The Battle of the Big Guys – Binance vs. eToro

Investors trading on social platforms should be familiar with eToro and Binance by now. These two exchanges are among the most well-known and often used platforms in mobile trading.

The Binance platform’s full functionality is only available to residents of the United States, and it has been superseded with a new platform called BinanceUS. This service does not support all of the features and currencies of the complete Binance platform. Binance in the   US has just over 60 cryptocurrencies to choose from; however, it does not provide trading on cryptocurrency futures or leveraged transactions. Both Binance and Binance. The United States provides a wide variety of popular coins, none of which can be found elsewhere.

With over 50 cryptocurrencies available, eToro concentrates on popular choices, including Bitcoin, Ethereum (ETH), and Chainlink (LINK). This offering is identical to the choices provided with Binance. The U.S. However, certain significant currencies are lacking. Tether (USDT) is not available on eToro but is on Binance. The United States of America backs this hotly contested cryptocurrency.

Keep in mind that both of these companies offer outstanding services, but their offerings will depend on your location or region since they are both fully certified and regulated providers.

Binance Overview

Binance is the golden boy of the cryptocurrency field as the platform boasts of the most extensive trading volumes in the business, pegged at an approximate daily value of over $20 billion. Binance was a young exchange platform when crypto busted on the scene compared to eToro but has accumulated over 13 million users.

Binance is only a cryptocurrency exchange regarded as the largest in the world, considering the amount of daily crypto trading. It was started in 2017 in China before it shifted operations to Malta. More than 500 cryptocurrencies are accessible to trade on Binance.

Binance is one of the industry’s most well-known crypto exchanges, with 90 million users internationally. In the UK, however, it is infamous for offering problematic derivative trading on crypto assets, which is illegal. Read the full Binance review.

eToro Overview

eToro has more than 20 million clients throughout the world. Advanced trading tools are available to consumers, who may trade stocks, commodities, and cryptocurrencies. Wallets and debit cards in cryptocurrency are also available to consumers.

eToro is a social trading software and brokerage launched in 2007 that allows traders to trade in cryptocurrencies and on numerous financial assets—including CFD trading—while allowing users to learn conservative investing ideas from experienced and successful traders through its CopyTrading function. eToro users may pick from numerous financial instruments such as currencies, stocks, currency pairings, FX, commodities, indices, shares, and even cryptocurrencies to trade on the site.

Because most trading platforms, including Binance, do not provide CFDs, eToro has a more extensive user base. Aside from offering a platform where users may acquire cryptocurrencies, the ability to trade in CFD trading is one of eToro’s most crucial features.

eToro is a well-regulated trading platform having licenses from the Australian Securities and Exchange Commission and the U.K.’s Financial Conduct Authority (FCA) (FCA). EToro offers access to over 20 supported coins for crypto traders. Furthermore, expect trading and transaction fees on the platform to change depending on a spread that may rise and fall in keeping with current market circumstances.

Binance vs. eToro Service & Feature Comparison

Costs

Trades with Binance will cost traders a fixed 0.01 percent trading charge which may be further lowered by 25 percent when using a BNB (Binance currency) token to pay. Other costs in Binance include a $10 charge for each credit card purchase.

There is a 3.5 percent transaction charge with a $10 minimum for every purchase.

When trading less liquid assets or currency pairings, eToro charges a higher commission. eToro earns money on the spread between the purchase and requests the price.

Fees for popular products like Bitcoin may range from 0.75 percent to 2 percent, with the potential to reach as high as 3.5 percent when trading. If you only want to trade cryptocurrencies, eToro’s inflated costs may not bother you, but Binance’s cheap crypto transactions will.

Because of its cheap costs, eToro is an attractive cryptocurrency exchange for US residents. When you acquire crypto, you incur 1 percent of the transaction value as the spread, but no additional maker/taker cost. There are no hidden fees or commissions.

When you remove money from your eToro account, you will be charged a $5 fee.

