eToro vs Binance – Which is the Best

If you're looking to start trading cryptocurrencies, you'll have to choose between two of the most popular exchanges: eToro vs Binance.
Both offer a great selection of coins and low fees, but they have some important differences. eToro is a regulated exchange with strict KYC requirements, while Binance is not regulated and does not require KYC.
 So which one should you choose? Let's take a closer look at each exchange to see what makes them unique
The post will compare everything from the Crypto selection on both exchanges to their Fees structures!
Who knows, it might help someone make their decision about where to focus their time in this exciting market!


etoro

BINANCE

Type of exchange

Сentralized

Сentralized

Year founded

2019

 2017

Registration country

Gibraltar

Cayman Islands

Trust Score (Coingecko)

7

10

Cryptocurrencies / trading pairs

72

1458

Trading types

Spot

Spot, Futures, P2P, Margin

Fees

0% - 0.05%

0.1%

(0.075%  option for BNB holder)

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$4 441 107

$13 265 105 972

Advantages and disadvantages of eToro

Pros:

  • The minimum transaction amount for copying is $1
  • Convenient functionality for passive investing
  • Regulation in reliable jurisdictions
  • It is possible to buy contracts on fractional shares (i.e. to invest amounts smaller than the value of one share)
  • There is an opportunity to buy shares directly (not CFD) on the U.S. stock exchanges

Cons:

  • High spreads
  • Periodic technical failures in order execution

eToro Review Summary 

83% Overall

We have analyzed key features of eToro based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
84%
Trustworthy
83%
Usability
81%
Fees

Advantages and disadvantages of Binance

Pros:

  • An impressive selection of cryptocurrencies and tokens for trading.
  • Good reputation and high reliability
  • Publicity of management, active interaction with users
  • Regularly promotions and contests
  • No commissions for bitcoin trading in 13 pairs
  • BNB's own token
  • Own blockchain ecosystem
  • Bot for grid trading

Cons:

  • Mandatory verification

Binance Review Summary 

92% Overall

We have analyzed key features of Binance based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating
92%
Trustworthy
95%
Usability
90%
Fees

About eToro exchange

eToro is an online brokerage firm specializing in day trading & investment that has grown exponentially over the last several years. Our goal is to enthuse clients about the trading process while educating & preparing them for the challenges of a profitable trade.

About Binance Exchange

Binance is a centralized platform that provides traders with services such as supported trading pairs and powerful deposit & withdrawal methods. As of 2018, Binance is the top exchange in terms of trading volume and handles millions

The functionality of Binance has gone way beyond cryptocurrency trading alone. It is a full service crypto exchange that sets up trading accounts and provides access to new cryptocurrencies, as well as other services like wallet management, compliance support, and ICO listings.

Comparative analysis of eToro and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

eToro offers: 

  • Copy top investors
  • eToro Staking
  • Demo-account

Binance offers:

  • NFT-market
  • Own learning platform
  • Demo-account

Available countries

eToro and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your eToro and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on eToro and Binance.

Available Cryptos and Tokens

eToro currently supports 72 trading pairs. 

Binance supports 357 trading pairs and 1466 coins.

Regulation

The most popular crypto exchange has changed jurisdictions several times during its existence, and there have been many rumors about it (Caymans, Malta, Singapore, Seychelles). The platform is actively recruiting regulatory staff and working towards licensing in major states.

At the moment, the legally independent Binance US platform for the US is fully legal. A list of licenses and regulators for each state is here.

There is no information about the eToro regulation and the corresponding license.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

To start trading on eToro, you must provide your details and verify your account. At the end of the registration, the broker will ask you to upload scans or photos of your supporting documents.

