The 6-digit numerical KuCoin trading password is an additional security measure on KuCoin. If hackers gained access to your computer, the trade password would prevent you from losing your cryptocurrency. You cannot get rid of it. Use the Jump to Section’ button above to get down to specific instructions on how to configure and reset it.
The KuCoin trade password is a nuisance, but the benefits KuCoin provides are well worth it. Fees are cheaper, but cryptocurrency exchanges will take longer than stock brokerages to achieve commission-free trading.
What Is The Trading Password For Kucoin?
The trading password for KuCoin is a 6-digit numerical code used for account security. Before executing transactions on your trading account or withdrawals from your primary KuCoin account, the software will request you enter your password.
For many, the additional security step is a headache over numerous other issues with the KuCoin exchange. If you wish to transmit cryptocurrency from your account to another exchange (such as Coinbase) or a hardware wallet (such as a Ledger Nano), KuCoin requires the following:
- Two-factor authentication code
- Email Confirmation Code
- Trading username and password
These security precautions appear to be extensive, and they are. But there’s the cost of using a platform that doesn’t require a KYC check for basic-level trading. However, if you want to leverage your trades more than 5x (and up to 100x! ), you must go through the KYC procedure.
Why Do You Need A Trading Password?
Because the crypto asset class is still in its infancy, there are sadly a disproportionate number of fraudsters and undesirable actors in comparison to all crypto holders. If a hacker took possession of your computer or phone, you’d want to protect it from crypto theft.
The trading password can safeguard against hacker theft. I used to believe that security measures such as the trade password were unnecessary, but the longer I’ve been in the crypto world, the more horror stories I’ve heard about theft. Bad actors have a strong motivation to get access to your account.
Where Can You Find Or Reset Your Kucoin Trading Password?
So, the trading password is mostly used for cryptocurrency trading or withdrawing funds from your KuCoin account to your bank account. KuCoin’s trade password consists of six digits, which the user enters while creating his or her KuCoin account for the first time. To discover or reset your trade password, follow the instructions below.
Step 1: First and foremost, click on the sign button, then sign in to your Kucoin official account. From the top right corner, select “security” by clicking on the profile button.
Step 2: Scroll down the page after pressing the security button in the previous step to find the “trading password” option. Then press the “Change” button.
Step 3: If you click “change,” the following page will send you to a new page where you may establish a new trade password for KuCoin if you remember your old trading password. If you don’t remember your prior trading password, please click “Forgot trading password?”
Step 4: To reset your KuCoin trading password, you must confirm certain other personal data for security purposes. After fulfilling this requirement, you will be allowed to establish a new password or change your prior password on the Kucoin trading platform.
Can I Disable The Kucoin Trading Password?
No, you cannot disable the KuCoin trading password since it is made necessary by KuCoin to safeguard its users from phishing assaults. This trade password offers an additional layer of security.
Do not keep your trading password online, such as on Google Docs or any other password-saving website, since a hacker may easily perform unauthorized transactions from your trading account if this password is compromised.
The KuCoin Password is a 6-digit number distinct from the 2FA code. To set a new Trading Password, you must first know the current Trading Password.
Even if you have forgotten your existing Trading Password, you may create a new one with a few more steps. Remember that altering or resetting the Trading Password will prevent withdrawals from KuCoin and KuCoin Futures for 24 hours.