Since its launch in 2013, CoinSpot has been at the vanguard of Australia’s blockchain exchanges. Founded in 2017, Binance is the world’s largest cryptocurrency exchange with the highest trading volume. Both exchanges are known to crypto investors, but which one is better?
CoinSpot, one of Australia’s longest-standing exchanges, is known for its user-friendly interface, robust security, and a wide variety of cryptocurrencies, making it an excellent choice for both new and seasoned investors. Binance, on the other hand, is globally recognised for its advanced trading features, an extensive list of cryptocurrencies, and high-volume trading infrastructure, catering more to experienced traders looking for in-depth tools like futures, margin trading, and trading bots.
In this article, we’ll take a closer look at how these two platforms compare, from supported tokens to fees, security, and customer service, helping you decide which exchange better suits your needs.
CoinSpot & Binance Australia: At a Glance
The table below provides a comprehensive comparison between CoinSpot vs Binance Australia.
 |
 |
|
| Website | www.coinspot.com.au | www.binance.com/en-AU |
| Trading Options | Spot Trading, Instant Buy, Swap, In-place NFTs Marketplace, OTC | Spot Trading, P2P, NFTs, Futures, Copy Trading, Trading Bots, APIs |
| Supported Tokens | Over 480+ cryptocurrencies27/30 top highest market cap tokens | Over 350+ cryptocurrencies26/30 top highest market cap tokens |
| Deposit Fees | POLi, PayID, Direct deposit: 0%Debit cards: 1.88%Credit cards: 0.9% | Cannot deposit AUD Can use cards with significant feesCan use P2P, cost-effective but time-consuming. |
| Withdrawal Fees | Users only need to pay mining fees (blockchain network fees) depending on the token and the network traffic | Cannot withdraw in AUDCan withdraw cryptocurrencies with fees vary |
| Transaction Fees | 0.1% for Market Trades1% for Instant Buy/Sell0.1% for OTC Trades1% for CoinSwap | Spot Trading: A max of 0.1% for both maker/takerUSD-M Futures Trading: A max of 0.02% maker and 0.05% takerOptions Trading: 0.02% for both maker/takerP2P Trading: No FeesNFT Trading: A max of 0.9% platform fee for sellers |
| Payment options | POLi, PayID, OSKO, Debit/credit Cards, Cash | Cards only |
| Security | 2FA, Biometric security, Offline cold storage, AUSTRAC registered, ISO 27001 certified | 2FA, Offline cold storage, AUSTRAC registered, ISO 27001 certified |
| Customer Support | 24/7 Live Chat customer support New request-a-call feature for users to organise a call with support staffResponsive and available specialist Support Team via Help Desk | No customer supports It’s hard to reach support team via email or live chatOnly bots that direct users to online articles |
CoinSpot Overview
CoinSpot is one of Australia’s oldest and most reliable crypto exchanges in Australia with robust & verified security and a firm customer base of over 2.5 million users. The platform is acclaimed as one the most user-friendly and transparent exchanges, catering to the needs of both novice and advanced traders.
Founded in 2013 by cyber-security expert Russell Wilson, CoinSpot has consistently strived to provide supporters with a wide selection of digital assets, boasting over 480+ cryptocurrencies available for trading.
One more plus point is that its versatility extends beyond traditional cryptocurrency trading, with features like crypto-to-crypto transactions and an in-platform NFT marketplace. The direct integration with OpenSea for NFT trading further enhances its appeal to a diverse range of users, from crypto enthusiasts to casual investors.
| 🔥 PROS | ❌ CONS |
| 👍 Supports 480+ cryptocurrencies. 👍 Crypto credit card available 👍 Direct integration with OpenSea allows for NFT trading 👍 Advanced TradingView charting and tools for technical analysis 👍 OTC offering allows larger trades for a low 0.1% fee with no extra costs 👍 24/7 live chart support, new request-a-call feature for users to organise a call with support staff 👍 AUSTRAC-regulated and ISO27001 certified | ❌ Only supporting fiat currency deposits and withdrawals for AUD. ❌ No advanced trading markets such as derivatives & leverage trading. ❌ Some deposit limits apply for accounts that are not fully verified. ❌ Higher fees on instant buys & sells. |
Binance Australia Overview
Binance, founded by Changpeng Zhao in 2017, quickly became the pinnacle of the cryptocurrency exchange world renowned for its impressive trading volume and wide range of coins offered.
Binance Australia is a subsidiary tailored for Australian traders with advanced trading options such as futures and margin trading. The exchange is endorsed for its list of altcoin, features, and international presence. Recently, Binance was debanked by its Australian banking partner, so users technically can still deposit AUD into Binance, but the methods are far less convenient.
| 🔥 PROS | ❌ CONS |
| 👍 Supports over 350 cryptocurrencies .👍 Offers advanced trading options, including futures, trading bots, copy trading, and APIs. 👍 Provides exclusive perks and discounts on transaction fees when using BNB. | ❌ Complicated interface for new investors, despite Binance’s Lite Mode app for beginners. ❌ Do not support direct AUD deposit or withdrawals. Users must use alternatives such as cards with higher fees or P2P but time-consuming. ❌ Complex and not clear fees structure with hidden fees. |
CoinSpot vs. Binance Australia: Unique Features
CoinSpot’s Features
CoinSpot is known as the most user-friendly exchange in Australia with easy-to-use interface and a variety of trading options that cater to the needs of both novice and experienced investors.
- Spot Trading: CoinSpot offers an intuitive trading interface. Users can easily browse and buy any of over 480 digital currencies. The cryptos list is also regularly updated each month, depending on customer requests.
- Bundles: Bundles are a carefully selected assortment of various digital currencies. Using bundles can help you cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin.
- In-platform NFT Marketplace: CoinSpot is the first platform in Australia to enable users to make purchases directly through its in-platform NFT Marketplace. It allows users to purchase NFTs using their choice of cryptocurrency with no need to convert currency or set up an external wallet.
- OTC Trading: CoinSpot’s specialised OTC Trading Desk allows members to perform high-volume transactions without the need of traditional public order books.
Binance’s Features
Like CoinSpot, Binance does offer basic trading instruments like Spot Trading, P2P (as Swap in CoinSpot), NFTs, and its Binance Earn.
- Spot Trading: Binance provides users with choices of over 350 cryptocurrencies to trade on. However, the platform’s infrastructure is built to handle a high volume of trades and transactions, catering to the needs of serious traders. Consequently, Binance also offers some advanced trading options, including trade margin with leverage, trading bots, copy trading, and APIs.
- Trading Bots: If you want to automate some aspects of your trading strategy, you can ask Binance’s five trading bots, which are spot grid, futures grid, arbitrage bot, rebalancing bot, and algo order, to do it. Otherwise, you can create your own bots.
- P2P Marketplace: As some people may find Binance’s interface quite complicated, a viable alternative is the platform’s P2P marketplace. This place allows you to trade tokens directly with other Binance customers with no intervention or fees. The only minus point is that you can only trade 7 coins and tokens in total.
CoinSpot vs. Binance: Fee Structures
CoinSpot Fee Policies
Fees are how crypto exchanges and platforms earn money in the end, so investors need to understand “What are CoinSpot fees?”.
Deposit Fees
The exchange accepts a wide variety of deposit methods. On CoinSpot, you don’t need to pay any fee when you make instant deposits via POLi, PayID, or Direct Deposit (via OSKO). If you use Bpay or cards, you will have to pay 0.9% fee (for credit cards) or a 1.88% fee (for debit cards). Otherwise, for physical cash deposits at Blueshyft newsagents, the deposit fee is up to 2.5%
Withdrawal Fees
You can withdraw money from CoinSpot using bank transfers like POLi or PayID without paying any charges. It offers free AUD withdrawals. However, you must pay a small mining fee (blockchain network fee), depending on the token and the network traffic. For example, Bitcoin withdrawals have a fee of 0.0002 BTC, Ethereum withdrawals have a fee of 0.0018 ETH, and Solana withdrawals have a fee of 0.02 SOL.
Transaction Fees
The exchange lays trading fees out simply, so you only pay one transparent fee and avoid any hidden costs as on other platforms.
- Market Trades (0.1% fee): When you set a price at which you want to buy or sell a cryptocurrency, your order will be filled when another trader places an order at that same price. At the time of writing, CoinSpot includes 15 popular options, including BTC, ETH, BNB, XRP, and ADA.
- Instant Buy/Sell (1% fee): CoinSpot sets a fixed price for your desired coins. You don’t have to wait for traders to buy from you or sell to you. Trade happens instantly. The advantage of “Instant” purchasing is that you don’t have to worry about price fluctuations while waiting for your order to be filled. All 410+ crypto assets available on CoinSpot can be purchased instantly.
- OTC Trades (0.1% fee): Users who conduct high-volume transactions can take advantage of CoinSpot’s OTC Trading Desk, which offers instant liquidity and settlement into your account. For transactions of $50,000 AUD or more, this is usually the best option. The best part is that it settles instantly with only a 0.1% fee per trade.
- Advanced Trading Tools (1% fee): If you are a seasoned trader, you can use tools like Recurring Buy, Take Profit, Stop Loss, and Limit Orders with a 1% fee.
- CoinSwap (1% fee): When you swap on Swyftx (exchange any crypto for any other one they offer), you make two trades: sell & buy. Each of these trades has a 0.6% fee, so the total is 1.2%. CoinSpot’s swap feature, in contrast, allows customers to swap between currencies in one simple trade for a low 1% fee.
Binance Australia’s Fee Structure
Deposit Fees
Aussie may note that despite a robust Australian customer base, Binance is yet to re-enable bank transfer using the country’s native AUD. This, however, doesn’t mean that you cannot deposit on Binance.
Users can use a credit or debit card to fund their Binance accounts, though this often incurs significant fees and requires a third-party provider, meaning that your transactions are less private.
Another option is through P2P, which can be cost-effective but slow as there are often very few AUD sellers in the marketplace.
