eToro vs. Binance 2023
Binance is by far the most popular cryptocurrency investment option for Australian investors when compared with eToro. It has a variety of cryptocurrency-related features, both for beginners and more experienced traders. Apart from that, Binance has one of the most affordable trading fees available. The fact that it is so low is enough to place it in the top of the list. However, eToro may have something that you’re looking for So read on!
Table of Contents
eToro vs. Binance Comparison Table
|Deposit Fee||Currency conversion fee||Free|
|Withdraw Fee||$5 + currency conversion fee||Free|
|Payment Methods||PayPal, Direct deposit, POLi, Credit/Debit card||PayID/OSKO|
eToro Pros and Cons
- Provides access over 30 cryptocurrency.
- Minimum amount to open an account and start investing.
- Social investment ability to track the movements of traders who are popular.
- Established platform
- Regulated in a variety of jurisdictions
- Stock, ETF and cryptocurrency trading is only accessible only in the only 44 U.S. states
- Margin trading isn’t accessible for U.S. users
Binance Pros and Cons
- A huge spot market that includes more than 600 different cryptocurrencies
- Affordable fee structure with the possibility to discount
- Staking options to over 70 coins
- Deposits and withdrawals that are sleek
- Separate platforms for different markets
- Advanced markets for professional traders
- A complex platform design for novice
- Excellent customer support
The eToro’s CopyTrading feature is a major advantage over competing trading platforms. Thanks to this CopyTrading option, eToro gives users a possibility to actually duplicate the purchases and sales of the successful eToro traders.
Binance has recently introduced a margin-based trading feature on its website, which joins eToro as well as a handful of other platforms for trading to provide this feature. While Binance and eToro nearly have the same list of features–with the exception of CopyTrading on eToro’s side–e greater selection of financial instruments provides it with an edge over Binance.
However, because Binance offers more features linked with cryptos, it is able to beat eToro with regards to features.
There are more than 600 currencies on Binance.
In addition, eToro only gives 75 coins.
The variety of options for cryptocurrency If you’re in search of many different options for cryptocurrency , and even other types of cryptocurrencies Binance is the ideal option. With over 600 coins on offer the company offers one of the most extensive options available in Australia.
In Binance, trading will cost traders the same fixed 0.01 per cent fee to trade. This could be reduced by 25% by you use the BNB (Binance Coin) coin to settle. 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 is never lower than the minimum amount of $10.
eToro has fees that may rise if you are trading with less liquid assets or trade currencies in pairs. eToro is essentially a business that earns money from the spread between the purchase and sell price.
In the average, when trading in popular instruments such as bitcoin, crypto’s Bitcoin you can expect to pay of 0.75 to 2%, which could be as high as 3.5 percent. If you are looking to invest in a variety of investments, you’ll accept eToro’s fees however if you wish to only trade in cryptocurrency then Binance fee-free option for the crypto market is the best choice for you.
eToro is available 24/7. The support team that can be reached via Live Chat or email (firstname.lastname@example.org) or by phone (in Australia), Instagram, Twitter, Youtube & Facebook. The platform has been awarded 4.2 stars, based on reviews of 15K in Trust Pilot, which is still considered to be quite high for an exchange for cryptocurrency.
Binance is also home to a 24-hour customer support department and live chat option that is available on their platform. Users can get in touch with Binance by contact via email Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK.
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 has a strong stance against Osko Binance is the winner of this fight.
eToro is licensed and regulated in more than 60 countries, and is widely considered to be one of the safest cryptocurrency exchanges around the world. It is operating in compliance with its AUSTRAC with the ABN 803. 8003. All eToro’s funds are secured in top-tier banks, and all information of their customers is secured by SSL encryption.
Binance is also controlled by AUSTRAC to be an exchange for digital assets. It is however, Binance has been the victim of three cyber attacks within the last three years, which makes it a security-conscious exchange. The exchange has been the victim of three cyber attacks, totalling of $50M in user who’s funds were taken off the exchange.
eToro has not been exposed to hacking incidents over its 15 years of operation . Therefore, it’s clearly the one to beat. This shows that the platform has been tested safe, secure, and has good standing with international regulators for financial services.
