eToro vs Binance – Which Is The Best Pick In 2024?

There’s probably no one in today’s crypto world who has never heard of Binance and eToro. Occasioned by the presence of these crypto trading platforms, investing in cryptocurrencies has been easy and worthwhile. Both Binance and eToro have continued to provide excellent crypto trading services to their customers.

In this guide, we extensively reviewed and compared the two platforms to discover how they stand side-by-side. There’s no doubt that both platforms have their pros and cons and are better than each other in one way or the other. Read on to discover how they fare in terms of security, supported cryptocurrencies, transaction types, fees, and many more.

eToro vs Binance – Quick Overview

eToro – Key Pros and Cons

Binance – Key Pros and Cons

eToro vs Binance – Web Platform & Mobile App Overview

In this session, we fully compare the web and mobile platforms of the two crypto trading platforms.

Web Platforms Of eToro And Binance

In terms of popularity, Binance and eToro stand out among the most widely used crypto exchanges in the world. The two trading platforms feature web versions that deliver great user experiences.

For the sake of this comparison, we’re comparing how each of these tools helps you get access to new markets so that you can decide which of the two is the most useful and ideal for your personal preference.

More than 150 cryptocurrencies are now available for trading on Binance. Access to 32 coins is available on the platform. eToro, on the other hand, offers a greater variety of financial tools for trading those currencies.

For example, in the FX market, you may trade currency pairs and then transfer to another asset class with ease. Major cryptocurrencies like Bitcoin, Ether, and Ripple may be accessed on these sites. Binance is the better option if you’re looking for tiny alt currencies.

The eToro platform is designed to be more user friendly. Despite the fact that it has a slew of extra capabilities, such as leverage trading and more complex option configurations, it never appears to feel the need to overcrowd the interface. eToro is a superior option for individuals just getting started in the crypto industry because of this. It also features important filters, allowing users to filter assets by UCITS, asset class, dividend yield, stock exchange, sectors, price changes, etc. Users can also leverage trading tools like TradingView charts.

Professional trading tools like TradingView charts are also added to help with price analysis.

The platform is also suitable for additional earnings, as it offers 4.8% on unused capital. The addition of extended trading hours is also a positive, for it provides more opportunities for investors. Features like an economic calendar, dividend calendar, upcoming IPO calendar, quarterly report calendar, etc., keep customers updated. 

eToro has also integrated AI, letting investors get information such as the best top investors, most popular stocks, daily movers, and more without hassle.

Few sites in the crypto industry are as user-friendly as this one. Standard features seen on other mainstream platforms like Yahoo Finance, or even alternative platforms such as Coinbase, have been included into the user interface. One can refer to our Coinbase review for more information on alternative platforms

Below, one can have a look at the platforms on top of each other, with eToro at the top and Binance at the bottom.

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Mobile Apps Of eToro And Binance

Both eToro and Binance have mobile versions that deliver the same experience as their web platforms. The Binance app tends to have more negative reviews due to numerous complaints about the lack of transparency, bad customer support and even problems with withdrawals. Other than that, it’s all positive for Binance.

On the other hand, eToro’s app does a great job at keeping the mobile app just as user-friendly as their web platform is known to be. It’s great for beginners. It might not be as sophisticated or detailed as Binance but it’s got just the right amount of detail so that beginners can navigate easily.

If you’re looking for a well-detailed web platform with all the necessary details and a super-wide range of options, Binance could be your ideal exchange. However, if you prefer a platform with a user-friendly interface, eToro is more ideal. When it comes to their mobile apps, it’s exactly the same story. Hence, it is not surprising that its money app is one of the recommended crypto wallets for beginners.

eToro vs Binance – Fees

As a Binance user, the trading fees you pay may be cut by a quarter of a percentage point if you use BNB. You’ll also be charged a minimum of $10 if you use your credit card. The real charge is 3.5 percent of the purchase price, though it can never be less than $10. Fees are lowered if you exchange larger amounts.

Meanwhile, trading with less liquid assets results in higher fees at eToro. But, when you trade well-known cryptocurrencies, you should anticipate to pay anything from 0.75 to 2%. If the assets you are dealing with aren’t so popular , this amount may rise to 3.5%. Deposits are completely free.

