CoinSpot vs Binance

Dominic Harper // August 3 // 0 Comments

CoinSpot and Binance are two very well-known crypto exchanges and both have earned their spots on the list of the top exchanges in Australia. CoinSpot caters only to Australian customers while Binance is the largest in the world based on trading volume. Which one is best to use in Australia?

The answer is that it depends on your level of trading expertise and how you plan to use crypto - as a long-term investor or a frequent trader? CoinSpot is perfect for beginners with their instant buy/sell feature and Live Chat support whereas Binance is more suited to serious traders that have a bit of experience under their belt.

Have a read through this article to see how we compared the two exchanges, and decide which one is right for your needs.

Comparison Table

Header

Coins

360+

600+

Trading Fee

Market: 0.1%, Instant buy: 1% 

0.1%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

PayID/OSKO

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Earn interest on 70+ coins

- Margin trading, futures trading and a P2P marketplace

Cell
Header

Coins

360+

600+

Trading Fee

Market: 0.1%, Instant buy: 1% 

0.1%

Deposit Fee

Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5%

Free

Withdraw Fee

Free

Free

Payment Methods

Bank transfer, OSKO, BPAY, POLi, PayID, Cash Deposit

PayID/OSKO

Features

- Live Chat support

- Most secure and trusted exchange in Australia

- Earn interest on 70+ coins

- Margin trading, futures trading and a P2P marketplace

Cell

Pros & Cons: CoinSpot

  • P R O S
  • Most secure and audited exchange in Australia
  • Over 360+ different coins supported
  • Earn interest on 21 coins
  • Mobile app and desktop site
  • Live Chat customer support
  • C O N S
  • Only available in Australia

Pros & Cons: Binance

  • P R O S
  • Largest crypto exchange in the world
  • Over 600+ cryptocurrencies supported
  • Earn interest on over 70+ coins
  • Advanced features include margin trading, futures trading and a P2P marketplace
  • C O N S
  • No Live Chat or email support
  • Not as user-friendly as CoinSpot

Fees

CoinSpot doesn't charge any fees for withdrawals. For deposits, there are no fees if you use Bank transfer, POLi, PayID and OSKO, but there is a fee for BPAY (0.9%) and Cash (2.5%). To instantly buy or sell cryptocurrency there is a 1% fee. If you trade on the market, the fee is only 0.1% per transaction but you can only access 14 coins on the market.

Binance does not charge any deposit or withdrawal fees. To use the Convert feature on Binance (the equivalent to instant buy/sell) there is no commission, but the fee is included in the spread. To trade on the market, the fee is only 0.1%. If you pay your fees using Binance's own coin (BNB), you receive a 25% discount on trading fees. This means instead of paying 0.1% you only pay 0.075%, and you can further reduce your fees if you trade a large volume based on the previous 30 days.

Fees Winner: Binance

Both exchanges have free deposits and withdrawals, but Binance's low trading fees of 0.1% which can be reduced to 0.075% if paid using BNB makes it the winner.

Number of Coins

CoinSpot offers over 360+ different coins, while Binance has over 600+ different cryptocurrencies.

Number of Coins Winner: Binance

Binance wins with a huge variety of over 600 different coins.

Features

CoinSpot is an easy to use exchange that was built with beginners in mind. There is a simple instant buy and sell function which is intuitive, even for first-timers to crypto. If you run into any troubles, you can easily get help via the Live Chat support team, which is not available on Binance. Swapping between coins is also straightforward, and you can access CoinSpot on your computer or mobile devices as well.

Binance is a feature-rich crypto trading platform for experienced users, with margin trading, futures trading, P2P marketplace and advanced charting tools. There is also a NFT marketplace, and you can earn passive income by receiving interest on any of 70+ different coins. The only feature that they are missing is customer support. It is impossible to get in touch with Binance, either by email or live chat. They only automated bots that direct you to online articles, which is not helpful if you have a specific question about your account.

Features Winner: Binance

Binance is the clear winner here, as it is one of the world's most feature-rich cryptocurrency platforms. Both newcomers and crypto veterans will find something they like on Binance.

Security

CoinSpot proudly claims the title of the most secure and audited cryptocurrency exchange in Australia, complete with ISO 27001 certification, AUSTRAC registration and membership with Blockchain Australia. CoinSpot uses multi-layered security measures such as 2FA (Two-Factor Authentication), custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings and offline cold storage of the majority of their digital funds.

Binance is very secure, with AUSTRAC registration, and offline storage of most of their cryptocurrency. However, in 2019 Binance was subject to a hack and over $40 million of Bitcoin was stolen. Binance covered the loss, so none of Binance's customers lost any money as a result of the breach. After four months, Binance had passed stringent audits on their information security management and received the ISO 27001 certification, showing their users they are committed to keeping their exchange secure.

Security Winner: CoinSpot

CoinSpot is the most secure and audited exchange in Australia, and has never been hacked since its establishment in 2013.

Overall Winner

There is no definitive answer to which exchange is better, because it really depends on your personal requirements. If you are a newcomer to crypto, CoinSpot is the better choice. If you have been around crypto for a while, and you are looking for advanced trading features and low fees, then Binance is the exchange for you.

If you want to see some other options, see take a look at our comparison table below which has some information about the top crypto exchanges for Australians.

Bybit
CoinSpot
Swyftx
Binance
MEXC
Crypto Exchange
Crypto Exchange
Bybit
CoinSpot
Swyftx
Binance
MEXC
Fiat Currencies
Fiat Currencies
AUD, USD, GBP, EUR, NZD & more
AUD
AUD, NZD
USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, LTC, XRP, EOS & 220+ more
BTC, ETH, LTC, XRP, BCH, ADA & 360+ more
BTC, BTG, BCH, ADA, ETH, ETC & 320+ more
BTC, ETH, XRP, LTC, BCH, BNB, NEO & 600+ more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
Deposit Methods
Deposit Methods
Visa/Mastercard, Apple Pay, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
PayID, Debit card, Credit card, SWIFT, SEPA, ACH, Cryptocurrency
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Trading Fees
Trading Fees
0% for spot, 0.01%/0.06% for derivatives
Market order: 0.1%, Instant buy: 1%
0.6%
0.1%
0.2% for spot, 0.02%/0.06% for futures
About the Author: Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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