Stay away from KuCoin

Just another of many warnings to stay away from this garbage exchange.

Judging from many others on here, and my own experience, they have essentially legalized theft of customer funds based on their own ridiculous “policies”.

They have a minimum limit on deposits and if you miss the fine print and deposit below this limit they simply take your funds. Even if you send another deposit to the same wallet to exceed the minimum they will refuse to give you back your first deposit. This is literally theft.

Can you imagine depositing some money into your bank account, and the bank tells you “sorry, that doesn’t meet our minimum deposit, you need to give us more … and by the way, we’re not giving you your money back.”? Utterly ridiculous. How is this even legal?

KuCoin customer support is absolutely useless. They just keep repeating the same canned responses. It’s clear they care nothing about their customers. As soon as they get their grubby hands on your money, good luck getting it back.

And for those thinking “you should have just sent more than the limit dude, that’s their policy”, well that’s besides the point. KuCoin can’t simply take customer funds with no services rendered, and say “it’s our policy”. That is literally theft. So they have a policy to steal customer funds whenever possible?

And if they are going to have a minimum deposit amount policy it should at least be cumulative, so that you can deposit more to get over the minimum and still get your original deposit back. This is how other exchanges work that also have minimum deposit amounts. But not KuCoin – they just simply confiscate your first deposit (aka theft).

I don’t care too much about the amount I lost, which was minimal, but it’s the whole principal of the matter and lack of customer service that really bothers me. I simply wanted to transfer a small amount of BTC as a test transaction before sending very large amounts, to make sure I could successfully transfer to KuCoin. Doing a test transaction on a new account is standard procedure for those trying to be safe.

What kind of company operates like this? To prioritize stealing customer funds over customer satisfaction, and wrap it up in “policy”. They would prioritize stealing even a small test transaction, over keeping a customer happy. I was going to transfer large amounts of BTC to KuCoin, and they forfeited that because they wanted to steal my small test transaction. There’s no way in hell I’ll be using KuCoin now.

I guess this is a blessing in disguise. If I had used a larger amount as my test transaction I would not have come to realize how shady and corrupt KuCoin is. I may have risked losing much larger sums of money. I now see many other people getting their funds confiscated by KuCoin and I sympathize with them.

Regulation is sorely needed to reign in these garbage exchanges and their poor treatment of customers. Sure, we all hate tradfi and the banking system, but at least they aren’t allowed to outright steal funds from customer accounts without rendering any services in exchange.