Kucoin Cryptocurrency Exchange Review (2020)

While there are no major security breaches to speak of, KuCoin in 2018 was the target of what appear to be phishing attacks, in response to which a KuCoin community spokesperson reminded traders on the Reddit platform

As per the KuCoin white paper: “Wallets in the platform … adopted multiple security levels of storage solution in line with their storage scale. We have stored the micro-withdrawal wallets in the private network architecture built on Amazon Web Services Cloud which has multi-layer firewall on the basis of security isolation.

KuCoin has integrated what they describe as “bank-level disaster proof deployment” with a multiple locations and centers to juggle tasks at the same time. The exchange applies this system across the trading platform as well as the accounting system. As a result, KuCoin should remain operational in the event of a “hardware failure” or “natural disasters.”

KuCoin relies on an “industry standard transfer encryption protocol” for data transfer layers, which basically means that your personal information is encrypted. The exchange also has “multi-factor” authentication for transactions including withdrawals. KuCoin says it has similarly implemented tight operational/internal risk controls to protect user data.

KuCoin further attributes its financial security to a key-dependent multi-layer encrypted wallet “cipher code” that’s “preserved by a special person.” The exchange also points to “macro-wallets” that are “stored in bank custody.”