KuCoin AMA With KuCoin S — The New Pioneering Social Trading Platform Provided by KuCoin
Dear KuCoin Users,
Time: October 26, 2021, 10:00-11:18 (UTC)
KuCoin hosted an AMA (Ask-Me-Anything) session with Kira Hwong, Lead Product Manager at KuCoin, in the KuCoin Exchange Group, where she introduced the social trading features on KuCoin S.
KuCoin S Introduction
KuCoin S offers a diversified and trusted crypto information feed containing token price moves, new listing, crypto news, trending coin, sector, portfolio, topics, etc. Also, it customizes feed through AI-based algorithms and machine learning. It aims to enable each KuCoin user to make easier trading decisions.
KuCoin S, launched on October 22, 2021, is a special space for invited KuCoin users to experience the brand new social features prior to the official launch on the KuCoin App. It is a better place for users to learn and trade crypto through social features, where they can meet other traders who share the same ambitions and visions.
KuCoin S releases invitation codes in the community. You can get into the KuCoin S through the latest KuCoin App when you get an invitation code.
Join KuCoin S on Telegram.
Guest: Kira Hwong — Lead Product Manager at KuCoin
Q&A from KuCoin
Q: Please introduce yourself to the KuCoin Community.
Kira: Hi everybody!
This is Kira, a product manager who’s been with KuCoin for about three years. I have joined the product design of the Spot trading and Futures trading services, and my focus in the recent few months is on KuCoin S.
Q: The social trading functions would help mitigate the fear of new crypto users and lower the educational costs for the overall industry. Can you give us some examples of how a new user can start with the new app?
Kira: We all start as a beginner in the crypto space, and we are still a group of the minority in the world.
According to the statistics from TripleA, the global crypto ownership rate at an average in 2021 is 3.9%, which is over 300 million crypto users worldwide.
It is a number with huge growth potential compared to the percentage of users in traditional finance.
KuCoin has been planning to build a crypto platform where all the participants can gather and share useful information. Trading is just one action amongst all the fun things we can explore and innovate with social trading functions.
For instance, if you are a newcomer, you can start browsing the news feed recommended to you by the system. We have a rich category of crypto info, including crypto gems, hot topics, weekly roundups, new listings, portfolios, legendary crypto precursors, etc. You can choose anything you are interested in following up with and save it to your collection list.
This way, you can directly obtain the most useful crypto information that helps you better understand the disruptive space.
Q: Other crypto exchanges offer crypto news feed functions in their app, so what is special about KuCoin’s news feed functions?
Kira: Yes, you may find other exchange apps or crypto media apps that also offer a diversified news update, but what distinguishes us from all of them is the sense of interaction that you can only find here at KuCoin.
Browsing news feed passively and alone is pretty old school, and we are making it different with social features. For instance, user profiles, especially those with high ROIs, are available on the screen for all to check the details of their portfolios or comments on any trending tokens or news.
If you share a similar view or feel quite the opposite of their opinion, you can also leave a comment to let them see your standpoint. We are also the first platform in the crypto space to embrace that special feature.
Q: One of the available functions you presented in the KuCoin S Launch Event is copy trading. You mentioned that crypto newcomers could easily start trading by tapping the “Copy Strategy” function, but how will more experienced traders benefit from the social trading function?
Kira: The more experienced level of traders is also seeking a higher ROI on their current investment.
Although each of them prefers a different decision-making approach, the social trading feature provides them with helpful crypto information from various experts, KOLs, and community leaders within the crypto space.
Besides, the experienced traders can use our platform as a channel to broadcast their own trading recommendations or opinions about a recent topic, like how Bitcoin Futures ETF will impact the price of BTC and other cryptocurrencies.
By attracting more followers, they can become a local KOL in the social trading space created by KuCoin, and share their high trading performance with others around the world. In the meantime, we welcome more KOLs and community leaders to join us and share your opinions on the platform!
Q: I believe many crypto traders will be happy to find out that they can efficiently get useful trading information on KuCoin S to make better decisions. So how KuCoin’s social function is going to cope with that? Also, why is KuCoin the right platform to be the first to launch social functions in the industry?
