Is All The Negativity Legit?
When you visit Reddit and other #Crypto forums and groups, you will be bombarded by a lot of negativity! Unsatisfied users sharing similar complaints. One of the most concerning, is the issue of daily dividends not being credited to members' accounts. If you are not familiar with #KuCoin, lets have a quick overview. So, KuCoin is a Crypto exchange boasting well over 100 currencies at time of writing. Needless to say many are rubbish coins, however there are a few good potential coins available as well. The exchange has their own token called KuCoin Shares(KCS), which similar to Binance, gives holders discounts on trading fees. A further attraction is that KuCoin pays daily dividends on all available currencies listed on the exchange. A portion of daily revenue is reserved to be paid out to KCS holders. This dividend is distributed in micro amounts among all the coins on the exchange. So, even though you don't purchase all avaliable coins but do hold KCS you will be paid small amounts in all currencies everyday!
This sounds great, provided they do it. I decided to test KuCoin. I deposited an amount to purchase KCS and held them over 48hrs. For those wondering, yes I did have more than the required 6 coins to receive dividends. The 2 days passed and there were no credits made to my account. I contacted support twice, which was a bot and received no response.
The CEO And Team
I also checked out the team on Twitter only to find that the last activity was in December. There are posts in the official KuCoin page regarding new listings etc. I did find a post where KuCoin apologized to members about delays on giveaways, however nothing about the core aspect of KuCoin, the dividends! I realize that KuCoin surpassed 2 million members in a short amount of time and that they may be struggling with backlogs etc. However, if that is the case, where is the team? Where is the CEO affirming his clients and steadying the boat? #Binance had an issue recently that lasted approximately 2 days. The difference was that the owner, CZ was on his private Twitter page and Official Binance page informing users with updates every 2 hours. That is what a committed owner does. It seems issues at KuCoin have been ongoing since mid January and the Team and CEO are silent. This is a very worrying sign!
The Next Step
The next step was logical. I withdrew funds from KuCoin. I had no issues depositing or withdrawing funds. Transactions were smooth. However, if the business does not follow their own structure and design and does not communicate, it is considered a Fail in my opinion. I sincerely hope that KuCoin have only been overloaded and can work to restore their dying reputation. The lack of communication is the biggest sign for me that there most likely will not be a recovery. I hope I am wrong as KuCoin could be an amazing exchange were it managed correctly.
NOTE: This article is not investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.