Is All The Negativity Legit?
When you visit Reddit and other #Crypto forums and groups, you will be bombarded by a lot of negativity! Unsatisfied users sharing similar complaints. One of the most concerning, is the issue of daily dividends not being credited to members' accounts. If you are not familiar with #KuCoin, lets have a quick overview. So, KuCoin is a Crypto exchange boasting well over 100 currencies at time of writing. Needless to say many are rubbish coins, however there are a few good potential coins available as well. The exchange has their own token called KuCoin Shares(KCS), which similar to Binance, gives holders discounts on trading fees. A further attraction is that KuCoin pays daily dividends on all available currencies listed on the exchange. A portion of daily revenue is reserved to be paid out to KCS holders. This dividend is distributed in micro amounts among all the coins on the exchange. So, even though you don't purchase all avaliable coins but do hold KCS you will be paid small amounts in all currencies everyday!
This sounds great, provided they do it. I decided to test KuCoin. I deposited an amount to purchase KCS and held them over 48hrs. For those wondering, yes I did have more than the required 6 coins to receive dividends. The 2 days passed and there were no credits made to my account. I contacted support twice, which was a bot and received no response.
The CEO And Team
I also checked out the team on Twitter only to find that the last activity was in December. There are posts in the official KuCoin page regarding new listings etc. I did find a post where KuCoin apologized to members about delays on giveaways, however nothing about the core aspect of KuCoin, the dividends! I realize that KuCoin surpassed 2 million members in a short amount of time and that they may be struggling with backlogs etc. However, if that is the case, where is the team? Where is the CEO affirming his clients and steadying the boat? #Binance had an issue recently that lasted approximately 2 days. The difference was that the owner, CZ was on his private Twitter page and Official Binance page informing users with updates every 2 hours. That is what a committed owner does. It seems issues at KuCoin have been ongoing since mid January and the Team and CEO are silent. This is a very worrying sign!
The Next Step
The next step was logical. I withdrew funds from KuCoin. I had no issues depositing or withdrawing funds. Transactions were smooth. However, if the business does not follow their own structure and design and does not communicate, it is considered a Fail in my opinion. I sincerely hope that KuCoin have only been overloaded and can work to restore their dying reputation. The lack of communication is the biggest sign for me that there most likely will not be a recovery. I hope I am wrong as KuCoin could be an amazing exchange were it managed correctly.
NOTE: This article is not investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
Nice summary of your experiences. Thanks for sharing, I have joined the KuCoin just recently too, so here is what I can say:
The whole project including dicidends, looks very attractive. Also there is that buzz in crypto community about Kucoin, So I have joined it to see myself. The registration was easy and fast. However I have uploaded my documents, and it has been 5 days, since then, and still I have no confirmation about my docs. The team said, they will look at my account once again... Im still waiting.
I have contacted the staff (support team), for few reasons: to see how fast they reply, asked about dividends not credited into my account, and about my docs. So the reply was fast, but I have to say that I agree with you, that I have read the reply few times in order to understand it, because clearly the member who replied was not speaking native English. Anyways I have nothing against it, we all learning.
In 5 days being registered, I have not received the dividends even once so far.... . Ofc I have only 8 KuCoin shares, but still. I thought to get those daily dividends would be a must....
My next step will be: I will keep exploring what other forums, and comments are saying about the KuCoin, as I was planing to invest more money into this project, ... I am keeping it on hold for now. Until the team clarifies what is going on, if there are any issues, etc.
Yes, ansisltd I agree! The concept behind KuCoin is a great idea. I was also thinking of waiting a bit longer to see if there would be any legitimate responses from KuCoin. However, as I researched further I found that this problem has been lingering since mid January with no explanation from KuCoin. This is too long and is a flashing red light. If in the future KuKoin manage to sort things out, I could always return if I so choose. I am a business owner and am well aware of the fact that a business owner who cares about his business communicates. The fact that a core problem is left unattended for over a month is speaking rather clearly... in their absence of communication. I hope it works out for you. Let me know what transpires.
i think they too are doing their best to fix issues, i believe they are also committed in the project check this out https://news.kucoin.com/en/kucoin-platform-2-0-bi-weekly-progress-update%EF%BD%9C2018-12-17/ they are updating their app regularly proof that they are doing their best
Kucoin is different now a lot of improvements have happen on the exchange after launching kucoin2.0. some minimal changes on the platform and they improved the API which i think is really great. this is what article i'm basing it on. https://www.coinwire.com/kucoin-platform-2-0-launches-with-various-order-types-advanced-api