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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Binance and CoinSpot are two popular crypto exchanges that allow their users to buy and sell a massive range of cryptocurrencies. The key difference is their location, which affects the services on offer. To find out which one is right for you, let’s take a look at a head-to-head comparison of Binance and CoinSpot.
At a glance: Binance vs Coinspot
The full breakdown
Still undecided? Here's an in-depth guide for comparing Binance and Coinspot feature by feature.
|Supports fiat currencies?|
|Range of supported cryptocurrencies?||Large – more than 200||Large – more than 200|
|Customer support||Online help centre, email, social media||Online help centre, email, social media|
|Set-up for new users||New users must provide:||New users must provide:|
|Supported countries||Global||Australia only|
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 purchase cryptocurrency with Australian dollars, then Coinspot offers a range of AUD deposit methods. If you're after a wide range of advanced trading features then Binance may be more suited to your needs.
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?
- Limited AUD deposit methods
- 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
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