Confirmation of personal information on Binance Crypto Exchange is required for any transactions with cryptocurrencies or fiat. You should also know that the verification process at Binance must be completed within 15 minutes. It is not allowed to refresh the page, restart or disconnect the Internet. There are 3 attempts daily to do everything without difficulty.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

eToro:

  • 0% - 0.05%
  • More information: https://etorox.com/fees-exchange

Binance:

  • The standard commission of the spot market is 0.1%
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account
  • In futures trading, the financing rate for open-ended contracts is added to the commissions. It can be either positive or negative
  • All VIP statuses obtained in a regular account are retained for futures trading and continue to provide benefits

Account security

EToro is regulated by the Cyprus Securities and Exchange Commission under license No.109/10 EToro is also regulated by the following organizations: ASIC, CySEC, FCA, FinCEN (US) and GFSC (Gibraltar) for crypto exchange (eToroX) and eToro Wallet. In addition, Etoro is one of the safest platforms to comply with common financial regulations regulated by CySEC in Europe, FinCEN in the US and the FCA in the UK.

Security at Binance is ensured through: Two-factor authentication, Password, Phone and mail binding, Output address whitelisting, Binding hardware key. Control of IP addresses and devices used for logging, Anti-phishing code.

Passive earn on exchanges

With eToro's dedicated Staking service, users can benefit from simple, secure and hassle-free growth on their cryptocurrency investment.

The Binance Earn platform is known for its wide range of investment plans and tools for crypto owners. It includes bicurrency investments, fixed and flexible deposits, stacking, pharming, IEO. Periodically updated with new features as the crypto market develops and new trends emerge.

Which to choose - eToro or Binance

Binance is an amazing choice for those seeking the best trading platform and cryptocurrency.There is a wide range of options available to those looking to trade, with a suite of security measures in place to keep your information safe. Binance is better than eToro in all aspects.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is my crypto safe on eToro?

There is no one-size-fits-all answer to this question, as the safety of your cryptocurrency will depend on a variety of factors such as the specific type of cryptocurrency you are storing, your eToro account security settings, and the strength of the blockchain network. However, in general, it is safe to store cryptocurrencies on eToro.

eToro is a regulated and licensed financial services provider, and we take our responsibilities seriously when it comes to safeguarding our users' funds. We have a number of security measures in place to protect your crypto assets, including two-factor authentication and mandatory password changes. Our blockchain infrastructure is also highly secure, with multiple layers of protection in place.

Are eToro fees high for crypto?

Yes, eToro fees are high for crypto. Their fees start at $25 per month and can go as high as $200 per month, depending on the amount of assets you want to trade. Additionally, they charge a fee of $0.10 per trade. This can add up quickly if you're trading frequently.

However, there are a few things to keep in mind. First, eToro is one of the largest and most popular crypto exchanges in the world. This means that they offer a large number of coins and tokens to choose from and a wide range of trading options. Second, their customer service is excellent and they offer a host of educational resources to help you learn about trading cryptocurrencies.
Which is better Binance or eToro?

Which is better Binance or eToro?

Binance is a better choice for experienced traders who are looking for a platform with more features and options. eToro is a better choice for beginners because it has a user-friendly interface and allows you to invest in stocks, commodities, and currencies.


What is safer than Binance?

Binance is the most reliable exchange available, but it's not without risk. 
Some other exchanges that are considered safe include Bitfinex, Kraken, Coinbase, Bitpanda. These exchanges are all more reliable than many of the smaller, lesser-known exchanges. However, it's still important to do your own research before trusting any exchange with your money.

Why is Binance not good?

Binance is frequently criticized for its high fees. While it's true that Binance charges higher fees than some other exchanges, there are also a few reasons why this might not be such a bad thing.
For one, the higher fees help to offset the costs of running a large exchange. Binance is one of the biggest cryptocurrency exchanges in the world, and it takes significant resources to maintain such a platform. The higher fees also help to encourage users to trade actively on the platform, which adds to its overall liquidity.
Another potential benefit of Binance's high fees is that they may actually help to discourage market manipulation.

Conclusion

Choosing a cryptocurrency exchange is a responsibility because that's where your funds will be kept while you use them to trade or invest. Here we go over all the pros and cons of using eToro or Binance for trading. Knowing these will help you decide which platform is best for you. However, it is up to you which projects to allocate assets between. You have total freedom!

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Comparison of other exchanges

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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