When it comes to cryptocurrency exchanges, a few names come to mind. One of those is KuCoin, which has been making a big name for itself in the crypto world lately. This crypto exchange platform was established in 2017 and has since grown to become one of the most popular exchanges in the world.

CoinSpot, on the other hand, is an Australian-based exchange that has been around since 2013. While it might not be as big as KuCoin, it is still a major player in the Australian crypto scene.

Australia is a hotbed for cryptocurrency trading, with more and more people getting interested in investing in digital currencies. So it's no surprise that two of the biggest exchanges Down Under are KuCoin and CoinSpot. Both platforms have their pros and cons, so which one should you use? Let's take a look.

Header

Coins

700+

360+

Trading Fee

0.1%

 1%

Deposit Fee

Fiat deposits not available

Free for PoLi, PayID and Direct Deposits

0.9% for BPAY

2.5% for Cash Deposits

Withdraw Fee

Fiat withdrawals not available

Free

Deposit Methods

Apple Pay, Credit and Debit Cards, and Paypal

POLi, PayID, BPAY, Direct Deposit and Cash Deposit

Features

- Lower trading fees

- Offers more than 700 crypto coins

- Advanced features like futures, margin trading, trading bots, crypto lending and borrowing

- Extremely beginner-friendly

- Great and responsive customer support with live chat 

- Numerous payment methods

- Large selection of 360+ coins

Disadvantages

- Doesn’t support fiat deposits and withdrawals

- No advanced trading markets

- Higher trading fees

Cell
Header

Coins

700+

360+

Trading Fee

0.1%

 1%

Deposit Fee

Fiat deposits not available

Free for PoLi, PayID and Direct Deposits

0.9% for BPAY

2.5% for Cash Deposits

Withdraw Fee

Fiat withdrawals not available

Free

Deposit Methods

Apple Pay, Credit and Debit Cards, and Paypal

POLi, PayID, BPAY, Direct Deposit and Cash Deposit

Features

- Lower trading fees

- Offers more than 700 crypto coins

- Advanced features like futures, margin trading, trading bots, crypto lending and borrowing

- Extremely beginner-friendly

- Great and responsive customer support with live chat 

- Numerous payment methods

- Large selection of 360+ coins

Cons

- Doesn’t support fiat deposits and withdrawals

- No advanced trading markets

- Higher trading fees

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KuCoin vs CoinSpot Features

KuCoin offers an impressive cryptocurrency selection with 700+ coins, so you're sure to find something that fits your interests.

But this exchange is more than just a spot trading platform. With futures trading, margin trading, and a P2P marketplace available on KuCoin, you can maximise your trading potential. And if that wasn't enough, KuCoin also offers free trading bots to help you make the most informed trades possible.

Not to mention, KuCoin also offers crypto borrowing and lending services so you can make even more money from your investments. And if you're looking to save on fees, KuCoin has you covered there too. The KuCoin Currency (KCS) gives you a 20% discount when you use it to pay the trading fees.

Are you a beginner looking to get into the cryptocurrency game? Then you'll need a reliable and easy to use platform like CoinSpot. Offering over 360 different cryptocurrencies, CoinSpot has one of the largest selections of coins in the market, making it a perfect option for newcomers and experienced investors alike. 

Their customer service is top-notch, with live chat support and a 24/7 help desk, so you can always get the assistance you need. 

New to cryptocurrencies? No problem! The user-friendly interface makes it easy to navigate and find the coin you're looking for. Plus, with the CoinSpot Bundles package, you can buy multiple cryptocurrencies in one go - making it super easy to diversify your portfolio.

FeaturesWith free trading bots, a wider range of coins, advanced markets and more opportunities to save and earn from your crypto investment, KuCoin wins this round. CoinSpot may be a better option if you're looking for simplicity and ease of use. The interface is simple, and their Frequently Asked Questions (FAQ) section is quite extensive, with tutorials for novice traders.

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Number of Coins

KuCoin offers traders 700+ coins.

CoinSpot offers 360+ coins.

CoinsIf you are looking for a variety of cryptocurrencies, both exchange platforms have a decent selection. KuCoin offers 700+, which is way more than what CoinSpot offers, but the average trader will have more than they probably need on the latter. Either way, KuCoin wins in this category.

