Summary: CoinSpot and Binance are leading platforms in the cryptocurrency world. Our expert team has compared these two platforms and found that CoinSpot is the preferred option for Australian investors, but Binance is better suited for global investors, given its widespread availability in over 100 countries. Unless you live in Australia, Binance is going to be the best option for you.
- Staking, NFT marketplace, Bundles, OTC Desk and crypto Mastercard.
- Free and instant AUD deposits via PayID, bank transfer, BPAY, cash and card.
- Buy, sell and trade over 420 cryptocurrencies with fees from 0.1%
CoinSpot vs Binance Overview
CoinSpot, established in 2013, is Australia's most popular cryptocurrency exchange, with more than 2.5 million registered users in the country. It offers access to a diverse range of cryptocurrencies through various order types and frequently adds new tokens. Its user-friendly design, robust security measures, and diverse trading options make it especially attractive to Australians.
Binance was established in 2017 and has rapidly become a dominant force in the global cryptocurrency market. It’s known for its high liquidity, expansive range of digital currencies, and various trading options, including spot, futures, and options trading. Additionally, it extends features such as staking, decentralized finance (DeFi) pools, and its own native token, Binance Coin (BNB).
Products and Services
CoinSpot is Australia's go-to platform for crypto trading, tailor-made to meet the specific needs of the Aussie market. It has a robust catalog of over 420 cryptocurrencies and supports various trading options, such as instant and market orders. Unique features like crypto Bundles and an NFT marketplace offer added value for users. It also provides a crypto debit card and an OTC trading desk for large transactions.
Binance is a global powerhouse in cryptocurrency trading, boasting a comprehensive suite of features catering to a diverse trading audience. Central to its appeal is the broad selection of over 350 cryptocurrencies for spot, futures, and options trading. The platform further enriches the trading experience by offering specialised tools like staking opportunities, decentralised finance (DeFi) pools, and a launchpad for new tokens.
Winner: For Australian investors, CoinSpot is the better option, but for all other regions, we recommend Binance.
Supported Countries
CoinSpot is designed for Australian users and restricts its services to residents of the country.
Binance offers its services globally, supporting users in over 100 countries. However, its offerings can differ significantly depending on local regulations, making it less streamlined for Australians.
Winner: Binance is available in more jurisdictions as it is a global digital asset exchange.
AUD Payment Methods
CoinSpot offers a range of payment options, including PayID, Osko, BPAY, POLi, and even cash deposits through a partnership with BlueShyft, which has over 1000 locations in Australia.
Binance mainly focuses on debit and credit cards along with bank transfers for Australian Dollar deposits but lacks the diverse options available on CoinSpot.
Winner: CoinSpot offers significantly more AUD payment methods when compared to Binance.
CoinSpot vs Binance Fees
CoinSpot charges a 0.1% fee for market orders and a 1% fee for instant buys. All deposit methods are completely free, except for cash, which is 2.5%, credit and debit cards are 2.58%, and BPAY is 0.9%, All withdrawals to Australian banks are free, but cryptocurrency ones are subject to a small fee to cover the cost of gas.
Binance has a variable fee structure that can go as high as 0.1% for spot trading and the maker/taker rebate is 0.02%/0.06%. All deposits and withdrawals incur fees depending on the method, currency and token chosen. Cryptocurrency withdrawals are also subject to a small cost.
Winner: CoinSpot offers lower overall fees across the board, as it offers free deposits and withdrawals.
Security and Regulation
CoinSpot holds an ISO 27001 security certification and is registered with AUSTRAC and ASIC, making it highly compliant with Australian regulations. Its decade-long history without a security breach speaks volumes about its robustness.
Although Binance also employs strong security features, it is not registered with ASIC, and its compliance with Australian regulations are not well defined. It also recently lost its registration with AUSTRAC. However, it is regulated in other countries worldwide.
Winner: For Australians, CoinSpot is far more secure and trusted as it is overseen by the two financial bodies in the country.
Final Thoughts
In conclusion, CoinSpot offers an unmatched suite of services for Aussie cryptocurrency enthusiasts, ranging from its expansive crypto offerings to special features like an NFT marketplace and staking options. Its strong focus on security and Australian regulations makes it a dependable platform. While Binance has a broader global reach, its offerings for investors in Australia are not as finely tuned as CoinSpot's.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
