Kucoin, you're getting worse and wasting your customers' time.

[The Sceptical Chymist]

I've got gripes about Kucoin's usability and want to air them here.

One thing I noticed the first time I used Kucoin is that there are two different accounts you have: Main and Trading, and there's absolutely no need for that to exist.  I say that with confidence because no other exchange I've used has anything like that.  Transferring funds between main and trading accounts is time-wasting, and recently I found I have to reload the page of the account I just transferred coins to in order for them to show up.  Kucoin, get rid of that shit, please.

The worst offense is the withdrawal process, though, and it's only gotten worse over time.  This is the process:

1. Move traded coin from Trading to Main account.
2. Initiate withdrawal by clicking the withdrawal button.
3. Click a pop-up confirmation.
4. Select the coin's network from a drop down menu, click it and then click OK.
5. Enter withdrawal amount.
6. Enter your trading password.
7. Go through the SMS verification.
8. Click another confirmation pop-up.

Kucoin, that's too many fucking steps.  

Why bother having users click on a network for coins where there's only one network?
Why so many confirmation clicks?  When people want to withdraw, they've already initiated the process.  All of that clicking, when it's done many times over a long period of time, is an enormous waste of your customers' time.  As is the existence of a trading password.  As is the existence of the dual-account structure.

My experience with Kucoin has only gotten more cumbersome with time, and I'm going to bring this thread to their attention.  What do you guys think?

Edit:  Well, I sure as hell can't figure out how to contact Kucoin quickly, so perhaps I can't let them know about it.  I started up a help chat, but the response I got was that they couldn't understand what I wrote (it's a bot and the link I put in it might have triggered that response).

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[malcovi2]

Huobi, Okex, Hotbit, Bibox and other Chinese exchanges have similar S.O.P and I agree its a waste of time. I don't know if they are required by regulations to do this or their own decision because of hacking attempts.

[hosseinimr93]

Edit:  Well, I sure as hell can't figure out how to contact Kucoin quickly, so perhaps I can't let them know about it. 

They have a thread here on the forum. [ANN] [EXCHANGE] KuCoin Exchange
I am not sure they are responsive, but you may be able to get their attention by posting on their thread or contacting their representative.

[Oshosondy]

Huobi, Okex, Hotbit, Bibox and other Chinese exchanges have similar S.O.P and I agree its a waste of time. I don't know if they are required by regulations to do this or their own decision because of hacking attempts.

On OKX which I use often, you can check (mark) either funding or trading account or both for withdrawal. If your fund is in trading account, you do not have to necessarily move it back to funding account before you will be able to withdraw, just check your trading account and you will be able to withdraw it. Some exchanges are using this now, even Binance is now using such feature too, but spot and funding account on Binance is different if compared to other exchanges and it is the most perfect for me, on Binance, you can trade directly with your funds which is the spot account.

@The Pharmacist
If Binance can do that, I expect other exchanges should be able to do that, I mean if you paste the address of the network you want to use to withdraw on Binance.com (I do not know of Binance.US), the network would automatically be selected. You can also check either funding account or spot account during withdrawal. But if you transfer money into your Binance account, it would automatically be in spot wallet, funding wallet is for P2P, Binance Pay, Gift card and Pool. It would be good if other exchanges like Kucoin can also be like that.

About email, sms and 2fa verification when you want to withdraw, it is for the security of your account, in a way hackers will not be able to attack you personally. It is annoying, but I like it because of its security, especially the 2FA verification during withdrawal.

[hugeblack]

Binance was the first platform to support the idea that one user has several accounts as you have a lot of services on the platform such as borrowing, NFTs, staking and others, so all the platforms have started to establish a database that the user has several accounts and therefore can be a fast scalabilty in the future.

Personally, my problem with them is the withdrawal fees that appear expensive, and the trading volumes do not seem real or trading slowly (speed of the orders execution compared to liquidity)

Generally, there are many beginners, so the many steps to withdraw are a good idea.

[The Sceptical Chymist]

On OKX which I use often, you can check (mark) either funding or trading account or both for withdrawal.

There's absolutely no need to have two types of accounts if you're trading crypto.  

It's simple: deposit crypto, it's in your exchange account and when you go to the marketplace section, the exchange knows damn well how much crypto you have, so....why have a trading and main account-type system?  Every time you have to withdraw funds from Kucoin, you're going through numerous, unnecessary steps that have no reason to exist, not even for security.  Again, I mentioned that you have to click a pop-up two times just to confirm that you want to withdraw a coin.

About email, sms and 2fa verification when you want to withdraw, it is for the security of your account, in a way hackers will not be able to attack you personally. It is annoying, but I like it because of its security, especially the 2FA verification during withdrawal.

I never said anything critical about any of those things.  I merely included the SMS part in the list of all the hoops you need to jump through.

They have a thread here on the forum.

