Binance VS Coinspot 2022

James HeadshotAuthor: James Page
Last Updated: May 2022

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You’ve probably heard about Binance, the platform that has transformed the crypto scene by providing a mainstream digital marketplace where international users can practice their trading expertise.

For starters, Binance offers a lavish spot market where users can buy over 500 cryptocurrencies at an entry-level (with fiat). However, we’re talking about more than just a buy-and-sell business here.

The exchange offers a variety of solutions for passive income through lending and staking activities once you get the crypto in your “hands”. Furthermore, it delivers a carefully-designed package of advanced trading opportunities such as margin trading, futures trading, a P2P market, and a sophisticated OTC desk.

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VS

A similar exchange is also available in Australia, fully attuned to the local payment system.

CoinSpot, on the other hand, wasn’t designed on diversity grounds. They are one of the best crypto exchanges in Australia and have a rather simple aim — to provide Aussie traders with the necessary convenience for executing direct AUD-to-crypto transactions.

To achieve this goal, CoinSpot offers instant crypto purchases on a neat, uncluttered user interface that are available through all familiar payment options Down Under.

With this in mind, it’s a bit difficult to make a direct comparison between Binance and CoinSpot as they revolve around different crypto facets. After all, CoinSpot has been present on the scene much earlier than Binance, so there will be no easy surrender.

Now, let’s comb through the features of these two renowned platforms and determine which one is a better crypto destination for you.

Comparison Table

Features Binance CoinSpot
Amount of Cryptocurrencies 500+ 360+
Trading Fees 0.1% Instant market: 1%, spot market: 0.1%
Deposit Fees free Wire Transfer: free, BPAY: 0.9%, Cash: 2.5%,
Withdrawal Fees varied Free
Average Spread 2.5% 1%-2%
Payment Methods PayID/Osko POLi, BPay, Pay ID
Fiat Currency 60+ (AUD included) AUD
Regulatory Framework AUSTRAC AUSTRAC
Customer Support email, live chat email, ticket system, live-chat

Binance

Binance home page

Pros:

  • A very competitive fee schedule;
  • A large list of trading services and supported digital assets under a single umbrella;
  • Attractive staking and lending offers;
  • Binance Visa Card that allows you to spend crypto at over 60 million outlets worldwide.

Cons:

  • Multi-layer platform that can be challenging for beginners;
  • Regulatory disputes in several countries;
  • Limited payment options for Australians.

CoinSpot

Coinspot homepage

Pros:

  • User-friendly design;
  • Quick deposit and withdrawal time;
  • Human live chat.

Cons:

  • Limited to AUD deposits and withdrawals.
  • No option for debit/credit card transactions;
  • Higher fees on the instant market.

Amount of Cryptocurrencies

Binance’s list of supported crypto assets is so impressive that it looks like a “crypto dictionary” of all relevant coins circulating out there.

Its spot market contains more than 500 different coins, including all market-dominant blockchain products like Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC) and their native Binance Coin (BNB).

You can also find a dozen of stablecoins like Binance USD (BUSD), Tether (USDT), TerraUSD (UST), and USD Coin (USDC). These are a special category of digital currencies whose value is pegged to USD or other “stable” currency or commodity.

Finally, Binance strongly supports the newly discovered DeFi world represented by tokens such as Uniswap (UNI), Chainlink (LINK), Sushi (SUSHI), Avalanche (AVAX) and many more.

Unsurprisingly for an exchange of an international calibre, there is an open array of supported fiat currencies too. Apart from USD, you can also deposit and trade with AUD, EUR and 60 more national currencies.

CoinSpot focuses on instant purchases, but for a locally-based crypto exchange, it features an impressive list of over 300 supported cryptocurrencies.

The exchange has also released a separate spot market, which turned out very modest in comparison to other popular pro-trading platforms, as it only contains around 15 trading pairs such as BTC/AUD, ETH/AUD, LTC/AUD, NEO/AUD, XRP/AUD, DOGE/AUD and a couple more.

As you can see, you can trade all cryptocurrencies on both the instant and the spot market exclusively against the Australian Dollar.

Amount of Cryptocurrencies Winner: Binance

Only a few crypto exchanges on a global scale dare to enter the “coin battle” against Binance. However, even though Binance is an absolute winner, CoinSpot also deserves a consolation point for being an exceptionally diverse exchange.

Fees

The different pricing systems of Binance and Coinspot are a perfect example of the drastic variations in how crypto exchanges charge for their services.

Apart from the abundance of trading options, Binance is primarily a traditional crypto trading exchange whereby users trade with each other based on the current asset price. They place an order (or respond to an existing one) on the order book that serves as the platform’s vendor, with the exchange as an intermediary in the transaction process.

Since crypto exchanges work similarly to stock exchanges, you’ll need to demonstrate basic trading skills to be able to navigate a transaction. However, all exchanges support very basic order types, so you don’t need expert knowledge to buy some BTC on the Binance BTC/AUD order book.

So, how’s this related to trading fees?

Well, these types of crypto exchanges charge less than crypto brokerages like CoinSpot. On the CoinSpot instant market, you won’t find any order books, trading pairs, price indicators, or other forms of technical tools — just an Instant Buy Crypto converter box where you need to insert the desired amount of AUD and wait to see the number of cryptos you’ll get in return.

It’s the exchange that “follows” charts and averages on your behalf to set the market price. Certainly, this convenience doesn’t come for free, and hence, the CoinSpot trading fee of 1% against the 0.1% fee of Binance.

As we mentioned, CoinSpot also has a spot market where fees are much more competitive than instant purchases.

Deposit and Withdrawal Fees

Sometimes, we mistakenly “judge” the cost-effectiveness of a certain exchange based exclusively on trading fees. However, some exchanges charge additional fees for deposit and withdrawal activities.

