CoinSpot vs Binance are both prominent cryptocurrencies exchanges in Australia with unique features and attractive fees policies. While Binance is praised for its low trading fees, which can be further reduced with Binance Coin and by making trade with higher volumes, CoinSpot implements a straightforward fee structure which highlights transparency and diversity.
To better understand the features and fees these exchanges offer as well as their users’ experience, let’s delve deep into this comprehensive review.
CoinSpot vs. Binance: Unique Features
CoinSpot’s Features
CoinSpot earned its name as the most easy-to-use exchange in Australia with user-friendly interface and a variety of trading options that cater to the needs of both novice and experienced investors.
Spot Trading
CoinSpot offers an intuitive trading interface. To buy a coin, users can simply search the coin’s name and select “Buy” or browse over 480 digital currencies. The cryptos list is regularly updated each month, depending on customer requests.
Bundles
Bundles are a carefully selected assortment of various digital currencies. They offer an effective means of diversifying one’s investment portfolio to hedge again risk, as they are less susceptible to the price fluctuations of individual cryptocurrencies. Using bundles can help you cut down the fees by just paying one time for the whole bundle instead of paying the fee for each coin.
In-platform NFT Marketplace
CoinSpot is the first platform in Australia to enable users to make purchases directly through its in-platform NFT Marketplace. It allows users to purchase NFTs using their choice of cryptocurrency with no need to convert currency or set up an external wallet.
OTC Trading
CoinSpot’s specialised OTC Trading Desk allows members to perform high-volume transactions without the need of traditional public order books.
Binance’s Features
Like CoinSpot, Binance does offer basic trading instruments like Spot Trading, P2P (as Swap in CoinSpot), NFTs, and its Binance Earn.
Binance provides users with choices of over 350 cryptocurrencies to trade on. However, the platform’s infrastructure is built to handle a high volume of trades and transactions, catering to the needs of serious traders.
Consequently, Binance also offers some advanced trading options, including trade margin with leverage, trading bots, copy trading, and APIs.
If you want to automate some aspects of your trading strategy, you can ask Binance’s five trading bots, which are spot grid, futures grid, arbitrage bot, rebalancing bot, and algo order, to do it. Otherwise, you can create your own bots.
As some people may find Binance’s interface quite complicated, a viable alternative is the platform’s P2P marketplace. This place allows you to trade tokens directly with other Binance customers with no intervention or fees. The only minus point is that you can only trade 7 coins and tokens in total.
CoinSpot vs. Binance: Fees Structures
Deposit and withdrawal fees
With CoinSpot, customers can directly deposit AUD through banking, PayID, and POLi with no fee. If they use Bpay or cards, they will need to pay 0.9% fee (for credit cards), or a 1.88% fee (for debit cards).
Now on Binance, despite a strong Australian customer base, this platform has yet to re-enable bank transfer using the country’s native currency. The only way to deposit AUD is by using credit or debit cards, which often incur significant fees and require a third-party provider.
If you wish to withdraw, CoinSpot charges no fee. However, there is a small blockchain-based fee, depending on the token and the network traffic.
Binance, however, does not offer AUD withdrawals. You can only withdraw cryptocurrencies with fees vary based on networks.
Transaction fees
Binance offers a low trading fee of 0.1% on every transaction you make. The exchange also encourages users to use its Binance Coin (BNB) as a means of fee payments, in return for even lower transaction fees. This can be more tempting for high-volume traders.
CoinSpot also asks for 0.1% of your transaction, but if you want instant buy, the fee is now 1%. Here is the breakdown of CoinSpot transaction fees:
- Market Trades (0.1% fee): When you set a price at which you want to buy or sell a cryptocurrency, your order will be filled when another trader places an order at that same price.
- Instant Buy/Sell (1% fee): CoinSpot sets a fixed price for your desired coins. You don’t have to wait for traders to buy from you or sell to you. All 480+ crypto assets available on CoinSpot can be purchased instantly.
- OTC Trades (0.1% fee): For transactions of $50,000 AUD or more, this is usually the best option. The best part is that it settles instantly with only a 0.1% fee per trade.
CoinSpot vs. Binance: User Experience
CoinSpot has been highly rated as one of the top solid choices for both novice and seasoned traders, thanks to its straightforward and easy-to-use and versatile interface. There are hundreds of praises for the platform’s UI on Trustpilot.com or authoritative websites like Forbes.
CoinSpot has a Live Chat option that enables you to reach out for assistance immediately, 24/7. Therefore, when you encounter difficulties, you can contact the customer support team.
CoinSpot’s live chat support. Source: Coinculture
If you cannot converse over live chat, CoinSpot provides alternative measures through their help desk, where you can respond whenever you are ready. The support staff will contact and help you address your problems within 24 hours.
Besides, CoinSpot features a comprehensive information centre with informative tutorials for beginners and a FAQ area to assist new investors in acquiring Bitcoin and other digital currencies.
The customer service team is also active on various platforms to answer any queries from their users. For instance, you can feel free to discuss everything about crypto and receive timely support from the official CoinSpot Reddit.
Binance
The trading interfaces for its spot and advanced markets are modern and slick. The exchange offers robust capabilities for purchasing tokens, including spot trading interface features for analysing price movements and placing market orders.
Binance offers a comprehensive support hub that offers help centre articles, FAQs, contact forms and a live chat.
The live chat system uses a chatbot, but you can ask to speak with a person. When we tested this, it took less than 1 minute to be put in touch with a customer service representative, although it did require several prompts.
