KuCoin is a hugely popular cryptocurrency trading platform, with over 8 million users around the world. It has been around since 2017, and has over 600+ different cryptocurrencies that can be traded. Besides the usual spot trading found on crypto exchanges, there are plenty of other markets, such as margin trading, futures, and a P2P marketplace. Read on to see how KuCoin compares against the best cryptocurrency exchanges in Australia.

KuCoin Features

Heaps of trading options

KuCoin spoils their traders for choice, with so many different markets available. You can spot trade over 600+ different cryptocurrencies, as well as margin trading and futures trading (with up to 100x leverage). There is even a P2P marketplace where you can trade with no fees whatsoever!

Trade more than 600+ coins

KuCoin offers more than 600 coins, so you can almost definitely find the cryptocurrency that you would like to trade. You will find all the most popular cryptocurrencies like BTC, ETH, LTC, XRP, plus plenty of small altcoins that you may not have even heard of.

Borrow and lend cryptocurrency 

If you need to borrow some cryptocurrency for whatever reason, you can easily access a crypto loan from KuCoin. All you need to do is select which coin you want to borrow, and for how long.

If you are on the other side of the fence, and you have a lot of cryptocurrency that you want to lend out, you can do so to earn some interest on your coins. You can select one of 70+ coins to lend, and you choose the interest rate you want, as well as the term (7, 14 or 28 days).

Free built-in trading bots

Some experienced crypto traders like to use trading bots which automatically make trades based on set parameters. On other crypto trading platforms, such as Binance, you can link up a compatible third-party trading bot to the exchange, but on KuCoin it is much easier. You don't have to worry about setting up any external programs, as the bots are found within the exchange, and are free for any KuCoin user. You can even choose to copy the most successful bots so you can take advantage of the strategies that more experienced traders are using. With the free trading bots, you can have your preferred trading strategy running even while you are busy and away from your computer or phone.

KuCoin has their own token (KCS)

KuCoin has a native coin called KCS that can be used on their exchange to lower trading fees. If you elect to pay your trading fees using KCS, there is a 20% saving, so your trading fee will only be 0.08%. You can also earn interest on your KCS, simply by owning and holding it in your KuCoin account. If you own more than 6 KCS, you will receive interest on it, at an annualised estimated rate of 22%.

Pros and Cons of KuCoin

Pros
  • Over 8 million users, meaning deep liquidity
  • Low trading fees of 0.1%
  • More than 600+ coins
  • Spot trading, futures, margin trading, P2P
  • Crypto borrowing and lending
Cons
  • Cannot withdraw AUD or any fiat currency from KuCoin
  • Fee to buy crypto using AUD is expensive (3-12%)

KuCoin Payment Methods

You can pay for cryptocurrency using PayID, Mastercard, Visa and Apple Pay.

KuCoin Fees

KuCoin operates differently to many other crypto exchanges when it comes to depositing. Instead of depositing AUD into the exchange, if you want to buy crypto on KuCoin you pay for it straight away, without depositing. The fee for such a transaction is not clear - there is no information on the website, nor at the time of purchase. However, a reviewer from Australia's top crypto exchange review site worked out the fee to be between 3% and 12% depending on payment method. This is really high compared to the competition.

Trading fees are where KuCoin excels, with a low fee of only 0.1%. If you choose to pay your trading fees with KuCoin's native coin (KCS), the fee is reduced by 20%, to just 0.08%. 

It is important to note that there is no option to sell cryptocurrency for AUD because there are no fiat markets available on KuCoin. Consequently, there is no way to withdraw AUD or any fiat currency from KuCoin. This is the biggest gripe that users have with this platform, and I can understand their sentiment. If you are after a similar platform that has the added functionality of withdrawing AUD, I suggest you try out Binance Australia. You can read my Binance Australia review here, and see all the features offered.

Security

KuCoin uses many different measures to ensure their customers have a safe trading experience, and that their cryptocurrencies and data are protected. Some of the security measures include micro-withdrawal wallets, encryption and multi-factor authentication. KuCoin has an internal department whose role is to monitor daily transactions and check for suspicious activity. Despite all their safety measures, KuCoin was hacked in 2020, but was able to recover most of the stolen assets. The unrecovered cryptocurrency was covered by their insurance cover, so none of KuCoin's users lost any funds. 

Conclusion

KuCoin is a great crypto trading platform for the serious trader, with plenty of coins, trading markets, and additional features such as crypto lending and borrowing. However, what lets it down is the inability to sell crypto for AUD and therefore not being able to withdraw any money from the exchange. Who wants to trade and make profit, if they cannot access that profit easily? For an alternative crypto trading platform that has even more features, as well as the ability to withdraw AUD, try Binance Australia. There are over 600+ coins on Binance, with low 0.1% trading fees, and tons of trading markets. If you are after a simpler platform as a beginner to cryptocurrency trading, some other options are Swyftx or Digital Surge. I suggest you have a look at my article on the top crypto exchanges for Aussies (click here) to make up your own mind.

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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