CoinSpot vs. Binance

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Quick Verdict

CoinSpot and Binance are well-established crypto exchanges in Australia that have served millions of customers. Of the two, CoinSpot is a great option with its simple-to-use and modern mobile app. Binance Australia has 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 investors who want to quickly and safely convert AUD into crypto. Moreover, there are more supported deposit methods to provide greater flexibility. Follow our Coinspot referral link to claim a free $20 Bitcoin bonus.

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 user-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.

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 traders and investors. Rated number 1 in the world for trading volume and liquidity, Binance is one of the best platforms for trading altcoins and stablecoins. Moreover, new users can get $50 for free when using a Binance signup code.

Coinspot vs. Binance: Quick Comparison

	CoinSpot	Binance Australia
Website
Promotion	$20 Bitcoin for creating a verified account and depositing	Up to $50 welcome bonus
Fiat Currency	AUD	AUD
Supported Cryptocurrency	380	600+
Deposit Method	PayID, Direct Deposit, POLi, BPAY, Card Deposit & Cash Deposit	Credit card
Max. Trading Fee	1% (instant), 0.1% (spot)	0% to 0.1%
Overall Rating	HedgewithCrypto Score 4.7 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit CoinSpot	HedgewithCrypto Score 4.4 / 5 We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. Visit Binance Australia
Review	Read our full CoinSpot Review	Read our full Binance Australia 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 everyday investors 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 of Coinspot is the ability to set up recurring AUD deposits and purchases. The

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. 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 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 order books with Binance currently ranked #1 in the world for its trading volumes.

Coinspot vs. Binance: Deposit Methods

Individuals who reside in Australia can fund an account on Coinspot using a variety of measures. These include POLI, PayID, BPAY, and Cash Deposits 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 of up to 1% which is expensive compared to Binance. 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 which 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 user-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 the everyday Aussie, there is a lack of advanced charting and trading features for crypto traders.

In contrast, Binance is aimed at cryptocurrency traders to speculate on hundreds of crypto-to-crypto trading pairs using its advanced trading terminal. Using Binance may require 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 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.

Transaction	Coinspot	Binance
Buy/Sell with AUD	1%	0.1%
Buy/Sell with BTC	1%	0.1%
Advanced Orders	1%	0.1%
Recurring Orders	1%	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.

In contrast, Coinspot offers a live chat feature to directly communicate with 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 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 resulting in 7,000 Bitcoin or approximately $40 million in assets from a single hot wallet.

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, and withdrawing funds to a bank account. The assessment on Binance will evaluate the global website and the limitations of Binance Australia.