Binance vs CoinSpot: Which Is Better For Australians?

Binance and CoinSpot may seem like two different cryptocurrency trading platforms, but they are similar in many ways. In this article, we compare Binance and CoinSpot, two crypto exchanges in Australia, so you can understand which one may suit your needs better.

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Here's Our Verdict

Binance is a great alternative to CoinSpot as it provides better features, more markets, and trading fees that offer great value for money. You can even get a $100 bonus when you sign up with Binance. While CoinSpot has unique features that cater to the Australian market, such as crypto tax reporting tools, more people will benefit from Binance’s robust ecosystem of features.

Although the learning curve to get accustomed to the Binance interface is slightly longer than on CoinSpot, the interface is so well designed that even beginners should be able to navigate it easily. The only downside to Binance is that CoinSpot’s customer service is more responsive.

Overall winner: Binance.🏆

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For more in-depth assessment, read our Binance and CoinSpot reviews.

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Binance vs CoinSpot: Products & Services

Binance vs CoinSpot: Deposit Methods

When it comes to depositing options, CoinSpot provides more flexibility and choice than Binance Australia. CoinSpot supports nearly all AUD payment methods available in Australia, including bank transfers, POLi, PayID, BPAY, cash deposits, and credit and debit cards. In comparison, Binance Australia only shares three of these methods: transfers from an Australian bank account, PayID, and credit/debit cards.

Like most cryptocurrency exchanges, Binance and CoinSpot allow you to transfer digital assets from an external wallet. Any of the supported crypto assets on either platform can be deposited for free.

Although not recognized as a fiat currency payment method, Binance Australia has the added advantage of offering a Peer-to-Peer (P2P) marketplace, which provides another avenue for trading digital assets.

CoinSpot offers a broad range of account-funding methods available in Australia, such as five ways to deposit AUD and the option to purchase crypto with credit/debit cards. Binance Australia, on the other hand, is more limited in its methods, not accepting POLi, BPAY, or cash deposits.

Winner: CoinSpot 🏆

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Supported cryptocurrencies and trading pairs

In terms of the number of supported cryptocurrencies, there is little difference between Binance and CoinSpot, where they allow you to trade 380+ and 370+ assets, respectively. The vastness of their digital asset lists allows traders to invest in both Bitcoin and the major altcoins, including Ethereum, Solana, and Cardano. Although their asset lists are not as exhaustive as Gate.io or KuCoin, there is a lot for altcoin traders to work with.

Although the number of supported crypto is the same between the two platforms, Binance has a significant advantage in its trading pairs. With the exception of BTC/USDT, crypto trading on CoinSpot is limited to the use of AUD as the fiat currency. There are no trading pairs with other fiat currencies or digital currencies as the base asset. Whilst this may not bother you if all you want to do is buy and sell crypto with AUD, CoinSpot is not a viable option if you’re a seasoned trader.

This is where the strength of Binance Australia’s diverse markets comes in. On the spot market alone, you have access to hundreds of fiat/crypto and crypto/crypto trading pairs where margins up to 5x can be applied to some:

• 15 fiat currencies, including AUD, EUR, and GBP. There are 18 AUD/crypto trading pairs, including the ever-popular BTC/AUD, DOT/AUD, DOGE/AUD, ETH/AUD, MATIC/AUD, SHIB/AUD, SOL/AUD, and ADA/AUD.
• 8 digital currencies can be traded as the base currency including BTC, USDT, BUSD, BNB, ETH, XRP, TRX, DOT, and DOGE.

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Crypto spenders will favour CoinSpot

If you’re an active crypto user or want the option of spending your crypto in the future, then CoinSpot should be your choice. Australians who use Binance don’t have access to its globally used Visa card to spend crypto. But CoinSpot customers can use its new Mastercard.

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The recently released CoinSpot Mastercard is an incredibly convenient prepaid debit card that allows you to easily spend your digital assets on goods and services at in-store or online retailers that accept Mastercard. You can select up to five digital currencies in your wallet at any time to be the payment asset, making it the perfect card for those with a few favorite cryptos. As a bonus, the card automatically converts your nominated crypto into AUD at the best rates available when you make a purchase.

Contactless payments are a reality with their integration with Apple Pay and Google Pay. However, one downside is that there is currently no rewards or cash-back program.

