KuCoin Review for 2023

Finding a cryptocurrency exchange can be a taxing ordeal because there are so many platforms available. Whether you’re an experienced crypto trader or someone who’s starting, you should always seek a reliable crypto exchange with a fair amount of supported cryptocurrencies, excellent security measures, low trading fees, and responsive customer support.

Your natural inclination may be to choose a crypto exchange platform with deep roots and plenty of experience. It is possible, however, for newer platforms to hit most of the necessary markers.

Today, we will examine KuCoin. Though it’s one of the newest cryptocurrency exchanges, it has a strong reputation and low trading fees.

Continue reading our KuCoin exchange review for Australia below to see how it stacks up against the competition.

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KuCoin at A Glance

• Website: www.kucoin.com
• Country: Singapore
• Mobile App: Available
• Deposit methods: SEPA, Skrill, PayPal, Apple Pay, Credit card, debit card, Cryptocurrency
• Fiat Currencies: USD, EUR, GBP, RUB, CNY, AUD & 40+ more
• Cryptocurrencies: BTC, DOT, ADA, ETH & 700+ more

List of Features

• Asset security at the bank
• Only one KYC verification is needed
• Directly purchase crypto using fiat currency
• Borrowing and crypto-lending
• Mobile app for iOS and Android
• KuCoin bonus sign up – earn KCS coins daily
• Trading options for margin and Futures
• KuCoin trading bot
• P2P marketplace allows you to buy and trade crypto with ZERO charges
• The trade fee is extremely low at 0.1 percent, and discounts when you pay with KCS
• Over 700+ different cryptocurrencies available

Pros

• Over 700+ cryptocurrencies available
• Mobile app is available to download for iOS and Android
• Very low costs of 0.1 percent and a further 20% discount when you pay using KCS
• Large cryptocurrency exchange with more than 11 million users around the world
• Additional features include trading bots, crypto lending with low interest rate, futures trading, margin trading, and margin trading.
• Low fees and high liquidity
• A lot of cryptocurrencies on offer
• No KYC is required to start

Cons

• Customer service is poor – no live KuCoin support chat customer support
• You cannot withdraw fiat currencies
• The cost of buying crypto using fiat (3%-5 percent)

About KuCoin Platform

KuCoin is a global third-party cryptocurrency exchange for various digital assets and cryptocurrencies. Through the exchange, customers can sell, trade, and buy different digital assets with ease. They deal solely with cryptocurrency assets and do not offer fiat trading pairs.

The exchange was launched in May 2017 by a team of skilled business specialists with blockchain and cryptocurrency experience. They decided in 2011 to begin developing a safe, simplified exchange for people throughout the world to trade digital coins. By 2013, the team had developed the technical architecture that would become the KuCoin exchange we know today.

Though its roots are in Hong Kong, today, KuCoin’s headquarters is in Seychelles. They have facilities in India, Vietnam, Japan, Spain, South Korea, and other regions and employ over 300 individuals worldwide. KuCoin boasts that one of every four crypto holders globally is with their exchange.

Supported Cryptocurrencies

Currently, the KuCoin crypto exchange supports over 700 types of cryptocurrencies including stablecoin, over 300 different trading pairs, and more than 400 markets. They regularly add to their list of crypto assets that Kucoin users can sell, buy, and trade.

Some of the popular coins KuCoin features on their trading platform include Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Bitcoin (BTC). They also host less popular options like Lympo and VeChain.

Though KuCoin supports well-known cryptocurrencies, it also supports digital assets that recently completed their initial coin offering or ICO. Their support of new cryptocurrencies is ideal for anyone who wants to purchase coins as soon as they hit the market.

KuCoin Shares

In 2017, KuCoin developed its native cryptocurrency called KuCoin Shares (KCS). These tokens assisted in funding the exchange’s creation. Overall, the company gave out 200,000,000 KuCoin Token to its founders and private and regular investors.

Anyone holding KuCoin Shares will receive trading discounts, low withdrawal fees, and a daily 50% share of cryptocurrency dividends. KCS also comes with a trading fee discount where a holder can get a 1% discount per 1000 KCS, maxing out at 30% for 30,000 KCS. Another benefit of holding KCS is access to more trading pairs, including EOS, BTC, USDT, GO, ETH, and XRP.

Users can earn KCS through the KuCoin referral program. Whenever an invited user completes a purchase, the referrer can receive a referral bonus of up to 20%.

Payment Methods

Initially, KuCoin only accepted cryptocurrency payments. Thanks to the company’s partnerships with Banxa, Simplex, and PayMIR, it is now possible to pay for cryptocurrencies with fiat. You can use your bank card to make purchases instead of only using cryptocurrencies.

