Coinspot vs Binance | Is Coinspot Better Than The King?
Jack Moreau
Feb 2024
9 min read
Fact checked
Looking for the best cryptocurrency exchange between Coinspot vs Binance? We've compared both exchanges across a range of factors including trading fees, products and services, cryptocurrency offering, deposit methods and much more. Discover which platform is right for you and start trading today!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Coinspot and Binance are two very different cryptocurrency exchanges that target a distinct user base with a distinct offering.
Coinspot was founded in 2013 in Australia is a beginner-friendly exchange that allows Australians to buy, sell, and trade cryptocurrencies.
The exchange offers support for over 400 cryptocurrencies including well-known ones such as BTC, ETH, USDT, SOL, ATOM, and many others.
Coinspot exchange
The platform targets mainly beginners who simply want to invest in cryptocurrencies and NFTs. Coinspot has over 2 million Australian customers and is available on mobile for Android and IOS where it has received over 100,000 downloads.
Coinspot app
On the other hand, Binance was founded in 2017 and is one of the largest and most popular trading platforms in the world.
The exchange offers a comprehensive suite of trading and financial services including spot trading, futures trading, staking, earn products, launchpad, its own smart chain, and much more.
Binance exchange
Binance supports over 350 cryptocurrencies, numerous trading pairs, and is the most liquid exchange in the world.
Binance has over 150 million users worldwide and the Binance Android app has been downloaded over 50 million times with a rating of 4.4 based on over 1 million reviews.
Binance app
Additionally, Binance's global presence is much larger with availability in 186 countries compared to Coinspot's limited availability in Australia.
When it comes to signup and KYC, both Coinspot and Binance require all of their users pass KYC verification in order to use their services. To sign up for an account with Coinspot, users only need to provide an email and password.
However, to unlock full account privileges, users must go through the KYC process which involves providing personal information such as full name, address and an Australian phone number.
If you're not a citizen of Australia, you won't be able to complete the KYC process. Once the documents have been uploaded, Coinspot will typically verify users within 1-2 business days.
Coinspot KYC
On the other hand, creating an account with Binance takes less than a minute but users can't trade before completing the KYC process.
This process involves submitting all of the required information and documents for verification such as country of residence, address, and government ID.
Binance KYC verification
Generally, the KYC verification process on Binance can be as short as 15 minutes but can take up to 2-3 business days in some cases to complete.
Overall, both Coinspot and Binance have similar KYC requirements to user the respective platforms. Users who wish to buy and sell cryptocurrencies without going through KYC have to look to alternative exchanges such as Phemex and Bybit.
Coinspot vs Binance Products & Services
Moving on to product offerings, Coinspot is a beginner-friendly exchange that offers basic spot trading for a variety of cryptocurrencies. They also have a simple swap service to convert one cryptocurrency for another. For larger purchases, they offer an OTC desk.
Coinspot buy and sell cryptocurrencies
Additionally, Coinspot has developed their own NFT marketplace where users can list, buy, sell, and trade their favorite NFTs.
Coinspot NFTs
When it comes to user experience, Coinspot has a well-designed and easy-to-navigate website that makes basic cryptocurrency trading simple for beginners.
However, it's not an exchange for experienced traders and investors who are likely looking for a wider range of products and services.
Coinspot spot trading
In terms of liquidity, spot trading volumes on Coinspot ranges between $20 to $40 million on a daily basis. This is not much and to be expected from a smaller country-specific exchange.
On the other hand, Binance provides a much wider range of trading services, including spot trading, futures trading, margin trading, perpetual swaps (perps), and options trading.
Binance spot trading
They offer contracts that can be settled either perpetually or on a quarterly basis, using USDT, BUSD, or other cryptocurrencies.
Binance also offers trading bots, copy trading, leveraged tokens, staking, lending, and vaults for users who want to earn on their assets.
Binance future contracts
Liquidity on Binance is one of the best in the world with daily spot trading volumes frequently exceeding $50 billion.
And when it comes to leverage, Binance offers a max leverage of up to 125X on futures. For margin trading, Binance offers up to 5X leverage with USDT, BUSD, BNB, BT, Altcoins and fiat as underlying collateral.
Binance has also developed an in-house NFT marketplace where users can buy and sell the most popular NFTs and their own Web 3 wallet in Trust Wallet.
Binance NFTs
Binance manages to offer a wide range of products without overwhelming the user. Having said that, the exchange can take some getting used to for total beginners who are not familiar with cryptocurrency exchange.