Thank you for mentioning that; I didn't even think about  it, but I'm also wondering how responsive they are to stuff like this through their bitcointalk account.  

And I'm not totally slamming them, either.  It's just that every time I use their exchange, I feel like it was about 5x harder than the typical ones I use (which aren't numerous, but they have simple mechanics).  Anyone use TradeOgre?  That is probably the most stripped-down, minimalistic exchange I've ever seen.

Generally, there are many beginners, so the many steps to withdraw are a good idea.

That's ridiculous, as it assumes people are retards and also makes everything I've described here harder than it has to be--and that isn't going to help any newcomers.  I mean really, why not have customers have to click a pop-up confirmation 4, 5, 6 times?

"Are you sure you want to withdraw?"
Click-->yes

"Are you absolutely sure you want to take the crypto off our exchange?"
Click-->yes

"Just checking: these coins are going from our exchange to your wallet, right?"
Click-->yes

"OK, last time.  You want to withdraw your coins?"
Click-->yes

See if you've got arthritic fingers on your mouse hand in about 30 years and get back to me.  Well, I'll be dead then but follow up in this thread anyway, eh?

[noorman0]

If you are using the mobile version, the withdrawal step will be simpler by activating the "biometric security" feature. It removes 2 steps iirc, email verification code and 2fa code, and the pop up window only appears once as a withdrawal confirmation.

Looks like Kucoin is more oriented towards simple settings on the mobile app version.

[Oshosondy]

why have a trading and main account-type system?

Let me use OKX for example, it can differ on Kucoin, but you can know, if truly it differs. Also I will use Binance.com (not Binance.us) as an example.

On Binance
If anyone send you money, it goes straight to your spot account, you can be able to trade with it (spot trading like using bitcoin to buy USDT and vice versa).

But on you Binance account, you can be able to transfer coins from spot account to margin, future, funding account and vice versa. That is how it works on Binance, but which it is your preference.

Binance later, which was last year or so, make spot account for trading and withdrawal which is what you want, while its funding account are for what I have mentioned above like p2p trading.


On OKX
Probably how Kucoin might be too, but I do not know.
On your OKX account. If you received coins on your OKX account, it would be on funding account. If you move it to your trading account, it would be available for spot, margin and future trading. Very different from how Binance exchange is.

Assuming you have $1000 in your funding account, you transfer $100 to your trading account, only the $100 would be available for trading. Assuming you opened 3x cross margined leverage perpetual long position for BTC at $20000, the liquidation price would be at around $13333. If bitcoin reach $14000, you can be able to transfer more coins from funding account. Like if you transfer $100 in addition to make it become $200, the liquidation price would be around $6667, which was around $13666 before the collateral transfer.

Money in the trading account are only affected during trading, your funding account money is intact and unaltered. It makes trading more flexible towards trader's preference, unlike only going for isolated margin or future trading if a safe account (funding account) is not available.

I believe you are a spot trade, like selling bitcoin for a stable coin after massive bull market, and buying bitcoin back after massive bear market. It is just a guess. But if so, that is why you think trading account is not necessary. But exchange like Binance, make it the way you want as it advance it, I am not sure if Binance.us is like that.

[cabron]

There are several of these exchanges.
 I can understand they are doing it for security but for withdrawing your funds you will have to go all the troubles. If binance can do it, they should be able to roll with convenience while also secured. Redundant questions after SMS and 2fa verification can run out of patience when you're racing against time.

[EarnOnVictor]

The worst offense is the withdrawal process, though, and it's only gotten worse over time.  This is the process:

1. Move traded coin from Trading to Main account.
2. Initiate withdrawal by clicking the withdrawal button.
3. Click a pop-up confirmation.
4. Select the coin's network from a drop down menu, click it and then click OK.
5. Enter withdrawal amount.
6. Enter your trading password.
7. Go through the SMS verification.
8. Click another confirmation pop-up.

I can sense your frustration about this process, it could be annoying truly.

It got me angry at times as well, especially when trying to beat time for the withdrawal. But I'm afraid, it's the standard practice by the major exchanges I have used. It could even get worse with Binance where in addition to what you wrote, they might add email verification, or even tell you to take a quiz before performing the withdrawal. What a heck!

The processes might seem too much, but a good level of accountability (wallet to trading account) and security (verifications) if I must say.

[Potato Chips]

I would also suggest posting in their subreddit, see: https://www.reddit.com/r/kucoin 

Mods are fairly active and there were some instances where the CEO replied to some posts. Who knows, maybe you could get decent upboats? and as with any suggestions, it's likely to be considered if backed by many people.

[examplens]

Huobi, Okex, Hotbit, Bibox and other Chinese exchanges have similar S.O.P and I agree its a waste of time. I don't know if they are required by regulations to do this or their own decision because of hacking attempts.

