Binance vs. CoinSpot 2023
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CoinSpot is among Australia’s top crypto exchanges in addition, Binance is the largest cryptocurrency exchange in the world by the volume of transactions. You’ve heard of both of these major name brands.
But which one is more suitable for Australians to utilize? I’m going compare the two exchanges based on various factors to help you decide which one is right for you.
CoinSpot is my preferred choice for new users and investors who plan to invest in crypto for the long term. If you plan on trading on a daily basis or would like access to the latest options like the ability to staking, margin trading or trading in futures join Binance.
Table of Contents
Binance vs. CoinSpot Comparison Table
|Trading Fees||0.1%||Market: 0.1%, Instant buy: 1%|
|Deposit Fee||Free||BPAY: 0.9%, Cash: 2.5% | Bank transfer, POLi, PayID, OSKO: Free|
|Payment Methods||PayID/OSKO||PayID, Cash Deposit, Bank transfer, OSKO, BPAY, POLi|
Binance Pros and Cons
- Favorable fee system with possibilities for discount
- A large spot market with over 700 different cryptocurrencies
- Sleek deposit and withdrawals
- Advanced markets for pro-traders
- Staking options for over 70 coins
- Separate platforms for separate markets
- Has some regulatory issues with several countries
- Newbies might get overwhelmed by the vast offer of trading instrument
CoinSpot Pros and Cons
- Large selection of cryptocurrencies for instant purchases and sales
- Proven track record as a trustworthy company
- Quick deposit and withdrawals
- Beginner-friendly design
- Cold storage for keeping users’ and company funds offline
- NFT market available
- High fees for instant purchases
- No option for credit and debit card deposit
CoinSpot is a simple to use exchange designed with the beginner in mind. It offers a simple, instant buy and sell feature that is simple even for people who are brand new to the world of crypto. The process of swapping between coins is easy, and you can use CoinSpot via your computer or mobile device as well.
Binance offers a feature-rich and robust crypto trading platform designed for experienced traders that includes the ability to trade margins, futures P2P marketplace, and sophisticated charting tools. It also has an NFT marketplace where the possibility of earning passive revenue earning interest on more than 70 different coins.
Binance wins out since it’s one of the top richly-featured cryptocurrency platforms. Newcomers as well as crypto veterans can find something they like on Binance.
CoinSpot provides more than 360 different coins, and Binance has more than 600 different cryptos.
Binance is a winner thanks to its huge selection of more than 600 coins.
CoinSpot does not charge charges for withdrawals. For deposits, there’s no fees when you use Bank Transfer, POLi, PayID and OSKO however there is a cost for BPAY (0.9 percent) and cash (2.5 2.5 %). For instant purchase or sale of cryptocurrency, there is a one per cent fee. If you make a trade with the marketplace, the cost is 0.1 percent per transaction, but you are only able to access 14 coins available on the market.
Binance doesn’t charge fee for withdrawals or deposits. When you utilize the Convert feature of Binance (the equivalent to an instant buying and selling) it is free of charge, however the cost can be found in the spread. For trading with the exchange, the cost is 0.1 percent. If you pay for your fees with Binance’s own cryptocurrency (BNB), you will receive 25% off charges for trading. That means that instead of paying 0.1 percent, you pay 0.075 percent. You are able to reduce charges if you make an enormous amount according to the past 30 days.
Both exchanges allow no fees for withdrawals and deposits however, Binance’s fee for trading of 0.1 percent, which could lower to 0.075 percent if you pay with BNB will make it the preferred choice.
The ease of use for users that comes with CoinSpot is its biggest selling aspect. It has the ability to buy and sell instantly feature that is simple to use and easy to use even for people who are unfamiliar with cryptocurrency.
If you are having issues, Live Chat support (which isn’t accessible in Binance) is available to assist you. it is also possible to reach out to Coinspot’s support specialists via their Help Desk.
One of the main disadvantages of Binance is the absence of customer support. It’s difficult to reach Binance via live chat or email in the moment. Their customer support is delivered by automated bots which guide you to articles on the internet that are not convenient even for experienced users who have particular questions regarding their account.
