Kucoin new fee implementation, a worry for users

Crypto exchanges can significantly impact traders’ profits, the validity of this statement alone motivates traders to carefully choose the exchange they ply their trades.

Recently, kuCoin effected the imposition of 0.1% fee for BSC deposits on the exchange causing an outrage among a faction of their community (particularly Chinese community). While this fee might seem minute, its impact accumulates significantly for those trading huge volumes.

Understandably, implementations like this compel traders to switch exchanges in a bid to minimize costs and maximize profits. Bitget for instance offers zero fee when depositing or withdrawing USDT via BEP20, making it a valid option.

The implemention of user protection fund to ensure the safety of its users’ assets adds up as another strength for the exchange, along with Proof of Reserves that demonstrates bitget transparency in holding ample reserves to ensure the safety of every deposited fund.

Crypto industry is fiercely competitive, favouring exchanges with transparency and nominal fees. Where Kucoin falters, users would be left with no choice than to explore other exchanges that prioritize these qualities.