The makers are the ones who add liquidity to the market, while the takers are the persons that take away liquidity. As a result, costs are based on the contract type and volume.

For transactions under $50,000, Binance imposes a 0.10 percent transaction fee via the maker/taker method. The price goes down as the order value goes up. When using a debit card, the platform assesses a fee equivalent to 1.8 percent of the trade value on the top exchange and 4.5 percent on Binance US.

Account Types

eToro’s account categories are flexible, allowing investors of all skill levels to benefit from the platform. As part of the eToro Club, users’ accounts are organized according to their level of participation. Loaded with features, advantages, privileges, and other services, based on the user’s share ownership. Binance only has a standard account.

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Education and Research

Many crypto newcomers find it challenging to collect all the necessary learning resources in one place. Binance Academy is a lifeline in this case.

The portal begins with educational resources on the blockchain, economics, history, decentralized finance (the Binance exchange offers multiple Defi currencies), NFTs, and other topics. To maintain the learning experience suitable to each individual, criteria such as difficulty level and reading time may be changed.

Several in-depth articles on a wide range of crypto-related subjects may be found on the site. Binance also provides a free trading education in which students who perform well are awarded weekly. To top it all off, you can access this information via a mobile app.

Regardless of your experience, the eToro Trading Academy can help you develop your understanding of the markets and grow your investment abilities.

• Courses
• Videos
• Webinars
• Podcasts
• Guides

Range of Investments

eToro only offers over 30 cryptocurrencies for trading compared to 500 with Binance. eToro has many other financial instruments such as forex, stocks, currency pairs, etc. That is over 3000 instruments to choose from.

If you want to trade only cryptocurrency, then Binance will provide you with more crypto investing opportunities.

Payments & Minimum Deposit

Both eToro and Binance allow several payment alternatives. Funding your eToro account, you have several options. You may use a Visa or Mastercard debit or credit card, Neteller; Skrill; or a bank transfer. One of the most prominent places to buy Bitcoin with a credit card is eToro.

For most payment alternatives at eToro, the minimum deposit is set at $10. To utilize a Smart Portfolio, you must deposit at least $500. Bank transfers take 3-5 days to process; however, credit, debit, and e-wallet deposits are accessible instantaneously. While eToro does not charge a deposit fee, it does charge a $5 withdrawal fee.

On the other side, Binance offers a broad range of payment options, like as credit/debit cards and bank transfers. Binance also requires a $10 payment to get started. Deposits are processed instantly, which cuts down on processing time.

Trading Technology

The eToro platform may benefit from some reworking to suit inexperienced traders. Now is a better time for individuals who are already familiar with the jargon, how to purchase cryptocurrencies, and how to read market charts. eToro features demo accounts to enable everyone to get more comfortable with it.

It is easy to say that the Binance platform is simple. The fundamental issue is that there are too many alternatives to pick from. This may confound someone not so experienced or with little trading expertise. To compensate for this, Binance established the Binance Academy. For the price of nothing, you can learn all there is to know about cryptocurrency and trading.

Technical charts are provided on both eToro and Binance. eToro’s charts, on the other hand, are designed with ease of use in mind and only cover a limited range of markets. EToro offers candlestick, bar, and line charts.

The usage of candlesticks is highly recommended here. There are over 50  indicators available. To compare two cryptocurrencies, alter the chronology of one of the indicators on the same graph.

Nothing about eToro’s technical charts is lacking. However, it is not a specialist charting platform, and the user interface is not as imaginative as we would want from a purpose-driven exchange.

The technical charts provided by Binance include some features that might be helpful in your trading analysis. The most popular are candlestick charts, depth charts, time interval choices, and drawing tools. These characteristics make it feasible to develop a customized interface for technical analysis.

Mobile Apps

Android and iOS users will have no trouble using the eToro app. You can access all desktop functions and even transfer bitcoin from eToro to Binance.

