CoinSpot vs. Binance 2022: Which Is Cheaper?

Updated: Jun 23rd, 2022
Kevin Groves
Kevin Groves
CoinSpot vs. Binance 2022: Which Is Cheaper?

In this comparison article between Coinspot and Binance Australia, we will compare two of the best crypto exchanges for Australians that have built up a solid reputation.

The crypto exchange platforms offer rapid AUD deposits with zero fees, advanced trading options and a mobile app. Coinspot and Binance are suitable for beginners and intermediate users, with the former being most user-friendly with additional methods of funding an account. On the other hand, Binance is well-suited for advanced traders with its high trading volume, wide range of supported coins, cheaper trading fees and sophisticated trading platform.

We have broken down each of the major aspects to determine which exchange is the better option in Australia. The methodology for this assessment will take into account the supported currencies, features and services, payment methods, trading fees, security and customer support so you can decide which option is right for you.

Coinspot vs. Binance: Overview

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 AUSTRAC licenced 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 320 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.

Binance is a well-known and respected exchange for trading cryptocurrencies that features over 397 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.

Coinspot vs. Binance: Quick Comparison

CoinSpotBinance Australia
Website
PromotionNone available at this time20% off trading fees
Fiat CurrencyAUDAUD
Supported Cryptocurrency350+397
Deposit MethodPOLI, PayID, BPAY, Cash Deposit & cryptoPayID & credit/debit card
Max. Trading Fee1%0.1%
Recurring OrdersYesNo
Mobile AppYesYes
Overall Rating
HedgewithCrypto Score
HedgewithCrypto Score
4.7/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
StarStarStarStarEmpty Star
Visit CoinSpot
HedgewithCrypto Score
HedgewithCrypto Score
4.4/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
StarStarStarStarEmpty Star
Visit Binance Au...
ReviewRead our full CoinSpot reviewRead 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 320 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.

Binance advanced trading terminalBinance advanced trading terminalBinance advanced trading terminal.

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.

Coinspot vs. Binance: Supported Crypto

Coinspot has one of the largest selections of cryptocurrencies on the market in Australia with over 320 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 397 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.

Coinspot AUD deposit methodsCoinspot AUD deposit methodsCoinspot AUD deposit methods.

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 user interfaceCoinspot user interfaceCoinspot user interface.

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 with Australian Dollars. A lower fee of 0.1% can be accessed on their exchange or via the OTC desk. However, the former is discouraged from being used with a limited number of crypto assets and poor trading volume.

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) that provides better value for money. The maximum fees for Coinspot and Binance are shown below.

TransactionCoinspotBinance
Buy/Sell with AUD1%0.1%
Buy/Sell with BTC1%0.1%
Advanced Orders1%0.1%
Recurring Orders1%N/A

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.

Coinspot customer supportCoinspot customer supportCoinspot customer support request.

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:

Comparison Criteria

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.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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