KuCoin Australia Review: Fees, KYC, Staking & More (2022)

KuCoin Trading Fees

Kucoin is one of the cheapest trading platforms in Australia with base fees starting at 0.1% per trade. They also offer a fee discount based on your monthly trading volume, which you can see below. With regard to their futures trading fees, the platform charges 0.02% for Maker orders and 0.06% for Taker orders.

In addition to the monthly trading volume discount, if you purchase cryptocurrencies with KuCoins native token, KCS, you can get an additional 20% discount on your trading fee.

In terms of deposit fees, KuCoin charges zero fees for both deposits and withdrawals, but users must cover the gas fee to send the funds. The gas fee is a set rate, to see the full list of gas fees, you can check their fee schedule.

KuCoin Fee Schedule — KuCoin Spot Fee Rate.

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Is KuCoin Safe?

KuCoin is currently not regulated or licensed to operate in Australia and is not registered with AUSTRAC. This makes it a popular exchange for Australian investors who don’t want to KYC (verify their identity) to buy cryptocurrencies. It is not considered a ‘safe’ cryptocurrency exchange and if security is important to you, we recommend using a high-security exchange like CoinSpot.

Unfortunately, KuCoin has been the subject of a few cyber attacks, the most recent one being in 2020 when they lost $285M of users’ funds. Although lost, the exchange did reimburse the users whose funds were stolen from the exchange.

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Features & Assets (Supported Cryptocurrencies)

KuCoin users have access to 693 cryptocurrencies, the exchange is known to be one of the most popular altcoin investing platforms. It is frequently listing new tokens on the platform and supports meme coins, altcoins, DeFi coins, Metaverse coins, stable coins and more.

Not only does KuCoin support a large selection of cryptocurrencies, it also has a myriad of features as well including an NFT marketplace, a P2P exchange, flexible and fixed staking options, a lending feature, futures & spot trading, KCS bonuses and multiple mining features.

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KuCoin Earn, Staking & Lending

The exchange offers a few staking and lending options with fixed or flexible terms. Refer to the list below for a full breakdown of the available staking, lending & earn options.

KuCoin Earn - On KuCoin Earn users have access to over 60 single-sided staking options with flexible or fixed terms that can vary from 7 days to 365 days, the longer you stake your tokens, the higher the rewards are.
Crypto Lending - On Crypto Lending users can lend their assets (any asset available on KuCoin) for a 7, 14 or 28-day term. There are no flexible staking options available for Crypto Lending.
KSC Bonus - If you own and stake KSC on KuCoin you can earn unique daily rewards from the platform.

Does KuCoin offer 24/7 Live Support?

Yes, KuCoin has recently added a live support feature on the platform. The KuCoin support team can be reached 24/7 via live support, email, online ticketing system, Facebook, Twitter, Reddit, Telegram, Youtube, LinkedIn, Instagram, Medium and VK.

You can find the links to their online communities at the bottom of their home page under ‘Community’. The exchange offers support in over 20 languages including English, Cantonese, Mandarin, Spanish, Korean and more.

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Mobile App - iOS & Android

There is a mobile version of the KuCoin platform available on both iOS and Android. The KuCoin app has a high 4.7-star rating from 15K reviews and is ranked #107 overall in the Finance category on the Apple store. For Apple users, the application can be downloaded on both iPhones and iPad. The app is ranked 4.4 stars from 100K reviews on the Google Play store.

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How to transfer funds from KuCoin to Binance

If you want to withdraw fiat currencies (Australian Dollars) from the KuCoin exchange, you will need to go through a separate local regulated and licensed cryptocurrency exchange. To do this, you simply need to trade your fiat currencies for a token (we recommend using a stable coin like USDC) on the KuCoin exchange.

Once you have your USDC, you will need to send that to a local exchange like Binance or CoinSpot and then you will be able to swap your USDC for Australian dollars on the local exchange. Once you have your funds you can directly withdraw them to your bank account.

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