Equally, Binance offers good software for iOS and Android smartphones, allowing you to handle swiftly, manage, and trade anytime. Binance and eToro make it easy to move funds between each other. The App Store and Google Play provide downloadable mobile applications for Binance users. The Android app has a better rating than the one for iOS. The app’s features are similar to those found on the online platform.

Other Features

Social & Auto Trading

As a CFD broker, eToro is regarded as the pioneer of social trading. eToro’s social and copy trading features distinguish it from other cryptocurrency exchanges like Binance. EToro includes a built-in social exchange where traders may follow one another and start dialogs. To learn what other traders think about a cryptocurrency’s prospects, you may comment on headlines or exchange thoughts on the site.

In addition, eToro creates a primary mood indicator from the platform’s commercial transaction activity. For any cryptocurrency, you can quickly check how many eToro users are buying and selling it.

eToro also features copy portfolios or Smart Portfolios, which allow users to imitate the positions of expert crypto traders and investors. eToro allows you to copy many traders and displays their assets and position so you can make an informed decision on whom to imitate. Trading cryptocurrencies is becoming increasingly popular, with many traders focusing solely on the most promising new cryptocurrencies.

You may pick how much money you wish to invest into the mirrored portfolio when you replicate a trader on eToro. The least amount that you can duplicate is $200. On eToro, there are no costs for duplicating a portfolio, and you can suspend or change traders at any point. Signals for trading

Trading signals supported by technical analysis are also available through eToro. Binance does not offer any trading recommendations.

Leverage

eToro offers a minimum 2x leverage for day traders not interested in long-term investing.

Copy Trading

The CopyTrading function on eToro provides a considerable advantage over the competition in the online trading world. You may follow successful eToro traders’ buys and sells with eToro’s CopyTrading tool.

In addition to eToro and a few other trading platforms, Binance recently added a margin trading function to its platform. eToro’s more expansive selection of financial instruments provides it a distinct advantage over Binance, despite their identical feature sets (eToro’s CopyTrading being the only significant difference).

eToro features an easy-to-understand layout with choice sets neatly categorized. Its 1-click trading and fixed spreads method provide customers a more manageable time studying all the features and possibilities of eToro than the UI of Binance.

Customer Service

The customer support on Binance is also top-notch if you compare it with its comparable exchanges. Worth mentioning that Binance provides customer assistance in 7 languages!

If you have questions or concerns, you may reach out to Binance through their customer service page, which does not feature a phone number. The standard turnaround time is 24 hours. You may also contact them via live chat during their limited business hours, as demonstrated below. In addition, the FAQ area of Binance’s website has a wealth of information, so you may be able to avoid contacting customer service altogether.

EToro offers a comprehensive support section that addresses frequently asked questions and gives general trading information. EToro’s customer service merely provides a rudimentary ticket system with delayed responses. EToro also responds to consumer questions via social media and regular support channels. EToro’s user-friendliness extends to a wide range of educational resources and customer service so that anybody may get assistance if they need it.

Our Preference: Binance ties with eToro

We write several “versus.” comparison guides and typically identify a winner. Binance may entice you if you are willing to take a considerable risk and employ leveraged transactions to wager on obscure cryptocurrencies. To be sure, eToro offers a robust set of tools in a sleek platform, along with all of the crypto asset support that most of us will ever want. eToro is also working hard to keep up with the rapid expansion of its coin lineup. The primary drawback is the cost.

Binance vs. eToro: The Bottom Line

Now that our eToro vs. Binance comparison has finished, we hope you have already decided which is best for you.

We will sum up by pointing out the significant distinctions. To put it another way, compared to eToro, Binance provides access to a wider variety of cryptocurrencies. However, eToro offers other products outside crypto to compensate for that negative. If you are a U.S. user and have solely crypto trading on your mind, Binance will satisfy you with the vastness of tools and analytics. eToro’s social trading capabilities will surely appeal to more experienced traders.

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