The KuCoin exchange may have a lot to offer seasoned crypto users, but it can be complicated to use for beginners.
While users can sign up nearly anonymously, KuCoin is currently not legal in the US and a number of other countries.
BlockFi, on the other hand, is legal in the United States.
However, there are a few states that do not allow it such as New York, Vermont and Texas. Nonetheless, it is a much more reputable platform for US-based crypto investors.
Today we're going to show you how to transfer your crypto from KuCoin to BlockFi step by step.
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Already have a BlockFi account? Skip over to step 2!
When opening a BlockFi account, you'll need to have the following:
Like most other exchanges, BlockFi requires all of its users be 18 years or older to sign up.
You'll need to make a new password, agree with their terms of service and begin the ID verification process, which includes taking a photo of the front and back of your driver's license.
When everything's been checked and BlockFi approves your account, you'll receive an approval email.
Getting verified and approved usually only takes a few minutes, but it could potentially take up to 1-2 business days.
Before we go into KuCoin, we'll need to grab your BlockFi wallet address.
After setting up your account, you can log in and start your deposit.
We won't be finishing the deposit here, but inside of the KuCoin app instead.
At time of writing, BlockFi only supports Bitcoin, Ethereum, Chainlink, Litecoin, USDCoin, BUSD, PAXG, USDP, DAI, Tether, UNI and BAT.
These are the only cryptocurrencies you will be able to send over from KuCoin to BlockFi.
Finally, we will go to KuCoin and make the withdrawal.
KuCoin has minimum withdrawals that vary from coin to coin, so make sure you have enough of it in your account before trying to transfer.
They also have varying withdrawal fees to be aware of. You should consider the fees before initiating the transfer.
Log into KuCoin, and follow these steps to finalize your transfer:
KuCoin withdrawals normally take around 30 minutes to process.
You can view your withdrawal's status on the "Deposit & Withdrawal History" page.