CoinSpot vs KuCoin

Dominic Harper // March 17 // 0 Comments

CoinSpot is one of Australia's best cryptocurrency exchanges and KuCoin is a popular global trading platform with over 11 million users. How do you decide which is better for you to use in Australia?

To answer that you need to know what you are looking for in a crypto exchange. Are you planning on buying a few coins to hold for the long-term, or do you want to actively trade cryptocurrency and make profits on the short-term fluctuations of the coins? If you want a straightforward exchange where you can buy and sell over 360+ coins, then CoinSpot is the better option with the instant buy/sell function and Live Chat support. KuCoin is better suited to those who want to make frequent trades, as it has plenty of options including margin trading and free automated trading bots.

Before you make up your mind, you can take a look at our comparison to see what the differences are between these two platforms.

Comparison Table

Header

Coins

360+

600+

Trading Fee

Market: 0.1%, Instant buy: 1% 

0.1%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Withdraw Fee

Free

Cannot withdraw

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Visa, Mastercard, Apple Pay, PayID

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Free trading bots

- Margin trading, futures trading and a P2P marketplace

Cell
Header

Coins

360+

600+

Trading Fee

Market: 0.1%, Instant buy: 1% 

0.1%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Withdraw Fee

Free

Cannot withdraw

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

Visa, Mastercard, Apple Pay, PayID

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Free trading bots

- Margin trading, futures trading and a P2P marketplace

Cell

Pros & Cons: CoinSpot

  • P R O S
  • Most secure and audited exchange in Australia
  • Over 360+ different coins supported
  • Mobile app and desktop site
  • Live Chat customer support
  • C O N S
  • Only available in Australia
  • Higher transaction fees than KuCoin

Pros & Cons: KuCoin

  • P R O S
  • Deep liquidity with over 11 million users
  • Over 600+ cryptocurrencies supported
  • Low trading fees of just 0.1%
  • Advanced features include free trading bots, margin trading, futures trading and a P2P marketplace
  • C O N S
  • Expensive to purchase cryptocurrency
  • Cannot withdraw fiat currency from the exchange

Fees

CoinSpot does not have any fees for withdrawing AUD. When you deposit fiat currency into your CoinSpot account, it is free if you use Bank transfer, POLi, PayID or OSKO. If you use BPAY it will cost you 0.9% and for Cash deposits it is 2.5%. When you buy or sell cryptocurrency instantly you are charged a fee of 1%. When trading on the market, the fee is only 0.1%, but you can only trade 14 different cryptocurrencies on the market. 

On KuCoin, you don't deposit fiat currency into the account. Most KuCoin users will deposit cryptocurrency into the platform, so they can begin trading. If you don't have any cryptocurrency, you can elect to buy it directly from KuCoin, but the fees are high. Although there is no listed price of the fees on the KuCoin website, a reviewer from another website has calculated the fees. He worked out that the fee ranges from 3.1% to 12.3%, depending on which method of payment you use.

Once you have purchased your crypto on KuCoin, or transferred it from another exchange, the trading fees are very low, at only 0.1%. You can also reduce the fees by 20% if you own KuCoin's cryptocurrency (KCS), which brings your trading fee down to just 0.08%. If you are a frequent trader, your fees will be discounted further based on your trading volume in the last 30 days.

Fees Winner: Tie

It depends what you are using your exchange for. If you are using it solely to buy cryptocurrency, CoinSpot is cheaper. However, if you are planning on doing lots of trades, then KuCoin's 0.1% trading fee is the better option.

Number of Coins

CoinSpot offers over 360+ different cryptocurrencies.

KuCoin has a range of over 600+ different cryptocurrencies

Number of Coins Winner: KuCoin

CoinSpot and KuCoin both have a large selection of coins, but KuCoin's range of 600+ is more than CoinSpot's.

Features

CoinSpot is a straightforward crypto exchange that is perfect for those that are new to cryptocurrency. It is intuitive and even a complete newbie will be able to navigate their way through the platform and find the instant buy and sell feature. If you have any issues with your account, you can easily get assistance from the Live Chat support team, which is non-existent on KuCoin. You can access your CoinSpot account via your desktop or mobile devices with their smooth app for iOS and Android.

KuCoin is a trading platform packed full of features that are not found on a basic exchange like CoinSpot. Traders on KuCoin can access margin trading, futures trading, a P2P marketplace, crypto borrowing and lending, and even free automated bots so you can trade while you are asleep. For a full list of all the features offered by KuCoin, read our review here. One important downside of KuCoin is that you cannot withdraw AUD from the platform. If you are finished with all your trading, you need to send your cryptocurrency to another exchange to be able to sell it and withdraw your fiat currency.

Features Winner: KuCoin

KuCoin is the obvious winner when it comes to features. Advanced traders will find plenty of trading options on KuCoin that you simply cannot find on basic crypto exchanges like CoinSpot.

Security

CoinSpot is known as the most secure and audited Australian cryptocurrency exchange, with its ISO 27001 certification, registration with AUSTRAC and certified membership with Blockchain Australia. CoinSpot has many security measures to keep their customers' information and funds safe; some of them are 2FA (Two-Factor Authentication), custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings and offline cold storage of the majority of their crypto assets.

KuCoin is also a very secure platform, with safety procedures such as encryption, multi-factor authentication and use of micro-withdrawal wallets. KuCoin even has an internal risk control department who monitor transactions daily to ensure nothing suspicious is happening. KuCoin was the subject of a hack in 2020, but they were able to successfully retrieve much of the stolen funds, while their insurance policy covered the rest. The good news is that none of KuCoin's customers lost any cryptocurrency due to this cybersecurity breach.

Security Winner: CoinSpot

CoinSpot is the most secure and audited Australian crypto exchange, and has never been subject to a hack since it was established in 2013.

Overall Winner

There is no clear answer to which exchange is better, because it depends on who you are and what you are planning to do with your cryptocurrency platform. If you are just starting out with cryptocurrency, CoinSpot is the one to choose, because it is more user-friendly, has Live Chat support, and it is possible to deposit and withdraw AUD for free.

For those that are looking for a platform to trade cryptocurrencies on a frequent basis, then KuCoin is more suitable. Although you won't be able to withdraw fiat currency, if you are using the platform purely for trading, the benefits outweigh the costs. You will only pay 0.1% per trade, which you can reduce by owning KCS coin, and there are plenty of trading options, and even a free automated trading bot.

If neither of these two platforms seem to be right for you, or you want to do some further research, have a read of our article on the best cryptocurrency exchanges for Australians. I have also placed a small table below for you to compare some of the best exchanges at a quick glance.

CoinSpot
Swyftx
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
CoinSpot
Swyftx
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD, NZD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, BNB, ADA, XRP & 300+ more
BTC, ETH, BCH, XRP, LTC, ADA & 50 more
BTC, ETH, LTC, BNB, ADA, XRP & 600+ more
Deposit Methods
Deposit Methods
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
Market order: 0.1%, Instant buy: 1%
0.6%
Market order: starts from 0.5%, Instant buy: 0.5%
1%
0.1%

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About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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