Coinspot vs Kucoin | Best Exchange For Australians?
Jack Moreau
Feb 2024
10 min read
Fact checked
Looking for the best cryptocurrency exchange? Look no further! We've compared Coinspot vs Kucoin across a range of important metrics, including fees, product offerings, deposit methods, support, and more. Read on to discover which exchange is the right fit for your trading needs.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Coinspot is an Australia-based exchange that was founded in 2013 by Russell Wilson. It is registered and headquartered in Melbourne, Australia, and has over 20 employees.
Coinspot is only available for Australian residents, and it targets mainly beginners who want to invest in cryptocurrencies and NFTs.
Coinspot exchange
Coinspot offers support for over 300 cryptocurrencies, including well-known ones such as BTC, ETH, USDT, SOL, ATOM, and many others. Coinspot's services are also available on mobile for Android and IOS, where it has received over 100,000 downloads.
Coinspot app
On the other hand, Kucoin is a global cryptocurrency exchange that was founded in 2017 by Michael Gan. It is a subsidiary of Seychelles-registered MEK Global Limited, and it has a global workforce of over 600 employees.
KuCoin offers a variety of services, including spot trading, margin trading, futures, staking, and lending. The platform supports +700 cryptocurrencies, including Bitcoin, Ethereum, Solana, Avalanche, Cosmos, and numerous other altcoins.
Kucoin has grown an impressive userbase of over 20 million users and it's app has been downloaded over 5 million times and has a good rating of 4.3 with over 120,000 reviews.
Kucoin app
Coinspot vs Kucoin Signup & KYC
For those that wish to signup and use Coinspot, the signup process is quick, requiring only an email and password to get started.
Once the account has been created, users must go through the KYC process which involves providing personal information such as full name, address, and an Australian phone number.
Coinspot signup
Non-Australian users won't be able to complete the KYC process so don't bother trying. Once all the documents have been uploaded, verification typically takes 1-2 business days before users can begin trading.
For those that want to trade without going through KYC, that is possible on Kucoin that does not require it for deposits of cryptocurrencies and basic trading.
KYC verification is not mandatory on Kucoin and unverified accounts can buy and sell the same cryptocurrencies as verified accounts.
Kucoin KYC
Basic verification can be approved in hours on Kucoin but full KYC verification can take up to 1-2 business days. While both exchanges have their own unique verification processes, Coinspot is more restrictive due to its requirement of Australian residency and full KYC for any user that wishes to trade.
Coinspot vs Kucoin Products & Services
Coinspot is a user-friendly cryptocurrency exchange platform, tailored predominantly for newcomers to the cryptocurrency market.
Its offerings encompass fundamental spot trading as well as a straightforward swap service, enabling users to convert one cryptocurrency to another with ease.
Coinspot spot trading
Expanding its range of services, Coinspot also features an NFT (Non-Fungible Tokens) marketplace, providing an avenue for users to participate in the growing NFT space.
For individuals with a higher net worth, an Over-The-Counter (OTC) trading desk is available, offering privacy and personalized service.
Coinspot NFTs
The platform's interface is well-designed and intuitive but is unlikely to fully cater to the needs of more experienced traders who require a broader selection of products and services.
In contrast, Kucoin has evolved into a comprehensive cryptocurrency service provider, now rivaling some of the largest exchanges in the world in terms of its product offerings.
At the heart of Kucoin's services is spot trading, a popular feature that allows users to buy and sell a diverse range of over 700 cryptocurrencies and altcoins.
Kucoin Spot Trading
The platform is continually adding new coins and tokens every week. This makes Kucoin an ideal place for those interested in exploring less common altcoins not be available on other platforms.
Kucoin Crypto Markets
For traders looking to make leveraged bets, Kucoin offers margin trading with up to 10X leverage. This feature enables users to take larger positions either in a long (betting the price will go up) or short (betting the price will go down) position.
Kucoin Margin Trading
Kucoin provides both cross and isolated margin options on over 100 cryptocurrencies, giving traders flexibility in how they manage their risk.
Futures trading is another significant offering from Kucoin with over 250 tradable futures contracts available. These include various futures products like USDT and USDC margin contracts, coin-margin contracts, and grid bots.
Kucoin Futures Products
Kucoin also allows for high leverage in futures trading, offering up to 125X, which is particularly appealing to risk-loving traders.
Kucoin Futures Contracts
For those interested in a more managed form of trading, leveraged tokens are available. These tokens allow traders to take long or short positions with smaller leverage (2-4X) and without the complications of loans or the risk of liquidations.
Kucoin Leveraged Tokens
Kucoin also caters to traders who prefer automated strategies by offering a range of trading bots. These include spot grid, futures grid, martingale, smart rebalance, infinity grid, and Dollar Cost Averaging (DCA) bots.
