CoinSpot vs Binance

Exchange comparison

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.

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CoinSpot vs Binance: Which is the better cryptocurrency exchange for Australian investors? In this article we will compare the two platforms and touch on fees, security, features, functionality, supported cryptocurrencies and deposit methods. These two exchanges are without doubt the two most popular cryptocurrency platforms in Australia in terms of user base and daily volume traded.

Exchanges
Cryptos Available
350+
400+
Trading Fees
0.1-1%
0.2-0.5%
Crypto Staking
NFT Marketplace
24/7 Local Support
Overall Best

Table of Contents

Fees: Which platform offers lowest fees?

CoinSpot has extremely competitive fees charging their users only 0.1% when trading using the market buy feature. Where as Binance offers their investors 0.5% in fees, which is still considerably low but doesn't quite beat CoinSpot in fees.

Security: How secure are users funds?

Both of the cryptocurrency platforms are regulated under AUSTRAC and fulfil all of the relevant financial reporting to combat money laundering. They both have acquired an ISO 27001 certification which makes them both extremely high security exchanges. However, in 2019 Binance was hacked and lost $40 million of users funds, although they did refund their users in full. For this reason, we consider CoinSpot to have higher security as they have never been compromised.

Supported Cryptocurrencies

For this category, there is no other centralised cryptocurrency exchange with a larger selection of cryptocurrencies than Binance. They offer over 1400 tokens to buy, sell and trade on their platform. Most exchanges have around 300 - 800 supported cryptocurrencies available.

Deposit Methods

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.

Features & Functionality

We have highlighted the best features that Binance and CoinSpot have to offer below:

Binance
  1. Locked staking and ETH 2.0 staking available
  2. Launchpool - the ability to purchase tokens at pre-market price by staking your BNB
  3. BNB Vault - A yield aggregator for BNB

CoinSpot
  1. Staking available on 7 different cryptos and 10 Bundles (similar to ETFs)
  2. OTC Desk - Direct access to a professional trading broker for all trading enquiries
  3. AUD Instant buy when using supported deposit methods
  4. 24/7 Live Support customer service

CoinSpot wins this category as they offer 24/7 live support and that is one of the most important features to have for investors. Binance is yet to implement a 24/7 Live Support service on their platform.

Final Verdict

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.

Frequently Asked Questions

Is CoinSpot safer than Binance?

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.

Is CoinSpot better than Binance for NFTs?

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.

CoinSpot or Binance for Staking?

We recommend CoinSpot on the basis that your funds are more secure on their platform. They are the most regulated and trusted in Australia.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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