Many people are asking the question – is FTX or KuCoin a better exchange for Australians? With cryptocurrency exchanges, there are a lot of options to choose from. But if you're looking for a quality exchange that's available to Australians, then you'll want to check out FTX and KuCoin. Both of these exchanges offer a variety of features and benefits that make them worth considering. This blog post will break down the key differences between these two exchanges and help you decide which is the best option for you. Keep in mind that both exchanges offer great features and benefits, so it ultimately comes down to personal preference. Here's a closer look at each one:

FTX is a cryptocurrency derivatives exchange that offers a wide range of products, including futures, leveraged tokens, and spot markets. Despite its recent launch in 2019, FTX has quickly become one of the most popular exchanges due to its user-friendly interface and low fees. It's currently operational in over 200 countries around the world. It's, however, not available in the United States, Japan, and a select few major markets, but USA traders can access its services from FTX US.

KuCoin is also a popular option for traders around the world. It's a Seychelles-based cryptocurrency exchange that offers spot trading, margin trading, and staking. KuCoin was launched in 2017 and has since grown to become one of the largest exchanges by volume. It is available in over 200 countries around the world. However, it's not available in the United States, Ontario in Canada, and a few other major markets.

So, which of the two exchanges is better for Aussie traders? Let's take a look at the key features of each exchange to find out.

Header

Coins

275+

700+

Trading Fee

0.02/0.07%

Spot: 0.1%, Futures: 0.02/0.06%

Deposit Fee

Free

Doesn't support fiat currency deposits

Withdraw Fee

Free

Doesn't support fiat currency withdrawals

Deposit Methods

SEPA, PayID, Signature, WireTransfer, Silvergate, Exchange, 

Network (SEN), Credit card and Cryptocurrency.

Paypal, Apple Pay, Credit cards, Debit cards

Features

- 275+ cryptocurrencies offered

- Advanced features like staking, trading, NFT, stocks, and futures.

- FTT for staking

- Free trading bots for beginners

- FTX pay allows customers to receive crypto payments.

- 700+ cryptocurrencies offered

- Advanced features like futures, staking, and margin trading

- KCS for trading fee discounts

- Free trading bots for beginners

Disadvantages

- No live chat customer support

- High fees for USD withdrawals

- Doesn't support fiat currency deposits and withdrawals

- Higher trading fees than FTX

Enter your text here...

Header

Coins

275+

700+

Trading Fee

0.02/0.07%

Spot: 0.1%, Futures: 0.02/0.06%

Deposit Fee

Free

Doesn't support fiat currency deposits

Withdraw Fee

Free

Doesn't support fiat currency withdrawals

Deposit Methods

SEPA, PayID, Signature, WireTransfer, Silvergate, Exchange, 

Network (SEN), Credit card and Cryptocurrency

Paypal, Apple Pay, Credit cards, Debit cards

Features

- 275+ cryptocurrencies offered

- Advanced features like staking, trading, NFT, stocks, and futures.

- FTT for staking

- Free trading bots for beginners

- FTX pay allows customers to receive crypto payments.

- 700+ cryptocurrencies offered

- Advanced features like futures, staking, and margin trading

- KCS for trading fee discounts

- Free trading bots for beginners

Cons

- No live chat customer support

- High fees for USD withdrawals

- Doesn't support fiat currency deposits and withdrawals

- Higher trading fees than FTX

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FTX vs KuCoin: Features

As one of the most popular cryptocurrency exchanges, FTX offers a wide range of features that are designed to appeal to users of all levels of experience. Over 275 different cryptocurrencies are supported on the platform, making it one of the most comprehensive exchanges in terms of coin selection.

For traders who'd like to hold on to their crypto, staking is available on the platform, allowing users to earn interest on their holdings. The FTX token (FTT) can also be staked, providing holders with a range of benefits, including discounts on trading fees. The platform offers futures, stocks, leveraged tokens, volatility, and forex markets for more advanced traders.

