Binance vs. Coinspot: Compare Cryptos, Features, Fees, & More


One of the most difficult financial markets to navigate in today's inflationary, rising-rate environment is cryptocurrency.

With digital tokens way below their all-time highs, more crypto enthusiasts and novice investors are taking advantage of the discount and pouring into their favorite virtual currencies, be it Bitcoin or Dogecoin.

But while many are weighing their buying decisions, the next question becomes: Where should you your cryptos from anyway?

The explosive growth in the industry has led to the creation of a wide range of exchanges and trading platforms either focused entirely on crypto or have complement their current suite of products and services with cryptocurrency.

By now, you might have come across the Binance platform and the Coinspot app. But what is the difference between the two websites anyway?

So, from trading fees to deposit methods, we look at the features and comb through the differences between Binance and Coinspot.

Which Cryptos Does Binance Offer?

Binance offers its users with 65 different cryptocurrencies. Some of the most popular digital tokens on the platform consist of:

• Bitcoin (BTC)
• Ethereum (ETH)
• PAX Gold (PAXG)
• Harmony (ONE)
• Orchid (OXT)
• Helium (HNT)
• Chainlink (LINK)
• Cardano (ADA)
• Stellar (XLM)

What Cryptos Does Coinspot Offer?

Coinspot offers support for more than 150 cryptocurrencies. Some of the digital destination's offerings:

• Bitcoin (BTC)
• Ethereum (ETH)
• BNB (BNB)
• USD Coin (USDC)
• XRP Ripple (XRP)
• Terra (LUNA)
• Cardano (ADA)
• Solana (SOL)
• Avalanche (AVAX)
• Polkadot (DOT)
  

Is it time to invest in the treasure trove of cryptos, from LTC to XRP, on Binance or Coinspot?

Missing checkmarks?

Binance vs. Coinspot

Feature Comparison

Binance vs. CoinSpot

Binance

CoinSpot

Products

Offers trading for dozens of cryptocurrencies.

Fees

Maintains some of the lowest fees compared to other platforms.

Digital Wallet

Provides user with a built-in digital wallet

Perks

Extends additional rewards by using the platform (rewards for staking, for example)

Security

Secure identity verification process, two-factor authentication, etc.

Account Creation

A simple sign-up process and easy interface.

Withdrawals

Allows withdrawals to PayPal.



Overall, Binance is suitable for experienced investors, while novice traders will go through a learning curve. It is also geared more toward non-U.S. residents.

Coinspot, meanwhile, has become popular with tens of thousands of clients due to its platform that is great for beginners and those looking for a convenient yet secure ecosystem.

With its superb excellent reputation, Coinspot is great for both U.S. and non-U.S. residents.

But is Binance cheaper than Coinspot? What are the Binance fiat deposit fees? How much does Binance charge per trade? Is Coinspot better in this area?

Let's compare the pricing mechanisms.

Pricing Comparison

So, in the end, is Binance cheaper than Coinspot?

Overall, Binance has lower fees compared to Coinspot. At the same time, Coinspot has higher fees but offers convenience and reliability in return.

When it comes to payment methods and available currencies, Binance gives traders the option to buy and sell crypto using U.S. dollars. Binance also supports several payment methods and multiple currencies.

Coinspot offers users several types of payment methods, including bank account, instant cashout, debit card, wire transfer, PayPal, Apple Pay, and Google Pay.

Customer Support Comparison

Binance offers live chat, Twitter support, and email support. Coinspot offers support through email or a help ticket. Overall, Binance provides better support in terms of response time., according to a wide range of customer reviews.

Mobile App Comparison

Both platforms offer mobile apps for Apple and Android phones. The Binance app has received poor ratings for Android users, while Coinspot has a much better rating on both the Apple store and Android Play Store.

The Binance website is difficult to use, and there is a lack of information on security. On the other hand, Coinspot has a very user-friendly platform. While both platforms are considered secure, Coinspot maintains a better overall reputation on this front.

Binance can be overwhelming even for experienced users. However, Binance provides the Binance Academy, allowing users to access tutorials and helpful articles related to cryptocurrency training. Coinspot also offers videos for beginners with an additional knowledge base and a blog.

Final Verdict: Is Binance or Coinspot Better?

Overall, is Coinspot better than Binance?

The edge certainly goes toward Binance as a secure standalone crypto exchange and digital wallet that is utilized in a hefty amount of U.S. states and global markets. The primary issue is that Binance is not regulated, while Coinspot is registered with AUSTRAC and is closely monitored by the Australian Securities and Investments Commission (ASIC).

For beginners, Coinspot might be a good start. However, the more you invest and become entrenched in cryptocurrency, Binance is the superior apparatus for moving ahead with trading strategies, conducting technical analysis, and enjoying conventional financial instruments (saving and investing, for example).