CoinSpot is Australia’s leading cryptocurrency exchange, with more than 1 million users. Their website is popular for providing 370+ coins, crypto staking, an NFT marketplace, and Australia’s most exemplary local support. CoinSpot’s key benefit is that they have stronger ASIC and AUSTRAC regulatory compliance and security than other exchange platforms.
Binance, on the other hand, is a major digital asset trading platform. Their services are available to Australian users but lack a local support staff. Therefore, the onboarding, verification, and customer support procedures will take longer for Australians.
For clarity, this guide compares CoinSpot and Binance to see which offers the best value for your cryptocurrency investments.
CoinSpot vs. Binance: Key Features
CoinSpot is the best platform to trade cryptocurrencies, regardless of your experience level. They have more than 360 different cryptocurrencies to choose from, making it simple to choose the right one for your requirements. Additionally, you’ll get access to live chat and a 24-hour help centre whenever you need it.
Investing in 22 different cryptocurrencies simultaneously with CoinSpot is an excellent approach to building up a more extensive crypto portfolio over time. Whenever I log into Coinspot, I’m pleased to watch the amount of cryptocurrency I’ve staked rise.
If you’re looking for popular NFT collections like Bored Apes, which aren’t listed on Binance, then CoinSpot’s NFT marketplace will impress you. You can even make payments with whatever coin you choose! You can only make ETH payments on other exchange platforms, which is not the case here.
Large volume traders would appreciate CoinSpot’s OTC service, which charges a minimal fee of 0.1%. To guarantee you are obtaining the best pricing and the least amount of slippage on your transactions, you will have a dedicated account manager to help.
Binance is a renowned trading platform. If you’re looking for a platform with a wide selection of trading options, Binance is the one for you. They have 600+ currencies you can choose from. Because of its minimal trading costs, Binance is a good choice for newbies.
Binance has many trading features that help to optimise its customer’s trading experience. These include features trading, margin trading, NFT marketplace, P2P marketplace, Binance Visa Card, and crypto lending and borrowing. These features give customers a comprehensive range of investment options.
Binance also offers its customers 70+ cryptocurrencies to stake on and earn passive interest. Binance has a native currency called BNB coin that gives customers a discount of 25% on fees.
Winner: If this comparison was based purely on the features of the exchange platforms, then it’s a draw. But CoinSpot has regulatory safety, which gives it an edge over Binance.
CoinSpot vs. Binance Trading Fees
The Binance Market Order feature offers trading rates of 0.2%. The exchange also has an Instant Buy/Sell feature with trading fees of only 0.85% per trade. However, Binance is not a native cryptocurrency exchange platform and might offer slightly expensive AUD deposit options.
At 0.1% trade, the CoinSpot Market Order feature charges slightly lower trading fees than Binance. However, CoinSpot’s Instant Buy/Sell feature charges slightly higher than Binance’s, at 1% per trade. Because of the illiquidity of altcoins, trading fees for Instant Buy/Sell are higher.
Winner: It’s a draw. Binance and CoinSpot charge roughly similar fees for each trade, with CoinSpot offering a cheaper Market Order but a slightly more expensive Instant Buy/Sell. However, AUD deposits are more expensive on Binance.
CoinSpot vs. Binance Assets
On CoinSpot, customers can trade 370+ premium cryptocurrencies. They have the latest GameFi, DeFi, Metaverse, NFT, and more.
Binance has the most significant number of assets — more than any other cryptocurrency exchange platform in the world. Customers can trade 750+ different cryptocurrencies on Binance.
Winner: Binance wins. They offer more assets to traders and have greater altcoin variety and diversity. However, low-cap cryptocurrency coins can be very risky.
CoinSpot vs. Binance Security
Security is a very crucial factor to consider when deciding which cryptocurrency exchange platform to trade on.
Binance and CoinSpot protect their customers’ funds by implementing multiple security layers on their platforms. However, there was a security breach in Binance in 2019, where their platform was hacked, and $40 million worth of Bitcoin was stolen.
Some of these assets were recovered, and the traders were compensated. Binance’s insurance policy protected the platform and kept this setback from affecting their operations.
Binance ensures the safety of its traders’ funds by implementing offline storage features. They monitor these funds in real-time. Other security features include wallet and IP address whitelisting, data encryption, device management, and API access control. Binance is compliant with every compliance initiative, including Responsible Trading, AML, and KYC.
CoinSpot is one of the most secure cryptocurrency exchange platforms in Australia. They have not suffered any hacks since its inception in 2013. They are a member of AUSTRAC and Blockchain Australia and meet AML and KYC requirements.
Winner: CoinSpot wins. They are older and more secure than Binance.
CoinSpot vs. Binance Customer Support
CoinSpot users have 24/7 access to a live chat customer support feature. The customer support teams are based within the country, making the feature very useful as the traders can receive feedback instantly. The live chat feature is also straightforward to use.
On the other hand, Binance does not have a live chat customer support feature that runs 24/7. Also, the customer support teams are based outside the country, meaning they can take a long time to get back to traders.
Winner: CoinSpot wins. They provide their customers with 24/7 live chat support based locally.
CoinSpot vs. Binance Deposit Methods
CoinSpot offers Australian traders the most significant number of deposit methods compared to other exchange platforms. Traders can deposit AUD via Osko, PayID, bank deposits, cash deposits, POLi, and BPAY.
CoinSpot has more wins than Binance, making them the overall winner. The platform is one of the best cryptocurrency exchanges in Australia.
Binance is the biggest cryptocurrency exchange platform in the world. Both platforms are viral in Australia. CoinSpot offers many amazing features, including 24/7 customer live chat support and CoinSpot bundles. They charge a low fee of 0.1% on their Market Order feature and a 1% fee on their Instant Buy/Sell to trade using riskier altcoins.
Binance charges 0.2% on their Market Order feature. However, you may minimise the cost to 0.075%. At this time, they are yet to develop a 24/7 live chat option for customer support.