Do you want to trade cryptocurrency but aren’t sure if you should go with eToro or Binance? Cryptocurrency traders throughout the world are familiar with both platforms, but the trading experience they provide is vastly different. Each platform is thoroughly compared here for the benefit of the reader.
As the world’s most powerful social trading platform, eToro provides traders with a wide choice of assets, including several cryptocurrencies (i.e., stocks, CFDs). One of the largest cryptocurrency exchanges in terms of trading volume is Binance, founded in 2013. As the best cryptocurrency broker in 2022, the BrokerChooser team of financial specialists evaluated 101 online brokers and examined their cryptocurrency offers and services.
Here is our eToro vs Binance comparison:
eToro vs. Binance: markets and products
More than 35 different currencies, 14 crypto crosses (such as ETH/BTC), and 63 non-USD currency crosses (such as LTC/AUD) are available for eToro customers to trade. The following crypto-related items are also available to users:
- Crypto CFDs
- Crypto market
- Crypto trading (eToro X for institutional users mainly)
- Wallet for digital currency.
At eToro, long positions in virtual currencies mean you’ll possess the actual thing, so that’s a simple law of crypto trading. It is a CFD when you go short. There are always exceptions to every rule. For example, citizens of the United States are only permitted to trade the actual currency, not CFDs, and hence cannot go short on cryptocurrencies.
Binance boasts the most collection of cryptocurrencies of any exchange, with over 400 coins available to registered customers. Margin and options trading are also offered, in addition to derivatives and other financial instruments. Your BNB balance and trading volume will vary your margin rates and borrowing restrictions.
eToro vs. Binance: fees
eToro charges variable spreads for crypto traders, and the spread ranges from 0.75 percent to 4.50 percent depending on the liquidity of the asset you trade. Bitcoin has a smaller spread than other popular and liquid assets. After one year of inactivity, eToro charges a $10 monthly inactivity fee for cryptocurrency deposits. To avoid paying this cost, all you have to do is log into your account.
The fees at Binance are among the lowest in the crypto market. Trading fees on Binance start at 0.1 percent, but if you have enough BNB in your Binance account, the fees are decreased to 0.075 percent. A 2% fee will be charged to customers for credit/debit instant purchase orders; for non-instant buy orders, the cost is between 0.011 and 0.0100 percent of the trade value, based on your cumulative trading volume and your BNB balance.
eToro vs. Binance: account opening
There are a few significant outliers to eToro’s customer base, including the following: Russia; China; Hong Kong; India; Indonesia; Japan; New Zealand; Saudi Arabia and Turkey; and the United States. Customers may create an account in only a few minutes, and the minimum deposit is often $200. A $50 payment is required for residents of Australia and the United States. However, keep in mind that a bank transfer requires a minimum of $500.
If you’d like to try out eToro before committing any real money, you may do so with a demo (or virtual) account. In many places worldwide, you can buy Binance, but you can’t in the United States. However, from the US, you may utilize Binance.US, Binance’s licensed partner site, which has a restricted variety of products and a smaller selection than Binance itself.
eToro vs. Binance: customer service
I think eToro’s customer support is the worst part of the whole process. Web-based ticketing is the primary method of communication with the broker, and responses might take a long time. Only Club members can engage in lively conversation.
Silver membership, the lowest level of eToro Club membership, is available to those with more than $5,000 in their account at the time of application. eToro claims that customer care is provided in all of the trading platforms’ 21 languages.
eToro vs. Kraken
Here is our eToro vs Kraken comparison:
It’s a terrific place to learn about cryptocurrency, meet new people, and emulate other traders on eToro. eToro is a prominent social crypto trading platform because of its CopyTrading function. Some of the coins they offer have substantial staking payouts, but they generally support a wide variety of cryptocurrencies. When compared to other exchanges, their costs are relatively reasonable.
There are more than 50 cryptocurrencies to trade on Kraken, as well as various staking options and average rates. Margin trading, index trading, and futures trading are all supported. Users may find it difficult to fund their accounts compared to other platforms, despite the modest costs they charge.