In addition, FTX has a dedicated NFT marketplace where users can buy and sell a variety of digital assets. Finally, the exchange offers a mobile app for iOS and Android devices and FTX Pay - a service that allows users to get paid in fiat or cryptocurrency.

As one of the newer crypto exchanges on the scene, KuCoin has quickly made a name for itself by offering a wide range of features and services that appeal to both experienced traders and those just getting started in cryptocurrency. In addition to a large selection of altcoins, KuCoin also offers margin trading, spot trading, futures trading, and even a P2P marketplace.

And for those who want a hands-off approach to trading, KuCoin has free trading bots that can be used to automate trades. KuCoin’s bots are designed to help you trade more efficiently, and they’re one of the most popular features on the exchange. In addition to free trading bots, KuCoin also offers crypto borrowing and lending. This allows you to borrow funds from other users on the platform, and it’s a great way to get started with margin trading. Lending is also a great way to earn interest on your idle crypto funds.

Plus, with their cryptocurrency (KCS), which can be used to pay fees on the exchange, KuCoin offers users a 20% discount when they pay with KCS. Whether you're looking for a comprehensive platform with everything you need to trade successfully or simply want to take advantage of some great discounts, KuCoin is definitely worth checking out.

It's a tough choice, but if we had to choose one, we would say that KuCoin definitely has the edge when it comes to features. They offer a wide range of coins, but what stood out most was the free trading bots and crypto lending and borrowing features which are not offered by many exchanges.

FTX vs KuCoin: Number of Cryptocurrencies

FTX supports 275+ coins, while KuCoin offers 700+ coins. So, in terms of the number of supported cryptocurrencies, KuCoin is the clear winner.

If you're interested in major cryptocurrencies like Bitcoin or Ethereum, then either exchange will be fine. However, if you're looking to trade more obscure altcoins, then KuCoin is probably the better choice. With nearly twice as many coins on offer, KuCoin will likely have the coin you're looking for. However, it's worth noting that FTX is a newer exchange and is rapidly expanding its coin listing. So, if your desired coin isn't currently listed on FTX, it may be added in the future.

FTX vs KuCoin: Fees

FTX offers some of the lowest trading fees in the industry, as well as free AUD deposits and withdrawals. Takers will pay 0.07%, while makers will only be charged 0.02%, making it one of the most affordable exchanges to trade on. In addition, holding FTT tokens gives users a range of discounts on trading fees, from 3% to 60%. However, withdrawing USD comes with a $75 fee for amounts less than $10,000 and (0.3% + R$10) when withdrawing BRL. Despite this, FTX remains an excellent choice for those looking for low-cost trading options.

Unlike many crypto exchanges, KuCoin doesn't support fiat currency deposits and withdrawals. Users looking to trade can either use crypto to fund their accounts or purchase crypto directly without pre-funding the account using the supported payment methods. Crypto deposits are free, while buying crypto using fiat currency will cost you between 3.1%- 5% depending on the method you choose.

KuCoin's spot trading fee stands at 0.1%, but paying in KCS earns you a 20% discount, further reducing it to 0.08%. If you want to trade futures, the fee is much lower, at 0.02% for makers and 0.06% for takers, beating FTX's low fees.

If you're looking for a low-cost option for crypto trading, FTX is the better choice. It offers free withdrawals and deposits and low trading fees. Although KuCoin doesn't support fiat currency deposits and withdrawals, buying crypto directly will cost you more, given the 3.1%- 5% range.

Deposit Methods

FTX's payment methods include: SEPA, PayID, Signature SIGNET, Wire Transfer, Silvergate Exchange Network (SEN), Credit card and Cryptocurrency.

Although you cannot deposit fiat money on KuCoin, you can use Paypal, Apple Pay, credit or debit cards to purchase crypto directly.

FTX wins hands down! For starters, FTX accepts fiat currency deposits and supports SEPA, PayID, Signature SIGNET, Wire Transfer, Silvergate Exchange Network (SEN), Credit card and Cryptocurrency deposits. Secondly, all deposits are free on FTX. KuCoin, on the other hand, only allows you to deposit cryptocurrency. You can use Paypal, Apple Pay, credit or debit cards to purchase crypto directly on KuCoin but at a fee.

