KuCoin Launches Instant Exchange Service With Zero Trading Fees
- Instant Exchange is now online and supports BTC, ETH, LTC, XRP, BCHABC, USDT, and others.
- The advantages of Instant Exchange over common crypto trading tools we use today are quite alluring.
KuCoin founder and CEO Michael Gan speaking at the Blockchain Life 2019 Forum in Moscow, Russia.
The IDG-backed global crypto exchange, which promotes safe Bitcoin transactions, KuCoin announced the launch of its Instant Exchange service. The press release that was published on KuCoin’s website yesterday shares that the new service will support transactions between BTC, ETH, LTC, XRP, BCHABC, USDT, and other popular digital assets.
KuCoin’s Instant Exchange service was created by KuCoin and a leading market maker of the Chicago Mercantile Exchange and is already online. Within seconds every user of the new service can benefit from the best exchange rate across the market and an instantaneous settlement.
Instant Exchange has many advantages over traditional crypto trading. Not only it grants the fastest transaction speed possible, even with large orders, but it does not impose any transaction fees. The price users see on the page of the platform is the final price.
KuCoin, or “The People’s Exchange”, launched in September 2017 and focuses on providing convenient and exceptionally secure exchange services. It has grown to be one of the leading crypto exchanges in the world and currently has 5 million users in 207 countries. The statistics show that every fourth crypto holder globally uses KuCoin.
Johnny Lyu, KuCoin co-founder explained KuCoin’s commitment and how Instant Exchange works:
“As ‘The People’s Exchange’, KuCoin has been committed to providing users with secure, simple and convenient trading experience, so that more people can embrace the blockchain and crypto world. The Instant Exchange service is a bold attempt for KuCoin, which can help users complete the optimal transaction in the shortest time”.
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
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- The Twitter account of the crypto exchange was compromised for roughly 45 minutes on Monday, resulting in 22 transactions connected to the hack.
- KuCoin has calculated that the total asset losses were 22,638 USDT, and noted that it will fully reimburse users affected in the incident.
- CEO Changpeng Zhao pledged on Tuesday to implement a Proof-of-Reserve mechanism at Binance to provide full transparency, and called on all industry players to follow suit.
- KuCoin, Poloniex, Huobi, and OKX were among the first crypto exchanges that promised to publish proof of their reserve holdings within a month.