A Comparison Of Binance Vs Coinspot.
One of the most competitively priced exchanges available to Australians is Binance, with lower fees than most of its competitors. The trading fee varies based on whether you are a "maker" or "taker". Interested? We have more details on keyword_placeholder.
#1 Binance
Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao a developer who had previously created high frequency trading software. The company's mission is to provide a fast, secure and reliable platform for trading digital assets. The platform is designed for both professional and novice traders. The company has a team of experienced developers, traders and financial experts who are committed to providing the best possible experience for users.
#2 Coinspot
CoinSpot is an online crypto trading platform that allows you to buy, sell, and trade digital currencies. With over 100 different digital currencies available, CoinSpot is one of the most comprehensive and user-friendly platforms available. Whether you are a beginner or an experienced trader, CoinSpot is the perfect place to start your digital currency journey.
How do I cash out on Coinspot?
It is very easy to cash out cryptocurrencies on coin spot. If you want to sell one of the coins eligible for market orders, you need to use the instant trading feature or the market section. The WITHDRAW AUD option in your account dashboard will allow you to initiate a cash withdrawal from your bank account. Go to the instructions and enter your bank account details. It is that simple.
Product Comparison
| Specification | binance | coinspot |
|---|---|---|
| Credit | Yes | No |
| Cryptocurrencies: | 600+ | 360+ |
| Deposit fee | Free | BPAY: 0.9%, Cash: 2.5% | Bank transfer, POLi, PayID, OSKO: Free |
| Fiat Currencies | More than 500 (148 for Binance.US users) | AUD |
| Fiat currency | AUD | AUD |
| Headquarter: | Malta | Australia |
| Maker | 0.10% | 0.10% |
| Market | Yes | Spot |
| Max. Trading Fee | 0.1% | 1% |
| Mobile App | Yes | Yes (iOS and Android) |
| Offers Derivatives | Yes | No |
| Payment methods | PayID/OSKO | PayID, Cash Deposit, Bank transfer, OSKO, BPAY, POLi |
| Review: | Read our full Binance Au... review | Read our full CoinSpot review |
| Supported Crypto | 446 | 128 |
| Taker | 0.10% | 0.10% |
| Trading fees | 0.1% | Market: 0.1%, Instant buy: 1% |
| US Allowed | No | No |
| Website | https://www.binance.com/ | https://www.coinspot.com.au/ |
| Wire | Yes | Yes |
| Withdrawal Fee | BTC 0.0002 | Free |
These are the pros and cons
coinspot
Pros
- - - Otc trades.
- - - Buy NFTs with any cryptocurrency.
- - - Live chat support.
Cons
- - High instant buy/sell fees.
Conclusion
Better features, more markets, and cheaper trading fees make Binance Australia a superior exchange to coin spot. There are unique features that cater to the Australian market such as SMSF support, but more Australians will benefit from the robust features of Binance. Even beginners should be able to navigate their way around the interface because it is so well designed. The only downside to CoinSpot is that they are more responsive.