KKcoin is a Singapore-based exchange established in 2017 aiming to provide users all over the world with cryptocurrency trading services. The platform’s team positions it as decentralized, however, it implies depositing funds right to the platform itself which points to the opposite.
According to the team’s statements, they aim to create a world-class blockchain assets trading platform. But the KKcoin’s website neither seems to be user-friendly nor looks credible and solid as there are no official documents to be found. It is impossible to find rules, terms of service, a white paper, or another team-backed explanation of how this platform works and what functions it offers. Many links on the homepage are dead or broken. Some sources mention that the US investors are not welcome but this information is neither confirmed nor denied on the website.
The website is available in two variants of Chinese, Vietnamese, and English. Those who prefer to trade via smartphone can download the KKcoin app for Android and iOS. In fact, there is not much information on this platform on the Internet and it is not listed on large monitoring services such as CoinMarketCap.
There is no official information on the overall number of coins supported on the exchange. The Internet sources offer contradictory numbers ranging from 6 to 40. At the time of writing, KKcoin offers three markets to its users: USDT, ETH, and BTC. The exchange supports leveraged trading and offers perpetual contracts.
Cryptocurrency is the only available deposit method. Fiat money is not allowed which is very inconvenient for new crypto investors.
KK is the native coin of KKcoin. This is a utility token that runs on the Ethereum blockchain and is based on the ERC-20 standard. It is used for paying the fees on the platform. The KK holders have significant discounts on fees and have a right to vote for coins to be listed.
The total supply of KK is 10 billion. In April 2019, 150 million KK were bought back and burnt. The two-round bounty airdrop was conducted in 2018, and during the second round, 1 million KKcoin tokens were distributed among the participants. According to CoinGecko, it is traded only on the KKcoin exchange.
The Fees section is one of the few pages that contains sufficient information for traders. There is no deposit fee and trading fees are not high. Takers and makers are treated equally at the start and their standard trading fee is 0.1%. The standard fees for token trading and perpetual contracts are also the same. Then the platform offers some transaction fee discounts depending on the amount of the native platform’s token that the transaction participants hold in their accounts. The makers’ discounts are larger with the same amount of KK tokens.
Withdrawal fees depend on a certain token you want to withdraw. You can see a detailed list in the Fees section including minimum withdrawals and daily withdrawal limits.
Token Lockup Program
Lockup Programs is a section that has more or less sufficient information. According to the KKcoin website, a certain asset can be locked for a certain period of time. After the lockup period, it is unlocked and the user receives his or her reward. The locked asset cannot be unlocked during the lockup period. When this period is over, it will be returned to its owner’s KKcoin account with the reward. The exchange has a right to change the rules at any time.
No information on the asset types and amounts authorized for such events is available. The amount of the reward and possible lockup periods are also unknown.
Voting system and coin listing
Any coin can be listed on the platform if it meets certain requirements. It must be an ERC-20 token built on Ethereum only. To submit a new token application, you need a deposit fa ee of 100,000 KK. The application form is available on the website.
Any user who has passed KYC has a right to vote for new tokens. A fee of 1,000 KK is obligatory to participate in the voting. Each user can vote for a certain token only one time.
The token needs at least 500 votes to be listed. In case of success, the token is listed automatically in the ETH market within one hour after the end of the voting process. If a token fails to receive sufficient votes, all the fees (100,000 KK and 1,000 KK) will not be returned.
The Support section is not available. There is a drop-down live chat window at the bottom of the page but service stuff is offline and the users are asked to leave a message. When you enter this window, you will see the tip to contact customer service during working hours. This means that the support was never supposed to be offered 24/7.
Social media accounts
KKcoin project is represented on major social media platforms. It has its accounts and channels on Twitter, Telegram, Facebook, and Medium. But all these profiles look abandoned. The latest posts on these platforms were published in April 2019. There is even a comment reporting the KKcoin’s fraud under the latest post on Facebook and nobody cared to delete it.
The posts on Medium are mainly dedicated to the news from the cryptocurrency world. Few posts are related to the news from KKcoin and there are no posts about the exchange itself. The posts on Facebook are mainly reposted from Medium. Few of them are dedicated to the events on the exchange but all the links to the platform are dead. Sometimes the platform offered promotional codes via Twitter.
Team and partners
The only information available about the team is that they were core technicians and operators at Alibaba, Google, Baidu, Paypal, and other big international companies prior to their work at KKcoin.
Dfund, Node Capital, INBlockchain, and LinkVC are mentioned as the platform’s investors on the website and social media accounts. No confirmation of this cooperation is found in other sources.