KuCoin Deposit Fees Backlash! All You Need To Know
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By iamcryptic · Posted
Hey everyone, happy weekend. remember Grass? Here’s a quick refresher: Grass mobilizes millions of home internet connections to scrape, verify, and contribute data for AI training, making web data more accessible to open-source AI projects. Their goal is to become a decentralized oracle for AI, bringing transparency and fairness to data collection by tracking its origins, so contributors are fairly rewarded for their work. While scrolling through X, I saw that they’ve officially announced their TGE set for October 28th on platforms like Bitget. This is great news for farmers, who can finally trade their airdrop after a long wait. Any thoughts on the potential listing price? -
By Muhaammaadd · Posted
The recent decision by KuCoin to implement a 0.1% fee on BSC deposits has sent shockwaves through the crypto community, particularly in China. This unexpected move has caught many users off guard, leading to widespread discontent and criticism. Whales and large investors, who often make substantial deposits, are particularly hard-hit by this fee. The additional cost can significantly erode their profits, making KuCoin a less attractive option for their trading activities. While the English-speaking community seems to be largely unaware of this development, it is likely that the issue will gain traction as more users become aware of the fee. KuCoin's official stance, claiming not to charge any fees on deposits, has added to the confusion. This discrepancy between the official statement and the actual fee has raised questions about the exchange's transparency and trustworthiness. Users have taken to social media to express their frustration and demand clarification. In the face of this backlash, other exchanges like Bitget are seeing an influx of users. Bitget’s commitment to fee-free BEP20 transactions and USDT withdrawals, coupled with its focus on user protection and various earning programs, has made it a compelling alternative. As the crypto landscape continues to evolve, it is essential to ask questions like: Do you believe that the 0.1% fee on BSC deposits is justified? How do you think the recent controversy will impact KuCoin's reputation -
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.
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