FTX vs KuCoin Security

When it comes to cryptocurrency exchanges, security is always a top concern. After all, these platforms are handling large sums of money, and any lapse in security could have devastating consequences. So, which exchange is more secure: FTX or KuCoin?

Since its founding in 2017, KuCoin has been committed to providing a secure and convenient experience for its users. To that end, the exchange employs several security measures, including micro-withdrawal wallets, encryption, and multi-factor authentication. In addition, KuCoin has an internal risk control department that checks daily transactions and investigates any suspicious activity. Despite these precautions, KuCoin was hacked in 2020. However, the exchange managed to recover some of the lost funds and the rest was covered by insurance. Thanks to these measures, KuCoin remains one of the most secure exchanges in operation today.

FTX is upping its security game and has recently partnered with Chainalysis to help monitor suspicious cryptocurrency transaction alerts. This real-time anti-money laundering compliance solution will help ensure compliance with anti-money laundering regulations. 

In an effort to protect its users and their assets, FTX has implemented several security measures, including requiring a strong password for all accounts and 2-factor authentication (2FA) for all withdrawals. Additionally, FTX tracks and monitors all activity for suspicious activity and will notify users if any unusual activity is detected. To further safeguard user assets, FTX has also whitelisted IP addresses to ensure that only authorised users can access accounts.

In addition, they've set up a Backstop Liquidity Fund that holds a whopping $200 million to help maintain liquidity in the event of a market crash.

When it comes to security, both exchanges are on equal footing. However, it's important to note that FTX, unlike KuCoin, has not been hacked to date. Plus, the Backstop Liquidity Fund and recent partnership to end money laundering with Chainalysis give FTX the edge in this category.

FTX Pros & Cons

Pros
  • 275+ cryptocurrencies offered
  • Advanced features like staking, trading NFT, stocks, and futures
  • FTT for staking
  • Free trading bots for beginners
  • FTX pay allows customers to receive crypto payments
Cons
  • No live chat customer support
  • High fees for USD withdrawals

KuCoin Pros & Cons

Pros
  • 700+ cryptocurrencies offered
  • Advanced features like futures, staking, and margin trading
  • KCS for trading fee discounts
  • Free trading bots for beginners
Cons
  • Doesn’t support fiat currency deposits and withdrawals
  • Higher trading fees than FTX

Conclusion

At first glance, it may seem like there's not much to choose between FTX and KuCoin. Both exchanges offer a great selection of coins and reasonably low fees. However, upon closer inspection, there are some key differences between the two exchanges. Here's a summary of our thoughts on the two exchanges:

FTX was founded in 2019 by Sam Bankman-Fried, a former Quantitative Analyst at Jane Street Capital. Jane Street is one of the world's largest proprietary trading firms, and Sam's experience there has given him a deep understanding of financial markets. This experience has helped him to build an exchange that is both user-friendly and feature-rich. For example, FTX offers a wide range of derivatives products, including futures, options, and leveraged tokens. 

KuCoin (read review), on the other hand, was founded in 2017 by a group of cryptocurrency enthusiasts. The team doesn't have the same level of financial market experience as FTX, but they've made up for it with dogged determination and a willingness to experiment. KuCoin was one of the first exchanges to list altcoins, and they've continued to innovate with products like margin trading and staking.

In terms of user experience, KuCoin wins hands down. The exchange has a very user-friendly interface that is perfect for beginners. Not to mention the free trading bots that KuCoin offers to all users. FTX, on the other hand, has a more sophisticated interface that will be better suited for experienced traders.

About the author 

Luke Campbell

Luke is an early adopter of cryptocurrency, and was buying and using Bitcoin back in 2011. He has seen the landscape of cryptocurrency change over the years, and firmly believes we are still in the early stages of mainstream crypto adoption. Luke is fascinated about the potential of the metaverse, and invests in virtual real estate.

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