaction fees they charge until i went to use a different exchange, i felt cheated and i felt like Kucoin are just being unnecessarily wicked with their customer. If an exchange that is not as big as they are can offer lesser fee then why they imposing high fees on customers, doing this will make them lose customers just like they are about to lose me as well. I got discouraged when I couldn’t withdraw all my assets that i have to leave a certain amount in the exchange what for? And why?

Quote from: Cryptoababe on October 27, 2024, 01:00:58 PM

I've only seen high fees for ERC20 or ETH withdrawals, and they don't even charge any fees for BSC withdrawals.

Yes other exchanges don’t charge for BSC withdrawals and i expect an exchange as big as Kucoin should do the same but they are just being greedy and this will make them lose a lot of customers. Why use their services when other exchanges can give better offers.

TryNinja

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Charging deposit fees means people won't deposit as much, meaning people won't trade as much, meaning volume will be lower + they'll earn less fees. Lower volume = fewer users = even lower volume; and then snowball. Binance literally went the opposite way by zeroing fees for maker orders on some pairs. Not sure why any exchange would make depositing less atractive, I myself will *never* use KuCoin if they're charging these. Tongue

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I believe KuCoin is aware that these deposit charges will lead to reduced inflow of assets to the exchange, which might cause some whales or wealthy individuals to stop using their services.
I don't know who is managing this exchange, but I'm sure that it's being managed poorly so far. For other exchanges like Bitget, Binance, and others, I've only seen high fees for ERC20 or ETH withdrawals, and they don't even charge any fees for BSC withdrawals.

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Quote from: hosseinimr93 on October 27, 2024, 08:58:50 AM

This is the first time I've heard of an exchange charging fee for deposits

I came to write exactly this, like what kind of business model is that, to charge people for deposits? Especially since its not like 2012 where people didn't really have bunch of other options, unlike now.

I mean, 0.1% ain't much, but out of principle I would never give them even that amount. But I guess people don't really mind and are willing to pay for it, because if they aren't. they would remove it already.

hosseinimr93

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This is the first time I've heard of an exchange charging fee for deposits and I wonder why the fee depends on the deposit amount and they don't charge a fixed fee.
The fee required to be paid to move the fund from users deposit address doesn't depend on the amount and even if they want to charge a fee for that, they should charge a fixed amount.

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Quote from: notMeNahh on October 27, 2024, 05:05:03 AM

Guyss, Is it because I've not used Kucoin in a long long time or they just recently added a 0.1% fee on BSC chain deposit? I was about to deposit USDT from my wallet to my old Kucoin account and I saw the message about a 0.1% fee on my deposit, that is absolutely ridiculous because other tier 1 exchanges aren't doing stunts like that

Source: https://x.com/BroLeonAus/status/1849081039408574841

They are known for that, but you have freedom to choose if you continue or just use other exchange to make everything you want to happen. There's lots of good exchange available and if you don't like to use it then leave Kucoin.

But I don't really mind if they implement such thing to be honest since as long as they are good alternative exchange then its fine. Also for sure that you would never feel those fees especially if you transfer huge money.

Also they are not other exchange they have their own rules to follow by their users.

stadus

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It was just added recently, you can check the full details in the following sources.

https://www.kucoin.com/support/32278183911833
https://www.kucoin.com/blog/kucoin-fees-a-full-breakdown-before-trading-crypto

Quote

The USDT transaction fees for each individual chain are calculated based on the net deposit amount (deposits minus withdrawals) over a period. If the net deposit exceeds the free quota, an excess fee of 0.1% is charged. It's advisable to check your remaining free quota before making a deposit.

Upgrade00

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Kucoin fees have always been ridiculously high for several years and despite complaints they keep adding steeper fees to their markets.

You cannot make them change their business model, but you can explore other options with cheaper fees that offer the same service you're looking for.

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