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- Binance vs. Coinspot 2023:...
Binance vs. Coinspot 2023: Deposit, Fees and Security
Luis Clark
- Headquarter: Cayman Islands
- Year Founded: 2017
- No. of Cryptos: 600+
- Fiats Available: CAD, EUR, USD, +39
- Fees: 0.1%
- NFTs Available: Yes
- Native Coin: BUSD and BNB
- Beginner Friendly: No
- Platform App: Desktop, Mobile
- Security Features: 2-Factor Authentication, IP and Address whitelisting, API access control
- Headquarter: Victoria, Australia
- Year Founded: 2013
- No. of Cryptos: 370+
- Fiats Available: AUD
- Fees: Up to 1%
- NFTs Available: Yes
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Mobile and Web
- Security Features: 2FA, custom withdrawal restrictions, ISO 27001 certification, offline storage
Binance vs. Coinspot: Verdict
Our pick is Binance. The world’s largest crypto exchange has a lot more to offer in terms of features and asset availability.
Pros
- Supports a large number of cryptocurrencies
- Low trading fees
- High liquidity
- Supports cryptocurrency, bank transfer, and credit/debit card
- It has a mobile app that enables users to trade on the go
- It has a built-in NFT marketplace
- Offers advanced trading features like margin trading and futures trading
Cons
- Not suitable for beginners
- Poor customer service
Pros
- Supports over 370 cryptocurrencies
- Supports fiat deposits and withdrawals
- Instant buy and Sell
- Supports bank transfer and debit/credit card
- Good customer service
- It offers OTC trading to users who wish to trade large volumes
Cons
- No advanced trading options
Binance vs. Coinspot: Unique Features
Unique Features of Binance
Binance Coin (BNB)
Launched in 2017, Binance Coin is the native cryptocurrency of the Binance exchange. It is traded under the ticker symbol BNB. It is based on the Binance blockchain and has a maximum supply of 200 million tokens.
Binance Coin is used to pay for goods and services on the Binance Smart Chain. BNB holders save 25% on margin trading and spot trading fees and 10% on futures trading. BNB holders also have access to participate in exclusive token sales. BNB can be used as collateral on some platforms.
Unique Features of CoinSpot
CoinSpot Market
The CoinSpot market enables users to trade directly with other CoinSpot users. In the market, users can buy and sell cryptocurrencies from other users at the best available market price. CoinSpot market transactions have a low trading fee of 0.1%.
Users can set specific price targets that they wish to sell at. Once the market reaches the set rate, the system will execute the trade on behalf of the customer.
Winner in Unique Features
Binance wins in unique features as it has more features than CoinSpot.
Binance vs. Coinspot: Cryptocurrencies Available
Cryptocurrencies Available on Binance
Binance supports over 600 cryptocurrencies. This includes Bitcoin, Litecoin, Ethereum, Dogecoin, Terra Classic, Chainlink, XRP, USD Coin, etc.
Cryptocurrencies Available on CoinSpot
CoinSpot users can buy sell and swap over 370 cryptocurrencies including; Dogecoin, Litecoin, Bitcoin, Chainlink, Ethereum, XRP, Polkadot, Cardano, etc
Winner in Crypto Availability
Binance wins as it offers more cryptocurrencies than CoinSpot.
Binance vs. Coinspot: Can You Buy and Sell NFTs?
Can You Buy and Sell NFTs on Binance?
Can You Buy and Sell NFTs on CoinSpot?
CoinSpot offers NFTs via the CoinSpot NFT marketplace. The marketplace features some top NFTs like Bored Ape Yacht Club and VeeFriends. CoinSpot is home to over 400,000 NFTs. That said, the marketplace does not allow users to mint NFTs on the platform. You’ll need to mint your NFTs elsewhere and then upload them to CoinSpot to list them for sale.
Winner in NFTs Availability
Binance wins as it offers a wider selection of NFTs than CoinSpot.
Binance vs. Coinspot: Fees
Binance Fees
The Binance exchange uses the taker and maker trading fees model based on the user’s 30-day trade level. It also offers discounts on fees based on the amount of BNB tokens the crypto trader holds.
Here are the tiered levels and BNB discounts:
Regular User
- 30-day trading volume (BUSD): < 1,000,000 BUSD or ≥ 0 BNB
- Maker/Taker Fee: 0.1000% / 0.1000%
- Maker/Taker Fee with BNB 25% discount: 0.0750% / 0.0750%
VIP 1
- 30-day trade volume (BUSD): ≥ 1,000,000 BUSD and ≥ 25 BNB
- Maker/Taker Fee: 0.0900% / 0.1000%
- Maker/Taker Fee with BNB 25% discount: 0.0675% / 0.0750%
VIP 2
- 30-day trade volume (BUSD): ≥ 5,000,000 BUSD and ≥ 100 BNB
- Maker/Taker Fee: 0.0800% / 0.1000%
- Maker/Taker Fee with BNB 25% Discount: 0.0600% / 0.0750%
VIP 3
- 30-day trade volume (BUSD):≥ 20,000,000 BUSD and ≥ 250 BNB
- Maker/Taker Fee: 0.0700% / 0.1000%
- Maker/Taker Fee with BNB 25% Discount: 0.0525% / 0.0750%
VIP 4
- 30-day trade volume (BUSD): ≥100,000,000 BUSD and ≥ 500 BNB
- Maker/Taker Fee: 0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
VIP 5
- 30-day trading volume (BUSD): ≥ 150,000,000 BUSD and ≥ 1,000 BNB
- Maker/Taker Fee: 0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
VIP 6
- 30-day trade volume (BUSD): ≥400,000,000 BUSD and ≥ 1,750 BNB
- Maker/Taker Fee: 0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
VIP 7
- 30 day trade volume (BUSD): ≥800,000,000 BUSD and ≥ 3,000 BNB
- Maker/Taker Fee: 0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
VIP 8
- 30-day trade volume (BUSD): ≥ 2,000,000,000 BUSD and ≥ 4,500 BNB
- Maker/Taker Fee: 0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
VIP 9
- 30-day trade volume (BUSD): ≥ 4,000,000,000 BUSD and ≥ 5,500 BNB
- Maker/Taker Fee:0.0200% / 0.0400%
- Maker/Taker Fee with BNB 25% Discount: 0.0150% / 0.0300%
Concerning deposits, Binance does not charge fees for the different deposit methods. Except for credit card/debit cards where Binance charges 4.5%. Crypto withdrawals are charged dynamic fees.
