Hey guys and gals! First off this will not be one of those please use my referral code posts. Unfortunately I missed that opportunity! It was really aggressive and almost pyramid "scheme-ish". Not only did you get rewards for people you signed up, but you also got rewards for the people they signed up. Which is aggressive, but it does align with their motto "the people's exchange"!
Why is it the people's exchange? Well they split 50% of their trading fees with "the people", or at least the people who are willing to buy and hold the exchanges coin "KuCoin". This all seemed a little to good to be true. After looking into to it and also creating my own account and buying some, its legit! 50% sounds like a lot, but you have to remember that you are splitting that with everyone who owns KuCoin. So to see real results your gonna need some cash and I'm assuming your gonna have to leave it on the exchange. It is an ERC 20 token so it can be moved into cold storage, I do not know if that will interfere with the bonus.
So how much are we talking? Well that's the easy part! Just go here https://kucoinshares.com/ and type in the amount of Kucoin you would like to purchase. The number is based on the trade volume. So it will fluctuate.
Three specific things get me excited!
1. The bonus is paid out daily!
2. The bonus is paid out NOT in Kucoin, but in all the cryptos that are traded! So you will get a small amount of
BTC, BCH, ETH, LTC, NEO,EOS, VEN,KCS, and list could go on forever!
3. The coin burn! This will reduce the total coin supply from 200 million to 100 million.
So why would an exchange do this? The way I see it exchanges are successful for only a couple reasons, low fees, market dominance (like Coinbase), or now, with profit sharing. Sure people like high trading volume, but if you have low fees that should come. Look at Binance , I switched there myself due to their lower fees from where I was currently trading at. Currently according to https://coinmarketcap.com/exchanges/volume/24-hour/ Binance exchanges $1,932,386,693 worth of crypto a day!!! I'm not too sure how to calculate profits from that, but it doesn't take a genius to see IT'S A LOT! So I think that this is their plan, to squeeze their way into being one of the top exchanges and making a ton of cash! Even if they do have to split it with their users.
Also I would like to add that KuCoin has a lot in common with the Binance and their coin. You can also trade Kucoin against crypto to lower fees by 50%. Trading against the Binance coin are free for the first year, but then dwindle away in four years. Kucoin's website also feels a lot like Binance's, with similar car giveaways!
Downsides? Not having enough money, but I had that problem way before KuCoin! lol! The thing that scares me the most, is that they can change the percentage that they give the people or at least according to their whitepaper. Other than that you run the same basic risks you do with any exchange, mainly the exchange getting hacked.
Hope everyone enjoyed this!
Thanks,
Patrick