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Buying and trading NFTs

CoinSpot has continually improved its growing NFT marketplace by slowly adding new collections of digital artworks and collectibles over time. Although it is one of the best NFT marketplaces in the Australian market, it pales in comparison to Binance's NFT marketplace. As it stands, there are 30 NFT collections on CoinSpot compared to the hundreds on Binance.

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CoinSpot has tailor-made features for Australians

One of the biggest advantages of choosing CoinSpot is that you have access to a range of small but useful features that suit the Australian market. These are unique to CoinSpot and include in-built tax reporting tools to make your Financial Year reporting easier. You can obtain an understanding of your obligations by using the Application Programming Interface (API) or by downloading your .csv file and uploading it into the tools.

Binance and CoinSpot provide the same staple features that you would come to expect from reputable crypto exchanges. Both provide good AUD support where cash can be used to trade in a multitude of crypto assets, as well as interest-earning wallets to passively obtain yields.

However, the sheer robustness of Binance’s features outweighs the benefits you can get from CoinSpot, including the small but useful features that the latter offers, such as crypto tax reporting tools. The crypto features on Binance are so well-developed that they provide much more choice, flexibility and better returns than CoinSpot.

Winner: Binance🏆

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Binance vs CoinSpot: Ease of Use

The user-friendly CoinSpot interface is relatively easy to use. This comes as no surprise since the popular crypto trading platform has been catering to everyday Australians for nearly a decade. Its straightforward dashboard makes navigating the platform simple. Crucial portfolio management tools such as funding your account, setting up AUD withdrawals to your bank account, and getting a summary of your trading history can all be done with a few clicks.

The Binance interface offers a similar user experience to CoinSpot, but more time is needed to get acquainted with it. If you’ve come from another large cryptocurrency exchange, such as OKX or Bybit, then the Binance interface will feel familiar. However, the extra time that is needed for people to learn how it operates doesn’t necessarily mean it is hard to use. In fact, it could be said that the design of the Binance interface is a lot better than the outdated CoinSpot interface, even despite the more features and markets it has.

If you’re a crypto investor looking to purchase digital assets in AUD, you have multiple options with Binance. You can fund your account with cash via PayID or transfer funds from a bank account, or purchase them directly with a credit card. For those who want to avoid trading fees, the P2P marketplace might be the ideal choice. Third-party payment providers may also be employed, but fees are usually higher.

Binance stands out as a world-class crypto service provider, providing a vast array of ways to buy digital assets. All methods are delivered on an advanced platform, simplifying the process for all newcomers.

Binance and CoinSpot provide easy-to-use interfaces that most traders and investors should get accustomed to fairly quickly. But with the vastness of Binance’s features, the learning curve will take a bit longer if you’re totally new to crypto exchanges. Despite this, the Binance user experience is seamless and indicative of a premium crypto exchange with premium features.

On the other hand, the CoinSpot interface hasn’t changed much since 2013 and is very outdated. Although simple in operation, the interface could do with a lot of improvements to its design and layout to heighten the quality of life.

Winner: Binance 🏆

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Binance vs CoinSpot: Fees

Binance is a cheaper crypto exchange than CoinSpot in terms of its deposit and trading fees. There are zero fees to deposit fiat into your Binance wallet via bank transfer or PayID. Whilst this is the same for CoinSpot, minor and annoying fees are associated with BPAY (0.9%) and cash deposits (2.5%), which should be avoided. Moreover, fees to buy crypto with a credit/debit card are cheaper on Binance than they are on CoinSpot by 0.58%.

Binance also has the upper hand over CoinSpot in terms of trading fees. Firstly, there are zero fees on Binance for buying cryptocurrencies using AUD instantly via bank transfer. Compare this with the 1% fee from CoinSpot’s Instant Buy/Sell feature, and the choice between the two platforms is easy.

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Trading fees for both exchanges start at 0.1%, noting that Binance fees follow a maker-and-taker structure. However, high-volume traders should be using Binance due to the fee discounts that can be derived given their 30-day trading volume. Another aspect that equates to a better value is Binance’s high liquidity, which means that the price slippage on trading pairs will be reduced.

Although market orders on CoinSpot attract a fair fee of 0.1%, take profit, stop/limit orders, and recurring buys, all incur hefty costs of 1%. For traders or even novice traders who want to apply a level of control to their orders, CoinSpot is not a value-for-money platform to trade crypto.