CoinSpot Fees
CoinSpot’s Trading fees schedule is listed below:
- Market Order: 0.10%
- OTC: 0.10%
- Instant Buy, Sell, and Swap: 1%
- Recurring Buy: 1%
- CoinSpot NFT: 0.90%
- Take Profit, Limit Orders, and Stop Loss: 1%
Deposit Fees for Different Deposit Methods on CoinSpot:
- PayID: Free
- POLi: Free
- Direct Deposits: Free
- Bank Transfer: Free
- BPAY – 0.9% Fee
- Cash Deposit – 2.5% Fee
- Card Deposit – 2.58% Fee
The CoinSpot Australian exchange does but charge withdrawal fees for AUD withdrawals.
Winner in Fees
Binance wins as it charges low trading fees. Binance also gives discounts on trading fees, CoinSpot on the other hand, charges as high as 2.5% on some transactions.
Binance vs. Coinspot: Payment Methods
Binance Payment Methods
Binance offers the following deposit methods; Bank transfer/ PayID/Osko, credit/debit card, P2P trading, and Binance Pay.
CoinSpot Payment Methods
The CoinSpot crypto exchange supports these deposit methods: Bank transfer, PayID, POLi, Direct deposits, BPAY, Cash Deposit, and CoinSpot debit card deposits.
Winner in Payment Methods
Binance wins in payment methods as it offers more flexible deposit methods.
Binance vs. Coinspot: Security
Binance Security
Binance is registered with the Australian Transaction Reports and Analysis Center (AUSTRAC). It stores the majority of users’ assets in cold storage offline and encrypts all personal data and information.
All Binance accounts are protected with two-factor authentication and all changes to account details like password reset and email address changes are reviewed and approved by the Binance team. Any suspicious activity on Binance account results in the suspension of withdrawals from the account for 24 hours.
CoinSpot Security
CoinSpot is registered with ASIC and regulated by AUSTRAC. It also holds an ISO27001 Certification for Information Security Management and a Blockchain Australia Certification.
CoinSpot stores the majority of users’ crypto assets in cold storage offline. Users can secure their crypto assets by activating different CoinSpot customizable security settings on their accounts.
Winner in Security
Binance wins in security as it has a lot of security features in place to ensure the security of users' funds.
Binance vs. Coinspot: Earn/Staking Rewards
Binance Earn/Staking Rewards
With Binance, users can stake more than 60 coins and returns on several coins can get up to 104% APY.
CoinSpot Earn/Staking Rewards
CoinSpot supports more than 20 cryptocurrencies for staking and offers up to 70% in staking rewards.
Winner in Earn/Staking Rewards
Binance wins as it supports more coins than CoinSpot and higher staking rewards.
Binance vs. Coinspot: Usability
Binance Usability
The Binance exchange requires a steep learning curve as it is an advanced trading platform. Beginners may find it a bit tough to get a hang of how everything works. However, advanced crypto traders would find the platform very useful for professional trades.
CoinSpot Usability
This platform is best for beginners. It is simple to use, especially if you want to just execute basic buy and sell orders. Expert traders may not find the platform best for trading.
Winner in Usability
Both Binance and CoinSpot draw in usability. Each platform offers a conducive trading interface for the type of user it targets.
Binance vs. Coinspot: Customer Service
Binance Customer Service
The Binance support team can be contacted via the live chat customer support feature or by submitting a ticket. There is also a Binance Twitter account dedicated to offering support to customers. Binance also has a well-equipped Help center equipped with lots of articles and guides.
CoinSpot Customer Service
The CoinSpot support team offers 24/7 live chat customer support. They can also be contacted via the help desk. The local support team offers a fast and helpful response to customer complaints.
Winner in Customer Service
CoinSpot wins as it has a more responsive support team than Binance.
Conclusion: Final Verdict
Binance Australia wins overall as it is a larger cryptocurrency exchange with a huge selection of NFTs and crypto assets, low fees, lots of top-notch key features, etc. CoinSpot is also a good platform but when compared with Binance it has way too much to achieve in terms of its offerings and products.
Overall Winner
Binance wins with a 4.4/5 rating
FAQ
Most frequent questions and answers
CoinSpot is regulated under AUSTRAC and has been in operation since 2013.
Yes, Binance Australia is regulated by AUSTRAC.
Your crypto is better stored in an offline hardware wallet than online.
Yes, using a non-custodial wallet or hardware wallet.
Hardware wallets like Trezor and Ledger are the safest crypto wallets.
Binance has lower trading fees and offers fee discounts for BNB holders.
CoinSpot is headquartered in Australia.
To avoid tax just hold your assets on CoinSpot. Do not trade them.
CoinSpot has never been hacked. Binance, on the other hand, has been hacked a couple of times.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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