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!

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eToro vs. Binance Comparison Table

Features	eToro	Binance
Supported Coins	75	600+
Trading Fees	1%	0.1%
Deposit Fee	Currency conversion fee	Free
Withdraw Fee	$5 + currency conversion fee	Free
Payment Methods	PayPal, Direct deposit, POLi, Credit/Debit card	PayID/OSKO
	Visit	Visit

eToro Pros and Cons

Pros

• 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

Cons

• 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

Pros

• 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

Cons

• A complex platform design for novice
• Excellent customer support

Features

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.

Winner: Binance

Supported Cryptocurrencies

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.

Winner: Binance

Fees

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.

Winner: Binance

Customer Support

eToro is available 24/7. The support team that can be reached via Live Chat or email (support@etoro.com) 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.

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 has a strong stance against Osko Binance is the winner of this fight.

Winner: Binance

Security

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.

Winner: eToro

Conclusion

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.

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