Since its launch in Q3 2017, the KuCoin Exchange has enjoyed growing success and prominence in the cryptocurrency market. With over five million registered users in more than 100 countries, KuCoin has built for themselves a strong foundation from which they can continue to build and grow their trading platform.
Following this initial success, KuCoin has now begun to update and improve upon the platform to ensure that their growth and quality can be maintained. Their plans for ‘Platform 2.0’ outline how they aim to increase ease of use, enhance the content and improve the overall experience for their users. This redesign focuses on improving both day-to-day operations and long-term performance from front-end to back-end, essentially overhauling the current platform.
Redesigning for the Users
The redesign of KuCoin follows its philosophy as the ‘People’s Exchange’, promoting efficiency and ease of use for all users. Based on feedback received, many new features and functionality have been added to the platform. Quality of life improvements will also be important, and so there will be both underlying and user-facing redesigns that will focus on maintaining KuCoin’s high-performance standards.
Future-proofing is important for KuCoin, and so they aimed to make the platform as scalable as possible with the 2.0 release. This involved increasing efficiency in both the front-end and back-end to allow for more speed for everyday activities. The goal is to evolve beyond the role of a single exchange, instead adopting a more dynamic, secure and malleable design that allows the platform to scale and continually add a more diverse range of features.
Making Trading More Efficient
As a cryptocurrency exchange, KuCoin is keen to provide the best services and feature range for traders. A number of new features that will help to improve the trading process and make KuCoin more competitive in the cryptocurrency exchange market are now available.
With the purpose of increasing efficiency and reducing the chance of losses, several advanced order functions will be introduced. These include Limit Orders, Market Orders, and Stop Orders which will be supported by the new platform. Other order types such as Hidden Orders, Iceberg Orders, Stop Market Orders, and Stop Limit Orders will be available too. Likewise, Time in Force policies consisting of FOK (Fill or Kill), IOC (Immediate or Cancel), GTC (Good ‘til Cancelled), and GTT (Good ‘til Time) are also available in the new release.
The matching engine will also be optimized to support as many as 100,000 TPS (transactions per second), greatly increasing the scale of operations. Computation mode for trading fees is another feature that will be added with Platform 2.0. With this feature, users will be charged different trading fees based on their past trading behaviors.
New Functionality with APIs
APIs are another area that will be improved. There will be a new WebSocket API, including full level 1 market data, level 2 market data, and level 3 market data. In addition, real-time market data and balance data streams will be supported, which will help to strengthen the market depth. We will also have a new Rest API, which will be more stable, efficient and secure. Documentation is available for more information about the new API system.
Increased Security with Phone Number Integration
Adding more choice for users and accommodating their use of the platform is one of the ways the user experience has been upgraded. As an example, for added convenience to users, phone numbers can be used to register for an account on KuCoin in place of an email address. Users are also able to link a phone number to their existing account, which will allow SMS to be received following any withdrawal or deposit to the associated account for added security. This system will be available alongside Google two factor authentication.
The Future for KuCoin
Moving forward, KuCoin remains focused on providing the best experience for users of the exchange. Their focus on ease of use and providing the highest-quality projects has persevered, culminating in the redesigned Platform 2.0.
Beyond Platform 2.0, there are still many plans that are being put into place. There is a busy roadmap covering the rest of 2019, developing on the precedent set by the redesign. This includes new training facilities for new traders and social features that will help connect users together.
Try out these new features today!