Features
CoinSpot is the most feature-rich Australian cryptocurrency exchange with a variety of unique services and products. These include both trading and staking services, an NFT Marketplace and NFT Wallet, a Crypto VISA Card that allows users to spend 380+ tokens on real-life purchases, SMSF & OTC Desk support, Bundles (Crypto ETFs) and much more.
Binance offers equally as many features on its platform; however, these services are not available to Australian investors. The only services Binance offers Aussies are spot trading, an NFT marketplace, and crypto loans. Staking and derivatives trading is not available in Australia.
Winner: CoinSpot is tailored to meet the needs of Australian crypto enthusiasts and offers significantly more features than Binance.
Pricing
CoinSpot has the lowest trading fees in the country, with 0.1% per trade when using the Market Order feature and 1% when you use the Instant Buy feature. Depositing AUD to CoinSpot is free for most payment methods like Bank Transfer, POLi, PayID, and Osko, but card, cash & BPAY deposits charge a fee between 0.9% - 2.58%. Withdrawals are completely free aswell.
Binance offers a base trading rate on their Market Order platform of 0.2% - slightly higher than CoinSpot. However, their Instant Buy features are slightly cheaper coming in at 0.85% per trade. One thing to note is that because Binance is an off-shore exchange, it is more expensive to deposit AUD onto their platform, and none of their payment methods are free, ranging between 1% - 4%.
Winner: CoinSpot has overall much lower fees as it offers free AUD deposits and doesn't charge a currency conversion fee like Binance.
AUD Deposit Methods
CoinSpot has more deposit methods for Australian investors than any other cryptocurrency platform in the country. It is the only exchange that accepts cash deposits. CoinSpot currently accepts AUD deposits via PayID, Osko, Bank Transfer, Cash Deposit, BPAY, Credit Card, Debit Card & POLi.
Binance is a global exchange that accepts a variety of fiat currencies and payment methods. For Australian dollar deposits, it supports PayID and credit/debit card deposits.
Winner: CoinSpot provides considerably more payment methods than Binance and is the only platform that accepts cash deposits.
Supported Tokens
CoinSpot has the largest selection of cryptocurrencies out of any Aussie digital asset exchange, with over 380 of the best tokens available across the DeFi, GameFi, NFT, Metaverse and other sectors.
Binance comes short by 30 tokens and currently only supports 350 cryptocurrencies.
Winner: CoinSpot supports the most cryptocurrencies out of any Australian crypto exchange and most global regulated platforms.
Security
CoinSpot was founded in 2013 and has never had any security compromises or hacks. It is regulated by ASIC & AUSTRAC and is a Blockchain Australia Gold member. CoinSpot is one of the only exchanges in Australia to be awarded the ISO 270001 Certification for its outstanding security measures. The exchange is considered the most secure and trusted platform in the country.
Binance was founded in 2017 and was hacked once in 2019 for $40 million. It is not currently licensed or regulated in Australia, and lost its derivatives trading license from ASIC. Although it was subject to a cyber attack, Binance is still regarded as a highly secure exchange and has been transparent about its assets.
Winner: CoinSpot is considered the most secure cryptocurrency exchange in Australia and has never has its security breached, unlike Binance.
Customer Service
CoinSpot offers 24/7 customer support via live chat, email, online ticketing system, phone (only for OTC clients), Facebook, Reddit, Instagram & Twitter. The support team are all based in Australia, which means you can get instant customer support if you need help with their platform.
Binance also has 24/7 customer support on its platform via live chat, email and online ticketing system. They are also present on social media and can be contacted through Discord, Telegram, TikTok, Instagram, Twitter, Facebook, Reddit, and YouTube. As a global exchange, Binance offers support in 41 languages, providing a diverse and inclusive environment.
Winner: Binance has a larger support team and is present in more online communities. It also offers multilingual support, unlike CoinSpot, which only offers English.
Conclusion
To recap, CoinSpot is hands down the best cryptocurrency exchange in Australia for novice and experienced investors alike. The platform offers a variety of unique features, low fees, 24/7 support and a wide range of cryptocurrencies. They are also the most secure exchange in Australia and are regulated by AUSTRAC & ASIC.
