Australian crypto investors have a wealth of options for exchanges. In this article, we compare CoinSpot and Binance to help you decide which one is right for you.
CoinSpot is a convenient, one-stop destination for cryptocurrency enthusiasts. Started in 2013, it's one of Australia's oldest and most reliable exchanges.
Binance is the world's largest cryptocurrency exchange by trading volume and a great alternative for those looking for a more global perspective. It's also one of the few exchanges that offer a mobile app, making it convenient to trade on the go.
Both exchanges offer competitive rates and have a lot to offer, but there are some key differences that may sway your decision. So, let's take a closer look at each one!
CoinSpot vs Binance Australia:
Comparison Table
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|---|---|---|
Coins | 410+ | 600+ |
Trading Fee | Market trades at 0.1% Instant buy/sell at 1% | 0.1% |
Deposit Fee | Free when using POLi, OSKO, Bank transfer, and PayID 0.9% for BPAY 2.5% for Cash deposits | Free |
Withdraw Fee | Free | Free |
Payment Options | BPAY, Cash deposits, POLi, OSKO, Bank transfer, and PayID | OSKO and PayID |
Pros | - Easy to use platform - Buy NFTs with any cryptocurrency - Wide range of coins (410+) - Live chat support - Staking on 21 coins - OTC trades | - Supports 600+ cryptocurrencies - Low trading fees - Advanced trading markets - Staking on 70+ coins - Free deposits and withdrawals
|
Cons | High instant buy/sell fees | - Poor customer support - Complex platform |
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Header | | |
|---|---|---|
Coins | 410+ | 600+ |
Trading Fee | Market trades at 0.1% Instant buy/sell at 1% | 0.1% |
Deposit Fee | Free when using POLi, OSKO, Bank transfer, and PayID 0.9% for BPAY 2.5% for Cash deposits | Free |
Withdraw Fee | Free | Free |
Payment Options | BPAY, Cash deposits, POLi, OSKO, Bank transfer, and PayID | OSKO and PayID |
Pros | - Easy to use platform - Buy NFTs with any cryptocurrency - Wide range of coins (410+) - Live chat support - Staking on 21 coins - OTC trades | - Supports 600+ cryptocurrencies - Low trading fees - Advanced trading markets - Staking on 70 coins - Free deposits and withdrawals |
Cons | High instant buy/sell fees | - Poor customer support - Complex platform |
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CoinSpot Pros & Cons
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Binance Australia Pros & Cons
Pros
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CoinSpot vs Binance Australia Features
Whether you're a seasoned crypto investor or just starting out, CoinSpot is the perfect place to buy, sell and trade cryptocurrencies. They offer over 410 different cryptocurrencies, making it easy to find the perfect one for your needs. Plus, live chat support and a 24/7 help desk mean you'll always have help when you need it.
CoinSpot offers staking on 21 coins, which is an excellent way for investors to grow their crypto holdings over time. I stake several coins on Coinspot and am always excited to see the amount of crypto grow each time I log in.
CoinSpot has an excellent NFT marketplace where you can buy popular collections, such as Bored Apes which isn’t even found on Binance. An additional feature of their NFT marketplace is that you can purchase using any cryptocurrency you like! This is not the case with most other exchanges and even OpenSea, where you can only purchase with ETH. This is so convenient for CoinSpot users, because you don’t need to bother converting your crypto to ETH (and paying fees) before you can purchase the NFT you like.
CoinSpot offers OTC service, which is ideal for large volume traders, at a low fee of 0.1%. You will have personalised service with an account manager that can ensure you are getting the best prices and low slippage on your trades.
Binance is one of the most popular cryptocurrency exchanges globally and the largest by trading volume. This platform offers an extensive range of advanced trading markets and features, making it the perfect choice for advanced investors. With over 600 different coins available, they have a good selection to choose from. Their low trading fees make it an affordable option for those just starting out.
Their advanced trading features include margin trading, futures trading, a P2P marketplace, an NFT marketplace, crypto borrowing and lending, and even a Binance Visa card. With so many options available, you're sure to find the perfect way to invest in your favourite cryptocurrencies.
