Why Kucoin charging fees on deposit even tho they claim they don't?

tabas

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Quote from: FatFork on November 03, 2024, 04:25:35 AM

Quote from: tabas on November 02, 2024, 03:17:41 PM

Exactly. Totally absurd at its finest. Services like this know that there's an influx of users depositing money on them as that's their main business. I'm afraid that soon other exchanges are going to follow this type of charging of their customers. If that happens so, they simply want all of us to hold then. Cheesy

It's not so absurd if you think about it. It seems they really want to discourage their users from using the network from a competing exchange. It makes perfect sense. Of course, one hopes that someone out there has considered all the downsides of such a move so it doesn't backfire on them. Still, 0.1% is not that much, and users still have the option of choosing another network for their deposits. (I'm assuming this only applies to BSC network based on what I've seen.)

I've realized that I've seen this type of discouraging setup in some real life businesses to discourage their customers into using other products. So, if this is how they're going to do it, it may not be much but the collective amount of it with that fee is still going to get them a lot when their customers doesn't mind using bsc. And I hope that it won't be extended for the other networks because if so, they're really messing around with their users but I guess that's it and will only be limited to bsc.

FatFork

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Quote from: tabas on November 02, 2024, 03:17:41 PM

Quote from: PX-Z on November 02, 2024, 08:57:26 AM

Quote from: tabas on November 02, 2024, 07:40:04 AM

Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

personally I will not feel hesitation to give them a farewell.

Before they were one of the most sought exchanges because they're kyc-free and next to Binance. Now that Binance has asked for verification, they followed and now this, won't be surprising if many users bids their goodbye to them.

It's for BSC tokens only though. For an exchange that has their own token, that move is pretty bold and somewhat considerable so their user use those tokens on KCC chain which also doesn't have any fees in deposits and withdrawals. But seriously speaking having deposit fee is somewhat absurd regardless what the chain is used.

Exactly. Totally absurd at its finest. Services like this know that there's an influx of users depositing money on them as that's their main business. I'm afraid that soon other exchanges are going to follow this type of charging of their customers. If that happens so, they simply want all of us to hold then. Cheesy

It's not so absurd if you think about it. It seems they really want to discourage their users from using the network from a competing exchange. It makes perfect sense. Of course, one hopes that someone out there has considered all the downsides of such a move so it doesn't backfire on them. Still, 0.1% is not that much, and users still have the option of choosing another network for their deposits. (I'm assuming this only applies to BSC network based on what I've seen.)

mindrust

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Quote from: Maslate on November 02, 2024, 07:22:33 AM

Quote from: mindrust on November 01, 2024, 10:52:58 AM

They used to be an alternative to binance and then they become a shitty exchange and this deposit fee thing is the final nail in their coffin. They ain’t no alternative to anything now. This is scamming at this point and whoever still using this crap exchange deserves what’s coming to them.

I don’t think they will be staying with us for a long time. Get out before they collapse.

They seem to be the only exchange implementing this type of charge, and while it isn’t illegal, it does appear to stray from the standard. Personally, I stopped using this exchange when they tightened their KYC and related policies. I’ve stuck with Binance ever since, and what I appreciate about Binance is that even as it’s grown so much, they haven’t introduced changes that burden users. Even though it’s blocked in our country, I still find ways to use it, and so far, it feels just as normal as before the block.

Binance is a dangerous place too. There are many reports saying they got their funds locked by binance and can't access them for years. I wouldn't keep big amounts on that exchange because you'll never know when you'll hit the jackpot. One day you'll wake up and see they are asking questions impossible to answer. Then you'll uderstand you got effed and It makes it even worse if binance is blocked in your country. They might easily tell you to piss off because nobody can hold them accountable for their actions.

I keep some low amounts on binance too but I am fully aware of the situation. These exchanges are not our friends.

