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.

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
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

307
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 290 cryptos.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

271
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
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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
LocationDistributedMelbourne, Australia
Supports fiat currencies?
  • Yes
  • Yes
Range of supported cryptocurrencies?Large – more than 200Large – more than 200
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
  • Advanced trading products such as margin, futures and options
  • Earn interest through lending and staking
Beginner
  • Several fiat deposit methods available
  • Clean user interface
  • Quick and easy to use
  • Easy access to exotic coins
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 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
  • Feature-rich
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

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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