CoinSpot vs Binance: Overview
CoinSpot Pros and Cons
Founded in 2013, CoinSpot is one of Australia’s oldest and most reliable crypto exchanges in Australia with robust & verified security and a firm customer base of over 2.5 million users. The platform is acclaimed as one the most user-friendly and transparent exchanges, catering to the need of both novice and advanced traders.
The exchange has consistently strived to provide supporters with a wide selection of digital assets, boasting over 480+ cryptocurrencies available for trading.
Pros
- Supports 480+ cryptocurrencies
- Crypto credit card available
- Direct integration with OpenSea allows for NFT trading
- Advanced TradingView charting and tools for technical analysis
- OTC offering allows larger trades for a low 0.1% fee with no extra costs
- 24/7 live chart support, new request-a-call feature for users to organise a call with support staff
- AUSTRAC-regulated and ISO27001 certified
Cons
- Only support fiat currency deposits and withdrawals for AUD
- No advanced trading markets such as derivatives & leverage trading
- Some deposit limits apply for accounts that are not fully verified
- Higher fees on instant buys & sells
Binance Pros and Cons
Binance, founded by Changpeng Zhao in 2017, quickly became the pinnacle of the cryptocurrency exchange world renowned for its impressive trading volume and wide range of coins offered.
Binance Australia is a subsidiary of tailored for Australian traders with advanced trading options such as futures and margin trading. The exchange is endorsed for its list of altcoin, features, and international presence. Recently, Binance was debanked by its Australian banking partner, so users technically can still deposit AUD onto Binance, but the methods are far less convenient.
Pros
- Supports over 350 cryptocurrencies
- Offers advanced trading options, including futures, trading bots, copy trading, and APIs.
- Provides exclusive perks and discounts on transactions fees when using BNB.
Cons
- Complicated interface for new investors, despite Binance’s Lite Mode app for beginners
- Do not support direct AUD deposit or withdrawals. Users must use alternatives such as cards with higher fees or P2P but time-consuming.
- Complex and not clear fees structure with hidden fees.
Comparison of Binance in Australia and CoinSpot
The table below provide a comprehensive comparison between CoinSpot vs Binance Australia.
| Features | CoinSpot | Binance Australia |
| Website | www.coinspot.com.au | www.binance.com/en-AU |
| Trading Options | Spot Trading, Instant Buy, Swap, In-place NFTs Marketplace, OTC | Spot Trading, P2P, NFTs, Futures, Copy Trading, Trading Bots, APIs |
| Supported Tokens | Over 480+ cryptocurrencies27/30 top highest market cap tokens | Over 350+ cryptocurrencies26/30 top highest market cap tokens |
| Deposit Fees | POLi, PayID, Direct deposit: 0%Debit cards: 1.88%Credit cards: 0.9% | Cannot deposit AUD Can use cards with significant feesCan use P2P, cost-effective but time-consuming. |
| Withdrawal Fees | Users only need to pay mining fees (blockchain network fees) depending on the token and the network traffic | Cannot withdraw in AUDCan withdraw cryptocurrencies with fees vary |
| Transaction Fees | 0.1% for Market Trades1% for Instant Buy/Sell0.1% for OTC Trades1% for CoinSwap | Spot Trading: A max of 0.1% for both maker/takerUSD-M Futures Trading: A max of 0.02% maker and 0.05% takerOptions Trading: 0.02% for both maker/takerP2P Trading: No FeesNFT Trading: A max of 0.9% platform fee for sellers |
| Payment options | POLi, PayID, OSKO, Debit/credit Cards, Cash | Cards only |
| Security | 2FA, Biometric security, Offline cold storage, AUSTRAC registered, ISO 27001 certified | 2FA, Offline cold storage, AUSTRAC registered, ISO 27001 certified |
| Customer Support | 24/7 Live Chat customer support New request-a-call feature for users to organise a call with support staff Responsive and available specialist Support Team via Help Desk | No customer supports It’s hard to reach support team via email or live chat Only bots that direct users to online articles |
