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KuCoin Review Australia

Last Updated: Aug 5, 2022  |  Published: Sep 21, 2021


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Our Review 

KuCoin

4.0/5

We ranked KuCoin 3rd overall and it's the best platform for variety of features

🏆 Overall Ranking

3/16 platforms

💰 Fees

Average

📲 Features

Above Average

🇦🇺 Deposit & Withdrawals

Below Average

👍 Ease Of Use

Below Average

🔒 Security

Average

KuCoin is an excellent exchange for intermediate and advanced users. It has 700+ cryptocurrencies, 0.10% trading fees and lots of advanced features like staking, lending, trading bots and more. The drawback is you can't cash out AUD. To cash out, you also need a local exchange like Digital Surge or Swyftx that supports Australian bank accounts.

We ranked KuCoin 3rd overall out of 16 platforms because it has the most features, the most cryptocurrencies and low spreads. Just be aware of the poor deposit and withdrawal options for AUD.

Where It Shines:

  • 700+ Cryptocurrencies: #1 out of 16 Australian platforms tested
  • Lots of Features: KuCoin offers lots of products like staking, rewards, lending, borrowing, token launches, trading bots and much more
  • Low Spreads and Fees: Trading on KuCoin is very inexpensive. They had the lowest spread out of 11 platforms tested and 0.10% trading fees
  • No ID Required: Currently, users can deposit, trade and withdraw crypto with just an email address. Crypto withdrawals are limited to 1 BTC per day which is enough for most investors. To purchase with fiat, verification is required

Where It Falls Short:

  • Can't Cash Out AUD: To cash out, users must withdraw cryptocurrency to a local exchange that supports Australian bank accounts (eg. Swyftx)
  • Expensive Funding: Buying with AUD can cost 1.80% or more in fees. To avoid these high fees, we recommended depositing crypto from a local exchange
  • Not Beginner-Friendly: With all the advanced features, KuCoin can be overwhelming for beginners. Beginners will be more comfortable with a platform like Digital Surge or Swyftx
  • Not Licensed in Australia: KuCoin is a large global platform but is not AUSTRAC regulated

Overview

📲 Features

Header

🔐 Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Bundles

Staking

Margin

Futures

OTC

24/7 Support

700+

Yes

Yes

No

Yes

Yes

No

No

Yes

Yes

Yes

Yes

?

App 2FA

Uses Cold Storage?

AUSTRAC Regulated?

Any Hacks or Incidents?

Withdrawal Confirmations

See Account Activity

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Unsure

No

Yes: 2020

Yes

Yes

Yes

Yes

2017

No

💲 Fees

Cell

🏦 Deposits & Withdrawals

Cell

$100 Buy After All Fees

$100 Sell After All Fees

Best Deposit Fee

Best Withdrawal Fee

Trading Fee

BTC Spread (Dec 17, 21)

BTC Withdrawal Fee

$97.77

N/A

1.80%

N/A

0.10%

0.00%

0.0005 BTC

$AUD Fiat Wallet?

Direct Bank Transfer

POLi

PAYid

Credit/Debit

BPay

Other Fiat Currencies

No

No

Yes

Yes

Yes

No

Yes

  • Table last updated: Dec 17, 2021
  • Total fees and spread was tested Dec 17, 2021 and is subject to change
  • KuCoin does not you cash out AUD to a bank account
Kucoin Exchange

What Is KuCoin?

KuCoin is a centralized cryptocurrency exchange with over 10 million users in 200+ countries. They were founded in 2017 and currently rank as a top 10 crypto exchange in the world by trading volume.

They brand themselves as "The People's Exchange." On the platform you'll find lots of features like 700+ coins, their own utility token called KuCoin Token (KCS), spot trading, derivatives, interest accounts, loans, lottery raffles, and much more. 

It's one of the largest exchanges in the world that still does not have mandatory KYC. Users can sign up with just an email address and deposit, trade, and withdraw up to 1 BTC per day.

More Info

  • Founded in 2017
  • Top 10 crypto exchange in the world based on trading volume
  • Over 10 million registered users
  • $480 billion in total transaction volume on the platform
  • Available in 200+ countries

Screenshots

Platform & Features

KuCoin offers a variety of features on their platform which ranges from trading 500+ coins, beginner and advanced purchases, derivatives, staking, trading bots and more. Let's unpack everything you can do in the KuCoin ecosystem.

