What is KuMEX Exchange?

By F | Kucoin

What is KuMEX floor?

In the competition for derivative trading products, if Binance has Binance Futures, Huobi has Huobi DM, etc. KuCoin also has their trump card, the KuMEX derivatives exchange.

In this article, I will introduce to you about KuMEX.

KuMEX (or KuCoin Mercantile Exchange) is an exchange dedicated to providing derivative products related to cryptocurrency.

Their goal is to provide a safe and professional Crypto contract trading platform for users.

Some information about KuMEX

  • Premiere Date: July 08, 07
  • Product: Derivative contract.
  • Headquarters: Hong Kong.
  • Owner: KuCoin's product

Currently, KuMEX only allows trading with BTC. In the near future, the market will update more new altcoins soon.

Review KuMEX Exchange

Advantages

Market transactions of the exchange fully meet the needs of people today, such as:

  • Derived products: Perpetual and Delivery.
  • Recharge coins without fees.
  • Currently the exchange supports Vietnamese, making it easier for you to use transactions.
  • KuMEX has an API portal to help you easily link your account with applications, portfolios or trading bots.
  • Since being put into operation up to now, the exchange has not had any serious errors such as lag, slow, hacked, etc.
  • KuMEX Exchange has its coin of KuCoin Shares Token (KCS). KCS is also a KuCoin token. Maybe in the future this is a token of potential development.
  • Provide full API Key for those who want to use 3rd party tool to trade.
Disadvantages
  • There are not many coins on the exchange. Currently, KuMEX only allows trading in BTC.
  • Being a new exchange, 24h transaction volume is still low, so it is difficult to meet all the transaction needs. Statistics on Coinmarketcap also do not have much data.

Instructions on how to register for an account on KuMEX

KuMEX is a derivative of KuCoin so you need to register for KuCoin before using KuMEX services.

After successfully registering KuCoin, you go to "Contracts" to experience KuMEX.

Brothers refer to the article: KuCoin: Guide to register and trade on KuCoin
Prepare before registering for KuMEX

In order for the registration not to take much time, you have to prepare a number of things in the following list:

  • Your email address.
  • A photo of ID card includes: 1 photo on the front, 1 photo on the back and 1 selfie with the front (I will guide you in detail later). You can use your ID card or GPLX.
  • Phone preinstalled application Google Authenticator.
Step 1: Register a trading account on KuMEX

As I mentioned above, KuMEX is a derivative of KuCoin, so to use it, you just log in with the existing KuCoin account.

Or if you do not have, you register KuCoin account in the way below.

First, you access to the exchange's website at the link: https://coin98.net/go/kucoin

Then click the Sign Up button in the right corner of the screen to register.

You can register an account by email or phone number. Here I will guide you to register by email.

Enter your Email information and click Send Code.

Next you check the email will see KuCoin send a code of 6 digits.

Notice: A confirmation email from KuCoin can go to Spam. You should double check!

Enter the code, tick the box and click Next.

Next you need to enter the password and confirm.

Note: You must type directly and not copy-paste into the information box. Password must be at least 7 characters long and contain at least one letter and number.

Click on "Submit."

So you have successfully registered account on KuMEX exchange.

However, I recommend that you perform KYC verification in the next step for better account security.

Step 2: Verify your identity KYC

From your account, you choose "KYC Verification" as shown below.

KuMEX exchange will give you 2 options:

  • First is to verify as an individual.
  • Second is to verify as an institution.

Here I choose the individual.

Verification requires 3 steps as follows:

B1: Please fill in the required information as below.

  • Country: Choose Vietnam
  • First Name: Enter your first name
  • Last Name: Enter your last name
  • Middle Name: Middle name (can be omitted)
  • Date of Birth: Enter the date of birth
  • Gender: Choose your gender Male (Male), Female (Female)
  • Identification Types: You choose identification documents to verify. Identification documents include: Passport, ID Card (ID card), Driver License (Driver's License). Here I use ID card (ID card). You enter your ID number in the box below.
  • Expiration Date: Enter the information of the expiration date of ID card

Next click "Next".

B2: You need to verify your identity by uploading the relevant documents.

Here, I choose ID card. You should prepare 3 photos in advance, including:

  • Photo in front of ID card
  • Photo on the back of ID card
  • And the portrait photo holds the paper that shows the month / day / year of KYC registration.

You choose "Choose file" to upload the pictures.

