KuCoin Review Australia – Is It A Safe Crypto Trading Platform?

If you are looking to invest in cryptocurrencies via KuCoin exchange, our KuCoin review Australia will surely help you familiarize yourself with the platform and know its ups and downs.

We took a closer look at the KuCoin exchanges, carefully assessed its features, and reported our findings below.

KuCoin Review Australia – Is It Really The People’s Exchange?

KuCoin is a newcomer in the crypto space, however within a short period, it has made a name for itself as one of the most recognized crypto exchanges in Australia and abroad.

This global crypto exchange covers all the top cryptocurrencies and boasts some of the largest trading volumes in the crypto world coupled with an attractive commission structure.

Indeed impressive, but does KuCoins actually live up to all the hype, or is it just a fad not uncommon in the highly volatile crypto world?

KuCoin has indeed come a long way; nevertheless, it’s prudent to assess how good the crypto exchange is before trusting it with your hard-earned money.

Therefore, read along for the detailed KuCoin review Australia.

What Is KuCoin?

KuCoin is a cryptocurrency exchange that was launched in 2017. The platform offers third-party brokerage services too.

Although Kucoin is relatively younger than other more established crypto exchanges in Australia and worldwide, it has come a long way and now has a global presence.

One aspect that makes KuCoin particularly attractive is its profit-sharing system.

Interestingly, KuCoin distributes 50% of exchange fees to those holding its native KuCoin token (KCS).

Another reason for its popularity could be its support for large numbers of cryptocurrencies.

The exchange currently supports around 450 cryptocurrencies pairs and hosts about 200 crypto coins for trading.

In the beginning, KuCoins was entirely a cryptocurrency-only exchange. It means you can’t deposit funds in fiat currency.

However, the position has since changed, and now KuCoin is in Collaboration with Simplex – a European payment provider that does not limit fund deposits only in cryptos.

KuCoin Supported Coins

All the big coins, like Bitcoin, Ethereum, Dash, etc., are there, as well as smaller names like OmiseGo and Qtum, etc., are also available.

However, some established names are missing, like Ripple or IOTA, not to mention a few smaller coins which you generally find on other platforms.

KuCoin Australia Features & Advantages

In this section of KuCoin Australia Review, we will take a look at the most attractive features of KuCoin that resonate with Users and draw them towards KuCoin in large numbers.

Crypto Lending And Borrowing

One of the key attractions of KuCoin is the crypto lending and borrowing feature. Incidentally, the platform supports lending and borrowing of 90 digital assets.

Interested borrowers just have to define a guarantee against the borrowed amount and take advantage of the facility.

Mobile App For IOS And Android

Mobile apps available for iOS and Android further expand the functionality of KuCoin exchange and allow users to easily trade from their smartphones.

It’s conducive for active traders who like to make multiple trades a day. Moreover, beginners will also find the KuCoin mobile app a helpful addition to their trading journey, facilitating trading on the go.

KuCoin Trading Bot

The kuCoin trading bot adds an automation layer on top of the feature-laden user interface.

The KuCoin trading bot is designed for the automatic execution of transactions. Moreover, the trading bot also integrates five different automation strategies: Spot Grid, Dollar-Cost Averaging (DAC), Smart Rebalance, Futures Grid, and Infinity Grid.

It may be helpful for expert traders and facilitate ease of use, but we recommend novices exercise caution when working with the trading bot.

P2P Marketplace – Buy & Sell Crypto With ZERO Fees

Trading fees are comparatively low as compared to other platforms, and it works in favor of KuCoin.

Users have to pay zero fees while buying and selling crypto assets. Moreover, the platform facilitates P2P Fiat Trade, allowing seamless fiat-to-crypto conversions and trading with zero transaction fees.

Kucoin User Experience

A vital feature of a crypto exchange is its interface. Beginners particularly favor those platforms with easy interfaces and simple functionality.

In our assessment of KuCoin, we found the interface easy to navigate.

The interface effortlessly positions various cryptocurrencies’ key figures and price development for hassle-free comparison.

Moreover, the account creation process is simple and allows easy entry for beginners. Similarly, multiple buying, selling, and trading options are easily accessible.

Furthermore, seamless transactions without any glitches also make trading on KuCoin exchange a lovely experience.

Moreover, the platform also integrates various industry-standard tools and indicators so can do all the analysis on the platform itself.

On top of that, the exchange also includes a vast selection of helpful material to allow beginners to gain insight into the working of KuCoin. The interface is undoubtedly a plus for KuCoins.

Simple structure, easy navigation, and proper integration of trading tools allow beginners as well as experienced traders to effortlessly dabble into the crypto world.

Kucoin Safety And Security

KuCoin was touted as the most secure platform until recently. However, a break-in incident in 2020 changed the perception.

Hackers exploited a vulnerability in the exchange to steal crypto assets.

Having said that, the prompt actions of the exchange’s technical team mitigated the damage.

Moreover, the management went the extra mile to forge alliances with several companies for risk mitigation.

All their efforts were fruitful, and the exchange recovered about 80% of the stolen funds.

Besides that, KuCoin returned the coins to users affected by the hack with its own fund. Since then, KuCoin has strengthened its security to prevent any such attempt.

Moreover, in our test, we also found 2FA protocol – a rarity on a crypto exchange, and it certainly deserves a point.

Furthermore, the online KuCoin wallet is stored in Amazon cloud storage, generally considered quite safe.

All-in-all, KuCoin is relatively safe for Australian users; however, it will be wise to periodically remove large holdings from online wallets and save them somewhere more secure like a hardware wallet.

KuCoin Australia Fees

Exchange fees are another vital criterion that significantly impacts any crypto exchange’s overall popularity.

This section will summarize the different costs associated with the KuCoin platform.

