CoinSpot vs Binance

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.

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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.

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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.

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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.

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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

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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

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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.

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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.