CoinSpot is by far the biggest cryptocurrency exchange in Australia, with more than 2.5 million users, and they show no signs of slowing down. They were established in 2013 and have continued to dominate the Australian market even a decade on. Binance is a huge name in the crypto industry, boasting the largest trading volume in the world, and they are quite popular in Australia too. How do you decide which of these two crypto platforms you should use? We have compared them across different criteria to help you decide. Long story short, it really depends what type of investor or trader you are. If you are new to the whole thing, I would suggest CoinSpot, with Live Chat support, and a user-friendly interface. If you are an experienced trader, definitely go with Binance, with low trading fees (0.1%), over [Bi]+ coins, and plenty of extra markets and features, including margin trading and NFT marketplace.

CoinSpot vs Binance Features

CoinSpot is a very basic and beginner-friendly crypto exchange. It was built with the aim of making it easy for any Aussie to get on board with buying and selling crypto, and they have succeeded. Since 2013 they have continually grown their exchange, and in 2022 they reached a 2.5 million user milestone. CoinSpot is so simple to use that even if you have never had anything to do with crypto before, you can easily find how to get your hands on some. The instant buy and sell feature means you don't have to deal with complex graphs and placing orders on the market. Although they are an exchange for beginners, they still offer a huge range of coins, in fact they have the largest selection of any Australian exchange, with [CS]+ cryptocurrencies. If you find yourself stuck, or you need someone to answer your question, you can easily contact support via the Live Chat feature, which is incredibly valuable for newcomers.

Binance in a way is the opposite of CoinSpot. Instead of aiming to capture new users, Binance has focused heavily on experienced traders, and this has proven successful; Binance is the largest crypto exchange in the world based on trading volume. They have so many different markets, such as spot trading, futures, margin trading, and even features that you don't often see such as P2P, NFT marketplace, and crypto lending and borrowing. If you like to HODL, Binance is a great platform for you because you can stake your crypto and earn interest on over 70+ coins.

Number of Coins

CoinSpot offers more than [CS]+ cryptocurrencies and they continually add more to their range.

Binance has an impressive range as well, with over [Bi]+ cryptocurrencies supported.

CoinSpot vs Binance Fees

CoinSpot has a fee when you deposit with BPAY (0.9%) or cash deposit (2.5%) but the other methods of Bank transfer, POLi, PayID and OSKO are free of charge.

Instant Buying and Selling using CoinSpot costs you 1% in fees. You can pay lower fees of 0.1% if you trade on the market, but you can only trade 15 different coins in this manner. For all other cryptocurrencies, you have to buy and sell directly from CoinSpot, for 1%.

All AUD withdrawals from CoinSpot to your Australian bank account are free of charge.

Depositing and withdrawing AUD on Binance is free of charge. To buy and sell crypto instantly (using the Convert function) has no explicit fee, but instead it is factored into the spread. If you use Binance's markets, the fee is only 0.1%, and it can be reduced to only 0.075% if you opt to pay using their native token, BNB.

Deposit Methods

CoinSpot accepts the following payment methods: Bank transfer, POLi, PayID, OSKO, BPAY and cash deposit.

Binance only accepts payment via OSKO and PayID.

CoinSpot vs Binance Security

CoinSpot is known for being the most secure and trusted crypto exchange in Australia. It is a big claim, but it is backed up by their ISO 27001 certification, their 2.5 million users, and certified membership to Blockchain Australia. With all their security measures such as session timeouts, anti-phishing phrases, 2FA, geo-lock logins and custom withdrawal restrictions, it is easy to see why CoinSpot is the safest crypto exchange. They also store the majority of their crypto assets in offline cold storage to ensure it is safe from hackers. Since their establishment in 2013, CoinSpot has never been hacked, a testament to their security systems.

Binance is also a very secure crypto exchange, holding most of their digital funds in offline cold storage. They also have a ton of security settings that you can use to protect your account, eg: anti-phishing codes, whitelist devices, 2FA, managing withdrawal addresses and U2F (universal 2nd factor authentication). However, Binance was the subject of a hack in 2019 and over $40 million of Bitcoin was stolen. They covered the loss so that none of their users were impacted, and then focused on tightening their security. Just four months after this incident, Binance was awarded the coveted ISO 27001 certification after passing stringent external audits on their information security management. This shows how dedicated Binance is to keeping their customers safe.

CoinSpot Pros & Cons

Binance Pros & Cons

Conclusion

Both CoinSpot and Binance are excellent cryptocurrency exchanges, and there is no definitive answer of which one is better because it comes down to what you are looking for. If you are a crypto newbie and you want to get started investing, then I would recommend CoinSpot for you. It has a basic interface that is easy to navigate, and if you get into trouble, the Live Chat support team is really responsive and helpful. If you already know your way around cryptocurrency, and have traded other assets before, like stocks, then you will most likely prefer Binance. They have lower fees which is excellent for frequent traders, and many advanced markets and features to explore. They also have ways to earn interest on cryptocurrency, through staking or crypto lending. If you want to learn about other crypto platforms that you can choose from, read this article on the top crypto exchanges in Australia.