Updated: September 27, 2022   Published: July 31, 2022
Binance vs Coinspot Australia Review

Australia has many cryptocurrency exchanges and we've reviewed 15+ of the most popular choices. In this review, we're taking a deep look at Binance versus Coinspot so you can compare fees, features, funding methods and more. We did a deep dive so you can find out which platform is best for you based on over 60 data points.

If you just want the final answer, here is which platform you should in each scenario:

The Bottom Line:  

Binance is better overall since it has much lower fees, more coins and features, and a large insurance fund in case of a hack. Coinspot had higher fees and less coins but it's the better choice for beginners if you just want an easy platform to use.

Overall, Binance has 600+ coins (versus 370+ on Coinspot), a total BTC purchase fee of 0.15% (versus 1.89%), and more features overall. Both platforms were very secure and have free AUD deposits and withdrawals. The majority of Australians should use Binance unless you want the most beginner-friendly platform, which in that case you should go with Coinspot.

In the rest of the post, you can compare both choices and see the data and info that went into this.

Summary

  • Binance has more coins (600+ versus 370+)
  • Binance has lower trading fees and spreads
  • Coinspot was cheaper when it comes to selling BTC and cashing out to your bank account
  • Both platforms are considered very safe
  • Both platforms let you deposit/withdraw AUD for free but Coinspot has more options
  • Coinspot is better for beginners
Binance

About Binance

Binance is world's largest crypto exchange with over 90 million registered users. On Binance Australia, users can trade hundreds of coins, access AUD trading pairs, and deposit/withdraw AUD for free. Since it's the largest exchange in the world by trading volume, it's one of the cheapest platforms for Australia to trade crypto.

Pros & Cons

  • Lowest fees in Australia and the world (highest trading volume in the world and 0.10% trading fees)
  • Deposit/withdraw AUD
  • AUSTRAC licensed 
  • 600+ cryptocurrencies
  • Lots of features
  • Some features are restricted in Australia like derivatives, the Binance rewards card, and more
  • More difficult for beginners
Coinspot

About Coinspot

Coinspot, based in Melbourne, has over 2.5 million Australian customers since being founded in 2013. It offers 370+ cryptocurrencies, interest accounts, and beginner and advanced trading. 

Pros & Cons

  • Better for beginners than Binance
  • Great fiat on/off ramp for AUD
  • 370+ cryptocurrencies
  • Serving Australians since 2013
  • More expensive than Binance overall. Coinspot has high spreads and trading fees up to 1%

Overview

How We Tested

To collect this info, we used real, KYC-verified accounts. We then broke it down into 5 categories: Fees, Features, Deposit & Withdrawals, Security and Ease of Use.

RankFi tracks dozens of crypto products. Lean more about our methodology here.

Coins Offered

600+

370+

Total BTC Purchase Fee

0.15% (1st place)

1.89% (12th place)

Total BTC Selling Fee

0.12%

x

AUD Trading Pairs?

AUD Deposit Fees

Free

Free to 2.5%

PayID

Free

Free

Beginner Friendly

🚫

Advanced Trading

BTC Withdrawal Fee

0.0005 BTC

Dynamic

Headquarters

Remote

Malbourne, AU

💰 Promotion

10% off trading fees forever + $50 welcome bonus

N/A

Sign Up

Features

Binance has more features overall and 600+ cryptocurrencies versus 370+ on Coinspot. On top of more coins, you also get lower spreads and fees when using Binance. Coinspot, however, is the better choice for beginners if you're just looking for an easy platform to use. 