List of Features:

  • iOS, Android and Web app
  • 300+ cryptocurrencies
  • Spot Trading
  • Margin Trading
  • Futures Contracts
  • Pool-X (Earn and Staking)
  • Trading Bots
  • PoW Mining Pools
  • Referral Program
  • KCS (their own utility token)
  • KuCoin Win (lotteries, battles, etc)
  • Spotlight (token launch platform)
  • And more

1. iOS, Android and Web App

KuCoin has lots of features and the platform can be accessed on all of your devices. There's a good user-interface which is similar to Binance however, beginners might be overwhelmed with all of the tabs and features.

Kucoin App Screenshots

2. Buying and Selling Crypto

KuCoin offers 500+ cryptocurrencies and multiple ways to buy and trade. On the platform you'll find:

  • Fast Buys
  • Credit/Debit Card Buys
  • P2P Trading Desk 
  • Spot Trading
  • Margin Trading
  • Contract (Futures Lite and Futures Pro)
  • Trading Bots

Unfortunately, you cannot deposit and hold AUD on KuCoin. However, you can still make instant crypto purchases with AUD using Simplex and Banxa which are third-party channels.

For advanced traders, you'll find technical charts and tools provided by TradingView as well as multiple order types like limit orders, market orders, stop-limit and more.

3. Pool-X (Earning and Staking)

KuCoin's Pool-X lets you earn interest for simply holding different crypto assets. There's a variety of ways to earn which include Staking, Flexible Terms (withdraw anytime), Fixed Terms and Promotions. Dozens of coins are eligible to earn you yield and the APR can range anywhere from 1%-70% depending on the crypto asset and your risk tolerance.

Other big crypto exchanges like Binance, Kraken, Coinbase and Crypto.com offer features like this as well. You can check them out to compare promotions and find the highest offers available.

KuCoin Earn and Staking

4. KuCoin Bonus (KCS Bonus)

If you hold at least 6 KCS in your KuCoin account you can earn a daily bonus up to 50% APR. The reward comes from the trading fees Kucoin earns on the platform. Right now, KuCoin keeps 50% of the trading fees and puts the other 50% into the Bonus pool for token holders.

5. Trading Bot

The KuCoin Trading Bot is a free tool that uses AI to help you automatically trade the market. According to KuCoin, it helps you "earn profits without monitoring the market." There are 4 different trading and investing strategies available:

  1. Spot Grid - The bot will place buy and sell orders multiple times in order to profit from volatility and market fluctuations
  2. Smart Rebalance - Automatically rebalance your portfolio based on your targets
  3. Futures Grid - This bot is similar to the Spot Grid above, but more advanced
  4. Dollar Cost Averaging (DCA) - Profit from making regular, periodic investments into the market

At the time of this writing, there are over 5 million bots created! Every strategy also has custom settings you can create.

KuCoin Trading Bot

6. Mining Pool

KuCoin's Mining Pool is another way to potentially earn yield on your investments. It supports Proof of Work (PoW) assets like Bitcoin and Bitcoin Cash with a 2% mining fee.

KuCoin Mining Pool

7. Kucoin Spotlight

Spotlight is KuCoin's token launch platform. This is a higher-risk investment for people who want to find very early projects to invest in. In a quote from Kucoin, "Spotlight aims to assist blockchain projects in raising the needed funds, attracting market attention and improving industrial influence."

Every launch will be live for a fixed amount of time and offered on first-come, first-serve basis. Only KYC verified accounts are able to participate.

Kucoin Spotlight

8. Lending and Borrowing

KuCoin Lend lets you earn daily interest by lending out your crypto assets. There are various yields, terms and risks to be aware of. You can also borrow crypto with various interest rates.

Kucoin Lending and Borrowing

9. Other KuCoin Features

  • LuckyRaffling - Lottery game
  • Futures Brawl - "go long or short to battle and win prizes"
  • Bug bounty program
  • Light mode/dark mode
  • Set custom Price Alerts
  • Referral Program 

Verification

Application Time

20 seconds for email sign up

5-10 minutes for ID verification

KYC Verification

Yes (for certain features)

Instant Verification

Yes

Manual Verification

3-5 days to process

Who Is Eligible?

