Kucoin vs BitMEX: Mobile and Desktop Trading
Kucoin is slightly different than your average crypto exchange. You won’t be able to deposit Canadian dollars directly. You’ll have to go through a third-party such as Banxa to deposit fiat. Kucoin does, however, accept credit and debit card payments, but you’ll need to check if your Canadian bank allows crypto transactions.
There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want.
The Kucoin exchange can be quite confusing for beginners.
Kucoin desktop interface
Kucoin app interface
Kucoin app interface while trading
There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish.
To buy USDT quickly, go up to the top menu and select the “Fast Buy” option. Here, you can purchase USDT using your credit or debit card or via the P2P exchange, or via a third party transfer. Once you have your USDT, then you can trade it on the Kucoin exchange under “spot trading”. Select the trading pair e.g. USDT/BTC and then choose your order type e.g. market order.
The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.
Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. There are lots of features, tabs, and menus. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want.
BitMEX’s exchange is also confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.
There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.
To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.
Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.
BitMEX is only available as a desktop platform.