Arguably two of the most popular cryptocurrency exchanges globally, KuCoin and Binance have both expanded their services to include Australia. Australia has been witnessing an increase in the number of people interested in digital asset trading, and it's easy to see why these two renowned exchanges would want to tap into this market. So, which one is the better option for Aussies looking to trade digital assets?
KuCoin is a Seychelles-based cryptocurrency exchange that was founded in 2017. The exchange offers a wide range of digital assets to trade, including many lesser-known altcoins and a couple of great features that make it an attractive option for cryptocurrency traders. One of those features is KuCoin Shares (KCS), the native token of the KuCoin exchange.
Binance, on the other hand, is a Malta-based cryptocurrency exchange that was founded in 2017. It is one of the largest exchanges in the world by trading volume and offers an enormous range of digital assets to trade. The exchange also has its own native token, Binance Coin (BNB), which customers can use to get discounts on trading fees.
So, which exchange should you choose?
KuCoin vs Binance Australia:
Comparison Table
Header |  |  |
|---|---|---|
Coins | 700+ | 600+ |
Trading Fee | 0.1% | 0.1% |
Deposit Fee | Fiat deposits not supported | Free |
Withdraw Fee | Fiat withdrawals not supported | Free |
Payment Options | Paypal, Cryptocurrency, Apple Pay, Debit and Credit Cards | OSKO, Cryptocurrency, and PayID |
Pros | - Low trading fees with 20% discount when you use KCS - Offers more than 700 crypto coins - Advanced markets like a P2P marketplace, futures, and margin trading - Free trading bots - Crypto lending, and borrowing | - Low trading fees with 25% discount when you use BNB - Supports 600+ cryptocurrencies - Advanced markets for experienced traders an NFT marketplace, futures, and margin trading - Staking on 70 coins - Free deposits and withdrawals |
Cons | Doesn’t support fiat deposits and withdrawals | No customer support available |
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Header | | |
|---|---|---|
Coins | 700+ | 600+ |
Trading Fee | 0.1% | 0.1% |
Deposit Fee | Fiat deposits not supported | Free |
Withdraw Fee | Fiat withdrawals not supported | Free |
Payment Options | Paypal, Cryptocurrency, Apple Pay, Debit and Credit Cards | OSKO, Cryptocurrency, and PayID |
Pros | - Low trading fees with 20% discount when you use KCS - Offers more than 700 crypto coins - Advanced markets like a P2P marketplace, futures, and margin trading - Free trading bots - Crypto lending, and borrowing | - Low trading fees with 25% discount when you use BNB - Supports 600+ cryptocurrencies - Advanced markets for experienced traders an NFT marketplace, futures, and margin trading - Staking on 70 coins - Free deposits and withdrawals |
Cons | Doesn’t support fiat deposits and withdrawals | No customer support available |
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KuCoin Pros & Cons
Pros
Cons
Binance Australia Pros & Cons
Pros
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KuCoin vs Binance Australia Features
KuCoin is one of the most reliable and secure platforms for cryptocurrency trading. With over 700+ cryptos available to trade – you're sure to find your next favourite coin on KuCoin.
This platform offers free trading bots to help new traders automate trades and give you an edge in the market.
In addition to standard trading options like spot trading, KuCoin also offers futures trading, margin trading and a P2P marketplace so you can diversify your portfolio.
KuCoin not only offers a great way to buy and sell cryptocurrencies, but they also offer a unique Crypto Borrowing and Lending service. This is a great way to earn interest on your holdings.
They also have their native currency (KCS), which gives you a 20% discount on the trading fees.
When Binance expanded its services to Australia, they launched Binance Australia in 2020, which is only available to crypto traders in Australia.
Binance Australia is a new entrant to the market but has quickly become one of the most popular exchanges due to its low trading fees and advanced markets.
Binance is the world's largest cryptocurrency exchange by trading volume, and it offers advanced trading markets and features that are perfect for experienced investors. With over 600+ different coins to choose from, you can find the perfect investment opportunity on Binance.
Their P2P marketplace and NFT marketplace are perfect for those looking to expand their portfolio, while the margin trading and futures trading options offer even more ways to make money from your crypto.
Interested in earning interest on your holdings? No problem! With staking support for over 70+ cryptocurrencies, you can easily earn extra passive income.
Plus, their Binance Visa card lets you spend your crypto wherever you like! And speaking of spending, don't forget their native currency, the BNB coin, which gives you 25% off all trades.
