Using Fiat currencies in exchange for crypto prices can be difficult to find, but Kucoin solves this issue by introducing fiat currencies to the digital currency world. On Kucoin, users can find KCS prices and exchange rates for ETH/USDT. Kucoin offers its users many benefits, such as being able to exchange fiat currencies for cryptocurrencies; not many crypto trading platforms offer this feature. Kucoin also offers its users outstanding security with its security system that utilizes the latest technology, which is managed by competent security professionals.
Can I Carry Out Transactions Using Fiat Currencies?
Yes, Kucoin has introduced Fiat transactions for its users relatively recently.
What Should I Keep In Mind?
As A Buyer
Users need to make an order for their desired cryptocurrencies. This will freeze the appropriate amount of coins from the seller, and the buyer will have to make the fiat currency transaction. After the transaction of the currency is done, the buyer can then press the “I’ve Paid.” button.
Pressing that button without completing the transaction counts as malicious payment, and malicious payment makes the transaction void. Kucoin holds the right to cancel payments by such users.
If you pay the seller more than the required amount, the platform will contact the seller to refund the excess amount, but the seller can refuse to do so, and in such a case, the buyer will be responsible for any losses. It would be best if you carried out transactions with your real name.
The buyer should transfer the seller’s bank payment method registered on the platform. Otherwise, the platform is not responsible for the wrong transfer if the buyer and seller carry out the transaction on another bank account.
In case you make the payment but accidentally cancel the order, customer service can attempt to help you. Still, if the seller refuses to refund the amount, the buyer will be responsible for the losses.
If the buyer cancels three orders in a day, Kucoin’s system will restrict the buyer’s account, so the buyer can not place any more orders that day.
If the buyer makes the payment after pressing “I’ve Paid, ” the seller holds the right to cancel the transaction.
As A Seller
The seller must complete the transaction within 24 hours, or the buyer’s funds will be refunded.
If the seller does not receive funds within 15 minutes of the buyer clicking “I’ve Paid.” the seller should submit a complaint.
The seller should check for any inconsistencies in the buyer’s details, such as different account names on the platform and bank.
Malicious acts from the seller, such as transaction fraud and so on, can lead to the seller’s account being frozen.
Ultimately, Kucoin is a safe and reliable crypto trading platform for everyone. Sellers and buyers should ensure that their transactions and the other party are legitimate; if they seem suspicious, you can submit a complaint to Kucoin. Users will bear any losses that occur, whether the user is a buyer or a seller.