Kucoin Review 2022 Features, Fees & More

In most cases, you can lose your assets if the lender becomes insolvent or files for bankruptcy. Because you don’t sell or trade your crypto to get this loan, the amount you borrow or pay back is not subject to capital gains. But if you default on the loan and your lender sells off your collateral, that will trigger a taxable event.

When Keegan is not working on cryptocurrency, he enjoys travelling, rock climbing and playing piano. Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. KuCoin has decent customer support due to its variety of support mechanisms. Users are typically able to find their own answers through KuCoin’s comprehensive FAQ. However, if the query can only be solved using the help of KuCoin staff then users will need to submit a form, enter a live chat or ask a question on a forum with other users. While we receive compensation when you click links to partners, they do not influence our content.

Kucoin pros and cons

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The main difference is that, unlike some personal loan providers, your crypto loan lender won’t send the funds to your other lenders directly. While it’s possible to borrow as little as $50 from some crypto lenders, it’s possible that you’ll pay a rate of around 1% to 10% APR. That’s because the lowest interest rates are typically only available from lenders that offer high loan amounts. However, making on-time payments toward a crypto loan won’t improve your credit the way paying down a personal loan will. Because your history of payments is among the most important factors in your credit score, the positive effect of debt consolidation with a crypto loan may not be as dramatic as using a personal loan. While many crypto lenders use private insurance to protect against theft, it typically only covers a fraction of the assets the provider has in its custody.

Compare crypto loans for debt consolidation

KuCoin launched its exchange and its core token KuCoinShares in September 2017. Over the course of the following 3 years, KuCoin rose to prominence as an innovator in novel trading products and a first-lister of plgr token price niche altcoins. Most lenders require you to pledge crypto assets worth twice as much as you want to borrow. But to reduce the risk of default, consider a lender that allows you to pledge even more collateral.

• If you aren’t expecting a large amount of money to come in within your loan term, other alternatives may be less expensive and less risky.
• This adherence to the latest security standards improves KuCoin’s overall trust rating.
• KuCoin has decent customer support due to its variety of support mechanisms.

And personal loan rates can run much higher than crypto loans, maxing out at 46.96% APR. But because personal loans are rarely available at amounts of more than $50,000, you usually don’t need to borrow as much as you would with a crypto lender to qualify for the lowest rate. While we are independent, we may receive compensation from our partners for featured placement of their products or services. Unlike personal loans or credit cards, many crypto loans come with a prepayment penalty.

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The contact form is designed to narrow down the support request, suggest an FAQ topic, and if need be, connect the user with the necessary support staff. Similarly, the instant chat mechanism begins with the user interacting with a support bot, only being connected with a human being in the event that the bot cannot solve the query. KuCoin has released no official third-party security audits or insurance providers. Further verification In order to access more features on KuCoin such as an increased withdrawal limit, trading limit or higher leverage for futures, further verification is required. Click Proceed to obtain more privileges to continue verification.

KuCoin offers a mobile trading app, as well as the ability to trade via your desktop. It was one of the first cryptocurrency exchanges to offer a fully featured mobile application. The flexible options for accessing https://cryptolisting.org/ your cryptocurrency trading account enable KuCoin to create a diverse user experience. Debt consolidation with a crypto-backed loan works a lot like using a personal loan to consolidate your debt.

Visit KuCoin and then click Sign Up in the top right of the screen. You can use either an email address or phone number to start registration. Once an email or mobile number is added, you must send a code to that location and enter it in the box to sign up. Beyond the technical components of the KuCoin exchange is a social platform, allowing you to “interact with global crypto investors and gain access to timely and trusted crypto news”. Across its 10 million active investors, there have been 1 million newsfeed posts about the industry. Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

Kucoin customer support

If you aren’t expecting a large amount of money to come in within your loan term, other alternatives may be less expensive and less risky. For example, consolidating your debt with a balance transfer credit card typically gives you a 0-3% APR for the first 6 to 9 months. If you have a good or excellent credit score of 660 or higher and can afford to pay down the amount you want to borrow in this time frame, this could be a stronger choice.

KuCoin is marketed as the “Top Altcoin Exchange” and it lists over 500 cryptocurrencies and almost US$750 billion in daily trading volume. The exchange has more than 10 million users worldwide and ranks itself “Number 1 in Globalization”. Reach out to your creditors and ask them how much you will owe on the date that you plan to pay off the loan. This amount will be different from your current balance, because your account will continue to accrue interest while you’re applying for the loan.

Cryptocurrency sales are subject to capital gains taxes, which may be more expensive than a crypto-backed loan. In Canada, you only pay tax on 50% of any realized capital gains, which counts as part of your total income and helps determine which tax bracket you fall into. The amount of income tax you then pay will differ depending on the the province or territory in where you live. Crypto debt consolidation loans come with low rates and few requirements — but understand the risks before you opt for one. On holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.

How to sign up on Kucoin exchange

Here are the main reasons to consider when using a crypto loan to consolidate credit cards and other unsecured debt. The exchange also enables you to trade crypto assets at low fees, which makes it great for crypto enthusiasts who like to trade a vast array of digital assets at low rates. Most crypto loans come with terms that max out at 12 months. And while it’s possible to find terms as long as 36 months, it’s uncommon. This essentially limits you to debt that you can pay off within a year. It’s worth noting that a default on a crypto loan will not affect your credit rating.

It’s easier to default on a crypto loan than on a traditional loan. He has been invested in cryptocurrencies since 2013 and writing about them since 2018. Keegan holds a Bachelor of Computer Science from Acadia University, and has attained graduate certificates from Ivan On Tech’s lightning network course and the Consensys Academy Ethereum bootcamp.

Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Unlike personal loan providers, crypto lenders don’t check your credit score or debt-to-income ratio to determine approval. Instead, your interest rate largely depends on your loan-to-value ratio — or how much crypto collateral you pledge compared to the amount you borrow. Read reviewIt’s true that the lowest debt consolidation loan rates are typically only available on the highest amounts.

They can offer lower interest rates than your typical credit card and require fixed monthly payments over 3 to 5 years. Crypto lenders don’t report to credit bureaus like TransUnion or Equifax. This means that when you transfer your debt to a crypto loan account, credit bureaus will treat it as though you fully paid off your debt, lowering your credit utilization ratio. A lower credit utilization ratio is a factor in increasing your credit score.