I have the same steps on Binance except moving from trading to a spot account. Recently, a new info popup, where they protect themselves from possible mistakes during the withdraw process. quite tiring.
Probably maybe it's better safe than later sorry.

[dkbit98]

My experience with Kucoin has only gotten more cumbersome with time, and I'm going to bring this thread to their attention.  What do you guys think?

Kucoin was like this as long as I can remember, it's so much extra steps and complications and I never liked that or their interface, especially split trading and main accounts.
Maybe it has something to do with better security and safety, but if I remember correctly they got hacked while having that same system working.
For SMS verification I think you can opt out and use email instead during registration, or try to disable SMS in settings later.
You can contact their support and send them feedback, but I doubt they will change anything any time soon.

[2stout]

In a perfect world, yes, they would have less steps.  However, if they are still no KYC, then I would consider this a minor inconvenience that's well worth the ever so minor hassle.

[Maestro75]

Hotbit has the same process of two different accounts like Kucoin you described. I find it confusing sometimes and believe it is a waste of time splitting it since it belongs to the same owner. None of them has told us why they have the split. Besides, the way this exchanges have crisis now is becoming alarming. Hotbit has been down for more than two weeks running and people's funds are trapped there. I do not trust Kucoin to leave my money there any more. Even Binance may not be spared this wave of crisis running through major exchanges at the moment. Who knows what next will happen or which exchange will be next in crisis. This is beginning to expose more of the weaknesses of centralised exchanges.

[bakasabo]

Kucoin withdrawal process is not the weirdest one I saw. I have experienced trading bounty tokens on small Asian exchanges that often lag or simply load slowly and there withdrawal process is really a pain. First you need to save the address you want to withdraw your funds in address book, give this address a name, and when withdrawing, select the address you want to withdraw by name from address book.

1. Go to withdrawal address book.
2. Click create new
3. Fill name, fill address, click save
4. Go to withdrawal, click select, select a name
5. Fill amount, click withdraw.
6. Enter 2FA, enter trade password (dont know why they call it trade), or get a code via sms (which you could receive during 1 minute or during 10 minutes...)

I dont understand why making withdrawal process so complicated...

[Darker45]

To be honest, of all the steps, the only thing that really annoys me is this network selection. It's probably causing problems, confusion, or inconvenience more than it improves the user's experience.

The two-account system is probably for management purposes. The rest are for security's sake and also to make sure your decision is final.

Binance was the first platform to support the idea that one user has several accounts...

If I'm not mistaken, the infamous HitBTC has already implemented this feature even before Binance was founded.

I dont understand why making withdrawal process so complicated...

I'm afraid the real reason is that exchanges simply don't want the funds to come out. This has been obvious ever since. It's always a lot easier to deposit than withdraw.

[The Sceptical Chymist]

Zzzzzzzz.....

Despite everything you wrote in that post, there's no way in hell you could convince me that Kucoin's system isn't unnecessarily complicated.  Example: I can deposit coins into my trading account but can't withdraw them from it.  I have to manually transfer the coins to my main account and then go through all of those maddening steps I mentioned.  No need for any of that bullshit.

Look at SouthXchange or TradeOgre or even CoinEx.  There's none of that, so obviously exchanges can offer a whole bunch of services and function just fine without having that dual account nonsense.  I'm beginning to think Kucoin is going full retard.

The rest are for security's sake and also to make sure your decision is final.

Well how many fucking times do they want you to click on a popup to confirm that you really, really, really(!!!) want to make a withdrawal?  And I'm not sure I'm buying your argument that exchanges don't want you to withdraw coins, because some of them (and Kucoin in particular) make hefty profits via withdrawal fees that are way above network fees.  They're not afraid you're not going to come back and trade again, believe me.

[Beparanf]

AFAIK, This feature is the standard of most exchange before so they are not getting worst but they just didn’t improve.

Imo this helps traders to manage there balance properly by separating there savings and profit to there trading balance. We know that most traders sometimes do some fool decision when buying and selling token especially those hype. This separate accounts will help them to control how much they will invest. It’s like a vault on the exchange which user save the money that they don’t want to risk on trading.

Surely it’s a waste of time for user that wants to trade immediately after there deposit arrives but this is very helpful on newbie traders for managing there assets properly. I’m using Kucoin for a long time and sometimes I really feel the frustration that you feel now that I have experienced in trading.

Maybe having a pro version and lite version will solve this problem.

[coupable]

Generally, there are many beginners, so the many steps to withdraw are a good idea.

If the security measures were activated in the account login process , All the additional protective measures imposed on withdrawals become meaningless. It is only possible to use confirmation messages using the phone and email, as happens with the Binance platform. But to say that these measures help beginners verify every step they take is certainly not accurate.
The KuCoin platform is still very popular and I don't think anyone has complained about the complexity of the withdrawal process from it. It would be a good idea to publish this topic on their official channel or call the representative of the platform to see and give his opinion .