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CoinSpot is one of Australia's best crypto exchanges, and Binance is the largest crypto exchange globally, based on trading volume. You have heard of both of these big names, but which is better for Australians to use? I'm going to compare these two exchanges using various criteria so you can decide which one is best for you. Do you want the answer now? CoinSpot is my choice for first-time users and investors who are going to hold crypto long-term. If you are planning on day-trading or want access to advanced features such as staking, margin trading, and trading futures, then sign up with Binance.
It is hard to beat Binance when it comes to low fees. Read on to see the full details of the fees that CoinSpot and Binance charge.
CoinSpot charges ZERO fees on AUD deposits using POLi, PayID, or Direct Deposit (via OSKO). If you want to deposit using BPAY, the fee is 0.9% fee, and for a cash deposit, it costs 2.5%.
Binance charges ZERO fees on AUD deposits using any method (only PayID and OSKO supported).
CoinSpot charges 1% on instant buys and sells. There is also a market available where the transaction fees are only 0.1%, but there are only 14 coins available to buy there. To access the full range of 350+ coins, you need to purchase directly from CoinSpot using the instant buy.
Binance trading fees are a low 0.1% and you can receive a 25% discount if you pay the fees with Binance's coin (BNB). This means you are only paying 0.075% per trade! Watch the video below to find out more info about BNB.
CoinSpot charges ZERO fees for AUD withdrawals to Australian bank accounts.
Binance charges ZERO fees for AUD withdrawals to Australian bank accounts.
CoinSpot accepts several deposit methods, such as Direct Deposit, PayID, POLi, and cryptocurrency, which are all fee-free. Users also have the option to deposit via BPAY (0.9% fee) or deposit cash at a newsagent (2.5% fee).
Binance only accepts PayID and OSKO as fiat deposit methods in Australia. You can also deposit cryptocurrency into your Binance account.
CoinSpot and Binance are both great crypto exchanges filled with features, and I won't be going in-depth about every service they offer. Instead, I will point out a few features that are not found on the other exchange. For an in-depth review of CoinSpot and Binance, click on their reviews: Coinspot review and Binance review.
CoinSpot's platform is designed with the customer in mind. The interface is user-friendly and clutter-free, and their customer service is excellent, with Live Chat support. I have tested out the Live Chat on several occasions, and each time I am chatting to a real person (not a bot) in just a few minutes. The Customer Support team is always friendly, professional, and helpful in answering my queries. On the other hand, Binance does not have Live Chat, which is something they could do with.
CoinSpot has a great feature called CoinSpot Bundles, where you can diversify your crypto portfolio easily. You can buy a range of coins in one transaction, which spreads out your risk, lowers fees, and affixes an average cost over a few cryptocurrencies.
I find the 'Top Ten Market Cap' Bundle a good choice, which is exactly what it sounds like - the ten biggest cryptocurrencies based on their market capitalization. It has the biggest coins that many investors would like to hold, including BTC, ETH, BNB, and ADA, and it spreads out risk to reduce volatility. Below are the CoinSpot Bundles that you can currently buy on CoinSpot.
Binance has a few ways for you to grow your crypto investment while you HODL it in your Binance account. On CoinSpot if you leave your crypto in the account, it just sits there, but on Binance, you can make your crypto work for you, just like putting your AUD in a bank account to earn interest. These are the staking options that Binance offers on their exchange.
Binance has partnered with Visa to bring out a free Binance Visa Card. You can use the card to spend your crypto at 60 million merchants around the globe, with zero admin or processing fees, and even receive up to 8% cash back on eligible purchases!
Security is always a top priority for any trusted crypto exchange, and CoinSpot and Binance are no exception. CoinSpot utilizes multi-layered security, comprising Two-Factor Authentication (2FA), custom withdrawal restrictions, anti-phishing phrases, geo-lock logins, session timeout settings, and offline cold storage of the vast majority of its digital assets. CoinSpot is registered with AUSTRAC, complying with strict AML/KYC obligations, and is a certified member of Blockchain Australia, fully compliant with the Australian Digital Currency Industry Code of Conduct. CoinSpot is proudly the most secure and audited Australian crypto exchange and holds ISO 27001 certification.
Binance holds most of their digital assets offline in cold storage, and they provide advice to their users on how to increase security, for example enabling 2FA (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes, and even U2F (universal 2nd-factor authentication), which requires physical access to hardware to access your account. Despite their best efforts at being a secure exchange, Binance was the victim of a cybersecurity breach in 2019, when hackers stole over $40 million worth of Bitcoin. Binance responded professionally, covering the loss in full, so users weren't affected. Four months later, it passed an audit of its information security management, to be awarded the ISO 27001 certification. This shows the level of commitment Binance has, to ensure they have a secure platform for users. Binance is continuing to invest in ways to improve its cybersecurity defense.
CoinSpot is one of the best Aussie cryptocurrency exchanges, and Binance is the largest crypto exchange in the world, and one of the most popular. This has to be one of the closest comparisons I've done. CoinSpot has an excellent user-friendly interface, with Live Chat support, and cool features such as CoinSpot Bundles. It also has low 0.1% fees when buying popular coins on the market, although to buy the majority of coins will cost you 1% in fees since you have to buy instantly from the exchange.
Binance has extremely low trading fees of 0.1% which can be easily reduced to 0.075%, and they have so many additional features such as an NFT marketplace, margin trading, staking, and futures trading. Unfortunately, their lack of customer service and confusing interface for beginners turn me away.
In my opinion, CoinSpot is the better exchange for the majority of crypto investors. If you are a newbie or you plan on buying some crypto and holding it in the long term, I would suggest CoinSpot. However, for the niche group of experienced day-traders, I would suggest Binance. If you are making lots of trades daily, the lower fees on Binance will maximize profits on all your trades, plus you will appreciate the extra trading tools and charts.
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