eToro vs Binance

Are you wondering how the leading social trading broker compares to one of the largest crypto exchange platforms? We are too!

Let’s find out in this eToro vs Binance review. What follows is a side-by-side comparison, accompanied by an in-depth analysis of different aspects of both platforms.

Keep on reading. There’s more to come.

Side-By-Side Comparison

To begin, we have narrowed down the most important features of the platforms so that you can get a general idea.

eToro Binance
Account types: Retail, Professional, and Demo Individual and VIP
Deposits: Credit/Debit card, Paypal, Neteller, Skrill, Rapid Transfer, iDEAL, Klarna/Sofort, Bank transfer, Trustly, POLi Bank Transfer, Credit/Debit Card, iDEAL, Advcash, Etana, Banxa, Flutterwave, Google Pay, PayID, PIX Payment, Samsung Pay, Simplex
Products: Cryptocurrencies
Stocks
Options
ETFs
Indices
Forex
Commodities
Cryptocurrencies
Number of cryptocurrencies: 55 500+ (60+ on Binance.US)
Trading fees: Spreads 0.75%-5% 0.1% spot trading fee and 0.5% crypto exchange fee
Minimum trade: $10 $10
App: Android, iOS Android, iOS
Customer support: Email, Live Chat, ticketing system Email, Live Chat, ticketing system, social media
Number of countries it operates in: 60+ and no longer accepting new users from a long list of countries While there’s no official list of supported countries, the list of banned users is as follows:

Ontario (Canada)
China
Malaysia
Japan
UK
Thailand

Excluded US states: Minnesota, New York, Tennessee, Nevada, Hawaii, Guam, Northern Marianas, Puerto Rico, American Samoa Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont

Account Requirements

All trading platforms ban minors from being involved in any exchanges, and eToro is no different. Its users need to be of legal age to create an account. Furthermore, they need to confirm their identity and where the money is coming from into the account. This is done by providing Proof of Identity and Proof of Address. Is there anything in it for you to verify your account? Well, apart from getting access to the platform, your registered account will also receive the $10 eToro sign-up bonus.

Likewise, to use the Binance platform, you need to be at least 18 years old. Users can utilize some basic features and perform limited transactions without submitting verification documents. However, only verified accounts have full access to the platform. Binance has three verification tiers: basic, intermediate, and advanced. Providing the necessary documentation shouldn’t take long, but you’ll have to wait some time while your request is processed. How long would that be depends on the tier you are applying for.

Before we get to the most anticipated part of every comparison, the eToro vs Binance fees, let’s dwell a bit on usability, features, and available products.

Ease of Use

The eToro platform could benefit from some redesigning to accommodate novice traders. Currently, it’s more suitable for those who already know the lingo, their way around buying cryptocurrencies, and reading the market charts. Luckily, eToro has demo accounts to help everyone get more familiar with it.

How does Binance compare?

To say that the Binance platform is not user-friendly or intuitive would be a lie. However, the underlying issue is that there are too many options to choose from. This may confuse someone not so experienced or with limited trading knowledge. To compensate for this, Binance has the Binance Academy. This is a completely free educational platform with tutorials on everything one needs to know about crypto and trading.

eToro vs Binance: Features

Being a social trading platform, eToro offers the famous CopyTrader feature. This is only one of the many social features available on the platform. Why is this one particularly so popular? It allows real-time copying of other investors’ moves, and many investors gladly benefit from it.

A noteworthy Binance feature is its separate advanced portal and OTC (over-the-counter) trading portal. The advanced portal enables insight into real-time price changes. The OTC portal, on the other hand, enables direct negotiations between buyers and sellers. Keep in mind that the minimum trade on the OTC portal is $10,000.

Products

eToro is an established multi-asset broker, while Binance is a crypto exchange platform. This implies that while trades on Binance are limited to crypto-only, eToro offers more variety. Apart from being able to trade cryptocurrency on eToro, users have access to:

Unfortunately, this doesn’t apply to all users, and US citizens can trade only crypto on eToro.

Speaking of American users, Binance has a separate platform for the US market. Binance found it easier to start from scratch than modify the existing platform to US regulations. When comparing the international Binance platform to Binance US, the list of features is more modest on the latter.

Crypto offerings

Considering that eToro offers more diverse trading opportunities, it’s no surprise that the eToro crypto list is somewhat limited. Even so, having just over 50 crypto-assets (not all of which are available in the US) shouldn’t worry you since quantity doesn’t necessarily equal quality. The most widely recognized crypto coins can be found on eToro. Also, even when limited to trading only crypto, you can still make use of the well-known social trading features available on the platform.

Binance supports more than 500 coins, out of which 60+ are available on the designated US platform. So even when speaking of eToro vs Binance US, eToro still falls short in the number of available coins.

Fees

What sets Binance apart from other platforms are the low fees. There is a fixed 0.1% spot trading fee, while the crypto exchange fee is 0.5%. Users who own BNB (the coin issued by Binance) get a 25% discount on the fees. Additional fees may apply depending on the place of residence or account tier.

When it comes to crypto exchanges, eToro charges the trading fee as a spread ranging from 0.75% to 5%. There is also a fixed $5 eToro withdrawal fee. That’s why users are advised to cash out higher amounts less frequently.

Security

Binance secures its platform by using the latest data encryption techniques with a combination of real-time monitoring for any suspicious withdrawals, password resets, or email address changes. To further increase security protocols, users’ assets are kept in cold storage (offline wallets). User accounts have the option to use two-factor authentication for secure login, as well as whitelisting IPs or wallet addresses.