Overall, Binance offers a much wider range of product and services compared to Coinspot and it's not really close either.
When it comes to trading fees, Coinspot and Binance have their own unique fee structures. Let's first take a closer look at Coinspot.
This Australian-based exchange charges a flat 0.1% spot trading fee for makers, takers, and those who buy and sell via their OTC desk. However, for instant buy, swap, or recurring buy, the fees are much higher at 1%.
Coinspot trading fees
Unfortunately, Coinspot does not offer any rebates for high volume traders, so everyone pays the same fees for each transaction.
Similar to Coinspot, Binance's spot trading fees begin at 0.1% and a spot taker fee of 0.10%. The exchange also offers futures trading with a maker fee of 0.02% and a taker fee of 0.04%.
What's interesting is that trading fees on Binance can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.
Binance spot fees
Overall, while Binance and Coinspot have the same spot trading fees, Binance also offers high volume traders the opportunity to further lower their fees. This give Binance the edge of Coinspot when it comes to trading fees.
When it comes to deposit options, Coinspot and Binance have some notable differences.
Let's start with Binance which offers support for an impressive 26 fiat currencies, including USD, EUR, AUD, GBP, and more.
Users can deposit funds using bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). If you prefer to use your Visa, Mastercard, PayID, or Advacash account, those options are available too.
Binance fiat deposit
However, keep in mind that there are deposit fees associated with certain methods. Deposits made with Visa or Mastercard incur a 1.8% fee, while SEPA transfers come with a 1 EUR fee.
If you have an Advacash account, you'll pay a 1.5% fee. On the other hand, Binance doesn't charge any fees for bank transfers via Swift, Signet, or FSP.
Coinspot on the other hand only supports deposits in AUD. Users can deposit their AUD for free using Poli, PayID, or Direct Deposits. BPAY is an option as well but comes with a 0.9% fee. Cash deposits come with a 2.5% fee, while credit/debit card deposits incur a 2.58% fee.
Coinspot fiat deposits
Binance is once again the winner as it offers more fiat currencies and more deposit options than Coinspot does. While Coinspot is limited to AUD deposits only, at least it does provide multiple options that are free of charge.
Let's take a closer look at the withdrawal options available on each platform. Coinspot only allows users to withdraw AUD fiat currency from the exchange, which is free of charge.
However, there are varying fees for cryptocurrency withdrawals depending on the blockchain being used. Bitcoin has a withdrawal fee of 0.0002 BTC, Ethereum has a fee of 0.0018 ETH, Solana has a fee of 0.02 SOL, and ERC-20 Tether has a fee of 7 USDT.
Coinspot crypto withdrawal fees
On the other hand, Binance offers multiple fiat withdrawal options for its users. USD can be withdrawn via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard, while SEPA withdrawals have a 1 EUR fee. Bank withdrawals with most other fiat currencies are free.
Binance fiat withdrawals
In terms of cryptocurrency withdrawals, Binance charges a withdrawal fee of 0.0002 BTC, 0.000768 ETH, 0.008 SOL, and 10 USDT (ERC-20). Overall, while Coinspot only offers AUD fiat withdrawals and varying cryptocurrency withdrawal fees, Binance provides multiple fiat withdrawal options and relatively low cryptocurrency withdrawal fees.
Coinspot and Binance are two very different exchanges both in terms of user base, global footprint, supported products and services and much more.
Coinspot has done a good job creating a simple platform tailored for the Australian market. It's beginner-friendly exchange that allows Australians to buy, sell, and trade over 400 cryptocurrencies.
Coinspot offers over 400 cryptocurrencies, trading fees that range from 0.1% to 1%, and KYC is required for all of it's users.
On the other hand, Binance offers a comprehensive suite of trading and financial services, including spot trading, futures trading, staking, launchpad, its own smart chain, and much more.
While Binance also requires KYC for all of it's users, it targets a broader demographic that includes beginners, traders, investors and even institutional clients.
Binance has a larger selection with over 350 cryptocurrencies compared to Coinspot's 300+. Additionally, Binance's global presence is much larger with availability in 186 countries compared to Coinspot's limited availability in Australia.
When it comes to trading fees, Coinspot and Binance both charge a flat 0.1% spot trading fee for makers and takers. Binance however also offers rebates for high volume traders.
While Coinspot has done a good job creating a local exchange for Australians, it unfortunately fall shorts in almost all categories compared to Binance.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