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Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

Quote from: hugeblack on November 01, 2024, 02:20:46 AM

There is already an active topic -----> KuCoin charging 0.1% fee on deposits

It seems that these fees are not only for BSC. The amount is small and many may not notice it, but their success in offering deposit fees means that the percentage will increase in the future from 0.1 to more than 1%.

Are they thinking they are bigger than Binance and some other exchanges? This will discourage users to use Kucoin, personally I will not feel hesitation to give them a farewell.

I still can't understand their reason for this when there's stiff competition in the sector. Platforms like Bitget, bybit even offers rewards to first time depositors. With the former offering upto 10BGB. I'll suggest they revisit this policy though..

tabas

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Quote from: PX-Z on November 02, 2024, 08:57:26 AM

Quote from: tabas on November 02, 2024, 07:40:04 AM

Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

personally I will not feel hesitation to give them a farewell.

Before they were one of the most sought exchanges because they're kyc-free and next to Binance. Now that Binance has asked for verification, they followed and now this, won't be surprising if many users bids their goodbye to them.

It's for BSC tokens only though. For an exchange that has their own token, that move is pretty bold and somewhat considerable so their user use those tokens on KCC chain which also doesn't have any fees in deposits and withdrawals. But seriously speaking having deposit fee is somewhat absurd regardless what the chain is used.

Exactly. Totally absurd at its finest. Services like this know that there's an influx of users depositing money on them as that's their main business. I'm afraid that soon other exchanges are going to follow this type of charging of their customers. If that happens so, they simply want all of us to hold then. Cheesy

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Quote from: R1dwanRz on October 31, 2024, 11:19:03 PM

So, now they're now leveling up from charging high withdrawals to charging deposits fees now?

I haven't seen any post about this yet here, Just to share my experience, I've been using Kucoin for a year alongside several other exchanges... To count the fees, if I deposit 10K usdt here, they will take 10 USDT fees, which is absurd, tbf.
They've already stated on their official website, that they don't charge any fees, but what is this then?

I can definitely see this being a turnoff for sure, and the fact that they don't explain to you how you could possibly avoid fees, or substantially lower them is pretty shady as well. Other cexs like Bitget, bybit and others arent charging deposit fees why only kucoin??

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Quote from: hugeblack on November 01, 2024, 02:20:46 AM

There is already an active topic -----> KuCoin charging 0.1% fee on deposits...

It would be logical to close this topic, since it is essentially a duplicate and must be deleted. But since this topic continues to be discussed here, I think it will be useful to duplicate my previously published post in this thread as well:

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%".

PX-Z

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Quote from: tabas on November 02, 2024, 07:40:04 AM

Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

personally I will not feel hesitation to give them a farewell.

Before they were one of the most sought exchanges because they're kyc-free and next to Binance. Now that Binance has asked for verification, they followed and now this, won't be surprising if many users bids their goodbye to them.

It's for BSC tokens only though. For an exchange that has their own token, that move is pretty bold and somewhat considerable so their user use those tokens on KCC chain which also doesn't have any fees in deposits and withdrawals. But seriously speaking having deposit fee is somewhat absurd regardless what the chain is used.

tabas

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Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

Are they thinking they are bigger than Binance and some other exchanges? This will discourage users to use Kucoin

Maybe and that's one reason to make more money and recover losses from the past hack that they've been with.

Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

personally I will not feel hesitation to give them a farewell.

Before they were one of the most sought exchanges because they're kyc-free and next to Binance. Now that Binance has asked for verification, they followed and now this, won't be surprising if many users bids their goodbye to them.

Maslate

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Quote from: mindrust on November 01, 2024, 10:52:58 AM

They used to be an alternative to binance and then they become a shitty exchange and this deposit fee thing is the final nail in their coffin. They ain’t no alternative to anything now. This is scamming at this point and whoever still using this crap exchange deserves what’s coming to them.

I don’t think they will be staying with us for a long time. Get out before they collapse.