  • Australian residents and 200+ supported countries

Verification Levels

Level

Requirements

Account Limits

Unverified

- Email address

- 1 BTC withdrawal per day

- No fiat to crypto purchases

- Deposit crypto, exchange, margin trade

KYC1

- Full name

- Country

- ID Number (driver's license or passport, etc)

- 5 BTC withdrawal per day

- Everything above plus Fiat to Crypto and Contract Trades

KYC2

- Upload copy of your ID

- Upload a selfie holding a note with today's date

- 200-300 BTC withdrawal per day

- Everything above

KuCoin has 3 verification levels which are unverified, KYC1 (basic verification) and KYC2 (advanced verification). Each level offers higher withdrawal limits and more features. Keep in mind, to purchase crypto with fiat like AUD, you must pass the KYC1 stage. 

Verifying your account is similar to opening a bank account and requires identification. Australia and many countries require this by law so make sure to have your documents with you. Identification is required for any centralized cryptocurrency exchange in Australia.

Security

Security is one of the most important features before using a crypto exchange. Here is what we collected about KuCoin's security, reputation and more.

Past Hacks & Incidents

KuCoin was hacked in 2020 for $285 million via some of their hot wallets. Luckily, no customers were actually affected or lost any crypto. KuCoin recovered 84% of the funds and their insurance fund paid back the other 16%.

After the hack, KuCoin's CEO said they made improvements to their security and platform architecture. However, it's a good reminder why you should use non-custodial wallets.

Company Security Features

There is limited info online about KuCoin's company security features. We're not sure how they store users funds but here is what we do know:

  • Partnership with "OnChain Custodian" to back its funds by insurance (not many details available)
  • Bug bounty program - KuCoin will pay white hat hackers to find bugs and vulnerabilities

User Security Features

Here is a list of security features you'll see in your account settings. Most of these are optional:

  • 2 Factor Authentication (via SMS or Google Authenticator app)
  • Biometric login on app (eg. Touch ID)
  • Add a 6 digit trading password for withdrawals, trades, etc
  • View your login history (IP address, device, time etc)
  • Restrict Login IP feature
  • Email Safety Phrase to help identify legitimate KuCoin emails
  • Login Safety Phrase
  • Withdrawal Safety Phrase

Can You Trust KuCoin?

KuCoin is considered a trustworthy platform. They have 10+ million users in 200+ countries and multiple user security features such as 2 Factor Authentication, trading passwords and more.

However, you should not hold 100% of your assets on any centralized crypto exchange. There is always the risk of hacks, government confiscation and more. The safest way to store your crypto is on a hardware wallet (especially for large amounts).

Deposits & Withdrawals

AUD Deposits

KuCoin does not have AUD wallets or trading pairs so you can not deposit and hold an AUD balance in your account. However, you can make an instant crypto purchase with AUD using credit card, bank transfer and P2P Trade. The other payment methods available are through third-party partners like Simplex and Banxa.

Deposit fees are expensive but KuCoin has very low fees and spreads once crypto is in your account. If you want the cheapest way to use KuCoin, we recommend buying crypto on a local exchange like Swyftx or Binance and then transferring it to KuCoin.

Type

Fee

Time

Limits

PayID

3.49%

Instant

$30 - $10,000 AUD

POLi

Not supported

✖️

✖️

Direct Bank Transfer

Not Supported

✖️

✖️

BPay

Not Supported

✖️

✖️

Credit/Debit

1.80% - 5.87%

Instant

$30 - $15,000 AUD

Newsagent

5.97%

?

$50 - $2,000 AUD

Australia Post

5.97%

?

$50 - $2,000 AUD

AUD Withdrawals

KuCoin has no option to withdraw AUD or connect an Australian bank account. The best way to cash out from KuCoin is transfer your crypto to a local crypto exchange that supports Australian bank accounts. We recommend Binance or Swyftx.

