CoinSpot vs Binance
Quick-Take: CoinSpot is the recommended cryptocurrency investing platform to use for Australian investors due to its low fees, regulatory compliance & security, and wide variety of cryptos to trade.
CoinSpot is Australia's most-feature digital asset trading platform. Their products include an exchange with over 370 assets, Crypto Staking, NFT Marketplace/NFT Wallets, SMSF & OTC Support, CoinSpot Bundles and much more. Their platform provides the most complete experience for cryptocurrency investors in Australia.
Binance is equally as feature-rich given their status as the largest crypto exchange in the world. The main concern we have with respect to Binance is their shaky history with regulators in countries like the UK, Canada and other Commonwealth Nations. We believe this poses some risk to Australian users, which is why we recommend avoiding the platform.
Winner: Technically this would be a tie purely based on platform features. However, if we consider regulatory safety a feature, we would tip CoinSpot as the winner.
CoinSpot offers the lowest trading fees at 0.1% per trade using their Market Order feature as displayed below. Their Instant Buy feature to trade over 370 different currencies charges a slightly higher fee at 1% per trade. The high fee is due to illiquidity of smaller 'altcoins' which are generally more expensive to invest in.
Binance offers a base trading rate on their Market Order platform of 0.2% - which is slightly higher than CoinSpot. However, their Instant Buy features is slightly cheaper coming in at 0.85% per trade. One thing to note is that because Binance is an off-shore exchange, it can be slightly more expensive to deposit AUD onto their platform.
Winner: This one is a Draw. CoinSpot and Binance offer roughly the same trading fees, with Binance being a little more expensive to deposit AUD onto their platform.
CoinSpot currently offers over 370 of the best cryptocurrencies available across the DeFi, GameFi, NFT, Metaverse and other sectors.
Binance offers the most assets compared to any other exchange in the world. They offer over 750 tokens to buy, sell and trade on their platform.
Winner: Binance is the best exchange for altcoin diversity if you're willing to accept the risk on the low-cap coins available in their markets.
CoinSpot was founded in 2013 and has never had any security compromises or hacks. They are regulated by ASIC & AUSTRAC and are Blockchain Australia Gold members. It is also one of the only exchanges in Australia to acquire an ISO 270001 certification in data security.
Binance was founded in 2017 and was hacked once in 2019 for a total of $40 million.
Winner: CoinSpot is an older & more secure exchange than Binance.
CoinSpot offers offer 24/7 live support and that is one of the most important features to have for investors. Their support team are all based in Australia, which means you can get near instant customer support if you are having trouble on their platform.
Binance is yet to implement a 24/7 Live Support service on their platform. Their customer support staff are also remote and based overseas, which means it can take days to get feedback on a question.
Winner: CoinSpot wins this category as they offer 24/7 live and local support.
CoinSpot has more deposit methods for Australian investors than any other cryptocurrency platform. They have a variety of deposit methods such as PayID, Osko, Bank Deposit, Cash Deposit, BPAY & POLi.
Based off who won the most categories, CoinSpot takes the trophy. We recommend using CoinSpot overall due to the low fees, high security & Live Support feature. We still recommend using Binance as it's the worlds largest cryptocurrency platform and offers many features that other exchanges don't have yet.
Yes, as a local exchange in Australia CoinSpot is much safer than Binance. The Binance platform has had regulatory issues in Canada and the United Kingdom, so there may be problems in Australia in future.
Binance does not offer NFTs from OpenSea on their platform. Users can only buy and sell NFTs available on Binance Smart Chain. CoinSpot on the other hand offers OpenSea NFTs like Bored Ape Yacht Club and Cool Cats, which is a better experience on our view.
We offer a free 14-day trial so you can explore our platform, begin building a site, and decide if you're ready to subscribe to Squarespace.
We recommend CoinSpot on the basis that your funds are more secure on their platform. They are the most regulated and trusted in Australia.
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