CoinSpot and Binance Fee Structures: At a Glance
This table provide an overview of CoinSpot vs Binance fees structures
| Fee Type | Binance Fees | CoinSpot Fees |
| Deposit Fee | Cards and P2P only. Fees depend on service providers. | Direct Deposits, PayID, POLi: FreeCards: 0.9% – 1.88% |
| Trading Fee | 0.1% | Market: 0.1% Instant buy: 1% |
| Withdrawal Fee | AUD: Not supportedCryptocurrency: Fees vary | Free |
CoinSpot Fee Structure
Fees are how crypto exchanges and platforms earn money in the end, so investors need to understand “What are CoinSpot fees?”.
CoinSpot’s fee structure. Source: CoinSpot
Deposit Fees
The exchange accepts a wide variety of deposit methods. On CoinSpot, you don’t need to pay any fee when you make instant deposits via POLi, PayID, or Direct Deposit (via OSKO). If you use Bpay or cards, you will have to pay 0.9% fee (for credit cards) or a 1.88% fee (for debit cards). Otherwise, for physical cash deposits at Blueshyft newsagents, the deposit fee is up to 2.5%
Withdrawal Fees
You can withdraw money from CoinSpot using bank transfers like POLi or PayID without paying any charges. It offers free AUD withdrawals. However, you must pay a small mining fee (blockchain network fee), depending on the token and the network traffic. For example, Bitcoin withdrawals have a fee of 0.0002 BTC, Ethereum withdrawals have a fee of 0.0018 ETH, and Solana withdrawals have a fee of 0.02 SOL.
Transaction Fees
The exchange lays trading fees out simply, so you only pay one transparent fee and avoid any hidden costs as on other platforms.
- Market Trades (0.1% fee): When you set a price at which you want to buy or sell a cryptocurrency, your order will be filled when another trader places an order at that same price. At the time of writing, CoinSpot includes 15 popular options, including BTC, ETH, BNB, XRP, and ADA.
- Instant Buy/Sell (1% fee): CoinSpot sets a fixed price for your desired coins. You don’t have to wait for traders to buy from you or sell to you. Trade happens instantly. The advantage of “Instant” purchasing is that you don’t have to worry about price fluctuations while waiting for your order to be filled. All 410+ crypto assets available on CoinSpot can be purchased instantly.
- OTC Trades (0.1% fee): Users who conduct high-volume transactions can take advantage of CoinSpot’s OTC Trading Desk, which offers instant liquidity and settlement into your account. For transactions of $50,000 AUD or more, this is usually the best option. The best part is that it settles instantly with only a 0.1% fee per trade.
- Advanced Trading Tools (1% fee): If you are a seasoned trader, you can use tools like Recurring Buy, Take Profit, Stop Loss, and Limit Orders with a 1% fee.
- CoinSwap (1% fee): When you swap on Swyftx (exchange any crypto for any other one they offer), you make two trades: sell & buy. Each of these trades has a 0.6% fee, so the total is 1.2%. CoinSpot’s swap feature, in contrast, allows customers to swap between currencies in one simple trade for a low 1% fee.
Binance
Deposit Fees
Aussie may note that despite a robust Australian customer base, Binance is yet to re-enable bank transfer using the country’s native AUD. This, however, doesn’t mean that you cannot deposit on Binance.
Users can use a credit or debit card to fund their Binance accounts, though this often incurs significant fees and requires a third-party provider, meaning that your transactions are less private.
Another option is through P2P, which can be cost-effective but slow as there are often very few AUD sellers in the marketplace.
Withdrawal Fees
Similarly, customers do not have the option to withdraw in AUD. Still, cryptocurrencies are allowed, with fees varies based on tokens’ networks and traffic.
Transaction Fees
Binance is not as transparent with its spreads, and they can vary dramatically from asset to asset when crypto trading. The platform charges different fees depending on how much you trade and how much BNB you hold. The fees can be as low as 0.0090% or as high as 0.1% for spot trading and from 0.02% to 0.04% for futures trading. You can also get a 25% discount if you use BNB to pay for fees.
Here is a breakdown of Binance’s fees:
- Spot Trading: A max of 0.1% for both maker/taker
- USD-M Futures Trading: A max of 0.02% maker and 0.05% taker
- Options Trading: 0.02% for both maker/taker
- P2P Trading: No Fees
- NFT Trading: A max of 0.9% platform fee for sellers
Also, Binance does not tell you its spreads clearly; they can differ depending on the coin you trade with. However, the spreads can be as low as 0.1% on Binance because it has a lot of volume and liquidity.
