Coinspot and Binance Australia are two of the best crypto exchanges available in Australia. In today’s post, we’ve done a side by side comparison so you can figure out which one is right for you.
- Longest standing exchange
- Big selection of coins
- Not as user friendly
Coinspot is a cryptocurrency exchange platform that was created in 2013. It has gained huge popularity amongst its users and it’s also said to be one of the recognized crypto exchanges in Australia, with cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) & 290 other assets on board!
- Fast, Feeless Fiat Deposits and Withdrawals
- High Staking and Interest Rates
- Complex for Beginners
Binance Australia is a cryptocurrency exchange. The company was founded in 2017, and it now supports over 300 digital currencies for trading such as Bitcoin or Ethereum amongst other things like XRP (Ripple).
Let’s take a look at the prices for buying and selling Bitcoin on Coinspot vs Binance Australia.
The first thing to consider are the deposit fees.
First you’ll need to deposit your AUD on the exchange. Coinspot takes a cut of 0 and Binance Australia charges a 0 for deposits.
Coinspot charges 0.10% of your purchase price while Binance Australia charges 0.10%.
When selling crypto – Coinspot charges 0 while Binance Australia is 0.10%.
Coinspot offers 4 methods to deposit AUD. These are:
bank transfers, BPay, PoLi, and PayID.
The daily deposit limit is 0. Most people won’t need to worry about hitting that limit.
Binance Australia offers a few methods to deposit AUD to your account. They are:
Direct Deposit,Credit card, Cryptocurrency, Debit card, Osko, PayID
The daily deposit limit is $10k.
Overall, Coinspot is a better option because it has more deposit methods available which makes it easier to transfer funds.
Coinspot protects your privacy and security using the following methods:
ISO 27001 Certification
HackerOne Bug Bounty Program
Industry Best Practice Offline Storage Protocols
Binance Australia also has security measures in place and here is what they do to protect your assets:
Supports two types of 2FA
Manage your withdrawal addresses
Check the list of devices authorized to access your account
While both exchanges are secure, it appears that Coinspot has better security over Binance Australia.
Coinspot mobile app is a highly rated one with 2.5 stars on Apple’s App Store. It has an easy and intuitive UI that makes it great for beginners, but experienced traders may miss some advanced features like Candle Sticks or Trade Management Tools.
Binance Australia also provides an excellent user experience depending on the type of trader you are seeking to become! With its simple yet powerful interface, Binance Australia could be just what your trading needs demand.
Both exchanges have great service but if I’d had to pick one overall it would be Coinspot.
Sign up now using the links below: