Binance vs CoinSpot – Which is the Better Exchange?

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The cryptocurrency exchange you choose will be where you spend a large portion of your time, and as such it’s important to pick an exchange that’s trustworthy and easy to use. Two popular options are Binance and CoinSpot . In this article, we’ll put the two head-to-head and compare CoinSpot vs Binance. Let us provide you with the information you need to decide which is best for your needs.

Binance vs CoinSpot: At a glance

Binance is an international cryptocurrency exchange that lets you exchange more than 120 different types of crypto coins. Binance is the biggest cryptocurrency exchange in the world in terms of trading volume. The company’s mission is to provide powerful and reliable infrastructure that can process trades as quickly as possible and offer various features like high performance, multi-language support, high liquidity, etc.

CoinSpot is an Australian cryptocurrency exchange launched in 2013. It was founded by Russell Wilson who was joined by his business partner Sam Lee shortly after the initial launch. The company’s mission was to create a safe and reliable marketplace where Aussies can purchase digital currencies using their AUD balance or credit/debit cards.

Coin Availability

Binance has a much wider range of coins available than CoinSpot. At the time of writing, CoinSpot has just over 50 different cryptocurrencies listed on their platform, whereas Binance has over 100. Binance also adds new coins to their exchange regularly, whereas CoinSpot rarely adds new coins.

Fees

Binance has some of the lowest trading fees in the industry at just 0.1%, whereas CoinSpot charges 1%. This means that if you’re trading large amounts of crypto then you’ll save a lot of money with Binance.

Privacy

CoinSpot requires a lot more personal information from its users than Binance does. With CoinSpot you need to provide your full name, date of birth and residential address as well as valid ID documents such as an Australian driver’s license or passport for verification purposes before you can make any trades on their exchange.

Number of Cryptocurrency Options 

Binance offers trading for about 120 different cryptocurrencies. That includes bitcoin, the most common cryptocurrency, and a number of others like Ethereum, XRP, Tether, and Litecoin. CoinSpot is more limited; it only trades in about 60 different cryptocurrencies.

Ease of Buying 

For beginners looking to get started with buying cryptocurrency, CoinSpot is a much easier platform than Binance. It allows users to buy directly using Australian dollars (AUD). If you want to use Binance, you’ll need to first buy a cryptocurrency like bitcoin or Ethereum using AUD on another platform (like CoinSpot), then trade that currency for the desired one on Binance. CoinSpot also provides detailed tutorials on how to buy various currencies, whereas Binance doesn’t offer any such help—which may be frustrating for those new to cryptocurrency investing.

Cryptocurrencies offered

The main difference between these two exchanges is the variety of cryptocurrencies that they offer. Binance offers a much bigger selection than CoinSpot – over 300 cryptocurrencies compared to only around 100 available at CoinSpot. For example, you can use Binance to trade cryptocurrency coins like Dogecoin (DOGE), Siacoin (SC), Steem (STEEM) and Augur (REP). However, you won’t find these coins on CoinSpot.

Verdict

Both Binance and CoinSpot are excellent exchanges which offer a variety of benefits to their users. If you’re looking for a low-cost, simple interface as well as relatively quick deposit/withdrawal times, Binance is the way to go. But if you want additional features including some altcoins such as NEO, GDax may be more your speed.

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