Since Binance provides lower fees for trading and is specially designed to support crypto, it’s certainly the top choice for this exchange comparison. If, however, you’re also interested in indices and trading commodities and commodities, then eToro could be the one you’re searching for.
Frequently Asked Questions
Which countries are covered by eToro?
eToro is a global platform that operates in more than 140 countries across the globe. Some of the countries that are able to use eToro’s service include Australia and a number of USA nations, UK, Argentina, Bahrain, France, Colombia, Cyprus, Greece, Lichtenstein, Dominican Republic, UAE etc.
Does eToro provide mobile trading?
It is a great platform for trading. eToro platform is easy to access and easy to use on both mobile and web-based devices that have integrated Android and iOS operating systems. The mobile trading application makes use of the smartphone’s intuitive features such as push alerts, sync watchlists and touchscreen interactions. For the portfolio you have, as an instance you could swipe of the screen on your smartphone to check the stats or start an order. Through blending trading tools along with social trading features and the news feed generated on the site, it provides an ideal tool for traders who are on the move.
Does eToro Have a Cryptocurrency Wallet?
Yes the trading platform can offer an in-built cryptocurrency wallet that can be used to store and deposit cryptocurrency assets. Simplex lets users deposit crypto money directly into their wallets, in the form of credit card transactions. The catch is that once the funds are placed stored in the account, they are unable to transfer back onto the eToro trading service.
Who pays the tax on the profits generated by eToro?
Users on the eToro exchange are required to establish the taxable profits earned through trading on the platform by examining the statement of their account. This means that they have to be liable for their fair share of the gain from trading, in line to the legal requirements for financial transactions and the regulations of their home state.
Is eToro the biggest fraud in cryptocurrency exchanges?
It isn’t likely. Because this exchange has been licensed by a variety of financial authorities of the state in the countries where the eToro offices are The chances of being victimized by a licensed exchange fraud are almost zero.
Does Binance offer an account for cryptocurrency?
Since the year 2018 it has been the Binance wallet has been officially launched. Binance wallet has been Trust Wallet. It is free and simple to download via through the Internet, Trust Wallet is secure and private. It also can support thousands of different cryptocurrency.
Does Binance has a mobile application?
Yes. Binance’s app is completely free and helps you trade and organize your cryptocurrency easy. It can be downloaded through both the Apple Store and Google Play.
How do Binance earn money?
In 2021, Binance reached a record revenue in the range of $20 billion from fees to trade in trades and fees. Additionally, Binance charges margin borrow interest, futures fees, trading, as well as cross interest rates for collateral.
Do you think it is safe to connect the bank account of a customer to Binance?
The transactions that take place on the internet is 100% secure, but according to the security measures that Binance has implemented, Binance is a reputable cryptocurrency venture.
How can I take my money from Binance?
The cash-out process using Binance is simple and rapid. Go to your Wallet page on your dashboard, and then select Spot Wallet. Just next to your AUD wallet you’ll find the option to withdraw on cash Balance tab.
If your request is approved after which you’ll get your money sent to your account within 3-5 business days.
How can I earn money with Binance?
Binance provides a variety of trading options so that you can purchase and sell cryptocurrency and benefit by profiting from the advantageous price difference. Additionally, you can speculate about prices of the assets available by trading on the derivative market. Additionally, Binance features a few options for passive earnings and stakes. It is true that Binance is a great platform to make a profit, with a sound trading strategy and some luck.