Binance is the better platform in terms of fees. In spite of the spread system utilized by eToro, Binance really takes less money from your wallet over the long run. When it comes to huge trades and high volumes, Binance is the best option.

eToro vs Binance – Deposits And Withdrawals

In addition to bank transfers and e-wallets like PayPal, clients may use a broad range of deposit options on eToro. It does not charge any deposit fees to its consumers in the United States or abroad. Customers who deposit funds in U.S. dollars to their eToro accounts are not charged any fees.

But, depositing with other fiats may attract a small fee. For U.S. and U.K. citizens, you have to deposit at least $10 upon the creation of your account to get started. Those who reside outside these jurisdictions must make a $50 deposit. For more information, you can check out our eToro review.

Binance, on the other hand, allows free bank account deposits from users outside the U.S. It charges $15 for every U.S. wire transfer. Debit and credit card transactions also carry a rate of 3.5% with a minimum of $10. Users are charged a fixed fee for each withdrawal from their Binance account to cover the expenses of transporting their Bitcoin.

eToro supports EUR, GBP, and USD.

As a result of variables like congestion on the blockchain, withdrawal rates might change without warning. For more information, check out our Binance review

eToro vs Binance – Security, Trust, And Reputation

In this session, we examined how eToro and Binance have been able to build reputation and trust in recent years. We also scrutinize the measures they have put in place to deliver safe services to their users.

Binance

The ISO (International Organization for Standardization), has given Binance an information security certification, the company reports. Security policy, asset management, operational security, and information systems were among the 114 factors reviewed in the audit.

However, Binance first blamed a third-party source for the apparent breach of up to 60,000 customers’ KYC data, which it later admitted was not the case. In May 2019, a cyber-attack resulted in the loss of $40 million in money. A second fund was set out for such circumstances, and all users were refunded.

In recent years, Binance has played a prominent role in fighting against rising exploitations in the industry. Around August 2022, the exchange recovered 80% of the assets that were stolen from Curve Finance. More so, it tracked and identified two individuals in connection to KyberSwap’s hack.

According to findings, Binance carried out an independent investigation into the hack to identify the suspects and consequently drew the attention of law enforcement agencies. Aside from that, it also helps Axie Infinity to recover over $5.8 million stolen from its network in 2022. Just recently, Binance, in a joint effort with Huobi, stopped the exploitation of Harmony Bridge.

Overall, Binance has established itself as a force to reckon with in the crypto and blockchain landscape. As one of the world’s largest cryptocurrency exchanges by volume, Binance has a very excellent reputation in the crypto world because of the charisma of its CEO, Changpeng Zhao and his outstanding communication and community management abilities.

eToro

eToro has never been the target of a hacking attempt or had any of its users’ funds stolen. It boasts strong safety measures to protect its customers’ finances and personal information.

As one of the best crypto trading platforms, eToro is overseen by the most stringent standards of accountability and transparency. Regulated by the CySEC (Cyprus Securities and Exchange Commission), eToro is now available in Cyprus.

Keep in mind that cryptocurrencies do not have any strong government oversight, so use caution while dealing with them. When it comes to Bitcoin trading and other crypto-related investments, there is no assurance available from compensation systems anywhere in the world. Because of the absence of restrictions, you can only take your complaint to your local financial ombudsman.

eToro vs Binance – Supported Cryptocurrencies To Trade

More than 500 cryptocurrencies and NFTs are now available for trading on Binance, while access to a few over 50 coins is available on the eToro platform. eToro offers a greater variety of financial tools for trading currencies. For example, in the FX market, you may trade currency pairs and then transfer to another asset class with ease.

Major cryptocurrencies like Bitcoin, Ethereum, Ripple and many more may be accessed via both of these sites. Binance is the better option if you’re looking for lesser known altcoins.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

Check out our guide to discover some of the best cryptocurrencies to buy now.

Etoro’s List Of Tradable Cryptocurrencies

Binance’s List Of Top Tradable Cryptocurrencies

There’s no doubt that Binance has an edge over eToro in terms of the number of cryptocurrencies. Hence, if you are looking for a crypto trading platform with many coins, you can consider Binance. The difference between eToro and Binance may be explained by the fact that eToro focuses on a larger range of assets, including stocks while Binance focuses primarily on cryptocurrencies and NFTs.

