KuCoin is a Seychelles-based global leading cryptocurrency exchange company founded in 2017; widely tagging itself as “The Peoples Exchange. The exchange cut across over 200 countries; been co-owned by Johnny Lyu and Michael Gan; with the former being the Chief Executive Officer and the latter being the Chairman of KuGroup respectively.
However, despite its many positive and significant features been legalized in Canada, concerns has been gathered that KuCoin’s interface is not beginner-friendly, not easy to use or understand especially for Canadian traders who are new to crypto trading.
Is KuCoin Legal in Canada?
Despite the fact that KuCoin is not based in Canada, it is legalized for use, following all the necessary legal requirements to provide services for its Canadian users.
Does KuCoin Require KYC in Canada?
KuCoin basically indulge all its users to verify themselves by completing the Know Your Customer (KYC) processes; of which they would be required to fill necessary information, submit a valid ID, as well as things like photo identification if users exhibit suspicious activity on their accounts.
In addition, KuCoin users who have not competed KYC can be restricted to limited operations like the amount of crypto withdrawal per day, while those who had passed KYC are enabled to access full features.
What other Crypto Exchange is best as Alternative for Kucoin in Canada?
As a Canadian crypto trader, you can begin to consider Bitbuy as your number one best alternative for KuCoin.
Why is Bitbuy the best Alternative for KuCoin in Canada?
1# Bitbuy also has the Lowest Fees in the Industry
It has razor-thin spreads, which makes day trading possible and help you keep more money in your pocket. Its trading fees are just 0.2%, and could drop down to 0.1% on some certain transactions completed via their advanced trading platform.
2# Has a Superb Bank-Level Security
Bitbuy is been regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission). It also keeps about 99% of its users’ assets offline against cybersecurity breeches by maintaining a 99% cold storage policy.
3# Has a Superb Customer Support and Easy to Use
Bitbuy provides excellent customer support for its users, assisting users to sort out different issues in a matter of minutes. You must though be aware that support options are only available for registered users. The highly rated platform is also easy to use, among other reasons.
Bottom Line
KuCoin is obviously among the top crypto exchange in the world, having some very amazing and interesting features to offer its user across the globe; following every necessary legal requirement across all its regions of operation including Canada.
However,
some cons seen associated with KuCoin like; having its interface not been beginner-friendly for crypto newbie, having limited educational resources for new traders, as well as having limited deposit options;
though of which KuCoin nevertheless still allows its users to deposit trade cryptocurrencies for fiat currency, using a third-party application to complete the transaction, been made payable with a credit or debit card, Apple Pay, and Google Pay, but without the enablement to transfer money by bank transfer, all these therefore bringing about Bitbuy as the best alternative for KuCoin for Canadian traders.
Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.