KuCoin Futures is a Total Scam

Crypto Exchanges Forum KuCoin
1

So to make a long story short

Last year I tried KuCoin for futures a few times, but I saw immediate bugs and strange manipulations that made me not trust it. So, I went back to Binance.

Since the start of August, Binance has not let people in Europe access futures.

I decided to try KuCoin again for futures.

This is the worst platform ever, and I can’t believe more people aren’t talking about it.

So yesterday, I opened a long position. The mark price (spot) and the future price had a slippage of 1%. I went long with 30x leverage, and the spot price went up by 10%, which should mean 3x profit. But the future price stayed at the same level due to manipulations, and when I tried to take profits at the mark price, they only used the future price.

Today, I got liquidated in a really unfair way. At 18:32, I went short with 30x on LPT for 7.130 (the mark price was around 7.180) with liquidation set at 7.207. I got liquidated at 18:34 because the mark (spot) price hit 7.238, but the future price only went up to 7.179. When they take profits, they change the rules, and you can’t take profit. If it was the other way around, they have some excuse ready to use.

If you liquidate someone based on the mark price, you should also let them enter at the mark price. So when I went short for 7.130, the system should have counted the mark price of 7.180 as my entry price, right?

Can someone explain why this platform is still allowed to operate with this kind of scam?

Binance is under attack by western governments, but they are the most reliable platform. No bugs, nothing out of order. A spot price of 7.130 on Binance means the same for futures.

It’s time to call out KuCoin for stealing money from regular users with this clever scam.

I wanted to report a bug, but the support person only cared to say I was wrong and that the mark price didn’t matter, with no compensation.

They couldn’t even explain why profit taking works one way but not for liquidation.

This is unreal.

Never using KuCoin again!

2

Why aren’t you setting up a stop-loss? Why are you risking all your money on a trade?

3

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4

If you have a long position and the price goes up, usually the futures price will be higher than the mark price. So, taking profits based on the future price can be good. The mark price helps reduce the chance of liquidation from sudden price drops.

What is the mark price?

In normal markets, a position is usually marked to the last trading price, which affects unrealized profit and loss and liquidation triggers. However, unnecessary liquidations can happen if the market is manipulated or not liquid, or if the mark price moves a lot compared to its index price. KuCoin Futures uses a method called Fair Price Marking to avoid these situations. This method sets the mark price to a fair price instead of the last trading price.

Fair Price Marking only affects the liquidation price and unrealized profit and loss. Realized profit and loss are not affected.

When the index price is acting strangely, the marking method will be changed temporarily to use the depth-weighted buy and sell prices to create a new mark price.

5

I don’t know how KuCoin managed it, but they just took 2000 GBP from my account, and I have no idea how to complain because their customer service isn’t saying anything. A friend told me they took 700 GBP from her account a few days ago, but I didn’t believe her.

6

@Clive
Message their admin on Telegram at +14422849386.

7

Alert: KuCoin P2P is a Nightmare

I’m really upset to share my terrible experience on KuCoin’s P2P platform. Three days ago, I made a trade, only to find out the buyer was a scammer who sent a fake receipt. Furious, I contacted KuCoin’s customer support with all my evidence.

At first, I had hope since support recognized the scam, but here’s the problem - my assets stayed frozen for days! Even after making many appeals and complaints, there’s been no resolution. It’s been a stressful three days, and it feels like I’m the one being targeted.

Let’s be clear - KuCoin’s customer support seems to be working with these scammers, making things worse for us. My appeal status even got rolled back to an earlier stage, which is just frustrating.

I strongly recommend staying away from KuCoin’s so-called decentralized platform. This experience has raised serious red flags for me, and I wouldn’t wish it on anyone.

My order number: 657a2f7c1996ee00014d3bda.

Stay alert and protect your money!