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