CoinSpot vs KuCoin: Which crypto exchange is better?

Since its inception in 2013, CoinSpot has risen to become one of the leading cryptocurrency exchanges in the Australian market. On the other hand, KuCoin has rapidly risen to become one of the most popular cryptocurrency exchanges worldwide, with over 11 million users.

But the question we will answer here is, which cryptocurrency exchange is a better option for you?

This article will look in-depth at each cryptocurrency exchange in significant detail, studying the features and specific offerings that both companies provide their customers to see which one is the better option for you.

Some articles compare the number of cryptocurrency coins on offer and decide based on that alone. Still, this analysis will go much deeper and focus on other important features and details. 

We will analyse the deposit fees, trading fees, security measures, among other essential topics.

Check out the analysis below to determine how CoinSpot and KuCoin compare over every category and use your findings to pick the right cryptocurrency exchange for you.

CoinSpot vs KuCoin:
Comparison Table

CoinSpot Pros & Cons

KuCoin Pros & Cons

CoinSpot vs KuCoin Features

Regarding platform features, CoinSpot was built with customer service and security in mind, making it a highly-regarded cryptocurrency exchange that does the basics right. On the flip side, KuCoin offers a variety of other more advanced features that are ideal for more experienced traders.

One of the reasons that CoinSpot became such a popular choice with Australian investors is the wide range of cryptocurrencies on offer. There are 410+ cryptocurrencies to choose from, and that number continues to grow each week, making it an extremely useful exchange for all crypto traders.

Another excellent feature that allowed CoinSpot to reach its popularity is its excellent customer service. A live chat support option is available throughout the day, which offers real-time person-to-person interaction. If you need assistance outside of those hours, there is a 24/7 help desk available for any queries. There is even a highly-detailed FAQ section and short tutorials for new customers.

Another excellent feature CoinSpot offers is CoinSpot Bundles. Here, you can choose a range of coins to invest in with one simple transaction. This option lets you create a diverse portfolio, reducing your risk and saving you time investing in each one individually.

In comparison, KuCoin provides traders with free trading bots that help you with any trading plans. You can lay out the bot's rules and make trades automatically when certain benchmarks get met. You also have the option to copy the most successful trading bots. These bots will operate even if you are offline, so you don't need to do anything more once set up.

With KuCoin, you can gain interest on your cryptocurrency by constantly developing your investment. One way to achieve this is by purchasing and holding KuCoin tokens (KCS). 

When you own over 6 KCS, the platform provides you with daily interest at an estimated 22% APR.

Another KuCoin feature I like is the ability to loan cryptocurrency to other users. This feature is possible on over 160 cryptocurrencies, and you can pick a loan term of seven, 14, or 28 days.

CoinSpot vs KuCoin Fees

KuCoin offers customers different fees for depositing, trading, or withdrawing on its site.

If you are trying to deposit cryptocurrency into KuCoin, there is no charge, regardless of how small or big the deposit is. A reminder that there is no option to deposit AUD or any fiat currency into KuCoin

If you want to buy some crypto instantly so you can start trading it on KuCoin, the fees can vary from 3% to 12%, depending on the third party payment provider you choose when using the fiat gateway.

Trading fees on KuCoin are very low, at just 0.1% and you can reduce that by 20% if you pay using their native coin KCS. This makes the trading fee only 0.08%.

KuCoin does not support fiat withdrawals, but there are variable fees for cryptocurrency withdrawals, depending on which coin you pick. Here is a full breakdown of the fees.

CoinSpot charges an instant buy/sell fee of 1%. If you trade on the market you can do so for only 0.1%, but only around 15 coins can be traded this way. For all other coins you must buy/sell directly from CoinSpot, and incur the 1% charge.

CoinSpot charges no fees on AUD deposits via POLi, PayID, or Direct Deposit. If you use BPAY, the fee is 0.9%, and the fee is 2.5% for cash deposits. Withdrawing AUD from CoinSpot is free of charge.

Number of Cryptocurrencies

CoinSpot has more than 410+ cryptocurrencies.

KuCoin has more than 700+ cryptocurrencies.

Deposit Methods

As you can see, CoinSpot accepts plenty of deposit methods, most of which are free of charge. You can use Direct Deposit, BPAY, Cash, POLi, or PayID on CoinSpot. Customers that choose BPAY will incur a 0.9% fee, and those that choose cash will pay a 2.5% fee.

KuCoin accepts ApplePay, Credit Card, Debit Card, and Cryptocurrency. On KuCoin, you don't deposit fiat into your account, but you can use it to buy cryptocurrency instantly. The fees range from 3% to 12%, depending on your method of payment and the third-party payment provider you choose.

CoinSpot vs KuCoin Security

When it comes to security, CoinSpot is the very best in the business. In 2013, it was one of the first crypto exchange companies on the market, and since then, it has boasted an immaculate security history. As a result, it is currently Australia's most trusted crypto exchange.

One of the ways that CoinSpot makes sure its customers are protected is by keeping their digital assets stored offline in cold wallets. This technique is excellent for ensuring cyber-attacks do not do significant damage.

CoinSpot is registered with AUSTRAC and ensures to meet the regulations of KYC/AML.

CoinSpot has gone through more audits than any other cryptocurrency exchange in Australia as one of the largest cryptocurrency exchanges. As a result, it is the only crypto exchange company to be awarded the ISO 27001 certification.

KuCoin also implements several security measures to ensure their customers' money is protected, including industry-level multilayer encryption, micro-withdrawal wallets, and dynamic multi-factor authentication.

KuCoin also employs an internal risk control team that keeps tabs on daily transactions. Unfortunately, KuCoin was hacked in 2020, with a total of $150 million stolen. However, they responded excellently, swiftly recovering a significant amount of stolen funds, and their insurance covered the rest of the funds. Therefore, no customers suffered any losses.

CoinSpot vs KuCoin Summary

In summary, CoinSpot is easily one of the top cryptocurrency exchanges you can access in Australia, while KuCoin is one of the most popular worldwide. CoinSpot offers users an easy-to-use, friendly interface, excellent live chat assistance, plenty of cryptocurrencies to choose from, and cool features like CoinSpot Bundles. However, instant buy/sell fees are slightly higher than I would like at 1%, but it is certainly not high enough to discredit such a fantastic exchange.

KuCoin, on the other hand, offers trading fees as little as 0.1% on over 700+ coins. However, this number is slightly misleading, as you cannot purchase cryptocurrency using fiat currency at this low rate. To purchase crypto using fiat, expect to pay a fee anywhere from 3% to 12%. As you can tell, that is significantly higher than CoinSpot and a massive disadvantage of the exchange.

 KuCoin also doesn't offer the same high-quality customer support, with no live chat customer support. You also can't withdraw fiat currencies from KuCoin. These significant disadvantages make CoinSpot a clear winner.

CoinSpot is easily the right choice for beginner and intermediate crypto investors, especially those who do not own any cryptocurrency already.

KuCoin is a viable choice for experienced crypto traders who make plenty of trades and like to use advanced features. To avoid the high crypto purchase fees, you can purchase crypto from another exchange, such as CoinSpot and move it to your KuCoin account to start trading. 

If you want to do some research on other crypto exchanges, have a look at our article on the best crypto platforms in Australia for some more options.