KuCoin is another one of the best crypto exchange platforms, which helps us to earn money in different ways. Users just started to love this platform because of its amazing features, and many have already earned a lot from this application.
So to know more about this, read this full article.
What is cloud mining?
Before starting with the KuCoin cloud mining platform, let’s understand what cloud mining is.
So, cloud mining refers to the process of extracting cryptocurrency by renting mining equipment or the necessary tools from a third-party cloud mining provider who has expertise in the mining process. Here, the cloud mining provider handles the hardware maintenance, electricity costs, and other operational expenses, while the users take a portion of the mining rewards based on their rented computing power.
Cloud mining is the best option for those users who want to get involved in cryptocurrency mining but do not have the technical expertise or place to set up their own mining structure.
Kucoin cloud mining review:
Kucoin Cloud Mining is a cryptocurrency exchange platform that allows users to buy, sell, and trade various cryptocurrencies. And it is one of the best cloud mining service providers that offers its users a wide range of cryptocurrency mining plans. Also, Kucoin has multiple earning features for its users, and the platform is also designed in such a way that users can easily understand without facing any issues.
- In Ku Cloud Mining, users can mine BTC cryptocurrencies. And every crypto has different mining plans with different levels of hash power and time durations.
- The KuCoin platform offers its users the ability to mine multiple cryptocurrencies at the same time, which helps users maximize their profits from this platform.
- One of the best features of Ku Cloud Mining is that this application lists the coins according to high profit, top gainers, a new coin, and market price. And after that, we can trade according to our convenience.
- The KuCoin cloud mining application is available for both iOS and Android devices
- KuCoin Token (KCS) is the native token of KuCoin, and currently, its value is $ 8.4254854 per KCS (USD) in the market.
How KuCoin application work?
So, KuCoin is a cryptocurrency exchange platform where users can deposit their cryptocurrencies onto the KuCoin platform, and then they can buy, sell, and trade various cryptocurrencies like Bitcoin.
Here, we don’t need any own machine or anything, we just have to start trading, mining, or renting cryptos and according to that, this application will generate our profit. But, we have to pay a small fee for each trade, and users can withdraw their cryptocurrencies from the platform at any time whenever they want.
KuCoin uses its own mining hardware for its cloud mining service and users do not need to purchase or maintain any hardware themselves. Instead, users can purchase a plan from KuCoin, which represents a share of the total mining power provided by the hardware.
KuCoin’s platform also provides various tools and services to help their users to manage their cryptocurrency investments, such as trading charts, price alerts, and staking services properly and safely. Additionally, with the help of KuCoin native cryptocurrency, it helps their users to have a discount on trading fees and other additional benefits on this platform.
How to get profit from KuCoin cloud mining?
So, to start earning from the KuCoin cloud mining platform, we have to:
- First, create an account on KuCoin by using the phone number or Google account and then agreed to the terms of service.
- Once you verify your account, you are eligible to do deposits, withdrawals, and trading.
- To start with earning, you can fund your KuCoin account with cryptocurrencies. For that, go to the “Assets” tab and select “Deposit” to check the available deposit options.
- Then, go to the “Trade” tab to see all the available cryptocurrencies and trading pairs. You can place a market or limit orders to buy or sell cryptocurrencies according to your convenience. You also see a list of coin and their market value on the dashboard, so you can choose according to your preference and budget.
- Now, select the mining plan that you want to purchase and click on the Buy Now button.
- After that, choose the cryptocurrency that you want to use to purchase the hash power and click on the Buy Now button again.
Now, you have successfully completed the purchasing process.
Is the KuCoin cloud mining platform profitable?
The profitability of KuCoin cloud mining depends on various factors, like what crypto we choose, mining duration, amount of funds invested, market value, the fees associated with the platform’s services, and many more. So, investing in any of the trading, mining, or renting plans we should have to do proper research and see every detail of that plan.
In short, KuCoin Cloud Mining is only profitable if you choose the right trading option, mine the right cryptocurrency, monitor the crypto market properly, and invest according to that.
