How To Use Kucoin In New York: May 2023
Looking for how to use Kucoin in New York and to find a way to trade the giant list of altcoins available on the platform?
Then I will make it clear that Kucoin does not have a license to operate in new york.
As a result, you will have to trade without KYC.
And if you are still interested in using Kucoin in New York, there is a risky way to do this.
Yes, you can create a kucoin account but your account will be at risk if you choose to go on this path.
The only way to use Kucoin in new york and enjoy trading the coin you love is to do it without KYC.
And you know KYC (Know Your Customer) is essential and crucial for crypto users to access all the features of the exchange.
Without KYC, you can withdraw only 1 bitcoin in 24 hours. Also, it limits other features as well.
If you are not KYC verified, you will have access to limited features like withdrawal and fiat limits.
A nonverified user also does not get support from Kucoin if something indecent happens to their assets.
So be careful and aware of what you are trying to do.
Why use Kucoin?
The reason why people are looking to use kucoin is its massive list of supported coins.
Kucoin supports a large number of coins which is the no.1 reason for its popularity and attraction.
When your favorite coin is not listed on significant famous crypto exchanges like Coinbase or Binance, then you will definitely find a place where you can buy the coin that you are hopeful for a good profit and see potential in it.
How to Use Kucoin in New York?
To use kucoin in new york, you will need to create an account on this exchange first.
You need to provide your email address and set a password for your account.
That is it and your account is ready.
Why Kucoin is not allowed In The New York
The reason is that Kucoin does not have a bitlicence from the new york government.
Lawmakers from new york require exchanges to have balance to operate in the state.
The BitLicense is an approval to the exchange for operating in new york state.
On one hand, this license is limiting the exchanges available to the residents in new york, but also it ensures the security of their funds.
To get the bitlicence from the government, exchanges need to provide FDIC insurance on crypto assets, platform security, and other consumer protections.
For the exchanges that operate in new york, there are protections like FDIC insurance up to 250000 dollars. Which makes you protected if something bad happens to the exchange and its platform.
The BitLicense is on your side and ensures the security of your funds in new york.
How To Deposit Money In Kucoin In New York?
There is only one way to deposit crypto in your kucoin account and that is to transfer crypto from other exchanges.
How To Withdraw Funds from Kucoin In New York?
You can not withdraw funds from kucoin to your bank directly in new york.
But do not worry, here is how to do it.
Withdraw Funds VIa Other Exchange
This is the easiest and cheap way to withdraw funds from kucoin to your bank account. And that is possible by using another exchange.
The first thing is to transfer the crypto from kucoin to an exchange that is linked to your bank account like FTX.
Once you received the crypto in your exchange, convert it to fiat currency and then withdraw it to your bank account.
That is the simple and easy way.
WIthdraw By Using Bitcoin ATMs
Another option for getting your funds out of your kucoin account is using a bitcoin ATM. Bitcoin ATM allows you to send your funds to another account with a bitcoin ATM.
And then finally cash out these funds from the ATM.
However, this method could be costly due to the high fees of bitcoin ATMs.