Features: Both CoinSpot and Binance are feature-packed. It is hard to decide on a clear winner. Binance is the better option if you are an advanced trader looking for more trading options. However, for the majority of crypto investors, CoinSpot is excellent, with plenty of great features in a user-friendly platform.
CoinSpot and Binance are both ISO 27001 certified, use multi-layered security, and allow users to keep their digital assets offline. However, CoinSpot is the winner as it has been a well-established exchange with high security and its customers have never experienced security issues since it was founded.
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.
Swyftx is an Australia-based crypto exchange that features more than 310 assets, compared to over 390+ on CoinSpot. In Finder's 2023 customer satisfaction awards it was the most recommended brand, with 90% of users saying they would recommend the platform, compared to 80% for Binance.
Other important factors to consider when researching alternatives to Binance include security and customer service. We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Binance, including Coinbase Exchange, UPHOLD, Poloniex, and Kucoin.
The American branch of Binance, the giant cryptocurrency exchange, said late on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars, after its banking partners cut the firm off in response to a crackdown by federal regulators.
Despite some drawbacks, such as limited advanced trading features and higher fees on instant transactions, CoinSpot remains a reliable and secure platform.
The Services provided by CoinSpot are limited to users resident in the following jurisdiction: Australia. If you are not a resident in that jurisdiction you should cease using our Services.
CoinSpot offers Australia's largest variety of digital assets with over 400 coins listed where users can buy, sell & swap benefiting from the lowest fees starting from 0.1%. Trade with peace of mind knowing that CoinSpot has the highest level of globally recognised security certification in Australia.
Start on Coinspot: Log in to your Coinspot account and go to [Wallets] on the dashboard. 2. Choose a cryptocurrency: Select the cryptocurrency you wish to send to Binance.
Binance has a steep learning curve, supports advanced users, and provides international traders with hundreds of currency trading options.
Binance P2P has robust security measures in place — including stringent know-your-customer (KYC) checks and an escrow service — to protect users against scams and fraudulent activities.
Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.
Coinspot Exchange
It is registered and headquartered in Melbourne and has over 20 employees. The exchange is only available for Australian residents and aims to provide an easy-to-use platform for Australians to buy, sell, and trade over 300 cryptocurrencies.
US-investors may not trade on this exchange. So if you are a US-investor and want to trade at CoinSpot, you'll have to reconsider your choice of trading venue. Use our Exchange Finder here to find the right exchange for you.
As your email address is the main point of contact and a utility to identify you as a user, there can be major security concerns if the email you use for your CoinSpot account is or has been compromised on the internet and is used across multiple websites.
Summary: CoinSpot is considered one of the most expensive crypto platforms in Australia due to its 1% instant trading fee and wide spreads of up to 2% on digital assets.
You can withdraw your funds at any time, and the process is simple and straightforward.
Hot wallets are extremely accessible and fast due to their internet connectivity, for example your CoinSpot account.
In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.
"one of the best cryptocurrency trading platform"
For me, Binance is one of the best cryptocurrency trading platforms. Easy to buy and sell cryptocurrencies. The best part is the security features; it has a lot of verification method. Review collected by and hosted on G2.com.
History of Binance Exchange
Primarily known for crypto-to-crypto trading—trading between two cryptocurrency pairs—the Binance exchange has some of the lowest cryptocurrency transaction fees. It has high liquidity and offers discounts to users who pay in BNB—the exchange's native cryptocurrency token.