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
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
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
Overview
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 |
FeaturesBinance 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 & SpreadBinance 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. Both platforms were tested at the same time and numbers are subject to change.
| ||
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 & WithdrawalsCoinspot 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 |
SecurityBoth 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
Coinspot
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
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