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Quick Verdict - CoinSpot vs Binance Australia
CoinSpot and Binance are well-established and secure crypto exchanges in Australia that have served millions of customers. Of the two, CoinSpot is a great option for beginners with its simple-to-use and modern mobile app. Binance Australia is designed for advanced traders with lower fees (0.1% compared to 1%) and features endless products for speculators and investors alike.
Overall, we have rated Coinspot as the better option for Australians. While the number of cryptos is less than Binance (370 versus 600+) and has higher fees, CoinSpot is far easier to use making it ideal for newer investors that want to quickly and safely convert AUD into crypto. Moreover, there are more supported deposit methods for greater flexibility. Follow our Coinspot referral link to claim a free $20 Bitcoin bonus.
At A Glance
Coinspot is one of the oldest cryptocurrency exchanges that was established in 2013 and is based in Melbourne, Australia. The exchange has over 2 million customers nationwide and is well-respected in the local community for providing a safe and secure platform to invest in cryptocurrencies. Coinspot is an AUSTRAC licensed provider and a certified member of Blockchain Australia since 2014.
The best features on Coinspot include a beginner-friendly user interface, support for a variety of AUD deposit methods, and over 380 crypto assets to buy and sell with ease. Not to mention, Coinspot has a modern mobile app, responsive customer support live chat, and supports SMSF investors through its OTC desk.
- Reputable and trustworthy Australian crypto exchange
- Trusted by over 2 million users with a local head-office
- Platform is easy to use and suited for beginners to buy and sell crypto
- Selection of AUD deposit methods using Australian Bank accounts
- Consistently adding support for new coins
- 1% instant buy and sell fees are expensive in the market
- Coinspot Exchange lacks trading volume and liquidity
- Advanced orders and recurring buys incur a higher 1% fee
Binance Australia Overview
At A Glance
Binance is well-known and one of the best crypto exchanges for Australians which features over 600 coins across 1,634 trading pairs. The exchange is available for traders globally including Australia to provide a robust and reliable trading environment with its powerful charting and trading engine. Binance Australia, a subsidiary of the company has a local office within the country and accepts direct AUD deposits and withdrawals using local banks. There are certain limitations with Binance Australia, however, the exchange uses the same innovative technology, advanced trading terminal and security features that have become industry-leading.
The exchange boasts over 2 billion in trading volume and includes an entire ecosystem with several blockchain-based products and services. The suite of features enables its customers to access global finance products in addition to its advanced trading platform for serious traders and investors. Rated number 1 in the world for trading volume and liquidity, Binance is the best platform for trading altcoins and stablecoins. Moreover, new users can get $50 for free when using a Binance signup code.
- Reputable and trustworthy brand that is highly respected in the industry
- Advanced trading platform that is ideal for day traders, retail investors and institutions
- Superior trading volume and liquidity that is ideal for day traders high net worth investors and altcoin traders
- Highly-rated mobile trading app to enter positions and visualize portfolio
- World-class security measures to protect stored assets
- Limited deposit methods for Australian Dollars
- Trading platform not suitable for first-time investors or beginners
- Binance Australia does not offer derivatives trading, DeFi and finance products
- Difficult to obtain complete transaction history and reports for tax returns
Coinspot vs. Binance: Quick Comparison
|Promotion||$20 Bitcoin for creating a verified account and depositing||Up to $50 welcome bonus|
|Deposit Method||PayID, Direct Deposit, POLi, BPAY, Card Deposit & Cash Deposit||PayID & credit/debit card|
|Max. Trading Fee||1% (instant), 0.1% (spot)||0.1%|
Visit Binance Au...
|Review||Read our full CoinSpot review||Read our full Binance Au... review|
Coinspot vs Binance: Features & Services
There are several differences between the platform to suit various groups of cryptocurrency investors. This affects the features offered on both platforms which are tailored for their customers.
Coinspot is predominately a fiat-to-crypto exchange that allows residents in Australia to fund an account with fiat currency (i.e. Australian Dollars) that can be used to convert into cryptocurrencies such as Bitcoin, Ethereum and others. The exchange is focused on beginners in the market with its simplistic and instant buy/sell features to quickly and safely invest in crypto. Other notable features on Coinspot include:
- Exchange features a simple and easy to use interface that is ideal for everyone
- Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer, POLi and Cash Deposit
- Achieved ISO 27001 accreditation for the protection of customer information
- Supports over 380 digital currencies and regularly adds new coins
- Highly visual portfolio and holdings dashboard with real-time updates
Coinspot also offers 'Bundles' which allows investors to purchase multiple coins at once to quickly diversify a portfolio in a single transaction. Another useful feature on Coinspot is the ability to set-up recurring AUD deposits and purchases. These options are ideal for investors that want to invest in crypto with little amounts each day, week or month.
On the other hand, Binance is widely regarded as the premium exchange for trading cryptocurrencies with maximum trading fees of 0.1%. Where it lacks options for recurring orders and coin bundles, its advanced trading terminal and charting platform are packed with features for intermediate and advanced users. Of most importance, the liquidity across its market order books is second-to-none. Combined with Tradingview charting and a sophisticated mobile app, Binance is a better option compared to Coinspot for serious crypto traders.
