If you are an active crypto trader, then chances are you have come across the KuCoin trading platform. KuCoin has a utility token known as the KCS token.
In this article, we will explain all there is to know about the KCS token and the benefits of holding the token. Finally, we will show you how to buy KCS from the KuCoin exchange. Excited? Let’s get started.
- What is KuCoin Token?
- Benefits of Holding KCS Token
- KCS Market Potential in 2022
- How to Buy KCS Token on KuCoin
What is KuCoin Token?
KCS token is known as the people’s choice. It is a utility token created by the KuCoin team to help cover trading fees. The token has a strong community backing the projects and has a lot of use cases. For starters, you can use it to cover trading fees on the KuCoin exchange platform.
The coin was launched in 2017 with a total circulating supply of 200million. KuCoin plans to buy back and burn half the total number (KCS burn). This means the projected cap for the token is 100 million in circulation. Once this is completed, it will increase the valuation of the token.
Benefits of Holding KCS Token
Aside from being a native token for the KuCoin platform, the KCS token provides many benefits to holders of the token. Here are some of the advantages holders receive.
- Being the native token of KuCoin, KCS allows traders to share the growth benefits of the exchange.
- If you hold at least 6 KCS, you will receive KCS bonus daily, which comes from 50% of KuCoin’s daily trading fees revenue.
- When you use KCS to pay Trading Fees, you enjoy up to 20% discount on KuCoin.
- You can use your KCS token to participate in Spotlight (IEO) and Burningdrop (a new launch pool product), book a trip on Travala, etc.
- KCS token is the only fuel and native token used in the KuCoin Community Chain (KCC). It can be used to pay gas fees and support other development of projects built on KCC.
KCS’ Market Potential in 2022
KuCoin recently raised $150 million in a pre-series B funding round, raising the valuation of the company to $10 billion.
The funding will allow KuCoin to go beyond centralized trading and expand into future techs such as Web3 and NFTs. When this happens, the KCS token will have more utility, being the native token of the platform.
KuCoin also announced that empowering the KCS token will be a major priority for the team. The “Empowering KCS” scheme aims to build the token into a killer product as opposed to being a simple token. This will further increase the benefits KCS holders have access to on the exchange.
Additionally, with the increasing number of KCS holders, the token is heading toward being among the top 15 tokens in 2-3 years.
How to Buy KCS Token on KuCoin
KuCoin provides many ways to buy and sell coins on the trading platform. We will explain the 3 main ways to buy coins on the platform. This guide will focus on the KCS token, however, you can use the same procedure to buy other coins from the platform.
Before proceeding, you need to have an account with KuCoin. If you are a new user, you can create an account for free here. You need to verify your account by completing the KYC verification before you can trade on the platform.
After registering and verifying your account, you can use any of the methods below to buy the KuCoin token.
Using Debit Card
This method is the most straightforward method for buying any cryptocurrency. If your local bank supports international transactions, you can use your debit cards directly on the platform to buy the KCS token.
To start, log in to your KuCoin account and then click on the Buy Crypto button. If you are using your phone, you will see the button on the home page.
On the next page, choose the “Fast Buy” option. Next, choose the currency you wish to spend under the “Buy” section. KuCoin supports over 40 fiat currencies.
After that, select the KCS token in the “I want to buy” box. Once done, enter the amount you want to spend in the “I want to spend” box. It will automatically calculate the amount of KCS token you will receive based on the current price of the token.
On the “Pay with” box, you can choose any debit card you have added to the platform. If this is your first time, you have to enter your card details and await verification. After choosing your card, click on the Buy KCS token button.
After that, click on the Confirm button to complete your purchase. Depending on your card issuer, you may need to enter a one-time password to complete the transaction.
If the payment is successful, the KCS token will be added to your portfolio.
Third-party Payment Gateway
If the payment from the “Fast buy” method is not successful, you also have the option to buy using a third-party payment gateway.
For this, select the Third-party tab. Here, choose the currency you wish to spend. After that, choose the KCS token under the “Buy” box.
Select the payment option and provider you want to use. After that, scroll down and click on Confirm. You will be redirected to the payment gateway’s website. There you need to enter your details before you can complete the payment.
Once the payment is successful, you will receive the token in your wallet.
Sidenote: If you already have some tokens on your Trading account on KuCoin, you can buy KCS using any of the coins you have in your portfolio. The token has trading pair with up to 30 cryptocurrencies. This means, that if you have BTC or USDT, you can simply exchange the coin to get KCS.
Conclusion – KCS Token
What drives a cryptocurrency is the number of use cases the token has. Being a native token for the KuCoin exchange platform, the KCS token has a lot of use cases. For starters, you can use it to cover trading charges.
In this guide, we have explained all there is to know about the KuCoin utility token. By now, you should have an idea of how it works and how to buy the token on KuCoin.
If you have any questions about KuCoin or trading in general, do well to let us know via the comment section below.