As an enthusiastic trader, you want to work with the best exchange for the best crypto trading experience. You’ve narrowed it down to two options; Kucoin and CoinSpot. But you’re torn between the two as you don’t know much about them.
KuCoin has been around the block for quite a while and is especially popular with digital trading gurus.
The exchange offers sophisticated features that enable trading experts to stake and participate in margin trading.
On the other hand, CoinSpot is a popular choice among newbies and traders looking to hold their cryptocurrency in the long run.
In this article, I’ll take the two apart—and help you point out the differences between these two giant digital currencies. By the end of this article, you’ll find it easy to decide which digital currency suits your needs.
Let’s get started:
What’s the deal with Coinspot?
CoinSpot is a favourite among novice traders due to its simplicity and straightforwardness. It’s best suited for beginners who want an intuitive platform exchange. And thanks to its firm reputation, CoinSpot is the leading crypto exchange for Aussie investors.
Opening an account on CoinSpot is straightforward, making it easy even for novice crypto traders. All you need to do is fill in your details and start trading without needing extra assistance.
Another advantage with CoinSpot is that you can access it on the go through its mobile smartphone interface; that’s besides its desktop version.
And just in case you hit some snags, the Live Chat feature is there to ensure you get support just when you need it. What’s more, a real person handles the live chat support, so you’ll not run into some annoying chatbots.
CoinSpot takes the security and safety of its users seriously. It’s no wonder this exchange has gone the extra mile to guarantee a robust and impenetrable platform that lets you rest easy and concentrate on making a profit.
Another fact you’ll love about this platform is its unmatched level of accountability and transparency.
CoinSpot has undergone the highest number of audits and vettings to emerge as one of the most trusted trading platforms. To attest to this achievement, it’s the only exchange in Australia that received the highly coveted ISO 27001.
In addition, the exchange is registered with AUSTRAC, a body that’s charged with preventing terrorism financing and money laundering.
With those basics on CoinSpot, it’s time to walk you through KuCoin real quick:
What is KuCoin?
KuCoin isn’t just an Aussie exchange but appreciated and used globally. It boasts over 6 million users who benefit from its multifaceted services, including futures, staking, margin, lending, spot, and P2P trading.
It offers the most secure trading platform in Australia and globally. This crypto exchange supports multiple digital currencies, so you’ll have access to over 400.
Although the exchange comes with advanced features, beginners can also comfortably use it. Furthermore, its sleek and user-friendly interface will give you an easy time as you navigate around it.
As an investor, every coin counts, and if you can find a platform that charges the lowest possible fees, the better for you. KuCoin charges low fees compared to other crypto exchange giants.
Staking is an excellent attraction to many people who want their investment to keep multiplying even when they aren’t actively trading. And here’s more to it; if you can hold over 6 KCS, you also stand a chance to win daily goodies and bonuses.
CoinSpot Pros and Cons
I’ll now let you in on the things that make or break the deal for each of these exchanges to make your choice even more seamless:
It’s an intuitive platform that’s particularly useful for beginners. But this doesn’t mean the gurus won’t enjoy trading here;
More than enough deposit options are available;
More than 8 million users, which guarantee deep liquidity;
Supports over 400 digital currencies;
Live Chat support feature (real human solving genuine human problems);
Secure and trusted by the most affluent traders;
It charges reasonable trading fees of 0.1%.
Relatively higher trading fees than other platforms (as low as 0.05);
Only available to those living in Australia;
AUD is the sole fiat currency.
KuCoin Pros and Cons
The following is an unbiased analysis of the benefits and the downsides to expect should you choose KuCoin;
Offers advanced features such as futures trading, crypto lending, margin trading, and trading pots;
Has more than 250 cryptocurrencies;
Charges lower fees of 0.1% fees besides the 20% commission you receive when you pay with KCS;
It has a large base of crypto exchange thanks to its over 8 million users spread around the globe.
It’s expensive to buy cryptocurrency on the exchange;
Users not permitted to withdraw their fiat currency;
No live customer support.
KuCoin vs. CoinSpot Fees
In this section, we take a comparative look at the fees charged by each exchange.
All AUD deposits attract zero fees on CoinSpot if you’re using Direct Deposit, POLi, or PayID. You’ll be charged a 0.9% fee when depositing with BPAY (which is relatively high) and a 2.5% for cash deposits.
On the other hand, KuCoin doesn’t include fiat deposits. Your options for buying crypto on the exchange include taking advantage of the initial purchase so that you pay for them directly. That way, you won’t need to pre-fund your account.
The transaction costs on KuCoin range between 3% and 12%, as determined by the specific payment method.