Moreover, Binance Australia offers a greater product range for its customers. These include the ability to store funds and earn interest on crypto, trade with leverage up to 100x, access over 1,000 trading pairs, stake and farm liquidity to earn rewards and buy and sell collectibles on the NFT marketplace.
Related: How to buy NFTs in Australia?
Coinspot vs. Binance: Supported Crypto
Coinspot has one of the largest selections of cryptocurrencies on the market in Australia with over 380 coins listed. The supported coins can be instantly bought and sold using the available funds in AUD. Coinspot's exchange supports 14 assets that can be traded between other users on the platform which is limited.
In comparison, Binance has over 600 coins listed across a combined 1,634 trading pairs using its order books. The supported assets that can be used as collateral include Bitcoin, Ethereum, USDT, USDC, BNB and many others. A stark point of difference is the liquidity on their own orders books with Binance currently ranked #1 in the world for its trading volumes.
Coinspot vs. Binance: Deposit Methods
Individuals that reside within Australia can fund an account on Coinspot using a variety of measures. These include POLI, PayID, BPAY, Cash Deposit using Flexepin vouchers and cryptocurrency. Using a bank transfer through POLi and PayID do not have any fees and are processed near-immediately. Additional payment options such as BPAY and cash deposit have small fees. For more information on using cash, read our guide on how to buy Bitcoin with cash.
On the other hand, the selection of payment options to transfer AUD to fund a Binance account is PayID and credit/debit cards only. While there is the option to use a credit card to purchase crypto, there are fees up to 1% which is expensive. Similar to Coinspot, using PayID to deposit AUD into a Binance account is free.
Coinspot vs. Binance: Ease of Use
Coinspot and Binance are geared towards different types of users that are reflected in the design of both platforms. Both exchanges have intuitive and responsive mobile applications for users to create an account, complete ID verification and fund an account.
Coinspot provides a beginner-friendly platform for crypto trading against AUD. The trading experience for the buying and selling process is modern, elegant and simple to use without complicated options. Given the exchange is targeted towards beginners, there is a lack of advanced charting and trading features for serious crypto traders.
In contrast, Binance is aimed for cryptocurrency traders to speculate on hundreds of crypto-to-crypto trading pairs using its advanced trading terminal. Using Binance requires a reasonable amount of trading experience to navigate the platform across a variety of supported markets. The trading terminal uses the popular Tradingview charts that include a plethora of charting patterns, technical indicators and drawing tools.
Coinspot vs. Binance: Trading Fees
Coinspot charges a premium fee of 1% to instant buy and sell crypto in Australian Dollars. A lower fee of 0.1% can be accessed on their exchange or via the OTC desk. In comparison, Binance has a maximum trading fee is 0.1% to trade all listed coins on the spot exchange. The fee structure is based on a maker-and-taker model that benefits users that provide liquidity to the exchange using advanced orders (i.e. limit) and trade higher volumes.
In short, the Coinspot fee of 1% for buying and selling crypto with AUD is 10 times higher than Binance at 0.1% per transaction. Moreover, Binance fees can be reduced by 25% for holding Binance Coin (BNB) which provides better value for money. The maximum fees for Coinspot and Binance are shown below.
|Buy/Sell with AUD||1%||0.1%|
|Buy/Sell with BTC||1%||0.1%|
Binance vs. Coinspot: Customer Support
Both Binance and Coinspot provide comprehensive support articles, guides and Frequently Asked Question (FAQs). In particular, the Binance Academy is an all-in-one location to learn everything about cryptocurrency, blockchain, DeFi, staking and trading. The Binance customer support team has a poor customer satisfaction rating with a 2/5 star rating according to 2,964 reviews. The support centre can take several weeks to obtain a reply to a customer service support ticket.
In contrast, Coinspot offers a live chat feature to directly communicate to the customer support team. The chat is available 24 hours a day weekdays and 9am - 5pm on weekends. The average response time based on our experience is between 5 and 7 minutes. The feedback from existing customers on Coinspot is excellent with a 4.5/5 star rating based on 1,724 reviews.
Coinspot vs. Binance: Security
Coinspot and Binance offer world-class security features such as 2 Factor Authentication (2FA) and offline hot wallet storage. Both exchanges have officially received ISO/IEC 27001 accreditation for the management of customer personal information. Between the two, Binance has been hacked in the past that resulted in 7,000 Bitcoin or approximately $40 million in assets from a single hot wallet.
Final Verdict: How Do They Compare?
Coinspot and Binance are popular exchanges to buy crypto within Australia using AUD with 0% fees. The similarities end there with Coinspot targeting the newcomers to the industry with a beginner-friendly desktop and mobile application that is very easy to use. In contrast, Binance is geared for experienced traders with lower fees and a variety of different markets to trade.
For more information, read our full reviews on both platforms:
This comparison of Coinspoit and Binance takes into consideration important criteria such as products and services, ease of use, deposit options, trading experience, supported cryptocurrency, fees and researching other aspects such as customer support reviews and security measures.
The methodology included creating an account, depositing AUD, trading crypto, withdrawing funds to a bank account. The assessment on Binance will evaluate the global website and the limitations on Binance Australia.