CoinSpot limits crypto trading to the pairing of BTC/USDT and AUD, so it may not be the most suitable choice for some traders. For traders or even novice traders who want to apply a level of control to their orders, CoinSpot is not a value-for-money platform to trade crypto. However, high-volume traders should be using Binance due to the fee discounts that can be derived given their 30-day trading volume. Trading fees for both exchanges start at 0.1%, noting that Binance fees follow a maker-and-taker structure.

Binance vs CoinSpot: Mobile Apps

You can click any coin market to access the current prices and other data points. The most common choice is through bank transfer, using a direct deposit, POLi, PayID. After this step, you can deposit up to AUD 2,000 a day and withdraw funds as well.

In terms of their ease of use and how they integrate their respective crypto products and services, we found no significant difference. These apps have been designed to offer the same experience as the web version, including the same features. Another aspect that equates to a better value is Binance’s high liquidity, which means that the price slippage on trading pairs will be reduced. Although simple in operation, the interface could do with a lot of improvements to its design and layout to heighten the quality of life. On the other hand, the CoinSpot interface hasn’t changed much since 2013 and is very outdated. All methods are delivered on an advanced platform, simplifying the process for all newcomers.

Information provided by various external sources

But this is vital for security of the exchange and its users. The verification of your identity and on-boarding of your account may take up to 10 business days to complete for non-Australian Residents. Coinspot does not offer leverage on any of its crypto products. Some users prefer paying the premium for the easy of use, while some find the charges too steep. This Coinspot offers members to make exchanges with each other.

Although market orders on CoinSpot attract a fair fee of 0.1%, take profit, stop/limit orders, and recurring buys, all incur hefty costs of 1%. Third-party payment providers may also be employed, but fees are usually higher. The crypto features on Binance are so well-developed that they provide much more choice, flexibility and better returns than CoinSpot. One of the biggest advantages of choosing CoinSpot is that you have access to a range of small but useful features that suit the Australian market. CoinSpot has continually improved its growing NFT marketplace by slowly adding new collections of digital artworks and collectibles over time.

Coinspot uses cold storage for most of its cryptocurrency funds which are hard to hack as they are not connected to the internet. This means the recoginition ensures Coinspot is one of the securest crypto platforms out there. You have the option of moving your coins to other wallets as well. You can store the cryptos you buy on the Coinspot secured wallet. Coinspot is used for day to day trading or store and sell later mode as well. For trading, you will have to first register an account on Coinspot, add funds to your account.

Binance and CoinSpot provide easy-to-use interfaces that most traders and investors should get accustomed to fairly quickly. Binance stands out as a world-class crypto service provider, providing a vast array of ways to buy digital assets. If you’re a crypto investor looking to purchase digital assets in AUD, you have multiple options with Binance. In fact, it could be said that the design of the Binance interface is a lot better than the outdated CoinSpot interface, even despite the more features and markets it has. This comes as no surprise since the popular crypto trading platform has been catering to everyday Australians for nearly a decade. Both provide good AUD support where cash can be used to trade in a multitude of crypto assets, as well as interest-earning wallets to passively obtain yields.

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Coinspot caters to all sorts of traders, from beginners who know nothing about cryptos to well-seasoned traders. Its user-friendly interface and simpler user experience have become its selling proposition. So i did the first thing they ask me is to also deposit 10000$i told this guys that if i was trading 250$ and still skeptacle is because i didnt have this amount available. Go beyond trading and run your own exchange by being an exchange operator and owner today. By doing so, you’re not losing out on the ability to trade altcoins since Binance and CoinSpot have similar lists of supported assets.

• In fact, it could be said that the design of the Binance interface is a lot better than the outdated CoinSpot interface, even despite the more features and markets it has.
• It provides more than 150 types of cryptocurrencies, levels of security, easy purchase and selling, and an effortless trading operation.
• A list displaying all supported banks will appear when you begin the process of a POLi deposit.
• This feature provides you with an opportunity to buy a basket of different cryptocurrencies at the same time.
• CoinSpot is one of the safest Australian crypto exchange platforms, with more than 250 cryptocurrencies.
• Though this option is convenient, it has a transaction fee of 1% for convenience.

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People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Insisting.for me to deposit 10k. They said ok that we will continue by trading with the 250 but it wont raise a lot. I was ask to start trading for only 250$.