Kucoin Trading Bots
In terms of trading volume, Kucoin ranks in the top 20 for spot trading with $1 billion in 24-hour trading volume and over $2 billion in futures trading.
Kucoin Trading Volumes
For users looking to earn yield on their digital assets, Kucoin has developed an extensive Earn offering that includes savings accounts, staking options, dual investments, and more.
Kucoin Earn
In staking, Kucoin offers the chance to earn rewards on a variety of popular blockchains such as Ethereum, Solana, Cosmos, Polkadot, and Injective, among others.
Kucoin Staking
Joining other major exchanges, Kucoin now offers its own launchpad for new token launches, named Kucoin Spotlight. This platform provides users with access to new investment opportunities, often with allocations based on the number of assets held on Kucoin.
Kucoin Launchpad
Kucoin has also ventured into the NFT marketplace with its platform named Wonderland. Here, users can buy and sell NFTs on the KCC blockchain and Polygon.
Kucoin NFTs
Lastly, for those who prefer non-custodial trading, Kucoin has launched the Halo Wallet. This is a Web 3 wallet available for download on mobile devices or through the Chrome extension store, offering a more decentralized approach to crypto trading and management.
Kucoin Halo Web 3 Wallet
In summary, Kucoin offers a much more broad range of services than Coinspot does and as such, caters to a wider variety of crypto trading and investing needs.
Let's dive into the trading fees offered by Coinspot and Kucoin! Coinspot charges a 0.1% spot trading fee for makers and takers, and for OTC desk transactions for higher net worth individuals.
For users that opt for instant buy, swap, or recurring buy, the fees are 10 times higher (1%) which can be a bit of a bummer.
Coinspot fees
Unfortunately, Coinspot doesn't offer any rebates for high volume traders, so everyone pays the same fees for each transaction.
Plus, Kucoin provides discounts for both spot and futures trading once monthly trade volumes exceed 50 Bitcoins or if the user holds at least 1000 KCS tokens.
Overall, while both Coinspot and Kucoin have similar spot trading fees, Kucoin has an edge with their lower futures fees and their discounts for high volume traders.
Moving on to fiat deposits, Coinspot only supports AUD deposits while Kucoin supports 28 different fiat currencies including EUR, AUD, CHF, GBP, RUB and SEK.
Coinspot users can deposit AUD via Poli, PayID and Direct Deposits free of charge. They can also deposit AUD via BPAY (0.9% fee), Cash (2.5% fee) and credit/debit card (2.58% fee).
Coinspot fiat deposit
On the other hand, Kucoin charges a high 3.8% deposit fee for fiat currency deposits with Visa and Mastercard.
For a limited selection of fiat currencies such as EUR and TRY, Kucoin also provides access to deposit methods such as SEPA and Advcash which are either low cost (1-5 EUR) or entirely free.
Coinspot an an Australian exchange only supports AUD withdrawals with the benefit of them being free of charge.
However, withdrawing cryptocurrencies from Coinspot comes with varying fees depending on the blockchain.
Users will be charged a 0.0002 BTC fee for Bitcoin withdrawals, a 0.0018 ETH fee for Ethereum withdrawals, and a 0.02 SOL fee for Solana withdrawals. ERC-20 Tether withdrawals come with a 7 USDT fee.
On the other hand, Kucoin only offers fiat withdrawals for EUR via SEPA, and there is a 5 EUR fee for these withdrawals.
When it comes to cryptocurrency withdrawals, Kucoin charges a 0.001 BTC fee for Bitcoin withdrawals, a 0.01 ETH fee for Ethereum withdrawals, 0.01 SOL for those that withdraw their Solana and 5 USDT for ERC-20 Tether USD withdrawals.
Coinspot and Kucoin are two popular cryptocurrency exchanges with different target markets and offerings.
Coinspot is an Australian-based exchange that targets mainly beginners who want to invest in over 300 ryptocurrencies and NFTs, while Kucoin is a global exchange that offers a wider range of services and over 700 altcoins.
Regarding KYC verification, Coinspot requires Australian residency, while Kucoin offers more flexibility for users who do not wish to complete KYC verification.
Coinspot offers basic spot trading and a simple swap service, while Kucoin offers basic spot and margin trading for hundreds of altcoins, futures trading, leveraged tokens, and trading bots.
Regarding fees, both Coinspot and Kucoin charge a 0.1% spot trading fee for makers and takers, but Kucoin has an edge with their lower futures fees and their discounts for high volume traders.
Kucoin has the advantage over Coinspot in almost every single category making it the superior exchange with the much more sophisticated product offering.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
