CoinSpot & Binance at a glance
CoinSpot overview
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 needs of both novice and advanced traders.
Founded in 2013 by cyber-security expert Russell Wilson, CoinSpot has consistently strived to provide supporters with a wide selection of digital assets, boasting over 480+ cryptocurrencies available for trading.
One more plus point is that its versatility extends beyond traditional cryptocurrency trading, with features like crypto-to-crypto transactions and an in-platform NFT marketplace. The direct integration with OpenSea for NFT trading further enhances its appeal to a diverse range of users, from crypto enthusiasts to casual investors.
“To further enhance your trading experience, take advantage of Binance Black Friday deal, for exclusive discounts and coupons.” After “Recently, Binance was debanked by its Australian banking partner, so users technically can still deposit AUD into Binance, but the methods are far less convenient.”
Binance overview
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 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 into Binance, but the methods are far less convenient.
Coinspot vs. Binance: Main Features
CoinSpot provides users with fundamental trading options that cater to the needs of both novice and seasoned investors, including spot trading, instant buy, and swap. The platform also closely monitors the market and users’ interests to identify groups of carefully selected assortment of various digital currencies – called Bundles. This feature offers an effective means of diversifying your investment portfolio to hedge against risk, as bundles are less susceptible to the price fluctuations of individual cryptocurrency.
Moreover, CoinSpot is the first platform in Australia to enable users to make purchases directly through its in-platform NFT Marketplace. The NFT marketplace has a carefully chosen list of reliable non-fungible token projects, including prominent artworks by Australian artist BossLogic and the Bored Ape Yacht Club.
Similarly, Binance supports four main trading options, as stated on its website: Spot Trading, Peer-to-Peer, NFTs, and its Binance Earn (no longer supported as we’ve just checked). However, Binance’s users can experience more advanced trading tools, especially for experienced traders, such as trading bots, copy trading, or APIs.
These tools are extremely useful if you trade at high volumes and know exactly how to take advantage of them. Still, do not forget that CoinSpot also offers an Over-the-counter trading (OTC) Desk which allows members to perform high-volume transactions without traditional public order books.
CoinSpot vs. Binance: Supported Cryptocurrencies
CoinSpot vs Binance both offers a wide range of cryptocurrencies.
As of writing, Coinspot users have access to over 480+ cryptocurrencies, with new tokens updated every month depending on users’ demand. Binance offers a much less range of cryptocurrencies with a total of 350+ coins and tokens.
For those interested in trading high market cap cryptocurrencies, Binance supports 26 out of the top 30, while CoinSpot supports 27 out of the top 30.
Coinspot vs Binance: Fees
| Fee Type | Binance Fees | CoinSpot Fees |
| Deposit Fee | Cards and P2P only. Fees depends on service providers. | Direct Deposits, PayID, POLi: Free
Cards: 0.9% – 1.88% |
| Trading Fee | 0.1% | Market: 0.1% Instant buy: 1% |
| Withdrawal Fee | AUD: Not supported
Cryptocurrency: Fees vary |
Free |
The fee structures of Binance and CoinSpot are two contrasting approaches. Binance is acclaimed for its low trading fees, which can be further reduced with Binance Coin (BNB) and by making trade with higher volumes.
On the other hand, CoinSpot adopts a straightforward fee model which emphasises on transparency and versatility. Both exchanges impose fees on instant trades, but Binance provides a more tempting fee schedule to benefit high-volume traders.
However, Australian users should note that despite a strong Australian customer base, Binance is yet to re-enable bank transfer using the country’s native currency. Users can still deposit AUD onto the exchange, but this must be done using a credit/debit card – which often incurs significant fees and requires the use of a third-party provider, meaning less private transactions for users.
Coinspot v.s. Binance: Security
When choosing an exchange, security is one of the most integral factors. Literally, both Binance and CoinSpot emphasise strong security measures against crypto frauds, scams, or cyber breaches.
CoinSpot’s Security
CoinSpot offers a wide range of customisable options, such as two-factor authentication (2FA), anti-phishing phrases, custom withdrawal restrictions, session timeout settings, and geo-lock logins.
The exchange is registered with AUSTRAC and is one of a few that has received the Blockchain Australia certification since 2014.
It is also the first Australian crypto exchange to be awarded the internationally recognised ISO 27001 certification for information security. The examination process requires the platform to fully adhere to the International Organisation for Standardisation’s requirements and pass an external audit conducted by SCI Qual International (an accredited JAS-ANZ certification body). Therefore, CoinSpot has proved stringently unrivalled in terms of security.
Binance’s Security
Binance emphasises security through measures like 2FA, withdrawal whitelisting, state-of-the-art cold storage options, anti-phishing codes, and even U2F (universal 2nd-factor authentication).
However, despite attempts to protect user’s funds, the platform underwent a cyber attack in 2019, during which hackers stole more than $40 million worth of Bitcoin. Binance handled the issue by fully compensating the loss and improved its security. The exchange passed an information security management audit and received the ISO 27001 accreditation.