CoinSpot and Binance Overview
CoinSpot and Binance are both cryptocurrency exchanges that allow users to buy and sell a wide variety of digital assets. However, there are some differences between the two platforms that you may want to consider when deciding which one to use.
One key difference is the location of the exchange. CoinSpot is an Australian-based exchange, while Binance is a Malta-based exchange. This can be important for users who are concerned about the regulatory environment in which the exchange operates, as well as for users who may have to consider issues such as currency conversion fees and taxes when trading on the platform.
For a quick breakdown of CoinSpot vs Binance, check out our comparison table that overviews the key features on both platforms
CoinSpot vs Binance: Trading Fees
CoinSpot has some of the lowest fees among any cryptocurrency exchange in Australia. Their Market Buy feature only incurs a 0.1% fee to trade. However, their Instant Buy features incurs a 1% fee when trading.
Binance also has low trading fees starting at 0.1% if you use their advanced trading platform. For beginners that are looking to use an instant swap feature, Binance will charge up to 1% plus another fee that is baked into their spread. This means that the price to buy Bitcoin or another Crypto will be higher than you will find on other markets.
Winner: If you are an advanced trader that is comfortable with a more complicated user interface, Binance will get you better trade execution. For all other investors, we would recommend CoinSpot as there is a lot of room to make big mistakes when using Binance's order book and potentially overpaying for digital assets.
Binance vs CoinSpot: Supported Cryptocurrencies
Binance has the widest selection of cryptocurrencies out of any exchange or cryptocurrency investing platform in the world. They currently support over 600 tokens and are adding more every week.
CoinSpot has the largest selection of cryptocurrencies out of any Australian-based exchange. They currently support 358 cryptocurrencies, which is pretty significant for any cryptocurrency platform.
Winner: Binance has a wider variety of altcoins compared to CoinSpot with over 600 cryptocurrencies listed on their platform. With that said, they have a less stringent token listing policy and have been caught out listing tokens that have turned out to be scams. So be careful!
CoinSpot vs Binance: Staking
CoinSpot is by far the best platform to stake your cryptocurrencies In Australia as they offer the highest yields (returns) and do not require their users to commit their tokens for a certain period of time. Meaning you could stake your crypto at 10:00 and then unstake it at 10:10 if you wish.
Binance on the other hand requires their users to lock up their cryptocurrency to stake it for a minimum of 10 days. Every token has a different minimum locking period that you need to stake your cryptos for. Some of their tokens require users to lock up their assets for 30 days. Which is not ideal if you wish to sell your crypto when staking.
Winner: CoinSpot is a better cryptocurrency staking platform than Binance for major tokens like Solana or Avalanche because they offer higher rewards. This means that Binance Staking charges higher fees than CoinSpot Staking.
Deposit Methods for AUD
CoinSpot offers multiple deposit methods when depositing AUD (Australian Dollars) and they include Bank Transfer, PayID/Osko, Cash, BPAY and POLi.
Binance currently only supports Bank Transfers, PayID and Osko when depositing Australian Dollars. As a global platform, their payment rails are less optimised for Australian users than CoinSpot, making it harder to deposit and withdraw funds.
Winner: As an Australian exchange, CoinSpot has a wider variety of deposit methods for Australian Dollars (AUD). We have also found the Deposits and Withdrawals are faster on CoinSpot when connecting with Aussie banks.
Security and Regulation
CoinSpot is the gold standard for security and safety when it comes to Australian exchanges. Since their founding in 2013, they've had no regulatory issues and have maintained their status as a Gold Member of Blockchain Australia's regulatory framework. They are also regulated by AUSTRAC and are based in Melbourne, Australia - making them fall under the legal purview of Aussie regulators like ASIC.
Binance on the other hand have had a jaded history when it comes to regulation. They have been banned in many jurisdictions including the United Kingdom and Canada due to their ambiguous security practices and lackluster AML/KYC policies. There is a risk that at some stage ASIC and other Australian regulators ban Binance from operating in Australia in the future.
Winner: CoinSpot is a much safer exchange than Binance and ultimately poses less risk on the security of your funds and personal data.
CoinSpot is without a doubt the best cryptocurrency exchange for Australian users as they support multiple free deposit methods, offer extremely high yields on their staking and have the largest selection of cryptocurrencies out of any Australian-based exchange.
If you wish to learn more about CoinSpot and their supported staking options, please visit our CoinSpot Australia Review page.