eToro vs. Binance 2023

Binance is by far the most popular cryptocurrency investment service for Australian investors when compared with eToro. It provides a range of features that are suitable for beginners and more experienced traders. Apart from that, Binance has one of the lowest fees for trading on the market. The fact that it is so low is enough to make it the top of the list. However, eToro could provide something you’ll need and more information is available!

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eToro vs. Binance Comparison Table

eToro Pros and Cons

Pros

• Low minimum to fund an account and begin investing
• Copy trading to match moves of popular traders
• eToro provides simple and easy-to-use web and mobile platforms
• You can trade fractional shares unlike some brokers
• Test your trading strategies with a $100,000 virtual portfolio

Cons

• Very small range of crypto assets

Binance Pros and Cons

Pros

• Favorable fee system with possibilities for discount
• A large spot market with over 700 different cryptocurrencies
• Sleek deposit and withdrawals
• Advanced markets for pro-traders
• Staking options for over 70 coins
• Separate platforms for separate markets

Cons

• Has some regulatory issues with several countries
• Newbies might get overwhelmed by the vast offer of trading instrument

Features

The eToro’s CopyTrading feature provides it with a distinct advantage over competing trading platforms. Thanks to this CopyTrading function, eToro gives users a possibility to actually duplicate the purchases and sales of the successful eToro traders.

Binance just recently added a margin trading option for its trading platform which joins eToro as well as a handful of other trading platforms that provide the feature. While Binance and eToro nearly have the same list of features–with the exception of CopyTrading, which is offered by eToro– larger selection of financial instruments provides it with an advantage over Binance.

But since Binance offers more features linked to cryptocurrency, it is able to beat eToro for features.

Winner: Binance

Supported Cryptocurrencies

The Binance platform has more than 600 currencies.

However, eToro only gives 75 coins.

The variety of options for cryptocurrency If you’re in search of many different options for cryptos and other currencies, Binance is the ideal option. With over 600 coins on offer it is among the most extensive options available in Australia.

Winner: Binance

Fees

In Binance, trading will cost traders an unaffected 0.01 percent fee for trading. This could be decreased by 25% when you use the BNB (Binance currency) currency to make payment. Other charges in Binance include the $10 charge for every purchase made with a credit card.

The actual cost for each purchase is 3.5 percent, but it never gets below the minimum of $10.

eToro charges an expense structure that could be increased if you use less liquid assets, or when trading currencies in pairs. eToro generally earns its money from the spread between the purchase and sell price.

In the average, when trading the most popular bitcoin, crypto’s Bitcoin you can expect to pay of 0.75 to 2%, which could be as high as 3.5 percent. For diversified investment options, you’ll accept eToro’s fees but if you plan to only trade in cryptocurrency and want to trade only in cryptocurrencies, Binance fee-free option for the crypto market is the right choice.

Winner: Binance

Customer Support

eToro offers a 24 hour support team that can be reached via Live Chat or email ([email protected]) or by phone (in Australia), Instagram, Twitter, Youtube & Facebook. The platform has been rated 4.2 stars, based on reviews of 15K from Trust Pilot, which is still considered to be quite high for an exchange for cryptocurrency.

Binance is also home to a 24 hours customer support department and live chat option that is available on their platform. Users can reach Binance via contact via email Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK.

Winner: eToro

Deposit Methods

Binance accepts the following payment options: PayID, Osko, Debit Card, Credit Card, Cryptocurrency

Meanwhile, eToro supports Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer.

Since Binance is a supporter of Osko Binance is the winner of this fight.

Winner: Binance

Security

eToro is licensed and regulated across more than 60 countries and is widely considered to be one of the safest cryptocurrency exchanges around the world. It operates according to AUSTRAC. AUSTRAC with the ABN of 66 612 8003. All eToro’s funds are secured in Tier 1 banks, and the information they hold is protected by SSL encryption.

Binance is also controlled by AUSTRAC to function as an exchange for digital assets. It is however, Binance has been the victim of three cyber attacks over the last three years, making it a less secure exchange. The exchange has been the victim of three cyber attacks, totalling of $50 million worth of user money taken out of the site.

eToro has not been exposed to hacking incidents over its 15 years of operation . Therefore, it’s clearly the one to beat. This demonstrates that the platform has been tested and secure, as well as in good relations with the world’s regulators for financial services.

Winner: eToro

Conclusion

Since Binance provides lower fees for trading and is designed specifically for crypto, it’s definitely the best choice in this exchange for comparison. If you’re also interested in indices and trading commodities If so, eToro might be the option you’re searching for.

Frequently Asked Questions

Does Binance provide a wallet?

This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.

Where is Binance accepted?

Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.

How does Binance make money?

In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.

Is it safe to link a bank account to Binance?

There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.

What’s the difference between social trading and copy trading?

When you think of copy trading, you think of trading platforms that let you auto-copy the technical indicators of other investors’ trades and build a portfolio of other brokers as a future reference for your trading strategies. With just a click, you can connect your account to another trader’s account – the only action you need to take is to click the ‘Copy’ button, and that’s it. From here on, your trades are automatically managed by following the copied portfolio’s trading strategies.

On the other hand, social trading is a broader phrase that includes copy trading. Social trading is a methodology used to cut down on the risks in a market like crypto trading, which is volatile and prone to fluctuations and instability. When beginners follow the strategies of more experienced traders, they can learn a lot about how to trade, compare different approaches, and eventually form their own investment objectives.

Does eToro have a beginner-friendly mobile app?

The eToro brokerage has several upgrades of its mobile app for Android and iOS that you can use on your phone. You can get the app from the App Store or Play Store, where you need to look for the “eToro – Social Trading”.

Does eToro Have a Cryptocurrency Wallet?

Yes the trading platform can provide a cryptocurrency wallet that is native to the platform to store and deposit cryptocurrency assets. Simplex lets users transfer crypto funds directly into their wallets, in the form of credit card transactions. However, once the funds are placed inside the wallets, they can’t return to eToro trading system.

Is eToro an International Platform?

A majority of the world’s countries have access to eToro but the site has the following listing of nations that cannot be because of laws and rules. The list includes The United States, Canada, Cuba, Japan, Turkey, Serbia, Albania, North Korea, Iran, Syria, and Sudan.

The platform is not available for the United States because the SEC (Securities and Exchange Commission) prohibits trading CFDs. Because that the United States is a big market The platform has been working hard to create a distinct product that doesn’t contain CFDs and is available in all 30 states.

How to Make Money on eToro

To earn money on eToro You must stay up-to-date on upcoming economic events as well as the latest news to be aware of each asset before trading and spread your money across different types of assets and asset classes. Another option is to look for the most profitable trading platforms and emulate the strategies they have used to succeed.

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