If you trade a lot on KuCoin, here is a way to help you save a lot on trading fees! Currently, the fee rate at KuCoin starts at 0.1%, which is super low compared to most other major exchanges, but it can be lower! All you need is KCS, the native token of the KuCoin platform.
This article introduces what KCS is, and how you can use KCS to pay fees and enjoy 20% off.
1. What is KCS?
KCS is KuCoin's native token, which was launched back in 2017 as a utility token that allows traders to share the growth benefit of the exchange.
It was issued as an ERC-20 token running on the Ethereum network and was supported by most Ethereum wallets. After the launch of KCC in the middle of 2021, some KCS has been migrating to the KCC chain. As the underlying fuel of KCC, KCS will empower all the dApps on the chain.
The total supply of KCS was set at 200 million, and there is a planned burn mechanism on a monthly basis until just 100 million KCS remain.
▶ Check the Official KCS Website for more details
▶ Check this blog article to find out more about What KCS Is and How It Works
2. How to Enable Pay Fee With KCS
Step 1. On the KuCoin website, you can click the avatar on the top-right corner to visit the User Profilepage. There, you'll find the switch to enable this feature. On the trade page, click on KCS Pay Fees on the top-right corner of the trade panel, and you will be good to go.
Step 2. It's even easier to enable it on the KuCoin App! Click on the Personal icon on the top-left corner and move the toggle to the right to enable the Pay Trading Fees with KCS feature.
1. Why does the fee remain the same after enabling the feature?
After enabling Pay Fee with KCS, the 20% discount will be offered in rebate. For instance, if you paid $1 in KCS as the trading fee, you will receive $0.2 in KCS rebate.
2. In which account should I keep my KCS to pay the trading fee?
Your KCS should be in the Funding Account or Trading account.
3. What if my KCS balance is insufficient?
When your KCS is insufficient, the 20% discount will not be applied to your trades.
4. What kind of trading does the discount apply to?
Currently, if you pay the fee with KCS, you can enjoy 20% off in spot trading and margin trading.
5. How do I check my KCS Pay Fee record?
After you enable the feature, for the non-KCS market, each trade will generate three records, including your original trade fee deduction, original refunded fees, and KCS Pay Fees. For instance, if you are trading using the BTC/USDT pair and the fee is $1, the three records will be the $1 deduction in USDT, the $0.8 deduction in KCS, and the $1 rebate in USDT.
For the KCS market, each trade will generate two records, including the KCS trading fee and refunded fees. For instance, if you trade using the MJT/KCS pair and the fee is $1, the two records will be the $1 deduction in KCS, and the $0.2 rebate in KCS.
For detailed records, you can check via Assets – Account Details.
6. Pay Fees with KCS Calculation Method
Take BTC/USDT as an example, the trading fees shall be settled in USDT. If Pay Fees with KCS is enabled, fees will be charged in KCS after applying a 20% discount to the original USDT trading fees.
You can view the original USDT trading fees from Spot Orders > Trade History.
Discount prices are calculated as follows:
- If you are buying with a KCS pair, take KCS/USDT as an example, the discount will be calculated according to the latest market price of KCS/USDT.
- If you are buying a trading pair other than KCS pairs, take TRX/USDT as an example, the discount will be calculated as follows:
KCS/TRX discount price =[(KCS/USDT) latest market price]➗[(TRX/USDT) latest market price].
Discounted KCS amounts are calculated as follows:
To prevent price fluctuations, the amount of KCS discounted will be calculated in accordance with the latest KCS discount price minus 5%.
For example, if the trading fee is settled in USDT:
Discounted KCS amount=[USDT trading fees × 80% ]➗[(KCS/USDT)latest market price × (1-5%)].
You can view discount details of Pay Fees with KCS from Trading Account > Account Details.
The latest market price is updated every second.
Note: For spot trading, the base currency will be used for fee rate judgement. When the fee rate of Class A/Class B/Class C is lower than 0.025%/0.050%/0.075% respectively, no discounts will be applied even though the Pay Fees with KCS feature is enabled. Users will be charged 100% of the trading fees in accordance with the quote currency of a trading pair.The fee rate is determined by that of the master account. Discounted KCS is deducted from the account that generated the transaction.
Happy trading on KuCoin!