These transactions have fees, but the amounts vary depending on the type of payment method you choose. The fee percentage typically ranges between 5% to 7%. For instance, using Banxa to buy KuCoin cryptocurrencies can result in a 4% to 6% transaction fee on top of the total purchase amount.

KuCoin recently added PayPal, Interac e-Transfer, and wire transfer as additional payment methods for Peer-to-Peer (P2P) fiat trading. Though wire transfers can take up to two business days to go through, PayPal and Interac e-Transfer completes their transactions almost instantaneously. The e-transfer can take up to 30 minutes.

KuCoin doesn’t charge for deposits, but they do have some withdrawal fees on top of KuCoin third party fiat transaction fees. Most withdrawals will hit the user’s digital wallet within three hours, but large amounts can take up to eight hours.

KuCoin Australia Fees and Limits

KuCoin crypto exchange offers some of the lowest fees among other exchanges.

Trading Fees

Every transaction for KuCoin spot trading will have a 0.1% fee for the maker and the taker. This rate is on par with Binance, one of the top crypto exchanges made famous for its low trading fees. Typically, trading costs with KuCoin will decrease based on a user’s 30-day trading volume.

For instance, if a user’s 30-day trade volume in BTC is less than or equal to 500, their maker/taker fee changes to 0.05% and 0.08%, respectively.

KuCoin Shares holders are entitled to additional trading discounts, so KuCoin fees will be under 0.1% if they use their KCS tokens to cover their expenses.

KuCoin 24 Hour Withdrawal Limit

KuCoin withdrawal limits tie directly into the type of account a person has with the platform. Though the exchange offers one account type across the board, there are several verification levels, and each one has different limitations.

KuCoin unverified limits include unverified accounts that have a withdrawal limit of 2 BTC within 24 hours. This limit is higher than some other crypto exchanges allow for their unverified accounts. This limit may be acceptable for small volume traders.

A standard verified account has a withdrawal maximum of 100 BTC within 24 hours. Verified KuCoin institutional account can withdraw up to 500 BTC every 24 hours.

Verifying a personal account isn’t mandatory, but KuCoin strongly recommends it. Not only will it prevent issues in the future, but it will also allow customers to use fiat-to-crypto trading once the platform approves it.

If you choose to verify your account, you’d need to submit a scan of your identification and proof of your country of residence. A passport is an acceptable way to prove your identity and residence. The immediate benefit of taking this extra step is an increased withdrawal limit.

Kucoin Trading Fee Table

Customer Support

KuCoin has excellent customer service, which is available 24/7. Users can reach out to the exchange’s support team via the company’s website, email, social media, ticketing system, phone number, and other methods. The staff appears to be well-trained and will respond quickly and accurately to customer inquiries.

One of the KuCoin customer service department’s best aspects is that it assists users in multiple languages. KuCoin prides itself on being an easy-to-use global exchange, and that mission is reflected in its customer service diversity and effectiveness.

In addition to a 24/7 hotline chat service, users can receive support from KuCoin’s informative Help Center and FAQ Center. If they prefer to speak to a representative, they can expect a response within a few hours, which is significantly better than most other cryptocurrency exchange platforms. Representatives appear friendly, professional, and knowledgeable.

Safety Features: How Reliable Is Kucoin? Is Kucoin Safe In Australia?

KuCoin may be one of the newer exchanges to hit the market, but their safety measures appear effective. As of this Kucoin exchange review, they have not had any KuCoin hack or breaches that put their clients’ personal information or digital assets at risk.

To keep their platform secure, KuCoin uses a mix of system and operational security measures. The exchange’s creators followed the financial industry’s standards during the platform’s development. Using these standards as a foundation for security gave the platform bank-level security and data encryption.

In terms of operation, KuCoin has several risk control departments that enforce strict data usage rules for the platform. They also have a partnership with a Singapore-based crypto service provider to care for KuCoin’s assets. The strategic partnership between both companies makes it significantly harder for hackers to infiltrate the platform and steal valuable assets.

KuCoin solidifies its security with user account security features. These measures include two-factor authentication, email notifications, a login safety phrase, security questions, and phone verification. Most of these features are not mandatory, but they significantly reduce the risk of unauthorized account use when used together.

Summing It Up

Based on our KuCoin Australia review, we concluded that this crypto exchange platform is one of the best to use. As a global platform, it boasts a beginner-friendly and user-friendly interface with features experienced traders and advanced traders can appreciate.

In addition to the 700-plus cryptocurrencies the platform supports, it also has its own cryptocurrency, KuCoin Shares. Holders for KuCoin Shares can use the token’s benefits to reduce the already low trading fees further. At 0.1%, this exchange platform’s trading fee is on par with the more widely known Binance exchange.

One drawback to KuCoin is its lack of fiat trading, though it is possible to use fiat to purchase cryptocurrency. We are confident the company will address this issue as it continues to grow.

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Frequently Asked Questions