Best Features Overall

✅ Winner

Cell

Coins

600+

370+

Mobile App

Web App

Beginner Trading

✅ (app only)

Advanced Trading

🚫

Staking

Changed to "Earn"

Lending/Borrowing

Restricted

Other Rewards

Crypto Credit Card

Restricted

🚫

Margin Trading

Restricted

🚫

Futures

Restricted

🚫

OTC

Native Token

✅ BNB

🚫

Affiliate Program

24/7 Support

🚫

Sign Up

Fees & Spread

Binance is the cheaper option when you add all fees. Binance had a 0.15% total purchase fee to buy Bitcoin versus 1.89% on Coinspot. The spread and trading are also much lower on Binance. It's the largest platform in the world by trading volume so it's hard to compete with Binance on spreads. Coinspot did, however, have a better total BTC selling fee to cash out AUD to your bank account. 

More Information

Both platforms were tested at the same time and numbers are subject to change.

  • Total BTC Purchase Fee = AUD Deposit Fee + Trading Fee + Buy Reference Price Difference
  • Total BTC Selling Fee = AUD Withdrawal Fee + Trading Fee + Sell Reference Price Difference

Best Fees Overall

✅ Winner

Cell

*Total BTC Purchase Fee

0.15% (1st place)

1.89% (12th place)

*Total BTC Selling Fee

0.12% (4th place)

-0.76% (1st place)

AUD Deposit Fee

Free to 4.5%

Free to 2.5%

AUD Withdrawal Fee

Free

Free

Trading Fee

0.10% or less

1% or less

Spread (BTC)

0.07%

0.92%

Ref. Price Difference

Buy: +0.05%

Sell: -0.02%

Buy: +1.79%

Sell: +0.86%

BTC Buy Price

$59,871

$67,014

BTC Sell Price

$59,830

$66,401

Reference Price (Google)

$59,840

$65,837

Sign Up

Deposits & Withdrawals

Coinspot takes the edge on deposit and withdrawal options. While both Binance and Coinspot have free AUD deposit and withdrawals, Coinspot has more choices and AUD trading pairs overall.

Best Overall

Cell

✅ Winner

$AUD Funding Options

PayID

Free

Instant


POLi

Not supported


Direct Bank Transfer

Free

Instant


Credit/Debit

4.5%

Instant

PayID

Free

Instant


POLi

Free

Instant


Direct Bank Transfer

Free

Instant


BPay

0.90%

0-2 days

$AUD Withdrawal Options

PayID

Free

Instant


POLi

Not supported


Direct Bank Transfer

Free

Instant

PayID

Free

Instant


POLi

Free

Instant


Direct Bank Transfer

Free

Instant


BPay

Free

0-2 days

BTC Withdrawal Fee

0.0005 BTC

Dynamic

ETH Withdrawal Fee

0.00625 ETH

Dynamic

Security

Both Coinspot and Binance are very safe and legitimate platforms. However, if there had to be a winner, Binance takes the slight edge on security since it has a SAFU insurance fund. There was a hack in 2019, but the SAFU fund refunded all users so no customers lost any funds. Binance also has a few more security settings available in your account.

Best Security Overall

✅ Winner

Cell

Year Founded

2017

2013

Uses Cold Storage?

AUSTRAC Licensed

Insurance Policy

✅ (SAFU)

🚫

Any Hacks or Incidents?

Yes (2019)

🚫

2FA

Address Whitelisting

🚫

View Login History

🚫

Crypto Withdrawals Allowed

KYC

Publicly Traded

🚫

🚫

Headquarters

Remote

Melbourne, AU

User Interface

Binance

Binance App Trading
Binance App Wallet
Binance App Trade

Coinspot

Coinspot Mobile App

Binance or Coinspot?

Overall, Binance is the better platform. It has 600+ coins versus 370+ on Coinspot and much lower spreads and fees meaning it's cheaper to use. Both platforms are very good when it comes to security and funding/withdrawing AUD. Coinspot 

When To Use Binance

  • If you want the lowest fees in the industry
  • If you want the larger selection of cryptocurrencies (600+)
  • If you want more features overall

When To Use Coinspot

  • If you want an easier platform for beginners
  • If you want a company that is based in Australia

Sign Up:

Binance

Get 10% off trading fees forever and a $50 welcome bonus

Coinspot

No promotion available. Start trading 370+ cryptocurrencies

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