Coinjar vs Binance | Is The Small Australian Exchange Better?

Moving on to trading fees, let's compare CoinJar and Binance and find out which one is cheaper! 

First, let's talk about Binance's trading fees. They charge a spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%.

What's great about Binance is that they offer discounts on trading fees if users monthly trade volumes exceed $1 million or if you hold at least 25 BNB tokens.

Now let's look at CoinJar. For takers, crypto-to-crypto and crypto-to-stablecoin trades on the CoinJar exchange will incur a flat 0.06% fee. The maker and taker fee for users using AUD or GBP as trading pairs begin at 0.1% and can be further reduced for high volume traders.

These trading fees are on par with Binance with the main downside being that they can't match the liquidity available on Binance.

The threshold to receive lower trading fees begins at $100,000 and goes up to $10,000,000. However, for users that use the regular buy and sell functionality (trading) on CoinJar, they will pay a 1% trading fee and 2% for instant buys. That's significantly higher than Binance's fees.

When it comes to deposit methods, CoinJar offers their Australian users three AUD deposit methods which includes PayID, Bank transfer and Blueshyft.

PayID has no deposit fee and normally arrives within a minute while bank transfers are also free, but typically arrived in 1-3 business days.

For useres who wish to deposit with Blueshyft, that comes with a 1.5% process fee and arrives instantly. For their UK users, CoinJar allows for GBP deposits via Faster Payments (FSP) which are free and arrive within 1-2 hours.

Users can also deposit EUR via SEPA free of charge with a 1-2 business day arrival time. For users who prefer to use Instant Buy with a credit/debit card, they will have to pay 2% commission fee.

Moving on to Binance, they support over 20 fiat currencies including USD, EUR, AUD, GBP, SEK, DKK, PLN and many others. The fiat deposit methods for Binance include Bank transfers via Swift, Signet, SEPA and Faster Payments (FSP).

Fiat deposits are also possible with Visa, Mastercard, PayID and Advcash. Fiat currencies can be deposited with Visa and Master with a fee of 1.8% while bank transfer via SEPA has a low 1 EUR fee. Advcash deposits are also available but they are more expensive with up to 1.5% fee.

When it comes to withdrawals, both CoinJar and Binance provide their users with options to withdraw fiat and cryptocurrencies.

Fiat withdrawals are also avaialble for CoinJar users via bank transfers. Withdrawals from CoinJar are processed as NPP payments which means that withdrawals are almost instantaneous.

For banks that do not support PayID, the withdrawal will be sent as a standard bank transfer (direct credit) which can take 1-3 business days to arrive.

For users that wish to withdraw their cryptocurrencies, that is also possible with a dynamic fee that is unique for each blockchain that is being used.

Binance offers multiple methods for people to withdraw their fiat currencies. 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 with Visa and MasterCard. 1 EUR withdrawal fee with SEPA. Free bank withdrawals are also available with many other fiat currencies.

Moving on to cryptocurrency withdrawals, for those that want to withdraw Bitcoin, Binance charges a 0.0002 BTC withdrawal fee. For Ethereum and Solana, those fees are 0.000768 ETH and 0.008 SOL.

In conclusion, In our opinion, an exchange like CoinJar can be a good first stepping stone for total beginners who are new to cryptocurrency investing.

But we think it's unlikely that users will remain once they come to understand the limitations of the exchange.

Binance is superior to CoinJar is almost every way. This includes a wider range of products and services, more cryptocurrencies, wider country availability and support for more fiat deposits and withdrawals.

It's clear that CoinJar has designed a simple exchange to appeal to beginners who may have no previous experience buy and selling cryptocurrencies.

For this segment of users, they may find CoinJar more appealing as Binance can seem intimidating at first glance. This is understandable and as such, CoinJar can be a good stepping stone for beginners.

Having said that, the limitation of the exchange will quickly be obvious and an upgrade will likely be sought.