• Binance and CoinSpot may seem like two different cryptocurrency trading platforms, but they are similar in many ways.
• Based on our comparison of Binance and CoinSpot, the latter is really suited for Australians who want a no-fuss way of buying and investing in popular digital currencies.
• The verification of your identity and on-boarding of your account may take up to 10 business days to complete for non-Australian Residents.
• Moreover, the platform also has a dedicated FAQ section to help beginners with various issues like verification and login, trading and exchange, fund withdrawals etc.
• CoinSpot has great customer service, but the only way to buy crypto cheaply is by placing market orders on the exchange.

It was the first Australian cryptocurrency exchange to be awarded the first Australian cryptocurrency exchange to receive the International Organization for Standardization (ISO) stamp of approval for its security systems. Coinspot offers a platform for buyers and sellers to trade cryptocurrencies. It has reformed the digital currency market by its super secure platform. When it comes to trading cryptocurrency in Australia, Coinspot is the name every crypto enthusiast knows. You can trade on its spot, margin, leveraged token, futures, or options markets with more fiat/crypto and crypto/crypto trading pairs at your disposal.

CoinSpot has tailor-made features for Australians

This information should not be misinterpreted as an endorsement to buy, trade or sell a cryptocurrency or any specific product or service. Moreover, the platform also has a dedicated FAQ section to help beginners with various issues like verification and login, trading and exchange, fund withdrawals etc. You can deposit any available cryptocurrency on Coinspot Wallet. CoinSpot will charge you a standard transaction fee when you send coins to external wallets. Yes, CoinSpot is a safe and secure platform, as it stores most of the assets in highly secured offline wallets.

Binance vs CoinSpot: Products & Services

You need CoinSpot verification to deposit and withdraw funds. Your CoinSpot account gets created after the verification of your email address. Further, CoinSpot exchange has achieved ISO certification for information security and provides an effortless and comfortable experience.

CoinSpot Review: Supported Cryptocurrencies

Whilst this may not bother you if all you want to do is buy and sell crypto with AUD, CoinSpot is not a viable option if you’re a seasoned trader. There are no trading pairs with other fiat currencies or digital currencies as the base asset. With the exception of BTC/USDT, crypto trading on CoinSpot is limited to the use of AUD as the fiat currency.

In terms of the number of supported cryptocurrencies, there is little difference between Binance and CoinSpot, where they allow you to trade 380+ and 370+ assets, respectively. In this article, we compare Binance and CoinSpot, two crypto exchanges in Australia, so you can understand which one may suit your needs better. Create your free account or sign in to continue your search Our review outlines CoinSpot’s features as well as the pros and cons.

There are numerous payment methods to deposit funds in the account. The basic CoinSpot account that you just created will only let you explore the platform. All in all a good easy app to use, putting crypto literally in your pocket. The platform uses easy language and common sense phrasing. The UX design, colors, theme adds to enhance the customer experience and make crypto trading easier to understand without being overwhelming. The platforms user experience is simple with easy to follow steps.

Coinspot Review – The good, the bad and the promising

You can fund your account with cash via PayID or transfer funds from a bank account, or purchase them directly with a credit card. The Binance interface offers a similar user experience to CoinSpot, but more time is needed to get acquainted with it. Although it is one of the best NFT marketplaces in the Australian market, it pales in comparison to Binance’s NFT marketplace. As a bonus, the card automatically converts your nominated crypto into AUD at the best rates available when you make a purchase. Australians who use Binance don’t have access to its globally used Visa card to spend crypto.

Does Coinspot offer leverage?

Binance and CoinSpot provide the same staple features that you would come to expect from reputable crypto exchanges. You can select up to five digital currencies in your wallet at any time to be the payment asset, making it the perfect card for those with a few favorite cryptos. Although coinspot reviews the number of supported crypto is the same between the two platforms, Binance has a significant advantage in its trading pairs.

CoinSpot is a safe crypto exchange with bank-like security that also has received internationally acknowledged ISO certification. Therefore, if more users buy and sell, the platform generates more revenue. CoinSpot charges a transaction fee on the fiat currency deposits and generates revenue. Intermediate and advanced traders have trading tools such as indicators, trendlines, and technical patterns at their disposal. Trading features on the dashboard let you check multiple wallets in one location.