How to buy crypto in the KuCoin app?
If you want to buy crypto,
- Just go to the KuCoin home page and click on the “Buy Crypto” option at the top of the page.
- Then, select the “Third-party” option. And after that, you will see a payment form.
- Here, you can choose the currency which you want to buy. Then enter the amount you want to spend and select the crypto you want to buy.
- Select the payment method from the list and then read the disclaimer box and agree to it.
- Then click on the confirm button and enter the card details and then click proceed to complete your payment.
Now, you have successfully bought crypto from the KuCoin application.
What are the types of trading available in KuCoin App?
There are several trading options available in KuCoin, including:
- Spot trading
Spot trading refers to the buying and selling of cryptocurrencies at the current market price. In spot trading, when the deal is finalized, the buyer immediately receives ownership of the cryptocurrency, and the seller receives the agreed price for that exchange cryptocurrency.
- Futures trading
Futures trading involves buying or selling a cryptocurrency at a future date at a fixed price. For example, a buyer signs a contract to buy a bitcoin for $x at a specified date in the future. If the price of Bitcoin rises above $x before the specified date, the buyer will still pay $x for the Bitcoin, while the seller will have lost potential and the buyer will have a profit.
- Margin Trading
Margin trading allows users to trade cryptocurrencies with borrowed funds for an exchange to purchase a larger amount of a cryptocurrency, with the hope that the price of the cryptocurrency will rise, which allows the person to sell at a profit and return the borrowed funds to the owner.
- P2P trading
In peer-to-peer trading, a buyer finds a seller, and both agree on the price and payment method. And the buyer sends the payment directly to the seller. The seller then sends the cryptocurrency directly to the buyer’s wallet without using an intermediary, such as an exchange platform.
- Trading Bots
Trading bots are one of the amazing features of KuCoin; they are automated software programs that execute trading on behalf of the users.
Before using any trading technique, users should carefully evaluate their goals, strategies, and risk tolerance before choosing any option.
What types of accounts are available on the KuCoin platform?
KuCoin has five types of accounts to provide its users with more convenience. The accounts are:
- Main or Normal Account
The main account is the default account for all KuCoin users. This account is used for storing, depositing, withdrawing, and transferring funds between other KuCoin accounts.
- Trading Account
This account is used for buying and selling cryptocurrencies, and spot trading. Users can easily transfer the funds from their main account to their trading account to start trading on the KuCoin platform.
- Margin Account
In the margin account, the user is allowed to trade with borrowed funds. Users can transfer funds from their trading account to their margin account and use them as mortgage (guarantee) to borrow funds and trade with other users.
- Futures Account
The futures account will be used for futures trading. Here, the user can buy or sell an asset at some price for a specific time in the future. U
- Financial or Pool-X Account
This account is used for participating in KuCoin’s various investment and staking products, such as Soft Staking, Pool-X, and Lending.
This KuCoin account feature allows their users to access a wide range of varieties and provides a more customized and professional experience for their traders as well as for investors.
What are “proof of work” and “proof of stake” terms in cloud mining?
Cloud mining uses “proof of work” and “proof of stake” techniques. Consequently, “proof of work” occurs whenever someone trades Bitcoin or any other cryptocurrency, including Litecoin, dogecoin, or Bitcoin cash. We, therefore, require a person who can confirm whether or not these transactions are authorized to verify this process. Thus, using their mathematical equipment, numerous miners participate in this mechanism’s bitcoin trading. Therefore, whoever takes action first will receive a prize in the form of cryptocurrency. Additionally, the investor who purchases this coin makes a profit.
In “proof of stake”, we have validators instead of miners for cryptocurrencies like Ethereum. Also, there is no rivalry going on among the validators. Therefore, whoever has the most coins to stake will serve as the miner’s validator. Users can rent a portion of their staked cryptocurrency through the proof-of-stake mechanism to take part in block mining validation and profit from it.
