Exchange Review

Kucoin Australia Review

Summary: In this comprehensive review of KuCoin, we outline its security, fees, assets, features, support and how to transfer funds out of KuCoin. KuCoin is a “digital currency” trading platform and doesn’t support fiat money withdrawals.

By 
Austin Barwick
 on  
August 13, 2022

KuCoin is a cryptocurrency exchange that launched in September 2017. The exchange is based in Hong Kong and offers trading in a variety of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Neo, and more. KuCoin also offers its native token, KuCoin Shares (KCS), which can be used to receive discounts on trading fees and earn rewards. 

KuCoin is one of the few exchanges that allow users to trade directly with each other P2P (peer-to-peer) without the need for a centralised exchange. In January 2021, KuCoin announced that it had surpassed 10 million registered users.

KuCoin Home Page

Table of Contents

KuCoin Fees: Trading, Withdrawal & Deposit

Does KuCoin charge high fees? The short answer is no, all deposits on KuCoin are completely free and withdrawals are free 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

As for trading, the spot fee starts from a low 0.1% and can get lower the higher your monthly trading volume is. The futures/derivatives fees start from 0.02% for the Maker fee and 0.06% for the Taker fee, this amount also gets lower the higher your monthly trading volume is. 

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. 

KuCoin Fee Schedule
KuCoin Spot Fee Rate

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.

Features & Assets (Supported Cryptocurrencies)

On 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. 

KuCoin Wonderland NFT Marketplace
KuCoin Wonderland NFT Marketplace

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.
KuCoin Earn Page
KuCoin Earn Page

 

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.

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.

KuCoin Mobile App - iPhone Screenshot
KuCoin Mobile App - iPhone Screenshot

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. 

KuCoin Live Price & Chart in AUD

Below you can find the live price and chart of KuCoin (KSC) in Australian dollars. 

Visit KuCoin

Author Bio

Austin is a NFT and Metaverse maniac - with over 20% of his portfolio invested into the space. He is our resident multi-chain NFT expert.

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