Global blockchain exchange Binance and CoinSpot are both available in Australia, but which one should you choose?
In this article, I compare each platform and how they fare as the best and most secure crypto exchanges in Australia.
Binance vs CoinSpot – Which is Best for Australians?
When comparing CoinSpot and Binance, two popular exchanges in Australia, one key difference is that the former only services Australian users while the latter operates on a decentralized platform spanning the globe.
By entrusting your crypto in Binance, you run the risks of funds being breached as it’s a decentralized cryptocurrency exchange platform. While it opens up opportunities globally as opposed to solely within Australia, it’s also much riskier.
Summary Comparison Table
Read through the table below to know the details that differentiate these two cryptocurrency exchanges.
|Total Fees||0.1 – 0.2%||0.1 – 1%|
|Available Crypto||Bitcoin, Binance Coin, Dogecoin, Ethereum, Shiba Inu, AAVE + 250 others||Bitcoin, Ethereum, Cardano, Uniswap, Sushiswap, + 250 others|
|HQ Location||Global Headquarters (“Decentralized”)||Melbourne, Australia|
|Modes of Deposit||Debit Card, Credit Card, or Bank Transfer||Cash Deposit, POLi, Bank Transfer, PayID/Osko, and SWIFT|
|Device Platforms||Android, iOS, Windows||Android, iOS, Windows|
|Customer Support||Slow||Very Fast|
|Risks||Binance faces bans for non-compliance with local regulators in some countries, including Canada and Malaysia||Secure and registered to operate in Australia|
|Verdict||Ideal for advanced traders in Asia, but potentially risky for beginner traders in Australia.||CoinSpot is by far Australia’s best exchange across the board. Their platform is easy to use and the fees are low at 0.1%|
The Final Verdict
The short answer is that CoinSpot is a great place to get started investing cryptocurrency for Australians. For now, Coinspot excels as the place to start trading cryptocurrencies like Ethereum, Litecoin, Ripple and more with Australian dollars.
Binance allows Australians the option of trading cryptocurrencies in a global space where it’s easy to buy and sell any top cryptocurrencies. It poses the risk of security breaches though, which can be incredibly hard to get back.
We prefer CoinSpot for the security options they offer. They’re more beginner-friendly and easier to get started with compared to Binance and other exchange platforms.