They seem to be the only exchange implementing this type of charge, and while it isn’t illegal, it does appear to stray from the standard. Personally, I stopped using this exchange when they tightened their KYC and related policies. I’ve stuck with Binance ever since, and what I appreciate about Binance is that even as it’s grown so much, they haven’t introduced changes that burden users. Even though it’s blocked in our country, I still find ways to use it, and so far, it feels just as normal as before the block.

AB de Royse777

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Quote from: Oshosondy on November 01, 2024, 06:13:31 AM

Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

Are they thinking they are bigger than Binance and some other exchanges? This will discourage users to use Kucoin, personally I will not feel hesitation to give them a farewell.

What I am thinking is that they may not be making enough money from their withdrawal fee as they want and then take it to deposit. Or maybe they have misunderstanding with Binance and BSC network developers and they want to discourage their users to use BSC network. What I just know is that this way they are going is not good at all because some of their customers may move to other exchanges if they are doing something like this.

Well they are not doing anything for their own KCC chain. If they could promote it and work in developing the chain then I guess more people would use the chain often and the demand would get increased.

mindrust

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They used to be an alternative to binance and then they become a shitty exchange and this deposit fee thing is the final nail in their coffin. They ain’t no alternative to anything now. This is scamming at this point and whoever still using this crap exchange deserves what’s coming to them.

I don’t think they will be staying with us for a long time. Get out before they collapse.

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Quote from: Oshosondy on November 01, 2024, 06:13:31 AM

What I am thinking is that they may not be making enough money from their withdrawal fee as they want and then take it to deposit.

They really wants to make money out of it, although 0.1% on deposits may look like a small % but with the big number of registred users of Kucoin, that will turn into a very significant amount. So as reported KuCoin 2024 H1 Report: Achieving Milestones with Over 34 Million Users and Leading with Compliance

Even if we get 1% of the total users that will deposit at average of $10,000 per year.

340,000 (users) ×$10,000×0.1% = $3,400,000..
Imagine that, they could make $3.4 million without doing anything.. Angry

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Quote from: AB de Royse777 on November 01, 2024, 04:40:03 AM

Are they thinking they are bigger than Binance and some other exchanges? This will discourage users to use Kucoin, personally I will not feel hesitation to give them a farewell.

What I am thinking is that they may not be making enough money from their withdrawal fee as they want and then take it to deposit. Or maybe they have misunderstanding with Binance and BSC network developers and they want to discourage their users to use BSC network. What I just know is that this way they are going is not good at all because some of their customers may move to other exchanges if they are doing something like this.

AB de Royse777

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Quote from: hugeblack on November 01, 2024, 02:20:46 AM

There is already an active topic -----> KuCoin charging 0.1% fee on deposits

It seems that these fees are not only for BSC. The amount is small and many may not notice it, but their success in offering deposit fees means that the percentage will increase in the future from 0.1 to more than 1%.

Are they thinking they are bigger than Binance and some other exchanges? This will discourage users to use Kucoin, personally I will not feel hesitation to give them a farewell.

hugeblack

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There is already an active topic -----> KuCoin charging 0.1% fee on deposits

It seems that these fees are not only for BSC. The amount is small and many may not notice it, but their success in offering deposit fees means that the percentage will increase in the future from 0.1 to more than 1%.

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.

The service will not try to promote it because they charge high fees and the complex way of calculating it will make many people not notice it but it is a start.

R1dwanRz

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So, now they're now leveling up from charging high withdrawals to charging deposits fees now?

I haven't seen any post about this yet here, Just to share my experience, I've been using Kucoin for a year alongside several other exchanges... To count the fees, if I deposit 10K usdt here, they will take 10 USDT fees, which is absurd, tbf.
They've already stated on their official website, that they don't charge any fees, but what is this then?

Topic: Why Kucoin charging fees on deposit even tho they claim they don't? (Read 168 times)