A fee of 1% is charged when buying and selling your crypto on KuCoin. However, you can trade on the market if this doesn’t suit you.
The trading fees are low (0.1%), although the market only supports 14 coins. You can also access over 290 cryptocurrencies by purchasing the instant buy feature.
The market doesn’t permit trading with fiat currency which technically means you can’t make any purchase at 0.1%.
The only option is to buy your crypto from KuCoin, which forces you to accept the 3% to 12% fee, depending on your chosen mode of payment.
These fees are pretty high, and so you’re only on the safer side if you already own cryptocurrency that you can start trading right away.
You’ll incur 0% fees for AUD withdrawals if your funds end up in Australian bank accounts.
However, you’ll incur a standard mining fee, which will vary depending on the coin you’re withdrawing and the traffic at the time. To know the current applicable fee, go to your account and view the rates displayed on the wallet page.
The most significant downside with KuCoin is that it doesn’t permit withdrawals. However, you can withdraw your crypto and enjoy a flat fee based on the coin type.
KuCoin vs. CoinSpot Deposit Methods
Direct Deposit, POLi, cryptocurrency, and PayID are the main methods that CoinSpot accepts.
These methods do not attract fees when making deposits. Other alternatives include BPAY that attracts a fee of 0.9%, and a cash deposit that comes with a 2.5% fee.
KuCoin only allows you to purchase cryptocurrency directly using Apple Pay, credit, and debit cards.
CoinSpot vs. KuCoin Features
KuCoin has many advanced features as compared to CoinSpot.
In terms of design, CoinSpot is more user-friendly than KuCoin, enabling newbies to use it without much struggle.
CoinSpot has a dedicated Live Chat customer support team available around the clock. The customer service representatives are always punctual, polite, knowledgeable and always do whatever it takes to get you the help you need.
CoinSpot, on the other hand, has no such feature, making it hard for newbies to familiarise themselves with their platform quickly.
The CoinSpot Bundle feature lets you diversify your crypto portfolio in a matter of seconds. This feature is essential to spread your risk while lowering your transaction fee.
The KuCoin free trading bots can guide you on the available trading plans. You have the liberty of setting the rules to dictate the bot’s operations, allowing you to trade instantly when the specific set of regulations holds. You can also mimic the best-performing bots by copying their set of rules and using them as your own.
With KuCoin, you can continually leave your crypto to trade to earn passive income, with the best avenue to hold at least six KCS tokens.
KuCoin lets you lend your crypto to other investors. This feature supports more than 70 cryptos on the exchange. And as the lender, you’ve got the liberty of detecting the lending terms, whether 7, 14, or 28 days.
Additionally, it’s up to you to decide the daily interest you want to receive during the lending period. Any borrower willing to abide by your set of conditions can take you up on your offer.
Whereas no one will stop you from setting for high-interest rates, you could fail to find a borrower that’s willing and able to agree to your terms.
Since you can lend, you also have the opportunity to borrow—all you need is to find a lender with favourable terms and take them up on their offer.
KuCoin vs. CoinSpot Security
Security is a significant feature that every platform must guarantee its investors.
CoinSpot does an excellent job when it comes to securing its platform. It uses Two-Factor Authentication (2FA), geo-lock logins, custom withdrawal restrictions, offline cold digital assets storage, and anti-phishing phrases.
It’s also a member of AUSTRAC, ensuring that they get acquainted with their platform. In addition, the exchange complies with the requirements of Blockchain Australia, which requires all its members to observe the set industry standard operating procedures. And, CoinSpot is the most secure exchange in Australia, courtesy of its numerous audits and subsequent ISO 27001 certification.
On the other hand, KuCoin has several security measures in place to ensure its platform is safe and secure for trading activities. Although the exchange was hacked in 2020 and $150 million was lost, the exchange has instituted robust measures. Through an elite team of IT experts, the firm managed to retrieve a considerable portion of the stolen money.
Without a doubt, these two are among the best exchanges in terms of legitimacy, security, and usability. CoinSpot’s good points of consideration include favourable transaction fees, customer support, and the CoinSpot Bundles feature that makes the platform one in a million.
KuCoin offers reasonable trading fees across its range of coins which can go as low as 0.08% depending on the coin in question. The platform doesn’t provide live customer support, users can’t buy crypto with fiat, and charges higher trading fees of up to 12%.
CoinSpot is the clear winner from this analysis. Its benefits outweigh its downsides, making it a better exchange, especially if you’re a beginner. Even so, its offerings are much more attractive than those by KuCoin.
In the end, it’s up to you to make the call based on what works best for you.