Fortunately, the deposit and withdrawal options you get with Binance under the Australian payment system are free of charge, and so are withdrawals.

Similarly, CoinSpot doesn’t apply any additional costs for withdrawals except for transaction fees, which have nothing to do with the exchange’s fee policy, as transaction or mining fees are blockchain-imposed and depend on the current network load.

Fees Winner: Binance

Needles to say, it’s Binance. The fee factor is one of the essentials that made Binance so popular, so it’s worth putting a little effort into learning the spot-market tricks. The pricing gap from 0.1% to 1% is striking and unnecessary to bear.

Spread

While discussing trading fees in length, we usually fail to consider another expense related to crypto purchases. The spread is the percentage difference between the buy and the sell price, and it’s added to the price of each cryptocurrency “on-sale”.

The amount of spread is very variable because of the price volatility typical for the crypto market. However, experts have calculated an average that we can call an industry standard and it’s around 2.4%.

Both Binance and CoinSpot are levitating around this number, which doesn’t mean that their spread system is favourable. Australian exchanges like Swyftx and Digital Surge can offer you super-competitive crypto purchases with a spread of 0.45%.

Spread Winner: Coinspot

Numbers say that CoinSpot is a bit softer when it comes to spreads, so this “empty victory” goes to the local marketplace.

Customer Support

Interestingly enough, the majority of users’ complaints arise from poor or no responsive customer support rather than the issue itself.

As a leading brand in the industry by trading volume, liquidity, and traffic, Binance can’t compromise its reputation as a result of frosty customer support. The tech team is available in multiple languages and open for email inquiries and live chat 24/7.

You can reach out to the CoinSpot support team through the same communication channels. However, their chat support isn’t based on a bot system but on a human response from a member of the CoinSpot tech team.

Customer Support Winner: Binance

All things considered, it’s fascinating how Binance successfully handles such a large user base in a timely manner.

CoinSpot doesn’t fall behind in this category, but Binance has a bonus point for providing an extensive educational library with video tutorials and guides on various crypto topics.

Mobile App

Almost all cryptocurrency exchanges come with a separate mobile app today (available for iOS and Android), and they’re all “wrapped” in an aesthetically pleasant UI design. However, we measure the overall app performance based on the functionalities it shares with the original platform.

With this regard, we must admit that it’s impossible for a Binance-like exchange to fulfil this task on the desired level — after all, this exchange has its own mining pool and an NFT market.

However, Binance has released a very compact app that gives you access to the most popular Binance markets and most frequently used tools.

So, if you want to see the leaderboard, deposit or withdraw some funds or enter the P2P market, you’ll easily find shortcuts on the compact dashboard of the Binance mobile app.

On the other hand, the CoinSpot mobile app allows you to move your entire portfolio to a small screen. It features nearly the same functionalities as the browser version, including AUD deposits and withdrawals as well as some

Mobile App Winner: Coinspot

It all depends on whether you want to turn all your trading activities on the go or plan to use the app for more accurate account monitoring. In sum, this round goes to CoinSpot because of its impeccable functionality.

Deposit Methods

For Australian traders, Binance allows free AUD deposits through PayID/Osko, which is a big thing as most overseas crypto exchanges require extra effort to deposit your local currency (expensive credit card transactions, conversion fees, long processing times, etc.).

Coinspot, on the other hand, focuses on providing more payment options suitable for local audiences. So, this exchange supports wire bank transfers, PayID and BPAY payments, and cold cash deposits through Blueshyft terminals.

Deposit Methods Winner: Coinspot

Before announcing the winner “on paper”, let us remind you that CoinSpot charges additional deposit fees for alternate payment methods. Blueshyft terminals may sound super-convenient as they allow you to buy crypto at the local outlet, but they come with a 2.5% fee added to the regular 1% trading fee.

Security

The fact that CoinSpot has been operating for almost a decade without a security incident deserves a gold medal for user and fund protection.

Many CoinSpot contemporaries didn’t pass the test of time, as not long ago, the crypto world experienced a series of critical hack attacks. The period between 2014 and 2016 turned out to be lethal for a few old-gen crypto exchanges such as Mt.Gox and MintPal.

In terms of security, today, we’re trading crypto in a much safer landscape, even though the risk of cybercrime can’t be fully eliminated. CoinSpot is an AUSTRAC registered exchange, a member of the Australian Digital Commerce Association member, and an ISO 2700 certified company.

The company undertakes the highest security measures, such as KYC verification (for full AML/CFT compliance), 2FA (two-factor authentication), and cold storage for the incoming funds.

Binance also operates under all these security standards, as it can’t afford to compromise its leading position due to financial fraud, data breach, or another form of virtual scam.

However, the exchange faced a serious hack attack in 2019, but it didn’t result in damaged users as Binance settled the entire loss of 7000 BTC.

Security Winner: Coinspot

Due to the clear history, CoinSpot is “stealing” the win in this round. However, it doesn’t change the fact that Binance is one of the best-protected virtual spots for trading crypto on a global level.

Final Verdict

If you feel uncomfortable with the general crypto infrastructure, it may be wiser to break the ice with CoinSpot. This local exchange can give you all the necessary features to boost your self-confidence about crypto trading: a beginner-friendly platform, devoted customer support, and various options for AUD payments.

However, Binance is a better choice in the long run. Even if you don’t have the optimal crypto experience at this point, you can always rely on the Binance Academy and gradually learn the ropes about the crypto area that suits your personals interests. You’ll get surprised by how many things you can do with your bitcoins at low fees.

Finally, you can compare all other exchange options by reading our detailed guide on the best crypto exchanges in Australia.

Visit Coinspot

 

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About The Author

James Page

James Headshot

James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.

Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.