Here I marked from number 1 to number 3 for you to easily follow.

[1] Up front of ID card

[2] Upside down ID card

[3] Upload a portrait of yourself holding the writing paper “TUBMML month / day / year” (The time when you conduct KYC) and Signature.

Please note that all these images must be in JPG or PNG format and the maximum size for a photo is 4MB. Finally click on Next.

B3: Enter the contact information as follows

Note: You should enter the information on the ID that you have chosen for KYC. Here I use ID.

  • Country: Choose Vietnam
  • City: Enter the city / province that appears on the ID card
  • Postcode: You look up Google postcode city / province ID card.
  • Street Address: Enter the name of the street you are staying at
  • Building Number: Enter your house number or apartment number. If not, enter 0.

The next information is not required. You can fill it out or skip it.

Next click "Next".

Finally, choose confirm and click "Submit". And wait for KuMEX to confirm the information.

Step 3: Activate 2-step 2FA security

This is a step to help you increase the security of your account on the exchange. I always advise you to activate 2FA.

Click the Account button >> Security Setting >> Setting (Google Verification).

Next, click Send Code. Check your email and enter the code from the email into the box. Click "Next".

Use the Google Authenticator or Authy app to scan the code. Also, you should save a 16-character string for backup.

In addition, you can choose a security option by SMS. However, this way often takes time to wait for the message to arrive, or it is complicated when changing the sim.

Step 4: Activate trading security

To be able to deposit and trade on KuMEX, you need to enable trading security.

In the web interface, click the Account icon button >> Security Setting >> Setting (section Trading Password).

Next, click Send Code. Check your email and enter the code from the email into the box. Click "Next".

Finally enter the 6-digit trading password and confirm.

Step 5: Transfer money to KuMEX

Currently, KuMEX only allows BTC transactions. Therefore, you can only transfer BTC to the exchange.

From the exchange's website, select "Asset" and confirm the terms of the exchange as shown below.

Next click on "Deposit". The next thing you need to do is to add Bitcoin to the wallet address displayed.

In addition, because KuCoin & KuMEX are directly linked to each other, you can also transfer Funds directly between these two exchanges to trade.

Step 6: Buy and sell Bitcoin & Altcoin on KuMEX

At the time of writing, the exchange is for BTC trading only.

The trading pairs below are in fact BTC trading indices. And when closing an order, the amount of funds increased or decreased is converted into BTC.

In the near future, it is hoped that KuMEX will soon support trading in more new currencies.

Step 7: Withdraw money from KuMEX

This withdrawal step is almost similar to the deposit in Step 5. But instead of "Deposit", you choose "Withdraw".

Then, you enter your wallet address in the "Address" box. Enter the amount to withdraw in the "Amount" box.

Finally, choose "Withdraw".

Note: If you want to withdraw money back to KuCoin, just select Transfer to transfer BTC back.

Experience in using other features on KuMEX

How to trade Perpetual Contract and Delivery Contract

In the main interface of the screen, select "Contracts".

Next, go to "Assets" >> Transfer to transfer BTC from the main account to the contract account.

After depositing BTC into the contract account, you can place orders to buy contracts.

KuMEX has 3 orders: Limit, Market, Stop.

Buy Limit Order

  • B1: Select the type of contract you want to trade: Perpetual or Delivery.
  • B2: Choose leverage for orders. The greater the leverage, the lower the cost.
  • B3: Select order type and limit.
  • B4: Enter the quantity
  • B5: Enter the price
  • B6: Select the order function.
  • B7: Select Buy / Long to order.

Buy Market Order

  • B1: Similar to the Limit order. You choose the type of contract, leverage, market.
  • B2: Enter the quantity
  • B3: Click Buy / Long to buy

Buy Stop Order

  • B1: Similar to Limit orders, you choose the type of contract, leverage, market.
  • B2: Set activation order and stop price
  • B3: Choose order type, enter quantity quantity
  • B4: Click Buy / Long to buy

How to use API Key on KuMEX

API Key helps you make transactions without direct access to the exchange.

In the main screen interface, you go to the API.

To create API Key for your account, you enter API Name, API password and click "Create" as shown below.

Next, you enter the information such as: Trading password, code sent to email, code 2FA.

Click "Confirm".

After creating API Keys successfully, this API will have information as shown below. Remember to save the "Secret Key" for backup when needed.

How to get ref link to introduce KuMEX Exchange

KuMEX is a derivative of KuCoin so you can get the ref reference link of KuCoin.

