CoinSpot vs Binance

CoinSpot vs Binance

Daniel Chan

September 8, 2021

Cryptocurrency

CoinSpot is one of Australia's best crypto exchanges, and Binance is the largest crypto exchange globally, based on trading volume. You have heard of both of these big names, but which is better for Australians to use? I'm going to compare these two exchanges using various criteria so you can decide which one is best for you. You want the answer now? CoinSpot is my choice for first-time users and investors who are going to hold crypto long-term. If you are planning on day-trading or want access to advanced features such as staking, margin trading and trading futures, then sign up with Binance.

Cell

Fiat Currencies

AUD

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

290+

300+

Buy/Sell Fees

1%

0.1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Cryptocurrency

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

AUD

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

Number of Coins

290+

300+

Buy/Sell Fees

1%

0.1%

Daily Deposit Limit

$100k

$10k

Deposit Methods

Cell
Cell

Direct Deposit

PayID

POLi

PayPal

Credit Card

Debit Card

BPAY

Crypto

Cash

Features

Cell
Cell

User-friendly

Mobile app

Demo mode

Live Chat

Security

Cell
Cell

2FA

Biometric security

AUSTRAC registered

ISO 27001 certified

Offline cold storage

Website

Pros
  • Easy to use, perfect for beginners
  • Multiple deposit options
  • Most secure and trusted exchange in Australia
  • Over 290+ cryptocurrencies supported
  • Live Chat support team
Cons
  • Higher trading fees (1%) compared to industry standard
  • AUD is the only fiat currency supported
Pros
  • Low trading fees of 0.1% (only 0.075% if you pay fees with BNB)
  • Over 300+ different coins
  • Advanced trading options and tools for experienced traders
  • Staking is available - grow your crypto while you invest
Cons
  • Poor customer service - no Live Chat
  • No instant buy/sell - trade on the markets only

CoinSpot vs Binance Fees

It is hard to beat Binance when it comes to low fees. Read on to see the full details of fees that CoinSpot and Binance charge. 

Deposit Fees

CoinSpot charges ZERO fees on AUD deposits using POLi, PayID, or Direct Deposit (via OSKO). If you want to deposit using BPAY, the fee is 0.9% fee, and for cash deposit, it costs 2.5%.

Binance charges ZERO fees on AUD deposits using any method (only PayID and OSKO supported).

Trading Fees

CoinSpot charges 1% on instant buys and sells. There is also a market available where the transaction fees are only 0.1%, but there are only 14 coins available to buy there. To access the full range of 290+ coins, you need to purchase directly from CoinSpot using the instant buy.

Binance trading fees are a low 0.1% and you can receive 25% discount if you pay the fees with Binance's own coin (BNB). This means you are only paying 0.075% per trade! Watch the video below to find out more info about BNB.

Withdrawal Fees

CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.

Binance charges ZERO fees for AUD withdrawals to Australian bank accounts. 

Winner - Binance

Binance wins here with its low 0.1% trading fee, (which can be easily reduced to 0.075%). Binance can offer the lowest fees due to its massive trading volume and extensive customer base.

CoinSpot vs Binance Deposit Methods

CoinSpot accepts several deposit methods, such as Direct Deposit, PayID, POLi and cryptocurrency, which are all fee-free. Users also have the option to deposit via BPAY (0.9% fee) or deposit cash at a newsagent (2.5% fee). 

Binance only accepts PayID and OSKO as fiat deposit methods in Australia. You are able to also deposit cryptocurrency into your Binance account.

Winner - CoinSpot

CoinSpot and Binance both accept direct deposit, PayID and cryptocurrency, but CoinSpot also supports POLi, BPAY and cash deposits.

CoinSpot vs Binance Features 

CoinSpot and Binance are both great crypto exchanges filled with features, and I won't be going in-depth about every service they offer. Instead I will point out a few features that is not found on the other exchange. For an in-depth review of CoinSpot and Binance, click on their reviews: Coinspot review and Binance review.

CoinSpot's platform is really designed with the customer in mind. The interface is user-friendly and clutter-free, and their customer service is excellent, with Live Chat support. I have tested out the Live Chat on several occasions, and each time I am chatting to a real person (not a bot) in just a few minutes. The Customer Support team is always friendly, professional, and helpful in answering my queries. On the other hand, Binance does not have Live Chat, which is something they could definitely do with.