However, KuCoin is a centralized cryptocurrency exchange platform and does not follow either Proof of Stake (PoS) or Proof of Work (PoW) consensus algorithms. But some cryptocurrencies traded on KuCoin may use PoS or PoW, depending on their respective blockchain networks.
How much do we have to pay for a mining plan?
The Kucoin Cloud mining platform charges a fee for each plan depending on the hash rate, mining power, duration, and other features. Also, we can pay either through cryptocurrency or fiat currency.
What is the fee applicable for crypto withdrawals?
The KuCoin platform charges a very small fee that depends on the crypto coin and the selected blockchain network we choose.
How is the KuCoin mining platform different from Binance Cloud Mining?
- User Interface
Binance has a more complex user interface with more advanced trading features, while KuCoin has a simpler user interface that can be easily used by a user who is new to the trading field.
- Exchange coins.
Binance has a wider range of coins as compared to the KuCoin platform. As of now, KuCoin does support exchanging popular cryptocurrencies.
- Trading Fees
Binance has a tiered fee structure that decreases as trading volume increases, while KuCoin has a balanced trading fee for all users.
Overall, both KuCoin and Binance are famous and safe cryptocurrency exchange platforms. But, you can choose a crypto platform that works best for you in terms of earning money.
Is KuCoin cloud mining application safe to use?
Yes, KuCoin Cloud Mining is one of the most popular cryptocurrency exchanges and a safe platform to use. Also, it is an easy-to-use trading platform for crypto coins like Bitcoin, Ethereum, Litecoin, Ripple, and many more.
How can we earn money from KuCoin cloud mining?
We can earn money from this platform by:
- By Trading or cryptos
The most common way to earn money from the KuCoin platform is through trading cryptocurrencies. So, we should buy the crypto at a low price and sell it at a high price to gain more profit.
We can also earn from staking by holding a certain amount of a particular cryptocurrency in a wallet or exchange account. And if we hold a certain amount of crypto, as that program demands, we can earn rewards in return in the form of crypto only.
The Stakng is of two types: Flexible Staking and Fixed Staking. So in flexible staking, the users can hold the cryptos for any period; there is no fixed time frame, but in fixed staking, the user has to hold crypto for a specific time frame.
KuCoin also has a referral program for its users, where they can earn about 55% of the commission from the referral person. The commission can be in any form, like trading, staking, or any other form.
- By Renting or Lending or crypto coins
KuCoin also has a lending feature that allows its users to lend their cryptocurrency and earn interest from the person who needs that particular coin. The earnings can vary depending on the crypto coin and the lending period.
- Through Mining
Through mining cryptocurrencies, users can earn rewards. Users can participate in any mining pool, depending on the resource and cost, and earn rewards based on their mining power.
- Participating in a Token sales event
KuCoin also occasionally hosts token sales for their new coin projects. So, we can participate in these token sales and earn profits depending on the token we buy.
How can we withdraw cryptos from the KuCoin application?
- Go to kucoin’s official website, then click the “Assets Withdraw“ option available in the upper right corner of the dashboard.
- After that, click on the “Withdraw” option and select the coin you want to withdraw. Remember that we can only withdraw from our KuCoin main account or trading account.
- Fill in the wallet address and choose a connected network. And write the amount you want to withdraw, then click “Confirm” to proceed further.
- Now, fill up the trading password, verification code, and 2FA code to submit the withdrawal request.
After the transaction is processed, we can check the status of our withdrawal in the “Withdrawal History” section.
It’s important to understand that the processing time and fees may vary depending on the blockchain network and the cryptocurrency you are deciding to withdraw.
KuCoin cloud mining is definitely one of the best trading platforms because it offers 24*7 customer support, multiple crypto exchange coins, proper security, and many more features. But always remember that every cryptocurrency platform involves risks, so it’s very important to do your own research and understand the platform before investing any money.
Also, if you do not find KuCoin Application useful, so can try to use the Binance Cloud Mining application for better earnings.