KuCoin vs CoinSpot Fees

KuCoin offers traders a competitive trading fee of 0.1% and the chance to receive an extra 20% off if they use their KCS currency. However, the instant purchase fee using AUD ranges from 3.1% to 12.3%, which is quite high. Unfortunately, this platform doesn't support fiat deposits or withdrawals to Australian bank accounts.

CoinSpot, on the other hand, charges an instant buy/sell fee of 1%, and you can access a lower 0.1% trading fee if you trade on the market, but this is limited to about 15 coins. 

CoinSpot supports free AUD withdrawals to Australian banks, and deposit fees vary depending on the method you select. PoLi, PayID and Direct Deposits are free; with BPAY, the rate stands at 0.9% and at 2.5% for Cash Deposits.

FeesWhile KuCoin's trading fees are appealing, their instant purchase fees are very high. CoinSpot's fees, on the other hand, are much lower and more reasonable. It depends what you are looking for on the exchange; if you want to just buy crypto, or trade frequently, will determine which is better for you.

Deposit Methods

KuCoin supports crypto deposits only.

CoinSpot supports POLi, PayID, BPAY, Direct Deposit, Cash Deposits, as well as crypto.

Deposit Methods: In terms of the variety of payment methods, CoinSpot comes out on top as the better choice. Considering also that CoinSpot offers free deposits on PoLi, PayID and Direct Deposits, it is the clear winner in this category.

KuCoin vs CoinSpot Security

KuCoin is one of the most advanced exchanges available in terms of security. While they experienced a major hack in 2020 that saw $150 million in BTC stolen, they have made massive changes to their security protocol.

They've put in place dynamic encryption to protect your data, micro-withdrawal wallets to ensure your coins are safe and always accessible, and multi-factor authentication to prevent unauthorised access to your account. Plus, their internal risk control department monitors transactions 24/7 to prevent any fraudulent activity.

Regarded as the most secure Australian crypto exchange, CoinSpot is also the most regulated exchange in Australia. In addition to the AUSTRAC registration and compliance with AML/KYC obligations as required by law, it is also compliant with the Australian Digital Currency Industry Code of Conduct, a certified member of Blockchain Australia and probably the only ISO 27001 certified exchange in Australia.

CoinSpot takes security seriously, with a host of measures in place to keep your assets safe. Geo-lock logins and two-factor authentication help to keep intruders out, while anti-phishing phrases and custom withdrawal restrictions protect your funds. Additionally, a majority of digital assets are stored offline in cold storage to further mitigate risks. 

With its commitment to security and compliance, you can be sure that your digital assets are in safe hands. 

Security: Both platforms have implemented industry-leading measures and are committed to protecting your funds. However, CoinSpot has taken security a notch higher with offline cold storage and unique security features like geo-lock logins and anti-phishing phrases. Since its establishment in 2013, CoinSpot has also never been hacked which is proof of its dedication to security.

KuCoin Pros & Cons

Pros
  • Lower trading fees
  • Offers more than 700 crypto coins
  • Advanced features like futures, margin trading, trading bots, crypto lending, and borrowing
Cons
  • Doesn’t support fiat deposits and withdrawals

CoinSpot Pros & Cons

Pros
  • Extremely beginner-friendly
  • Great and responsive customer support with live chat
  • Numerous payment methods
  • Large selection of 360+ coins
Cons
  • No advanced trading markets
  • Higher trading fees

Conclusion

CoinSpot is an Australian-based exchange made for Aussies and it's easy to see why it's one of the most popular exchanges in the country. It offers a wide range of coins and has great features for the average trader,

KuCoin is a great option if you're looking for an international exchange with a large selection of coins and more advanced features but it's not the best choice for beginners. For one, it doesn't support fiat deposits or withdrawals, and is not as user-friendly. If you are an experienced trader, KuCoin is a great choice for you. However, if you are looking to get started with buying and selling crypto, CoinSpot is the one to choose to help you on your journey. 

If you are undecided, you can read my KuCoin review or CoinSpot review. You might also like this article about the best crypto exchanges in Australia (click here). All exchanges on that list are legitimate, so you can trust that you are opening a secure account.

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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