Type

Fee

Time

Limits

PayID

Not Supported

✖️

✖️

POLi

Not Supported

✖️

✖️

Direct Bank Transfer

Not Supported

✖️

✖️

BPay

Not Supported

✖️

✖️

Crypto Withdrawals

Coin

Fee

Minimum Withdrawal

Bitcoin

0.0005 BTC

0.0008 BTC

Ethereum

0.006 ETH

0.01 ETH

Fees

Trading Fees

KuCoin has a tiered trading fee system starting at 0.10% which is competitive with the best platforms like Binance. There are various ways to get discounts such as increasing your trading volume, paying with KCS (their native token) and signing up with this referral link to get 10% off forever.

KuCoin Trading Fee Structure

Price Test (Dec 17, 2021 at 1:17pm)

We price tested 11 platforms simultaneously and here are the results. Spreads and prices change daily so this data is subject to change. However, it's helpful for comparing platforms versus one another.

Header

Amount

Ranking

$100 Buy After All Fees

$97.77 (2.23% total fee)

8/11

$100 Sale After All Fees

N/A (Can't sell AUD)

N/A

BTC Spread

0.00%

1/11

BTC Buy Price

$66,119 AUD

6/11

BTC Sell Price

$66,119 AUD

3/11

Ref. Price Difference

Buy: +0.43%

Sell: +0.43%

-

Reference Price (Google)

$65,837

-

How We Tested This

The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.

The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.

Overall, KuCoin is a cheap platform if you deposit crypto. If you try to fund with AUD, it is 8th most expensive out of 11 platforms. KuCoin had the lowest spread tested (0.00%). The total purchase fee was 2.23% but this number includes an expensive 1.80% deposit fee. If you deposit crypto, then the total purchase fee would be 0.43% which would be tied for 3rd cheapest. 

Customer Support

We have not tested KuCoin's customer support but they offer a chatbot to help you answer questions which can be accessed in multiple languages and 24/7. You also have the option to submit a ticket directly. If you don't need to speak with their team, you'll find a help desk with FAQs, articles and a community forum for additional information.

KuCoin Customer Support

Kucoin Compared

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes

Best Alternatives

Here are the best crypto exchanges for Australians right now. We assessed 16 platforms across 60 variables and 950+ data points.  

Swyftx
  • Best overall in Australia
  • Best for majority of investors and beginner-friendly
  • 320+ coins, staking, bundles, lots of features
  • 0.60% trading fees and cheaper options out there
  • Limited advanced tools
Binance
  • Lowest fees overall and lots of features
  • 600+ coins
  • Advanced trading
  • Less beginner-friendly
  • Some features like Futures and Options are restricted in Australia 
Digital Surge
  • Our top pick for beginners
  • Best user-interface
  • Fair spreads and fees
  • Less features versus other platforms
  • Limited advanced trading tools
Crypto.com
  • Earn rewards on 40+ coins
  • Crypto visa cards
  • Very expensive for buying & selling coins (high spreads)
  • App can be confusing
  • Slow deposit & withdrawals (1-4 days)
  • 500+ coins, margin, futures, rewards & more
  • Trade anonymously with no KYC (all you need is an email)
  • 0.10% trading fees and low spreads
  • Not beginner friendly
  • Not licensed or regulated
  • Limited AUD support

Compare Australia's Top Cryptocurrency Exchanges

FAQ

Is KuCoin Legit?

Yes. KuCoin is one of the world's biggest cryptocurrency exchanges with 10+ million users in 200+ countries. It's also a top 100 app in the finance category on Google Play and iOS clearly being a popular choice for many people.

KuCoin vs. Binance. What's Better?

Both are great choices. Binance is better if you want an AUSTRAC regulated platform that supports AUD deposit and withdrawals. It has 600+ coins and slightly better fees than KuCoin. However, some features in Australia are unavailable. KuCoin, on the other hand, has 700+ coins, no KYC requirements, and a variety of features like margin, staking, lending and more. KuCoin is not AUSTRAC regulated and does not support AUD very well.

Does KuCoin Work In Australia?

KuCoin is available in Australia but it has limited support for AUD and there are no AUD trading pairs. It's best to fund your account and cash out with crypto. KuCoin is also not licensed or AUSTRAC regulated so no KYC is required to trade.

Does KuCoin Require KYC to Withdraw?

KuCoin lets users trade and withdraw without KYC verification. There is a daily withdraw limit of 1 BTC for unverified accounts.


Kucoin Exchange

KuCoin

Get 10% off trading fees

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge