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 of these exchanges are known to crypto investors, but which one is better?
After a head-to-head comparison across multiple criteria, Coinspot comes out to be the best choice for first-time crypto investors and users who aspire to hold crypto in the long haul. Coinspot outdoes Binance as it has well-established itself as a highly secure exchange geared towards the Aussies, with its current active users of more than 2 million nationwide.
In addition to being AUSTRAC-licenced, Coinspot became a certified member of Blockchain Australia in 2014 and since then, it has been complying with the industry’s best security practices. Coinspot is in a league of its own with a user-friendly interface and mobile app, a wide range of cryptocurrencies supported (350+), diverse deposit methods, 24/7 customer support, highly competitive staking services, its in-platform NFT marketplace and many exclusive features.
Comparison Table
Coins 350+ 600+ Trading Fee Market: 0.1%; Instant buy: 1% 0.1% Deposits Fee Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5% Free but only supports PayID and OSKO Withdraw Fee Free Free Payment Options Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit PayID, OSKO Daily Deposit Limit No limit after full verification $10k 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 staff
- Responsive and available specialist Support Team via Help Desk - No customer support
- It’s hard to reach support team via email or live chat
- Only bots that direct users to online articles Website www.coinspot.com.au www.binance.com
| | | |
| Coins | 350+ | 600+ |
| Trading Fee | Market: 0.1%; Instant buy: 1% | 0.1% |
| Deposits Fee | Bank transfer, POLi, PayID, OSKO: Free; BPAY: 0.9%, Cash: 2.5% | Free but only supports PayID and OSKO |
| Withdraw Fee | Free | Free |
| Payment Options | Bank transfer, POLi, PayID, OSKO, BPAY, Cash deposit | PayID, OSKO |
| Daily Deposit Limit | No limit after full verification | $10k |
| 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 staff - Responsive and available specialist Support Team via Help Desk | - No customer support - It’s hard to reach support team via email or live chat - Only bots that direct users to online articles |
| Website | www.coinspot.com.au | www.binance.com |
Pros and Cons: CoinSpot
🔥 PROS ❌ CONS
👍 Supporting more than 350 different coins, more than any other Australian exchanges.
👍 Scheduling automatic purchases daily, weekly, or monthly for investors to dollar-cost average.
👍 The only AUSTRAC-regulated and ISO certified cryptocurrency exchange in Australia.
👍 24/7 live chat support, responsive and competent specialist support team, new request-a-call feature for users to organise a call with support staff.
👍 The NFT marketplace - the first of its kind in Australia to simplify the NFT buying and selling process.
👍 Simple-to-use staking feature that requires NO LOCK IN periods for staked coins and pays staking rewards directly to users’ account.
👍 CoinSpot’s OTC offering, which allows larger trades for a low 0.1% fee with no hidden costs.
❌ Only supporting fiat currency deposits and withdrawals for AUD.
| 🔥 PROS | ❌ CONS |
| 👍 Supporting more than 350 different coins, more than any other Australian exchanges. 👍 Scheduling automatic purchases daily, weekly, or monthly for investors to dollar-cost average. 👍 The only AUSTRAC-regulated and ISO certified cryptocurrency exchange in Australia. 👍 24/7 live chat support, responsive and competent specialist support team, new request-a-call feature for users to organise a call with support staff. 👍 The NFT marketplace - the first of its kind in Australia to simplify the NFT buying and selling process. 👍 Simple-to-use staking feature that requires NO LOCK IN periods for staked coins and pays staking rewards directly to users’ account. 👍 CoinSpot’s OTC offering, which allows larger trades for a low 0.1% fee with no hidden costs. | ❌ Only supporting fiat currency deposits and withdrawals for AUD. |
Pros and Cons: Binance
🔥 PROS ❌ CONS
👍 The largest crypto exchange worldwide supporting more than 600+ cryptocurrencies.
👍 Offering advanced features such as spot, margin, P2P, stock token, futures trading, a P2P marketplace, etc.
👍 Providing users who exchange BNB with exclusive rights such as lower trading fees, launchpad investing eligibility, etc.
❌ Complicated platform for new investors, despite Binance’s Lite Mode app for beginners.
❌ Only supporting PayID and Osko when you deposit AUD.
❌ Some of their tokens ask users to lock staked assets for 30 days, so it’s not ideal for staking.
❌ A demo account is only available for the Binance Futures platform.
❌ No Live Chat customer support, hard to reach out to the support team.
| 🔥 PROS | ❌ CONS |
| 👍 The largest crypto exchange worldwide supporting more than 600+ cryptocurrencies. 👍 Offering advanced features such as spot, margin, P2P, stock token, futures trading, a P2P marketplace, etc. 👍 Providing users who exchange BNB with exclusive rights such as lower trading fees, launchpad investing eligibility, etc. | ❌ Complicated platform for new investors, despite Binance’s Lite Mode app for beginners. ❌ Only supporting PayID and Osko when you deposit AUD. ❌ Some of their tokens ask users to lock staked assets for 30 days, so it’s not ideal for staking. ❌ A demo account is only available for the Binance Futures platform. ❌ No Live Chat customer support, hard to reach out to the support team. |
CoinSpot vs Binance Customer Support
CoinSpot customer support
The user-friendliness of CoinSpot is its most significant selling point. Specifically, it features an instant buy and sell function that is easy-to-use and intuitive, even for those new to cryptocurrency.
If you encounter any difficulties, Live Chat support (which is not available on Binance) is on hand to assist you, and you can also reach out to Coinspot’s specialist support team through the Help Desk. I have myself tested out the Live Chat support many times and each time, I chat to a real person (not a bot as provided by Binance). Honestly, what impressed me the most was that the support staff responded to me in less than 1 minute. They were all friendly, professional, and competent in answering my queries and resolving my issues.
Remarkably, the support is 24/7, and there is also a new request-a-call feature which allows individuals to organise a call with Coinspot’s support member. I find this feature indeed convenient for someone like me, who can express myself better verbally. Via call support, any issues or questions along the way I traded on Coinspot were dealt with timely and professionally.
Binance customer support
One of the most notable drawbacks of Binance comes from the lack of customer service. It is difficult to contact Binance through email or live chat at present. Their customer service is solely provided by automated bots that direct you to online articles, which is inconvenient for even experienced users when they have a specific question concerning their accounts.
Winner:
There is no doubt that Coinspot outdo Binance in terms of customer support and this helps Coinspot earn the trust of a large pool of users.
CoinSpot vs Binance Fees
As crypto exchanges rely on transaction fees to generate revenue, it is critical to know exactly how much they are forking over each time you make a trade. However, it might be a bit of a challenge given that some platforms frequently try to disguise additional costs in the form of strange fees. So keep reading to find out more about Binance and CoinSpot’s fees.
Deposit Fees
You can deposit funds into your Coinspot account to purchase Bitcoin without paying any fees. On CoinSpot, users can enjoy free instant deposits using PayID, POLi, or Direct Deposit (through OSKO). Deposits made using BPAY incur a fee of 0.9%.
For Binance, it also does not charge you any fees for deposits in Australian dollars. However, Binance currently only supports PayID and OSKO.
Trading Fees
CoinSpot charges a fee of 1% for instant buy and sell transactions, which is a competitive rate in the industry. Coinspot’s customers can benefit from a 0.1% fee via the Market section where the spread is low and dictated by the users. You can also get a 0.1% fee via the OTC section where you can trade for 50K or more with highly competitive spreads.
Trading fees on Binance are as low as 0.1%, and if you pay your fees using Binance’s own currency (BNB), you’ll earn a 25% discount. Instead of paying 0.1%, you will only be charged 0.075%. In addition, you may further lower the trading fees if you trade a considerable volume during the last 30 days of your trading activity.
Withdrawal Fees
Coinspot does not charge fees for withdrawing your AUD from your CoinSpot account to your designated Australian bank account. There is also no requirement for minimum or maximum withdrawal amounts.
Similarly, Binance does not impose any fees for AUD withdrawals to Australian bank accounts. It is necessary to note that each coin has its unique withdrawal charge. For fiat cash, the withdrawal cost goes from $1 to $15, while for cryptocurrency, the fee ranges from $1 to $15.
CoinSpot is extremely flexible in its deposit methods. Users may put their deposit into CoinSpot from 3 major payment institutions in Australia: POLi, BPAY and PayID. POLi payments are fee-free and can be deposited instantly, while BPAY is an e-wallet system that can process transactions quickly within 24 hours. Similarly, PayID is also an instant bank transfer deposit method that offers free deposits. All of these 3 options are guaranteed to be the best and most secure payment methods in Australia.
CoinSpot also accepts deposits at major retail outlets in Australia’s major cities as well as cash deposits via Blueshyft. As a premier crypto platform, CoinSpot truly has a great array of payment methods that can make the transaction process much smoother for its investors.
On the contrary, CoinJar offers fewer options for its investors. It accepts direct bank and wire transfers as well as Blueshyft and cryptocurrency deposits. Blueshyft currently owns more than 1,200 branches in Australia at various news outlets. Users may deposit hard cash into their accounts directly.
Winner: CoinSpot
With a trading fee of 0.1% (which can be easily reduced to 0.075%), Binance is the clear winner here as a result of its large trade volume and client base.
CoinSpot vs Binance Deposit Methods
Coinspot supports various fee-free deposit options, including Direct Deposit, PayID, POLi, and cryptocurrency. BPAY (0.9% fee) and cash deposits via BlueShyft (2.5%) are also available for users to make deposits.
As far as fiat deposit options are concerned, only PayID and OSKO are accepted by Binance in Australia. Also supported is the option of making a cryptocurrency deposit into your Binance account.
Winner: CoinSpot
While both accept direct deposit, PayID and cryptocurrency, CoinSpot outperforms Binance since it also supports POLi, BPAY and cash deposits.
CoinSpot vs Binance user experience
Binance vs. Coinspot are both excellent crypto exchanges with various great features, but user experience is among the important features to bring the best experience to customers.
CoinSpot user experience
CoinSpot provides a very intuitive and easy-to-use interface with basic features, making it simple for new traders to carry out their transactions. For instance, the fantastic CoinSpot Bundles tool allows users to easily diversify their cryptocurrency portfolio. Also, as a variety of coins can be purchased in a single transaction, which spreads their risk, reduces fees, and affixes an average cost over several cryptocurrencies.
It is advisable to go for the Top 10 Market Cap Bundle, which is precisely a collection of the ten most valuable cryptocurrencies listed on CoinSpot ranked by Market Capitalisation. It includes the most potential coins that investors may like to hold, including BTC, ETH, BNB, and ADA, and it spreads out risk to reduce volatility.
In addition, Coinspot is always committed to giving users a seamless experience, and its Mobile App speaks for itself. The app is is available on both Google Play and App Store, so you can easily download and install it right on your smartphone. The app is designed to suit everyone from novice to seasoned traders alike. It allows you to easily find all listed coins with an interactive list, track your holdings in one simple view, access your deposit and perform any transactions quickly and safely.
Binance user experience
Binance is a feature-rich cryptocurrency trading platform designed for experienced users. It offers many advanced features, including margin trading, futures trading, a P2P marketplace, and comprehensive charting capabilities. There is also an NFT marketplace, and if you HODL it in your Binance account, it can yield interest, similar to how you would deposit your AUD into a bank account and earn interest.
It’s also worth mentioning that Binance has collaborated with Visa to provide a free Binance Visa Card to exchange users. You can use the card to spend your cryptocurrency at more than 60 million merchant locations worldwide, with no administration or processing fees, and you can even earn up to 8% cashback on eligible transactions!
Winner:
Coinspoit is undoubtedly the winner for crypto investors and users who are seeking an exchange with seamless experience for both Aussies and international customers.
CoinSpot vs Binance: Supported Cryptocurrencies
Binance and CoinSpot are among the top-leading crypto exchanges that allow their users to purchase and sell various cryptocurrencies.
CoinSpot – Supported Cryptocurrencies
CoinSpot accepts the widest assortment of cryptocurrencies compared to any other Australian-based exchanges. It allows users to purchase, sell or swap many cryptocurrencies (currently 358) and it is constantly striving to add new coins to its exchange, which makes it almost certain for users to find the coin they want to invest in. For fiat currencies, the Australian-based exchange currently supports only AUD.
Binance – Supported Cryptocurrencies
Binance boasts the largest range of cryptocurrencies compared to any other cryptocurrency exchange or investment platform globally. Currently, Binance is supporting more than 600 different coins, 1440 tokens and keeps adding new ones to its platform regularly. In addition to USD, the exchange supports other fiat currencies such as AUD, CAD, GBP, EUR, HKD, JPY & 35 more.
Winner:
Binance supports a greater number of cryptocurrencies than Coinspot, but it’s worth noting that both support major cryptos on the market.
CoinSpot vs Binance Security
Security is always the number one concern for every cryptocurrency investor, so let’s look at the security features of CoinSpot and Binance.
CoinSpot security features
CoinSpot offers a variety of customisable options, including Two-Factor Authentication, anti-phishing phrases, custom withdrawal restrictions, session timeout settings and geo-lock logins. These options are intended to help you protect your funds and assets.
In 2018, CoinSpot became a Registered Digital Currency Exchange and was compliant with the Australian laws by taking numerous Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF) and Fraud Prevention measures to prevent money laundering or terrorism financing. CoinSpot also takes appropriate steps to identify you when you open an account, adhering to Know your Customer (KYC) regulations, which safeguards both you and the broader community of Australia.
It prides itself on being the most secure and audited cryptocurrency exchange in Australia, and it has achieved ISO 27001 accreditation. Compared to Binance, Coinspot has never been hacked despite having been in business for four years longer than Binance.
Binance security features
Binance keeps most of its digital assets offline in cold storage. They also give recommendations to users on how to improve account security, such as enabling 2FA, managing withdrawal addresses, allowlisting devices, anti-phishing codes, and even U2F (universal 2nd-factor authentication).
However, despite their best attempts to maintain their reputation as a safe exchange, Binance was the target of a cybersecurity attack in 2019, during which hackers stole more than $40 million worth of Bitcoin. Binance handled the issue by fully compensating the loss and ensuring that users were not impacted.
Four months later, the platform passed an information security management audit and received the ISO 27001 accreditation. This demonstrates the commitment of Binance to ensure that their users’ data is protected on the platform.
Winner:
CoinSpot and Binance are both ISO 27001 certified, use multi-layered security, and allow users to keep their digital assets offline. However, CoinSpot is the winner as it has been a well-established exchange with high security and its customers have never experienced security issues since it was founded.
Overall winner – CoinSpot
CoinSpot is the top crypto exchange in Australia, while Binance is the most popular globally. Coinspot has the NFT marketplace for users to exchange their coins and the staking service that requires no lock-in periods for staked coins. In addition, it provides a user-friendly UI, 24/7 support, Live Chat assistance, minimal transaction costs of 0.1% and other exciting features.
Meanwhile, despite boasting similar features, such as margin trading, staking, an NFT marketplace, and futures trading, Binance has lower trading fees of 0.1% than that of Coinspot and users can even enjoy the lower fees of 0.075%. However, it’s unfortunate that Binance does not support customer service and a rather confusing user interface, which may turn beginner investors away.
All in all, CoinSpot is an excellent place to start whether you’re new to crypto or want to purchase and store your coins for the long haul. Binance, on the other hand, is a good choice for experienced and frequent crypto traders. The additional trading tools and price charts and the relatively cheaper fees on Binance will help you maximise earnings on all of your transactions.
FAQS
Is CoinSpot or Binance better?
Binance vs. CoinSpot are top-notch cryptocurrency exchanges, but CoinSpot should be a good option for long-term crypto investors and first-time traders. It is simple to use Coinspot, and the Live Chat support crew is very helpful.
On the other hand, if you’re already familiar with crypto and have traded other assets, such as stocks, you’ll probably prefer Binance due to its lower costs for regular traders and advanced features such as staking or crypto lending.
Why is there a price difference between CoinSpot and Binance?
Across exchanges, there are slight differences in the crypto rates/prices due to different levels of supply and demand, the trading volume and other factors. Also, the trading, deposit or withdrawal fees vary across exchanges. In the cases of Coinspot and Binance, both offer users a great experience, though the latter charge lower fees due to the more extensive customer base and trading volume.
Is CoinSpot the same as Binance?
While CoinSpot is one of the best cryptocurrency exchanges in Australia, Binance is the world’s biggest by trading volume. There are some differences in the trading costs, withdrawal fees, deposit methods, supported cryptos, and many more. Binance is better for experienced traders, while CoinSpot is best suited for new traders and most Australian crypto investors.
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The following review is for informational purposes only and should not be construed as financial or investment advice. It is important to note that cryptocurrency is a highly volatile and speculative market, and there is no guarantee of profit or loss. This review is based on the author’s personal experience and research, and individual results may vary. The author is not affiliated with any of the exchanges mentioned in this review and does not receive compensation for their mention. It is recommended that readers conduct their own due diligence and consult with a financial advisor before making any investment decisions.
The information regarding performance may be different from the time of publication. Past performance does not guarantee future results. While we believe that all content was accurate at the time of posting, it is possible that some offers included in the content may no longer be valid.
