KuCoin Canada stands out as a cryptocurrency exchange offering thousands of altcoins. As someone who has tested over 50 exchanges since 2016, I personally choose KuCoin for its vast selection of altcoins and incredibly low fees. Its interface closely mirrors Binance, so if you’ve previously used Binance, navigating KuCoin will feel familiar. After Binance’s recent announcement about leaving the Canadian market, I transferred my crypto funds to KuCoin without hesitation.
That said, KuCoin, like Binance, isn’t the most beginner-friendly platform and is technically restricted in Ontario. If you’re looking for a simpler, fully compliant exchange in Canada, BitBuy is an excellent choice and likely the most reliable option for Canadians.
Important Update (23 June, 2022): KuCoin has now been banned from operating in Ontario. The Ontario Securities Commission (OSC) fined KuCoin $2,000,000 plus its investigation costs for continuing to operate in the province without complying with the OSC’s regulations. Jeff Kehoe, Director of Enforcement at the OSC said, “Foreign crypto asset trading platforms that want to operate in Ontario must play by the rules or face enforcement action." However, still, many Canadians people keep using it.
As an excellent alternative, we highly recommend considering Bitget. With a user-friendly interface resembling Kucoin, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.
We wanted to see if KuCoin is worth using for Canadians and yet, many Canadians still use them. Here’s our KuCoin Canada review.
I conducted extensive research on Kucoin and included a referral link for signing up in the article. If you'd like to support OCryptoCanada and choose to use Kucoin for your cryptocurrency trading, we would greatly appreciate it if you could use our referral link during the sign-up process.
Kucoin Canada Summary
KuCoin serves over 8 million global users and provides features such as futures trading, lending, and advanced order types. It is designed primarily for advanced traders who rely on charting tools, order book data, and sophisticated trading strategies. With access to over 500 cryptocurrencies, KuCoin offers extensive options but does not support fiat trading pairs. This means crypto purchases require buying USDT or another cryptocurrency first, which can be done through third-party bank transfers, credit cards, or by transferring from another exchange. Trading fees are attractively low at just 0.1%. Although KuCoin and Binance share similar features and layouts, they operate independently.
Pros & Cons Fees Coins Over 500+ crypto coins available (one of the best selections in the industry)
Kucoin Canada Features
KuCoin offers Canadians a variety of features, including margin trading, lending, futures trading, and more. Users can also deposit coins into liquidity pools to earn high-interest yields, participate in raffles to win crypto, or set up a trading bot for automated trades. However, many of KuCoin’s features are tailored to advanced users and may not be suitable for beginners.
Even so, KuCoin is an excellent platform for purchasing altcoins due to its very low trading fees and extensive selection, including many coins unavailable elsewhere. While it’s great for trading, buying crypto directly with fiat is less straightforward on KuCoin.
Registration & Verification with KuCoin For Canadians
To sign up and start trading on KuCoin you only need to provide your email address. There is a daily limit to how much you can withdraw (1 BTC or 400 CAD) but you do not need to verify your account unless you want to get higher withdrawal and trading limits. There are three levels of verification. Unverified, level one, and level two. The KYC process is extremely simple and quick.
In your account profile, go to “KYC verification”.
Hit “start verification” and you can complete the process by entering your name and address. Choose your ID document and enter its ID number, then hit submit. After that you’ll enjoy higher withdrawal limits and a daily trading limit of 1400 USDT.
To complete the full verification process and get even higher daily trading limits of 70,000 USDT and 200 BTC withdrawal, you will need to upload pictures of your ID as well as a selfie with you holding a handwritten note. Again, the process is quick and simple.
Kucoin Fees for Canada
- Low maker/taker trading fees ( 0.005%/0.025% to 0.1%/0.1% for class A coins)
- Free crypto deposits
- Variable withdrawal fees
- KCS holders get 20% discount on trading fees
KuCoin has low trading fees making it one of the best places to buy altcoins. Crypto deposits are free and there are variable withdrawal fees depending on the crypto network. If you hold KuCoin’s native coin (KCS) you can get a discount of fees.