Withdrawal Fees
Similarly, customers do not have the option to withdraw in AUD. Still, cryptocurrencies are allowed, with fees varying based on tokens’ networks and traffic.
Transaction Fees
Binance is not as transparent with its spreads, and they can vary dramatically from asset to asset when crypto trading. The platform charges different fees depending on how much you trade and how much BNB you hold. The fees can be as low as 0.0090% or as high as 0.1% for spot trading and from 0.02% to 0.04% for futures trading. You can also get a 25% discount if you use BNB to pay for fees.
Here is a breakdown of Binance’s fees:
- Spot Trading: A max of 0.1% for both maker/taker
- USD-M Futures Trading: A max of 0.02% maker and 0.05% taker
- Options Trading: 0.02% for both maker/taker
- P2P Trading: No Fees
- NFT Trading: A max of 0.9% platform fee for sellers
Also, Binance does not tell you its spreads clearly; they can differ depending on the coin you trade with. However, the spreads can be as low as 0.1% on Binance because it has a lot of volume and liquidity.
CoinSpot vs. Binance Australia: User Experience
CoinSpot’s Customer Feedback
CoinSpot has been highly rated as one of the top solid choices for both novice and seasoned traders, thanks to its straightforward and easy-to-use and versatile interface. For those first foraying into the crypto sphere, it is effortless to buy, sell or swap various crypto assets, as the dashboard shows great details about coins, their current prices, and their volume.
Moreover, the exchange also has a Live Chat option that enables you to reach out for assistance immediately, 24/7. Therefore, when you encounter difficulties, you can contact the customer support team.
If you cannot converse over live chat, CoinSpot provides alternative measures through their help desk, where you can respond whenever you are ready. The support staff will contact and help you address your problems within 24 hours.
Besides, CoinSpot features a comprehensive information centre with informative tutorials for beginners and a FAQ area to assist new investors in acquiring Bitcoin and other digital currencies.
The customer service team is also active on various platforms to answer any queries from their users. For instance, you can feel free to discuss everything about crypto and receive timely support from the official CoinSpot Reddit.
Binance Australia’s User Experience
The trading interfaces for its spot and advanced markets are modern and slick. The exchange offers robust capabilities for purchasing tokens, including spot trading interface features for analysing price movements and placing market orders.
Binance offers a comprehensive support hub that offers help centre articles, FAQs, contact forms and a live chat.
The live chat system uses a chatbot, but you can ask to speak with a person. When we tested this, it took less than 1 minute to be put in touch with a customer service representative, although it did require several prompts.
Coinspot v.s. Binance Australia: Security
When choosing an exchange, security is one of the most integral factors. Literally, both Binance and CoinSpot emphasise strong security measures against crypto frauds, scams, or cyber breaches.
CoinSpot’s Security
CoinSpot offers a wide range of customisable options, such as two-factor authentication (2FA), anti-phishing phrases, custom withdrawal restrictions, session timeout settings, and geo-lock logins.
The exchange is registered with AUSTRAC and is one of a few that has received the Blockchain Australia certification since 2014.
It is also the first Australian crypto exchange to be awarded the internationally recognised ISO 27001 certification for information security. The examination process requires the platform to fully adhere to the International Organisation for Standardisation’s requirements and pass an external audit conducted by SCI Qual International (an accredited JAS-ANZ certification body). Therefore, CoinSpot has proved stringently unrivalled in terms of security.
Binance’s Security
Binance emphasises security through measures like 2FA, withdrawal whitelisting, state-of-the-art cold storage options, anti-phishing codes, and even U2F (universal 2nd-factor authentication).
However, despite attempts to protect user’s funds, the platform underwent a cyber attack in 2019, during which hackers stole more than $40 million worth of Bitcoin. Binance handled the issue by fully compensating the loss and improved its security. The exchange passed an information security management audit and received the ISO 27001 accreditation.
Article Sources
At CoinCulture, we value content that is authenticated and helpful. All information is supported with white papers, government data, authorised organisations reports, and interviews with industry experts. We also reference original research and articles from other trusted publishers.
- CoinSpot. “CoinSpot Fee Structure, https://www.coinspot.com.au/fees”
- Binance. “Binance Australia Fees & Transactions Overview, https://www.binance.com/en-AU/fee/schedule”
- Yellow Card. “What is Crypto OTC Trading and How Does it Work?, https://yellowcard.io/blog/what-is-crypto-otc-how-does-it-work/”
- Forbes. “CoinSpot Review, https://www.forbes.com/advisor/au/investing/cryptocurrency/coinspot-review/#scrollto_coinspot_features_section”
- Trustpilot.com. “CoinSpot review, https://www.trustpilot.com/review/www.coinspot.com.au”
- Productreview.com “Binance review, https://www.productreview.com.au/listings/binance”
- Digital Economy Council of Australia. “Certified exchanges, https://deca.org.au/#certified-exchanges”
- International Organisation for Standardization. “ISO certification, https://www.iso.org/standard/27001”
