Features
CoinSpot provides the widest range of cryptocurrency services and offerings within Australia. The platform enables Australian investors to trade more than 380 digital assets and earn up to 70% APY by staking cryptocurrency. CoinSpot also has an NFT marketplace with popular projects like BAYC, a crypto debit card and Bundles, which are essentially Crypto ETFs.
KuCoin is a feature-rich platform that offers spot and derivatives trading, several staking options, lending and borrowing services, an NFT marketplace and a crypto card. Its offerings are very similar to CoinSpot, with the only difference being KuCoin offers futures trading.
Winner: KuCoin offers more features than CoinSpot, including derivatives trading and more staking options.
Pricing
CoinSpot offers the lowest trading fees in the world with its withdrawals and most of the deposit methods being free except card deposits (2.58%), cash deposits (2.5%) and BPAY deposits (0.9%). The only additional cost is the trading fee, which is 0.1% for Market Orders and 1% for Instant Buy Orders. There are no extra hidden costs on the platform.
KuCoin, on the other hand, charges fees for all its deposits and withdrawals, and the costs vary depending on what method you use and range from 1% - 4%. The trading fee is 0.1% for spot markets, and the futures maker/taker rebate is 0.02%/0.06%.
Winner: CoinSpot has the lowest fees out of any cryptocurrency exchange in Australia, with free deposits and trading fees at 0.1%.
AUD Deposit Methods
CoinSpot has the most diverse range of Australian dollar payment methods from any exchange in Australia. The supported methods are Bank Transfers, Osko, PayID, Debit Cards, Credit Cards, Cash Deposits, BPAY and POLi. Most of the deposit methods are free, including PayID, POLi and bank transfers.
KuCoin also accepts AUD deposits; however, you must pay a deposit and currency conversion fee when depositing Australian dollars. The available payment methods are Credit/Debit Card, PayID, POLi and Bank Transfer.
Winner: CoinSpot accepts more AUD payment methods than KuCoin and is the only exchange that supports cash deposits.
Supported Tokens
CoinSpot supports over 380 cryptocurrencies for Australian investors to buy, sell, swap and stake. The platform offers the widest variety of coins from any local exchange in Australia and is the fastest to add new DeFi, NFTs, the Metaverse tokens.
KuCoin has one of the largest and most diverse selection of cryptocurrencies out of any centralised cryptocurrency exchange. The platform supports over 800 tokens, stablecoins, meme coins and altcoins.
Winner: KuCoin has almost double the amount of cryptocurrencies that CoinSpot has. It is the most diverse digital asset exchange in the world.
Security
CoinSpot has obtained the ISO 27001 certification, making it a high-security exchange. It is fully regulated under AUSTRAC and fulfils all of the relevant financial reporting to combat money laundering. The platform has been operating for over 10 years and has never once had its security breached. It is considered the most secure digital asset exchange in Australia.
KuCoin is considered a moderately safe cryptocurrency exchange but was the subject of a cyber attack in 2020. They retrieved much of the stolen funds, and their insurance policy covered the rest. However, they are an unregulated platform that isn’t properly licensed in the country.
Winner: CoinSpot is a considerably safer cryptocurrency exchange than KuCoin and is regulated by AUSTRAC.
Customer Service
CoinSpot offers round-the-clock support through multiple channels, including a live chat feature, email, online contact form, phone (solely for OTC clients), and several social media platforms such as Facebook, Reddit, Instagram, and Twitter.
KuCoin also has a live chat feature but does not offer any email or phone support. They are prevalent in a few social media communities, including Facebook, Twitter, Telegram & Discord.
Winner: CoinSpot has better customer service options available with both email and phone support for Aussie investors.
Conclusion
To sum up, CoinSpot takes the trophy due to the competitively low fees and high security. CoinSpot has many services ranging from cryptocurrency staking to ETFs. In addition, it offers a user-friendly UI that is simple to navigate for beginners. If you’re interested in learning more about this exchange, visit our detailed CoinSpot Review.