Nevertheless, if you are a beginner on any of these platforms, we recommend that you read our guide on how to buy cryptocurrency safely.

eToro vs Binance – Supported Cryptocurrencies To Stake

Staking is best described as an endeavor that allows you to lock your crypto assets for a period of time. Those who engage in this are called stakers and are entitled to certain incentives. In this session, we cover the staking features of both platforms.

eToro

eToro makes it simple and safe for you to put your money on the line. The monthly staking incentive on this platform is automatic, meaning stakers would not have to do anything to unlock it.

When you stake on eToro, you are entrusting the platform to carry out the entire staking procedure safely. eToro has put in place measures to ensure that the assets staked on its platform are protected from risks. In return, it retains a small share of the earnings to cover both its operating and technical costs.

The platform ha recently added the feature that lets users earn 4.8% interest on unused capital.

Stakable Cryptocurrencies On eToro

Binance

Binance’s staking mechanism provides a broad variety of options. It’s possible for users to examine all of the alternatives offered on the site, as well as the amount of danger they pose. The higher the APY, the greater the risk. As opposed to flexible saving alternatives, which give incentives on a daily basis, but only at a very modest rate of return, consumers benefit from frozen funds once the term has expired.

An IEO, or Initial Exchange Offering, is a way for cryptocurrency entrepreneurs to raise money via an exchange. Binance Launchpad pioneered this method. Users of the Binance Launchpad may sometimes win prizes by staking their currencies in various projects on the platform. The projects that may be staked are updated on a regular basis.

Stakable Cryptocurrencies On Binance

eToro vs Binance – Unique Features

No platform has been able to equal the copy trading functionality of eToro. A copy trading account enables you to simply copy the trades of your favorite eToro trader. Your portfolio may be split among many traders, thus allowing you to form a mutual fund of managers. The addition of AI-driven feature is also unique, offering users complete info about the top assets and investors.

Meanwhile, Binance is catching up to eToro in terms of popularity. All of eToro’s core features are now available on Binance, thanks to its recent launch of margin trading. eToro continues to provide its customers with access to a greater range of investments. You’ll be able to select between a wider range of alternatives with reasonable ease.

eToro is a superior trading platform. You may also use eToro to engage in high-frequency trading by using its 1-click trading and fixed spreads features. For Islamic traders, eToro offers a separate account type called a Shariah-compliant account, which Binance has yet to implement.

Outside eToro, there are other numerous alternatives to Binance. Check out our guide to discover other Binance alternatives to consider.

Etoro vs Binance – Final Verdict

Here’s a few points to keep in mind when comparing the two exchanges overall;

• Binance has lower costs, particularly if you pay using their BNB cryptocurrency and get substantial savings (25 percent).
• When it comes to the number of currencies that may be traded, Binance is the clear winner.
• eToro has a leg up on Binance when it comes to regulatory compliance and licensing, while the latter is unregulated and unlicensed.
• In terms of customer service, it’s a toss-up between the two.
• eToro’s deposit and withdrawal possibilities are considerably better than Binance’s.
• eToro is the clear winner when it comes to security, since they have never had any money or data losses in their 14 years of operation.
• Both platforms provide a wide range of sophisticated trading operations, including margin trading.
• Both have a high reputation in the crypto world, though there have been a few isolated complaints.

Conclusion

Prior to Binance’s inception, eToro had become a well-known online marketplace for a wide range of monetary instruments. Binance’s rise since its founding in 2017 has positioned it as one of the largest cryptocurrency exchanges on the planet, and eToro’s entry into the cryptocurrency market in 2018 meant that the two exchanges’ paths were bound to cross.

In the world of cryptocurrency, Binance is the go-to exchange for novices who want to get into an advanced, fully blown trading platform. As a potential participant in the crypto trading environment, eToro is well-known for its special features, versatility and unique social approach to the investing industry. The comparison between Binance and eToro is inevitable since their paths have already crossed.

When looking at all the details, our preference goes to eToro – thanks to its unique approach in the crypto market. It hosts a great selection of special features like copy trading which aren’t found on any other platform.

In order to benefit from mimicking a well-known trader, eToro’s copy trading function is unparalleled in the business. What makes eToro so popular in such a broad range of nations is the fact that it is accessible to everyone.

If you wish to switch between other asset classes or trade in the foreign exchange market, eToro is a better choice.

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