Deposit Fee

KuCoin doesn’t charge a dime for depositing funds on the KuCoin exchange. You just have to register an account, fund it and begin trading cryptocurrencies.

However, if you want to trade cryptos via fiat money and use a credit or debit card to deposit funds, KuCoin will charge 2.5% to 3.5% of the total amount deposited.

Withdrawal Fee

As such, there are no fixed withdrawal fees. It depends on the market conditions, but in any case, NEO and GAS are always free.

However, KuCoins claims to have the lowest withdrawal fees as compared to other exchanges in Australia.

Trading Fees

KuCoin definitely outshines its competitors in terms of trading fees as it boasts the lowest trading fees.

KuCoin only charges a meager 0.1% of the trade for every transaction. There are discounts too.

If you hold a 1000 KuCoins token, you get a 1% discount. The discount subsequently increases as your KuCoin holding increases.

For 30,000 KCS, you can claim a 30% discount on every trade. But there is a payout fee attached to this; you have to pay 0.0005 BTC for Bitcoin and 0.01 ETH for Ethereum.

Kucoin Australia Pros And Cons

This section of KuCoin Review Australia will list everything that shines about KuCoin and what does not go in their favor.

The crisp layout of KuCoin’s pros and cons will help you precisely evaluate whether the exchange lives up to the hype it has created in the Market or not.

KuCoin Customer Reviews And Complaints

Customer reviews of KuCoin are a blend of positive and negative. Some users find it attractive; however, others have a few complaints.

Many users complain about the lousy customer support and state that getting a response from the support team is real trouble.

Those who give positive reviews about the platforms praise it for the easy deposit process, extensive coin support, and easy interface.

Security is also an issue for some users, and after the recent breach on the exchange, the concerns have only aggravated.

Customer support is undoubtedly a weak point, and it reflects in KuCoin customer reviews.

Is KuCoin Legitimate?

KuCoins boasts a high volume, high liquidity, and vast cryptocurrency support. Its unregulated nature could be an issue for some, but KuCoin emphasizes its commitment to user’s fund security.

Moreover, it also offers low trading fees that have helped KuCoin build such a large customer base.

All these factors point to its legitimacy and ensure that you can trade on KuCoin in complete confidence that your investment is safe.

KuCoin Contact And Customer Service

Customer support is an essential parameter to assess the quality of service. In our test, we found KuCoin customer support to be good but not excellent.

There is no live chat support, so prompt resolution of issues might not be possible. However, one appealing feature of KuCoin customer support is its round-the-clock availability.

This is particularly handy when you cater to worldwide users. However, the avenues to reach out to KuCoin support are limited.

Users have the option to mail them, but these options do not guarantee speedy resolution of the issues.

Other ways to reach KuCoin are via Social Media platforms. It has a Twitter handle and a Telegram where users can post their queries and get a response.

How To Use Kucoin In Australia

The working of KuCoins is no different than other similar crypto exchanges. Therefore if you have any level of familiarity with a crypto exchange, there won’t be an issue for you to navigate the KuCoin.

Even for beginners with zero experience in the crypto world, KuCoin presents a simple interface for an easy understanding of how things work.

Here we are briefly explaining each step to begin trading on KuCoin. In case you have any doubts regarding the working of the KuCoins exchange, we are sure it will clear once you go through each step carefully.

Step 1: Open a KuCoin Account 

The first step obviously involves registering an account on the KuCoin exchange.

Visit KuCoin page and search the blue signup button for account registration. Once you click on it, the screen will prompt you to fill up a form.

You can register with your phone or your email address. Whatever method you choose, you will receive a verification code.

Once you verify the code and fill up all the relevant information, the page will register an account bearing your login credentials.

Step 2: Verify Identity

Verifying identity on KuCoin is not compulsory. You can buy, sell or exchange cryptocurrencies without identity verification.

However, if you wish to deposit funds via credit or debit card, you will need to complete the KYC process.

Verifying identity on KuCoin is simple. Login to your account and expand the account menu on the top right corner by hovering your mouse cursor on it.

From the drop-down menu, choose KYC verification. Next, simply proceed with the instructions on the KuCoin account dashboard and complete the identity verification process.

Step 3: Deposit Funds / Instant Buy

After you are done with account creation and the KYC process, you have to fund your account to buy and sell cryptocurrencies.

Login to your account, expand the asset menu, and click on the main account option. Once you are into the main account, choose cryptocurrency or fiat currency, depending on your preference.

For fiat money deposits, type in your card details and proceed with the transaction.

Once you have funds in your KuCoin account, move to the home page and choose to buy crypto.

For instant buying, select the ‘Fast Buy’ option and then follow the guidelines to complete the trade.

Step 4: Storage

KuCoin has an in-built wallet for the safekeeping of coins you have purchased.

In case you want to store your coins on an external wallet, just go to the portfolio section on KuCoins’s website.

Choose the coins you want to transfer and click on the Send button. The dashboard will ask for your wallet address, fill it up, and proceed with the transfer.

KuCoin Review Australia – Final Verdict

Overall we find KuCoin an excellent exchange to trade cryptocurrencies in Australia. Not only does it allow over 400 cryptocurrencies pairs, but you can also offer trading in Bitcoin futures and specific indices of cryptocurrencies. In This KuCoin review Australia we liked the low fees, which indeed is a big issue on other platforms.

The trading interface is crisp and allows easy navigation. On top of that, the availability of APIs is an added bonus. We also loved the fact that fund depositing via credit or debit card is now possible, although you have to go through the KYC process.

Despite all the goods, there are some major issues that can’t be overlooked. Firstly, it’s not a regulated platform. While it does facilitate anonymous trading of cryptocurrency pairs. Additionally, it won’t suit traders who like to trade in the margin.

Frequently Asked Questions