Currencies & Deposit Methods for Canadians
KuCoin doesn’t support direct fiat deposits, meaning you can’t purchase crypto with fiat currency. To trade on KuCoin, you’ll need to acquire USDT first. While it’s possible to buy USDT on KuCoin through third parties like Simplex, this method comes with high fees, which we don’t recommend. Using a credit card is another option, but Canadian banks often block crypto transactions, making this method unreliable. The most efficient way to get USDT is to use another crypto exchange with your preferred payment method and transfer the USDT to KuCoin. Once your USDT is in your KuCoin wallet, you can trade it for hundreds of altcoins at low fees.
Kucoin Canada Security and Safety
Is KuCoin safe for Canadians to use? Generally, yes, but caution is advised. While KuCoin is a secure platform overall, it experienced a hack in 2020 where $275 million in crypto was stolen, with $200 million later recovered. Additionally, KuCoin’s website provides limited information about its security measures, so it’s wise to trade cautiously and transfer large amounts of crypto to a private wallet. Personally, I buy altcoins on KuCoin and immediately transfer them to my wallet. This approach minimizes risks while still benefiting from KuCoin’s low fees.
To enhance account security, KuCoin offers two-factor authentication and sends email notifications for detected logins. Additionally, users are required to set a six-digit trading password that must be entered before initiating trades.
In June 2021, the Ontario Securities Commission declared that KuCoin was illegally providing securities and derivatives trading to Ontario residents. KuCoin did not respond to the OSC’s notice.
Kucoin Mobile and Desktop App Review
The KuCoin platform can be confusing for beginners.
How to Use KuCoin in Canada?
There is advanced charting and order book data as well as advanced order types available.
After acquiring USDT or transferring it to your KuCoin wallet from another exchange, you’ll need to move it from your main account to your trading account to start trading. KuCoin makes this process straightforward with a simple “transfer” option.
Once your USDT is ready, you can trade it on KuCoin by navigating to “spot trading,” selecting your desired trading pair (e.g., USDT/BTC), and choosing your preferred order type, such as a market order.
KuCoin’s mobile app simplifies the trading process compared to the desktop version but retains all the same features. However, it remains somewhat confusing and is not beginner-friendly.
The KuCoin app holds a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from more than 12,000 reviews on Google Play. Common complaints include frequent app crashes and missing features, such as the inability to filter order history by trading pair.
KuCoin Customer support
KuCoin provides 24/7 customer support through email and a website ticketing system, along with a helpful FAQ section on its site. However, many users have reported poor customer service experiences, citing slow response times and unhelpful replies that feel automated rather than coming from a real person.
Latest Updates on KuCoin For Canadian
KuCoin has introduced enhanced transparency with its Proof of Reserves (PoR) system, showcasing its ability to fully cover all user assets and reinforcing confidence in the platform’s financial stability. The exchange has also improved its customer support, now offering 24/7 assistance to address user issues and inquiries more promptly.
Conclusion
Is KuCoin legit? Yes—though it’s technically banned in Ontario, residents can still access it. While buying crypto directly with Canadian dollars on KuCoin isn’t straightforward or cost-effective, it remains an excellent crypto exchange for Canadians. KuCoin offers a vast selection of altcoins, making it a go-to platform for traders seeking variety.
As an excellent alternative to Kucoin, we highly recommend considering Bitget. With a user-friendly interface resembling Kucoin, this reputable crypto exchange offers a seamless trading experience. Moreover, as a special promotion, they are generously providing a promo code that grants you 50 USDT upon a deposit of $500 USD or more if you sign up with our referral link.
To get started, simply buy USDT on another exchange and transfer it to KuCoin for low-cost trades. While KuCoin’s security and compliance remain somewhat uncertain, it’s an excellent platform for trading obscure altcoins. For added safety, we recommend transferring your crypto from KuCoin to a private wallet after trading. That said, KuCoin is a fantastic option for buying altcoins. Sign up for KuCoin here.
