KuCoin is among the most popular cryptocurrency exchanges today, so it is only natural for them to develop their own trading bot. It is a sound business decision since, in any case, it will grow the total traffic in their exchange.
Does that bot, however, benefit traders as well?
How does it fare against competition?
Let’s find out.
KuCoin Trading Bot Review
Getting your hands on an earning crypto trading bot is like hitting a jackpot, except better, since you get the jackpot only once while a proper trading bot keeps earning you money forever, at least in theory, and surely for another decade or so, if we are to trust cryptocurrency analysts.
In other words, picking your bot is work half-done. Perhaps contrary to the popular belief, though, it is not work entirely-done.
A crypto trading bot outperforms a human trader in every way, but it has a critical flaw: it still has to be “set up” by the human and has to inherit a trading logic from experts versed both in coding and in crypto trading.
On top of this, you have to make the bot accessible to people without decades of experience in the industry.
You can have, of course, highly customizable bots that you can tell exactly and precisely how you want things to be executed, but few users will ever launch those bots since even just starting them requires intricate “coding rituals” known only to the experts.
So, most bots rely on pre-defined features and tools that you can then customize to an extent, or combine several of these for narrow-targeting of certain prospects.
The ultimate bot ideally maintains a tight balance between performance, simplicity, ease of use, and, naturally, the ability to earn you some digital (and fiat) cash.
Cue KuCoin! Where does it stand with these measures?
Is it simple enough to use yet complex enough to get things done?
How long has it been around?
Does it have the advantage of the home field with KuCoin over others or should you look for other, better solutions?
We’ll try to provide a definitive answer.
What’s KuCoin and what’s KuCoin Bot?
If you’ve ever had anything to do with crypto trade, the chances are that you know what KuCoin is.
It’s a popular cryptocurrency exchange, especially outside the U.S., with the KuCoin company claiming that 1 in every 4 crypto traders have traded coins via their services.
In early 2021 KuCoin launched its own trading bot. It has been in development for a couple of months then launched with only three pretty rudimentary features included, along with a promise that more will come soon.
At the point of writing, KuCoin has been keeping the promise as it now has six, although still pretty basic features.
These include Classic Grid, Futures Grid, DCA, Margin Grid, Infinity Grid, and Dynamic Rebalancing.
As for cryptocurrencies, the bot supports every coin the exchange itself trades in, which adds up to more than one hundred types of cryptocoin.
There’s not much into starting this bot, really, as it caters to those functions that have already been frequently employed in the KuCoin crypto exchange by most of its users.
KuCoin bot is app-based (currently for mobile devices only), so all you have to do is install it, launch it and start investing.
It is very apparent that the bot has only recently left the early development stages. It still has only rudimentary features available to its users, but at least they do not charge for its use (yet).
Accessibility and Versatility
The KuCoin bot is designed with simplicity and ease of use by beginners in mind. At least for now this is the case.
Nothing can be said for sure since the bot is undergoing development by updating, so with other features potentially being added the situation can change in the matter of weeks.
After all, it is only a couple of months old!
The bot is free to use, for now. There are no costs involved, except those fees already being charged by the KuCoin crypto exchange market.
This should not come off as odd, though, since the company gets their share of profits anyway. Naturally, the bot is limited to KuCoin only, with no other cryptocurrency exchanges supported.
As with other crypto trading bots that rely on mass-use instead of high customizability, KuCoin’s features are rather rigid and not prone to excessive fine-tuning.
Simple, cookie-cutter features have the benefit of being clear and understandable even to rookie day traders.
Advanced traders and those looking to get the most out of their bot should still look elsewhere.
So, for as long as you stick with KuCoin and don’t live in the U.S. you might find some use for KuCoin trading bot.
Perhaps it’s not the best solution out there, but it can work out for you…
Top-Rated Crypto Trading Bots
These crypto trading bots have been voted as the best consistently in user ratings across various websites.
First we collated the user review data, then we performed our own tests to ensure 100% legitimacy of the bots.
These are by far the best crypto trading bots on the market today.
Community, Reviews, Support Service
…except in the cases where it doesn’t work out. The KuCoin exchange has a vast network on Telegram (almost 160,000) and a big Reddit audience (more than 70,000), which is pretty difficult to monitor and censor even if you wanted to.
As such, an alarming number of negative reviews and experiences can be found online.
To give an example, after more than 300 reviews left on Trustpilot.com, KuCoin has an abysmally low average score of 2.2/5 stars, with accusations and complaints ranging from scams and theft to unfairly timed updates and non-responsive support service.
It might seem unfair to decry a crypto bot based on a crypto exchange, but in this case it is justified since the crypto exchange owns the bot and has it bound to its services.
Even one case of lost or stolen money should raise a red flag, let alone dozens of reports of outright theft and customer service that “gaslights” its customers.
This is exactly why an efficient crypto trading service must invest in customer support.
Perhaps a good portion of these issues could be resolved by a timely and professional response from the PR experts.
Sadly, lack of response is taken for indifference and customers tend to take it roughly when it occurs.
Whether these cases were really theft or something else, this is a pretty big stain on KuCoin’s reputation which it should better fix or it will drive scores of potential clients away.
With the KuCoin bot inheriting the security mechanics from its parent crypto exchange which mostly meets the standards of the industry, an event occurred in September 2020 which shook the foundations of the exchange.
Namely, hackers breached into the exchange and stole $281 million worth of various crypto assets. This has been marked as one of the largest breaches in cryptocurrency history.
A stroke of bad luck or a slip-up in security? The issue isn’t resolved as of yet.
Not Available in the U.S.?
A big issue remains that KuCoin hasn’t been granted a permit to operate in the U.S. and as such remains a legal danger for all its traders operating from that country.
There still are users from the U.S. but they remain at risk from legal repercussions such as tax evasion charges.
It goes without saying that if any other issue occurs, the users won’t be able to ask for help from official American institutions.
KuCoin is still a fledgling trading bot that suffers from the same issues as its parent crypto exchange.
With some basic functionalities and its inherent ties to KuCoin only, it cannot be honestly recommended as of yet.
Perhaps when given enough time to develop and resolve the ongoing issues the KuCoin bot will be able to compete on the market. In this form, it is limited to certain niche domains, in spite of being free of charge.
With the entirety of the KuCoin bot’s contained in a portion of their potential performance, they are practically out of the KuCoin bot’s league.
Try them out now and see for yourself.