Features: KuCoin vs Binance is a tough choice. With so many features, it's hard to decide which one has the best offerings for traders! For example, both exchanges offer a great selection of coins (600+), P2P marketplaces, margin trading, and futures trading. While the staking option on Binance Australia is a great addition, KuCoin wipes it out with the crypto borrowing and lending feature and the free trading bots.
KuCoin vs Binance Australia Fees
KuCoin does not accept fiat deposits, only cryptocurrency. However, if you wish to purchase crypto directly using their fiat gateway, you can do so. It will cost you between 3.1% and 12.3% depending on which third-party provider and payment method you use. The trading fee on KuCoin is extremely low, at just 0.1%, and there's a 20% discount for using KCS.
Unfortunately KuCoin doesn't support withdrawals in AUD or any other fiat currency.
Binance Australia, on the other hand, offers free AUD deposits and withdrawals and a 0.1% trading fee. Like KuCoin, Binance Australia also offers a native currency, called the BNB coin. Using BNB to pay your trading fees will earn you a 25% discount.
Fees: In this category, Binance is hands down the best option for Australians looking to save on fees. They offer free deposits and withdrawals and a greater discount on their trading fee (which is already incredibly low). The inconvenience of not being able to deposit and withdraw AUD on KuCoin is a huge drawback, and the high crypto purchase costs put it at an even greater disadvantage against big players in this industry like Binance.
Number of Cryptocurrencies
KuCoin offers 700+ cryptocurrency coins.
Binance Australia offers 600+ coins.
Number of cryptocurrencies: Both exchanges offer a huge selection of coins.
Deposit Methods
KuCoin accepts crypto deposits only.
Binance Australia also supports cryptocurrency deposits, as well as OSKO and PayID to fund your account.
Deposit methods: In terms of supported deposit methods, Binance Australia wins as you can deposit cryptocurrency, as well as AUD via OSKO and PayID.
KuCoin vs Binance Australia Security
KuCoin is a safe and secure cryptocurrency exchange that implements multiple security measures to protect your data and funds. One of the unique security measures employed is the micro-withdrawal wallets that allow users easy and safe access to their funds. All user data is encrypted to protect against possible breaches, and they have a multi-factor authentication system in place to deter unauthorised access. There's also an internal risk control department that monitors all activity on the KuCoin platform to identify and deal with potential security threats.
The team at KuCoin has also been very open about their hack in 2020, and they have taken steps to improve their security in the wake of it. The way they chose to deal with the hack was also commendable, as none of their users was affected. They managed to recover some part of the $150 million stolen, and the rest was covered by insurance.
Binance Australia takes security seriously, employing multiple layers of protection to keep your data and funds safe. They use state-of-the-art security technologies, including AES-256 encryption and two-factor authentication. They also have a dedicated team of security professionals who monitor activity on the platform.
Boasting an ISO 27001 certification, Binance Australia is one of the most secure exchanges today.
The exchange has implemented real-time monitoring to prevent any hackers from accessing the platform while also being compliant with KYC requirements as well other important initiatives like AML & Law Enforcement Request System, which allows for easy tracking of transactions made on the platform.
The use of cold storage facilities to store users' funds offline is also a key security measure employed by Binance Australia, making it virtually impossible for hackers to access these funds.
In addition, they have several security features in place, such as IP and wallet address whitelisting, API access control, and device management, and all user data is encrypted for added security.
Binance has also had its fair share of security breaches. When they were hit in 2019, hackers were able to gain access to a hot wallet containing around $40 million worth of BTC. The exchange, however, was quick to reimburse all affected users and implement additional security measures that resulted in an ISO 27001 seal of approval after passing thorough auditing of their information security management.Security: KuCoin and Binance have made significant efforts in the security of their exchange. Despite recent breaches, both exchanges are committed to safely storing customer funds from potential threats like hacks or fraudsters trying to access users' accounts. To this end, each platform employs several layers of protection, including encryption software.
However, Binance features more sophisticated security measures like offline cold storage for digital assets, making it the more secure choice between the two exchanges.
KuCoin vs Binance Australia Summary
The two exchanges pose a tight competition, given that they both offer a wide range of coins and have advanced features that cater for experienced traders and those who want more than a simple exchange platform.
It is, however, impossible to overlook Binance Australia's suitability for Australians as it offers lower deposit fees and processes AUD deposits and withdrawals, which are not supported by KuCoin. Their security measures are also a notch higher with offline cold storage of digital assets, multiple security features, compliance with multiple regulatory bodies and ISO certification as a testament to a robust information security management system.
With all these factors in mind, it is safe to say that Binance Australia is a better exchange than KuCoin in Australia.
If you want to do some more research before deciding on a crypto exchange, you can have a read of our article on the best crypto exchanges for Australians.
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