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Binance vs CoinSpot  - Which is best for Australian investors and traders?(2021)

In this article, I compare Binance vs CoinSpot to see which exchange is the best and safest way to trade crypto in Australia.

David Cohen

Editor at Buy Bitcoin Finder

Binance vs CoinSpot - Which is Best for Australians?

Binance and CoinSpot are two of the most popular cryptocurrency exchanges in Australia that offer hundreds of cryptos to buy, sell and trade.

However, one key point of difference is that CoinSpot is based in Melbourne, Australia and only services Australian users. Binance on the other hand is a worldwide and decentralized cryptocurrency exchange, which may pose a higher risk on security of funds.

Summary Comparison Table

The table below provides you with a quick overview of the key aspects of each exchange.

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Binance
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CoinSpot
Total Fees 0.1 - 0.2% 0.1 - 1%
Cryptos Available Bitcoin, Ethereum, Binance Coin, AAVE, Dogecoin, Shiba Inu + 250 others Bitcoin, Ethereum Polkadot, Uniswap, Sushiswap, Cardano  + 250 others
Year Founded 2016 2013
Headquarters Global Headquarters ("Decentralized") Melbourne, Australia
Deposit Options Bank Transfer, Debit Card or Credit Card Bank Transfer, PayID/Osko, Cash Deposit, POLi and SWIFT
Beginner Friendly Image Image
Built-In Wallet Image Image
Device Platforms Web, iOS, Android Web, iOS, Android
Customer Support Very Slow Very Fast
Risks Binance has been banned in some countries, including Canada. No regulatory issues in Australia
Verdict Good for advanced traders in Asia, but not the best option for Australians. CoinSpot is Australia's most popular exchange for a reason. Their platform is easy to use and the fees are low at 0.1%

The Final Verdict

Binance and CoinSpot effectively offer the same value proposition to customers - optionality.

Both exchanges are well known for being fast to list all of the latest cryptocurrency and decentralized finance tokens.

The key difference for users is one is Australian, and the other is foreign which may impose some risks around custody. With that said, we prefer to use CoinSpot for security.

Visit CoinSpot