Despite having a lot of similarities in their fees and charges, Binance is the more economical option. The combination of fewer fees or no fees to deposit AUD funds as well as the tiered structure of maker and taker fees on Binance presents slightly better value for money for traders.

Winner: Binance 🏆

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Binance vs CoinSpot: Markets & Trading

CoinSpot limits crypto trading to the pairing of BTC/USDT and AUD, so it may not be the most suitable choice for some traders. Furthermore, there are no trading pairs with other fiat or digital currencies as the base asset, limiting the options of those who want to purchase and sell digital currencies with AUD.

In addition to the direct purchasing of crypto with AUD and crypto/AUD pairs, Binance provides superior trading markets that will entice traders. Binance Futures offers the following markets:

• USDS-M Futures: Perpetual or Quarterly Contracts that are settled in USDT or BUSD.
• Coin-M Futures: Perpetual or Quarterly Contracts settled in Cryptocurrency.
• Leveraged Tokens: Trade with leverage without the need to put up collateral, maintain and margin level, or worry about the risk of liquidation.
• Options: Cash-settled contracts where the options can be exercised before the time expires.

Binance’s margin and futures markets on their state-of-the-art trading platform are unrivaled, with only top margin trading platforms such as KuCoin and Bybit coming close. You benefit from deep liquidity, a comprehensive charting interface, powerful tools, and some of the lowest market and taker fees available.

Binance Australia has a superior range of markets and trading features than CoinSpot. In comparison to CoinSpot ‘s limitation to AUD-only trading, Binance offers spot, margin, futures, leveraged tokens, and options markets that will satisfy seasoned traders. The #1 crypto exchange in the world also allows multi-fiat currency trading and has an impressive number of crypto/crypto trading pairs.

Winner: Binance 🏆

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Binance vs CoinSpot: Mobile Apps

Binance and CoinSpot have apps for Android and iOS mobile devices. These apps have been designed to offer the same experience as the web version, including the same features. The trading interfaces on the Binance app are particularly nice and feel very streamlined and responsive. Both crypto trading apps implement 2-Factor Authentication (2FA) measures to ensure that the apps are secure places to buy, sell, and store digital assets.

CoinSpot and Binance provide functional and easy-to-use mobile apps. In terms of their ease of use and how they integrate their respective crypto products and services, we found no significant difference.

Winner: Tie

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Binance vs CoinSpot: Customer Service

The customer service team at CoinSpot is very accessible. You can reach them through support tickets or via the live chatbot on the website. The feature is only active between 9 am-6 pm on weekdays and 10 am-8 pm on the weekends, Melbourne time.

In comparison, the FAQ section that Binance provides is extremely well-built and detailed and can be considered the industry’s best version of a help center. Although Binance provides the same avenues to customer service as CoinSpot (email and live chat), the responsiveness is lacking. If you send a ticket to Binance then expect to wait around 24 hours for a response.

CoinSpot provides superior customer service due to their local and devoted team, who are renowned for their speedy responses. In comparison, Binance offers support via live chat and email, but their replies can take a while due to their worldwide clientele.

Winner: CoinSpot 🏆

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Binance vs CoinSpot: Comparison Outcomes

Based on our comparison of Binance and CoinSpot, the latter is really suited for Australians who want a no-fuss way of buying and investing in popular digital currencies. CoinSpot provides a simple fiat gateway where you can quickly exchange your money for Bitcoin, Ethereum, and a whole host of altcoins. Although its Earn wallets don’t provide the yields that Binance does, the interest rates on offer are still viable and are a good option to passively grow your crypto. CoinSpot has great customer service, but the only way to buy crypto cheaply is by placing market orders on the exchange.

Traders and investors who want more options will choose Binance. By doing so, you’re not losing out on the ability to trade altcoins since Binance and CoinSpot have similar lists of supported assets. But you gain in its diverse trading markets, which CoinSpot doesn’t offer. You can trade on its spot, margin, leveraged token, futures, or options markets with more fiat/crypto and crypto/crypto trading pairs at your disposal.

Binance also has lower fees in almost all areas. While CoinSpot charges minor fees for some deposit methods (BPAY, cash deposits), you can deposit AUD into your Binance wallet for free. Its maker and taker fees are also very economical in the Australian market. If you’re an existing CoinSpot customer, then you can easily transfer your crypto to Binance Australia.

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We aim to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. We do not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

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