And if you're looking to earn interest on your investments, their staking program offers over 70 different cryptocurrencies. Plus, their native currency, the BNB coin, gives you a 25% discount on trading fees.
Features: Both CoinSpot and Binance are feature-packed. It is hard to decide on a clear winner. Binance is the better option if you are an advanced trader looking for more trading options. However, for the majority of crypto investors, CoinSpot is excellent, with plenty of great features in a user-friendly platform.
CoinSpot vs Binance Australia Fees
CoinSpot offers free deposits on POLi, OSKO, Bank transfer, and PayID but charges a 0.9% deposit fee on BPAY and a 2.5% fee for cash deposits. Withdrawals are not subject to any fees.
A 1% trading fee is levied on instant trades, but trading on the market will significantly lower your trading fees to 0.1%. However, you can only access about 16 coins on the market - for all other coins, you need to instant trade, incurring the 1% fee.
Binance Australia offers free withdrawals, free deposits and a low trading fee of 0.1%.
Fees: Binance wins when it comes to fees. They have a low trading fee of 0.1% which you can reduce even further if you pay using Binance Coin (BNB). They also have free AUD withdrawals and deposits.
Number of Cryptocurrencies
CoinSpot offers 410+ different cryptocurrencies to its users.
Binance offers over 600 crypto options.
Number of cryptocurrencies: Both CoinSpot and Binance offer a very wide selection of cryptocurrencies. However, Binance offers a more comprehensive list of digital assets, giving users more options.
Deposit Methods
CoinSpot offers a variety of deposit methods, including BPAY, Cash deposits, POLi, OSKO, Bank transfer, and PayID.
Binance Australia only supports cryptocurrency, OSKO and PayID deposits.
Deposit methods: CoinSpot is ahead of Binance in terms of supported deposit methods, and traders looking for convenience and variety can find it with CoinSpot. Binance Australia, on the other hand, Binance only supports cryptocurrency, OSKO and PayID deposits.
CoinSpot vs Binance Australia Security
When looking to invest in cryptocurrency, security is one of the most important aspects you need to factor in when choosing an exchange platform.
Both CoinSpot and Binance have implemented multiple layers of security to protect user funds. However, Binance has been the victim of a hack in 2019, where assets worth $40 million were stolen, and they managed to recover some of it and compensate users. However, given that the company has a comprehensive insurance policy, these events have not significantly impacted Binance's operations.
Binance has implemented offline storage facilities and real-time monitoring to keep your funds safe. They also have many security features like data encryption, IP and wallet address whitelisting, API access control, and device management. Plus, they are compliant with all the major compliance initiatives like KYC, AML, and Responsible Trading.
CoinSpot, on the other hand, has not been the target of any hacks so far. Based in Australia, CoinSpot is registered with AUSTRAC and is a certified member of Blockchain Australia. That means that they meet all KYC and AML requirements and the Australian Digital Currency Industry Code of Conduct. But they aren't just compliant - they are also one of the most secure exchanges around. Their security measures include anti-phishing phrases, two-factor authentication (2FA),geo-lock logins, custom withdrawal restrictions and offline cold storage of most of our digital assets.
Security: While both have solid security measures to ensure safety, CoinSpot's measures have stood the test of time, seeing that they've not experienced any hacks to date.
CoinSpot vs Binance Australia Summary
CoinSpot and Binance offer different benefits and drawbacks for Australian crypto investors. So, which one is the right fit for you?
That depends on what you're looking for in a crypto exchange. If you are an advanced trader looking for a wider range of trading markets and coins, Binance might be a better choice. However, for the majority of users, CoinSpot is the exchange to use. CoinSpot has extremely high security, over 410+ coins, NFT marketplace, OTC service desk for large volume traders, and staking.
If you want to do some more research before deciding on a crypto exchange, you can have a read of our article on the best crypto exchanges for Australians.
It really comes down to your personal preferences as an investor. Consider what's most important to you and make your decision based on that.
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