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 | 410+ | 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 | 410+ | 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
Pros & Cons: Binance
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 410+ 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.