In the main interface of the KuCoin exchange, click Account >> Referral. Copy referral link to send to a friend.

You will receive 20% of the transaction fee of the person you refer.

With this policy, the more people you invite and these people trade regularly, the greater the amount of passive income you will receive.

How to troubleshoot when losing 2FA on KuMEX

When losing 2FA on KuMEX, you should first check that you have saved 16-digit Key when activating Google Authenticator.

If you have saved the Key, just re-enter those 16 digits into the app is Google Authenticator automatically generate new codes for you.

In case there is no Key, you need to quickly chat with online support so they can guide what needs to be done.

Send request to KuMEX support at this link: https://kucoin.zendesk.com/hc/en-us

You should describe the problem in as much detail as possible, with account registration email information.

KuMEX will have supporter for you to reset 2FA.

How to contact KuMEX support

Some common questions when trading coin on KuMEX?

Should I trade on KuMEX?

KuCoin is one of the most prestigious exchanges worldwide. KuMEX is a product of KuCoin so you can trust to trade on KuMEX.

Besides, the transaction volume is not large. Currently, on Coinmarketcap there is no data about KuMEX.

In my opinion, you should experiment with small capital when participating in KuMEX Exchange.

Is KuMEX Exchange safe and reliable? Is KuMEX a scam?

Compared to other exchanges, KuMEX is still very new, only launched on July 08, 07. However, KuMEX is a product of KuCoin so you can feel secure when trading.

Up to this point, KuMEX has not encountered the case of being accused of fraud. Property theft has never happened on KuMEX.

What is the transaction fee on KuMEX?

KuMEX has the following fee structure:

  • Taker: -0.025%
  • Maker: 0.06%

On KuMEX, KCS is the platform token and the only operating material.

After the official release of KuMEX, the platform will use 50% of net revenue from KuMEX to distribute KCS bonuses to KCS owners.

Has KuMEX been hacked yet?

Up to now, KuMEX has never been hacked.

How much are the deposit/withdrawal fees on KuMEX?

There are currently no charging fees on KuMEX. However, the withdrawal fee of the exchange is 0.0005 XBT (BTC).

Does KuMEX exchange often have maintenance errors?

Currently, KuMEX has no maintenance information as well as notice of maintenance in the near future.

When there is maintenance notice, I will update to you to know better.

Which country is the KuMEX exchange from?

KuMEX is the new platform of KuCoin, established in Hong Kong.

What is KuMEX Coin?

KuMEX is a product of KuCoin, so it also uses KCS as its exchange's token. People who trade in KuCoin can hold KCS to receive bonuses from KuMEX.

KCS is an ERC-20 token, built on the Ethereum Blockchain.

  • Total supply: 172,363,551
  • Circulation: 82,363,551
Do I need to do KYC to be able to withdraw money from KuMEX?

With KuMEX, you don't need KYC to be able to withdraw 2 XBT / day.

This is an ideal policy for those who are trying with exchange, or trading in small quantities.

However, I always recommend you do KYC and 2FA security to better protect the account.

Does KuMEX support Vietnam?

KuMEX currently supports 10 languages.

And, Vietnamese is one of the earliest supported languages.

Besides, KuMEX now has a support team on Vietnamese Telegram channel. So, if you have any questions, they will be answered easily.

How much is the deposit and withdrawal limit on KuMEX?
  • Deposit: There is no deposit limit.
  • Withdrawal: For KYC unverified accounts is 2 XBT / day. For verified accounts successfully, the withdrawal limit is XBT 1000 / day.
Does KuMEX have app on Android, iOS?

Currently, the KuCoin development team has updated the latest KuCoin app.

You can download the KuCoin app on Android, iOS and go to "Contracts" to join the KuMEX platform.

Which trading markets does KuMEX support?

KuMEX supports derivative products such as Perpetual Contract and Delivery Contract.

Does KuMEX have an IEO?

Currently, KuMEX exchange does not have IEO. If you want to buy IEO, you can join Spotlight on KuCoin.

Summary

Hopefully this article on KuMEX can help you better understand the exchange and other related issues. If you have any questions, feel free to comment below, so that Coin98 can answer as soon as possible.

Or you can discuss with 12,000+ people at Coin98 Finance.

Goodbye and see you again in the next article!

F

AI, Machine Learning, Big Data & Blockchain are 4 pillars of the current Technology Development.