Kucoin recently redesigned and restructured their platform by announcing ‘Kucoin 2.0’. Rather than doing the same review structure as I usually do, I thought I would mix it up and review some of the ten new features that Kucoin have introduced, followed by a quick look at the new user interface (UI). I personally am not a regular user of Kucoin but am more than happy to give my unbiased opinion on what I think of 2.0.
Ten things I should know
Kucoin have made it very clear via their Twitter that these are the 10 features that they would like users to recognise and give feedback on. I won’t be going through each one individually but I will comment on some that stood out to me for the right and wrong reasons. However, I do respect that they have done a give-away to incentivise feedback from users which is always a good strategy for teams to use to gain maximum feedback.
a) The not so impressive features
Before I evaluate these features I want to emphasise that these are not necessarily bad or wrong features to add, it’s just that I would have already expected them from a crypto exchange in 2019. Some examples of these are as followed:
Being able to ‘trust your device for 30 days’. Something I could have activated with Coinbase when I joined the space around 13 months ago. Although it’s handy and users may like it, it’s not that impressive due to the timing of this feature. I never select this option anyway as I think it’s less secure.
Being able to set ‘price warnings’. Again, something that I think is really useful to have on your trading platform as it is convenient to have everything in one place however, nothing special in my opinion. I’ve been setting alerts on mobile apps for a while now and it isn’t something that puts Kucoin ahead of the competition.
The new ‘notification module’. Notifications for me are a basic but important feature. Being notified when my deposit has become available is really useful in the current crypto world as funds aren’t always available instantly but again, the notifications themselves are not a breathtaking feature.
These examples are features that others exchanges integrated a long time ago and it seems like Kucoin are trying to impress us by promoting that they have finally caught up. In my opinion that isn’t something you want to draw to the users attention. Show me what you and your exchange have done to go above and beyond, making you better than any other exchange. I want to make it clear that these features definitely improve the Kucoin user experience, but they have to do more than match other exchanges to take the platform to the next level.
b) The more impressive features
Let’s bring some positivity back… Kucoin have done a good job with a few of the features that they have introduced such as enabling the ability to set more advanced order types such as ‘fill or kill’ and ‘good till cancelled’. I think these order types meet the more experienced and advanced traders needs. This essentially invites a different group of traders to start using the platform.
Being able to have a ‘main account and a trading account’ strikes me as one of the more unique features. Being able to use a more secure account for withdrawing, depositing and holding funds whilst being able to move them funds to an active trading account when necessary with no fees involved. You can also store Kucoin Shares on either of these accounts. I do need to dig deeper into what makes the main account so much more secure but for now I’ll say that I like the initial idea.
*This does not mean I recommend storing coins on an exchange. Please use a hardware wallet.*
Being able to make fast and free ‘internal transfers’ to other Kucoin accounts. I personally don’t see any use case for this feature other than sending coins to family and friends but feedback on Twitter says that this is a popular feature. There is an argument that people do create more than one account for themselves to increase security but it shouldn’t have to be this way. Lets think about this for a minute.. It’s not user friendly if we have to create multiple accounts in the fear of being hacked! It doesn’t create a good user experience. As always, happy to discuss why this is such a popular feature on Twitter!
c) Let’s stop with the technical language
Kucoin have upgraded the API. What does this mean for the average trader? What does this even mean? Due to my semi-technical background, I kind of understand what this actually means but if we really want adoption in this space, this has to stop. Traders from other markets such as stocks and forex don’t know what an API is and they don’t care. They just want to buy coins low and sell them high. Let’s stop over complicating things and scaring people away with this technical whilst patronising language.
The User Interface
I feel that the Kucoin interface is looking much more clean and 2.0 gives it a fresh look and feel across the full website. I like a couple of small but useful features on the trading page such as the widgets down the left hand side and being able to view multiple charts via the tabs along the top.
It’s clear to me that Kucoin have done plenty of market research which consists of looking at competitors in the market. They have adopted the ‘above the fold design’ (that I always talk about) which means that everything that Kucoin want you to view is instantly insight without needing to scroll down just like Binance and Beaxy. The layout and structure of the exchange is very similar to a couple of other exchanges which further confirms completion of market research but I’m interested in hearing how much User Research they have done as their is a huge difference.
I’m hoping this didn’t come across as a huge attack on Kucoin because I genuinely feel that they’ve made some steps in the right direction with 2.0. The concern I have is that I don’t see the edge that they have over rivals. I ask myself why would people like myself use this exchange over alternatives in the space and the only reason I can think of right now is if a certain coin is listed here and no where else.
Like I said, definitely a step in the right direction but it feels like they’ve put a lot of work in just to pull level to where competitors currently are. They are going to have to work twice as hard to make further changes if they want users to actively chose their exchange over any other.
You can sign up to Kucoin here.
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- I have not been paid by Kucoin to write this article. This is something I volunteered to do due to my background in UX.
- All opinions and views within this article are my own.
- The Kucoin link above is my referral link.
Thanks for reading, Malone.
Malone is a User Researcher by trade and is bringing his knowledge in UX to the Crypto world – reviewing products from a UX perspective whilst also sharing regular charts as a passionate price action trader.
Find out more about Malone at Cryptmalone.com or on Twitter.
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