The fact is that Coinspot beats Binance in terms of customer service and this has helped Coinspot build trust with an extensive number of users.
CoinSpot accepts various payment methods, including Direct Deposit PayID POLi, PayID and Cryptocurrency. All of these are cost-free. Users can also choose to deposit money using BPAY (0.9 per cent cost) or cash in at a local newsagent (2.5 percent cost).
Binance will only accept PayID as well as OSKO as fiat deposit options in Australia. You can also transfer cryptocurrency to Binance. Binance account.
CoinSpot is proud to claim the title of being the most secure and certified crypto exchange within Australia and comes of ISO 27001 certification, AUSTRAC registration, and membership in Blockchain Australia. CoinSpot employs multiple layers of security like 2FA (Two-Factor authentication) and individual withdrawal restrictions, anti-phishing words geo-lock logins as well as session timeout settings. They also have offline cold storage for the major portion of their digital currency.
Binance is extremely secure and secure, having AUSTRAC registration and offline storage of the majority all of its cryptocurrency. However, in 2019, Binance was hit by an attack and more than 40 million dollars of Bitcoin was taken. Binance compensated the loss, and no customers of Binance lost any money because of the hack. In the span of four months Binance was able to pass stringent checks on their security and management, and was awarded their ISO 27001 certification, showing the users that they are committed to safeguarding their exchange.
CoinSpot has the highest safe and secure exchange in Australia and has not been compromised since its inception since its inception in 2013.
Overall, CoinSpot is an excellent starting point whether you’re just beginning to learn about crypto or looking to purchase and store your crypto for the long run. Binance however is an excellent choice for frequent and experienced cryptocurrency traders. Additional trading tools, price charts as well as the lower fees offered by Binance will make it easier to maximize the profits from every transaction. Overall, CoinSpot is the overall winner in this exchange comparison.
Frequently Asked Questions
Does Binance provide a wallet?
This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.
Where is Binance accepted?
Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.
How does Binance make money?
In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.
Is it safe to link a bank account to Binance?
There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.
Is Coinspot the easiest way to buy Bitcoin in Australia?
CoinSpot is a very user-friendly platform. It enables beginners to buy and sell any cryptocurrency using their local currency, AUD. Australian traders can instantly make crypto trades through the CoinSpot website or mobile app.
Is there a CoinSpot app?
Yes. The CoinSpot app is a convenient on-the-go trading assistant that allows you to trade and monitor your assets wherever you go. You can download it for free from the App Store for iOS-supported devices and Google Play for Android-supported devices.
What countries are supported by CoinSpot?
The financial services of this platform are exclusively available to residents of Australia.
Is CoinSpot Regulated In Australia?
Cryptocurrency exchanges are categorized as legal entities in Australia and are required to comply in accordance with Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF 2006). Being a well-established participant on the market, CoinSpot operates in full conformity with Australian laws.
What types of NFTs are available on CoinSpot?
CoinSpot isn’t in any way connected with CoinSpot isn’t closely linked to DeFi area of the crypto world , but it does have a selection of the hugely popular art tokens referred to as NFTs. There are more than twenty NFT collection that are available for sale directly on CoinSpot which includes Decentraland (MANA), ApeCoin (APE) along with Sandbox (SAND)
Best Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||AUD Deposits: $0 Crypto: None||AUD Withdrawals: $0 Crypto: None||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChain||Direct Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None||AUD withdrawals: $0||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||None||Vary||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Bank transfer: $0||Vary||Visit|
|Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay||19 including USD, AUD, and SGD||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||CoinJar users: No fee NPP: No fee Cash: 1.5%||0 Withdrawal Fees||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: None||None for AU Bank Accounts Cryptocurrency: Network fees||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100||Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUD||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Vary (conversion fees for non-USD deposits) ($50 minimum deposit)||$5 (minimum withdrawal of $50)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Vary||Vary||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||None||Vary||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Card deposit fees: 0%||$0||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||$0||$0||Visit|