Kira: With the fast-paced evolution of the industry, the Internet is full of all types of information and FUDs, which takes our time and energy to cherry-pick the useful part for our trading decisions.
The KuCoin social trading feature will address that issue from different aspects. Apart from the recommended news feed solution to capture the most up-to-date and key information for users and the likes and sharing functions on hot topics and tokens, we also allow new traders to copy others’ trading strategies to secure a higher ROI.
Traders can make a minor adjustment on the tokens they feel more confident to invest in. This way, we can simplify the overall decision-making process.
Our CEO, Johnny Lyu, once said, "KuCoin has been planning the launch of a social trading feature for quite some time. As the ‘People’s Exchange', we have a deep understanding of the user demands.
We figured out that current traders lack a platform to gather together and communicate with other crypto traders around the world. The newcomers especially always find it hard to begin the crypto journey without the right place to provide guidance or education before they trade.
With KuCoin’s vision to bring the value of crypto to the masses, we are committed to reducing the entry barriers of the crypto space with a simpler and smarter trading experience, and social trading is the right step to realize our vision.
Check this video about KuCoin S: https://www.youtube.com/watch?v=toX0Gerqbh0
Q: Are you planning to introduce more social features in the later updated version of the app?
Kira: The answer is yes. The post function in the “Community” section will soon be open to all users, where they can share opinions on a hot discussion.
In the meantime, we’ll set up a few groups in the community, such as trading strategy, next coin in the KuCoin Spotlight, the long-term trend of AXS price, etc.
You may discover community influencers' portfolio strategies and follow them for any future updates. To sum up, we are trying to build up a platform that totally belongs to our users, and it closely follows investors' interests and trading strategies.
For now, KuCoin S is still a baby product and I hope everyone can give us some time to grow it up.
If you have any advice or suggestions, feel free to leave us a comment in our community to help us improve the user experience!
Free-Ask from KuCoin Community
Q: What improvements are KuCoin making in the new social trading functions for the new product launch and what are the solutions you have developed for those bothered by various FUDs in crypto?
Kira: KuCoin S now has imported a portfolio concept that is similar to the KuCoin Trading Bot. We set up several ranking lists to track the best-performing ones. Everyone is free to copy that, and in this way, you can touch and follow some good traders. In the community section, people are welcome to express their ideas, and we will develop functions that can track winners' trading strategies.
Q: Can you list 1-3 killer features of your project that make it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Kira: We are the first platform that combines news feed, market tracking, social interaction features, and investment copy/follow. I believe this would lead to some interesting chemical reactions.
Q: After 4 years of the successful journey of KuCoin Exchange, they have taken many efficient activities for the user. What's the main reason to create KuCoin S official site for the user?
Kira: We are always exploring and expanding the boundary of KuCoin. I was also a newcomer to the crypto industry, and I know how difficult it is for a newcomer to find the right way to invest in crypto. How to buy? What to buy? Is it good to sell now? Why did I lose again? Damn it, I need a win, for once! I used to ask myself many times. It's painful. So I build up KuCoin S to help people who are new to this area. Simple trade and social trade!
Q: Almost 80% of investors have just focused on the price of a token in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token in the long term?
Kira: This is really a good question. In the crypto industry, a token is just a symbol. But it represents a team, project, or even kind of faith. So what is the nature of the crypto industry? For myself, I believe blockchain is the future. It would change the world in many ways, such as finance, banks, organization mechanisms, and even currencies. So if you carefully investigate the teams and how the projects are going, are they well delivered, I believe you can find your own answer of motivation and benefits.
Q: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and investors to your platform?
Kira: We are still fast-growing, and we always care about our users, no matter how much you invest. User is our first priority mission to guide us where we go and what we do. Like Kucoin S, we are trying to attract newcomers to join in because crypto is still a very young domain. We believe massive new people will jump into this industry as Bitcoin is more and more popular around the world. For these newcomers, the pattern of trading products now is really anti-user-friendly. We are trying to change this situation, and I believe we can achieve this through product evolution!
KuCoin S has prepared a total of 500 USDT to give away to AMA participants.
1. Free-ask section: 50 USDT
2. Red envelope giveaways: 450 USDT
. . .
If you haven’t got a KuCoin account yet, you can sign up here!