Top Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|Bank Transfer, Crypto, Credit and Debit Card, Osko, PayID||New Zealand Dollars and Australian Dollars||Over 320||0.6%||Australian Dollars Deposits: 0% Crypto: 0%||Australian Dollars Withdrawals: 0% Crypto: 0%||Visit Swyftx|
|Crypto, Credit and Debit Cards, Osko, PayID||10 Fiat Including USD and AUD||Over 600||0% to 0.1%||0%||Vary||Visit Binance|
|Bank Transfer, Fiat, Crypto, POLi, and PayID||Australian Dollars||Over 370||Instant Buy/Sell: 1% OTC: 0.1% Market Order: 0.1%*||Direct Deposit: $0 Cash: 2.5% PayID, POLi, and direct deposits: $0 BPAY: 0.9% Direct Bank Transfer: $0||Australian Dollars Withdrawals: $0||Visit CoinSpot|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, credit card, and debit card||50+||160+||0.1% spot trading 0.01% – 0.06% market makers/market takers fee||$0||Does not support direct fiat withdrawals Crypto withdrawal fees: Network fees||Visit Bybit|
|PayPal, Cryptocurrency, SWIFT, Fedwire, Wise, Debit Card, Credit Card, SEPA, BPAY, Bank Transfer (ACH)||USD, AUD, SGD, and 15+ more||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit Crypto.com|
|Bank Transfer, Crypto, POLi, Osko, PayID||Australian Dollars||Over 300||0.1% to 0.5%||Deposit Fees Bank Transfer: $0 POLi: $2 (capped at $3.30)||$0 for AU Bank Accounts Cryptocurrency: Depends On the Network||Visit Digital Surge|
|Fiat, Bank Transfer, Crypto, Credit or Debit Card, Apple Pay, Google Play||Pound Sterling and Australian Dollars||Over 50||Maker: 0.04 to 0.1% Taker: 0.04 to 0.1%||Fiat: 1.5% CoinJar Users: $0 NPP: $0||$0||Visit CoinJar|
|Crypto, Osko, PayID, Electronic Fund Transfer, SWIFT||Australian Dollars, US Dollars, New Zealand Dollars||Over 25||0.05% to 0.5%||For SWIFT Deposit: $15 for deposits under Australian $5,000 equivalent $0 for deposits over Australian $5,000 equivalent For Electronic Fund Transfer: Australian $0.99 for deposits under $100 $0 for deposits more than Australian $100||Crypto: Fees vary Bank Transfer: $0 for AUD $20 for non-AUD||Visit Independent Reserve|
|Bank Transfer, Debit Cards, Neteller, PayPal, Online Banking, and Skrill||15 Fiat Currencies Including USD and AUD||Over 70||Vary||Vary||$5 but minimum withdrawal of USD50||Visit eToro|
|Debit Card||More than 20 Fiat Currencies Including USD and EUR||Over 200||Vary||Credit Card and Debit Card: 3.99%||2.49%||Visit Coinbase|
|Bank transfer (ACH)||Euro and US Dollars||Over 320||0.25%||$0||Vary||Visit Bittrex|
|Bank Wire Transfer, Crypto, Credit Card||US Dollars, Japanese Yen, Euro, Pound Sterling||Over 200||Taker: 0.055% to 0.2% Maker: 0% to 0.1%||Crypto: $0 Wire: 0.1% (min 60 Euro/USD)||Crypto: $0 Wire: 0.1% Express Bank Wire (within 1 day on business days): 1% (min 60 Euro/USD)||Visit Bitfinex|
|Bank Card, SWIFT, Google Pay, SEPA, and Fedwire||6 Fiat Currencies Including USD and AUD||Over 10||2.93% to 3.9%||0% to 5%||N/A – assets are directly sent to the user’s crypto wallet||Visit Coinmama|
|Bank Transfer, Crypto, Wire Transfer, osko, SEPA, Apple Pay and Google Pay||7 Fiat Currencies Including USD and AUD||Over 140||Maker: 0% to 0.16% Taker: 0.10% to 0.26%||Vary||Vary||Visit Kraken|
|Crypto, PayPal, Wire Transfer, Credit or Debit Card, SEPA||9 Fiat Currencies Including USD and AUD||over 645||0.1%||$0||Vary||Visit KuCoin|
|Bank transfer, P2P, POLi, OSKO||AUD||100+||0.5% – 1.6%||$0||Fiat Withdrawal fees: $0 Crypto withdrawal fees: Network fees||Visit Easy Crypto|
|Crypto, PayID, Bank Transfer||AUD||410+||0.85%||$0||Crypto withdrawal fees: Network fees Fiat Withdrawal fees: $0||Visit Coinstash|
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This page was last updated on July 14, 2023