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Binance vs CoinSpot: Which is right for you?

Compare these popular crypto exchanges side by side to see which one meets your trading needs.

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We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Binance and CoinSpot are two popular crypto exchanges that allow their users to buy and sell dozens of cryptocurrencies. To find out which one is right for you, let’s take a look at a head-to-head comparison of Binance and CoinSpot.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

At a glance: Binance vs Coinspot

Name Product Deposit methods Fiat Currencies Cryptocurrencies
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The full breakdown

Still undecided? Here's an in-depth guide for comparing Binance and Coinspot feature by feature.

Binance
CoinSpot
LocationMaltaMelbourne, Australia
Supports fiat currencies?
  • No
  • Yes
Range of supported cryptocurrencies?Large – more than 100Large – more than 100
Customer supportOnline help centre, email, social mediaOnline help centre, email, social media
User interfaceIntermediate
  • Crypto-to-crypto trading only
  • User interface easy to navigate
  • Also offers advanced trading view
Beginner
  • Several fiat deposit methods available
  • Clean user interface
  • Quick and easy to use
Set-up for new usersNew users must provide:
  • Email address
New users must provide:
  • Full name and current Australian address
  • Australian mobile phone number
  • Proof of ID
  • Photo of a utility bill or bank statement
  • Photo of yourself holding a signed statement
Supported countriesGlobalAustralia only
Learn more


Bottom line: Should you use Binance or CoinSpot?

The crypto exchange you choose to use is entirely up to you. The platform you choose will be based on your trading needs – for example, if you want to buy cryptocurrency with fiat currency then CoinSpot might be suitable, while if you only want crypto-to-crypto trading you may decide that Binance is the best choice.

Do your own research to work out whether Binance or CoinSpot is a better fit for the type of trades you want to place.

Thinking of using Binance?

What are the pros of using Binance?
  • Allows you to buy and sell a wide range of digital currencies
  • Competitive fees offered and further discounts available to Binance Coin holders
  • Quick signup process with no ID verification required
  • Popularity means it can offer a high level of liquidity
What are the cons of using Binance?
  • Doesn’t support fiat deposits
  • Cryptocurrency newcomers may find the user interface a little intimidating
  • Hasn’t been around as long as some other exchanges

Thinking of using Coinspot?

What are the pros of using CoinSpot?
  • User-friendly and suitable for beginners
  • Fiat-to-crypto and crypto-to-crypto trading available
  • Provides access to an extensive range of digital currencies
  • Customer support based in Australia
What are the cons of using CoinSpot?
  • Only for Australian residents so global traders will need to look elsewhere
  • Detailed verification process may be a turn-off for some users
  • Cheaper fees are available on other exchanges

Keen to consider alternatives? Check out our comparison of over 50+ cryptocurrency exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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