CoinSpot has a great feature called CoinSpot Bundles, where you can diversify your crypto portfolio easily. You can buy a range of coins in the one transaction, which spreads out your risk, lowers fees, and affixes an average cost over a few cryptocurrencies.

I find the 'Top Ten Market Cap' Bundle a good choice, which is exactly what it sounds like - the ten biggest cryptocurrencies based on their market capitalisation. It has the biggest coins that many investors would like to hold, including BTC, ETH, BNB, and ADA, and it spreads out risk to reduce volatility. Below are the CoinSpot Bundles that you can currently buy on CoinSpot.

Binance has a few ways for you to grow your crypto investment while you HODL it in your Binance account. On CoinSpot if you leave your crypto in the account, it just sits there, but on Binance, you can make your crypto work for you, just like putting your AUD in a bank account to earn interest. These are the staking options that Binance offers on their exchange.

Binance has partnered with Visa to bring out a free Binance Visa Card. You can use the card to spend your crypto at 60 million merchants around the globe, with zero admin or processing fees, and even receive up to 8% cashback on eligible purchases! 

Winner - Binance

Binance has a lot of features that are not covered here, such as margin trading, futures trading, and an NFT marketplace. The big one is staking, which most users (beginners and experienced investors) will appreciate, because you can earn more crypto while you hold it.

CoinSpot vs Binance Security

Security is always a top priority for any trusted crypto exchange, and CoinSpot and Binance are no exception. CoinSpot utilises multi-layered security, comprising Two-Factor Authentication (2FA), custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings and offline cold storage of the vast majority of its digital assets. CoinSpot is registered with AUSTRAC, complying with strict AML/KYC obligations, and is a certified member of Blockchain Australia, fully compliant with the Australian Digital Currency Industry Code of Conduct. CoinSpot is proudly the most secure and audited Australian crypto exchange, and holds ISO 27001 certification. 

Binance holds most of their digital assets offline in cold storage, and they provide advice to their users on how to increase security, for example enabling 2FA (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes and even U2F (universal 2nd factor authentication), which requires physical access to hardware to access your account. Despite their best efforts at being a secure exchange, Binance was the victim of a cybersecurity breach in 2019, when hackers stole over $40 million worth of Bitcoin. Binance responded in a professional manner, covering the loss in full, so users weren't affected. Four months later, it passed an audit of its information security management, to be awarded the ISO 27001 certification. This shows the level of commitment Binance has, to ensuring they have a secure platform for users. Binance is continuing to invest in ways to improve their cybersecurity defense.

Winner - CoinSpot

This is a close battle between CoinSpot and Binance. They both have the ISO 27001 certification, multi-layered security and store most of their digital assets offline. However, CoinSpot wins as it has been around for four years longer than Binance, yet currently has never been hacked.

Verdict - CoinSpot

CoinSpot is one of the best Aussie cryptocurrency exchanges, and Binance is the largest crypto exchange in the world, and one of the most popular. This has to be one of the closest comparisons I've done. CoinSpot has an excellent user-friendly interface, with Live Chat support, and cool features such as CoinSpot Bundles. It also has low 0.1% fees when buying popular coins on the market, although to buy the majority of coins will cost you 1% in fees since you have to buy instantly from the exchange.

Binance has extremely low trading fees of 0.1% which can be easily reduced to 0.075%, and they have so many additional features such as an NFT marketplace, margin trading, staking, and futures trading. Unfortunately their lack of customer service and confusing interface for beginners turn me away.

In my opinion CoinSpot is the better exchange for the majority of crypto investors. If you are a newbie or you plan on buying some crypto and holding it in the long term, I would suggest CoinSpot. However, for the niche group of experienced day-traders, I would suggest Binance. If you are making lots of trades on a daily basis, the lower fees on Binance will maximise profits on all your trades, plus you will appreciate the extra trading tools and charts.

Overall Winner - CoinSpot

CoinSpot's user-friendly platform, numerous deposit methods and Live Chat support make it the better choice for most users in this comparison.

Still Researching?

If you want to read more detailed reviews on these two excellent exchanges, follow these links: CoinSpot review and Binance review. For other options of Australian crypto exchanges, you can click here to read my article, and also have a look at the comparison table below.

Comparison Table of the Best Crypto Exchanges in Australia

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

To view our privacy policy read this.


Tags


You may also like

Best places to stake ADA (Cardano)

Best places to stake ADA (Cardano)
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>