USD deposits on Binance are insured by FDIC up to $250,000. The platform also established the emergency insurance fund Secure Asset Fund for Users (SAFU) in 2018. The fund was valued at $1 billion in January 2022.

How safe is trading Bitcoin on eToro?

Your account and the platform are protected with state-of-the-art security protocols and software. Accounts on eToro are monitored 24/7, and all personally identifiable information is encrypted. eToro also has a rate limit on certain operations (ex. login attempts) and an additional protective layer by utilizing the two-factor authentication method.

Like its competitor, eToro’s cash funds are insured up to $250,000 by the FDIC. Crypto assets are mostly held in cold storage, while stocks and ETFs are protected in partnership with APEX up to $500,000.

Binance vs eToro: Mobile Apps

Binance has two mobile apps, which can be downloaded through the App Store or Google Play. The Android app has a somewhat better rating than the one for iOS. Features available on the app resemble those available on the web platform.

eToro also enables both iOS and Android users to access the platform through a mobile device. An interesting thing to note is that just like its competitor, eToro’s Android app has a higher user rating than iOS. What you get on the eToro app is pretty much what’s already included in the web-based platform.

Customer Service

Customer service can either make or break the reputation of a trading platform. So how does the customer service experience of eToro compare to that of Binance?

eToro will resolve your request once it is submitted through their Live Chat, via email, or the ticketing system on its website. Keep in mind, though, Live Chat is available only to Club Members (eToro’s loyalty program). The customer service department is available 24 hours, but only Monday through Friday. User reviews state that the average response time on open requests on eToro is between 7 to 14 days.

Apart from the communication paths available on eToro, the Binance team can also be reached through their official Facebook and Twitter accounts. In August 2021, the Binance website informed users that it had improved their customer service experience, and the average response time was now 1-2 minutes. However, it seems like there is still some more improvement to be anticipated. In 2022, there are still negative user reviews, some of which claim that months have passed without them getting a response.

While the eToro vs Binance crypto fees differ, the platforms don’t seem to be so different when it comes down to customer service.

Who Is eToro Best For?

If you have read any of the eToro reviews out there, by now, you are probably aware it is best for those interested in its social trading capabilities. However, even the platform advises users to be cautious when using features like CopyTrader. Novice traders tend to base decisions on intuition while gathering the necessary knowledge, so maybe it’s best if they first try out the Demo Account.

eToro Pros and Cons

+Social trading features
+More trading options for international users

-Not available in many US jurisdictions
-Higher fees
-Fewer crypto assets available

Who Is Binance Best For?

Even though crypto newbies will find their way around it, Binance is best for those accustomed to more advanced trading features. They will surely appreciate all the analytics available to assist their trades. Yet, this should not discourage novice traders from getting on the platform. Binance will ease you into crypto exchanges by providing you free access to the Binance Academy. Here you will find everything you need to know about crypto and the blockchain. On top of that, the Binance exchange fees are pretty low – something new traders look forward to.

Binance Pros and Cons

+Low fees
+KYC is not mandatory
+Large selection of crypto coins

-US platform has fewer features than the main platform
-Novice traders may find it overwhelming

1. eToro

eToro is a fully regulated trading platform with over 15+ million users. It comes with a mobile cryptocurrency wallet where you can trade and transfer funds while allowing you to invest long-term in a portfolio of the most popular cryptocurrencies with no fees.

  • Award-Winning Social & Copy Trading (15+M user base)
  • Best For Beginners: Try Virtual $100K
  • 16 Cryptocurrencies & 94 Crypto Crosses Available

eToro is a fully regulated trading platform with over 15+ million users. It comes with a mobile cryptocurrency wallet where you can trade and transfer funds while allowing you to invest long-term in a portfolio of the most popular cryptocurrencies with no fees.

eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and cryptoassets. eToro offers over 14 cryptoassets to invest. By investing in their CryptoPortfolio, investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, copy or get copied by other users. All in all, it is an excellent P2P Bitcoin trading platform.

Payment Methods

Credit Card, Debit Card, Wire Transfer, PayPal, Skrill, Neteller, Yandex, WebMoney, MoneyGram

Top Coins

ADA BTC XLM XRP LTC

2. Binance

With more than 500 coins listed and a native token that’s one of the most popular cryptocurrencies around, Binance is one of the leading exchanges. Apart from basic and advanced, Binance also offers futures and margin trading.

  • Supports over 500 coins
  • Binance.us For The US Users
  • SEPA & Bank Transfers

With more than 500 coins listed and a native token that’s one of the most popular cryptocurrencies around, Binance is one of the leading exchanges. Apart from basic and advanced, Binance also offers futures and margin trading.

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Payment Methods

Cryptocurrencies

Top Coins

BTC BCH XLM DOGE ADA

Which Is Better: eToro or Binance?

Now that our eToro vs Binance comparison has reached its end, we hope that you have already come to a conclusion on which is better for you.

To wrap things up on our end, we’ll point out the main differences. Binance offers access to more cryptocurrencies compared to eToro. However, eToro has other products besides crypto, to compensate for that downside. If you’re a US user and have only crypto trading on your mind, Binance will accommodate you with the vastness of features and metrics. eToro’s social trading features, however, will certainly appeal to more experienced traders.

FAQ

How to use eToro wallet?

You can access the eToro wallet by using the same credentials as on your account. As soon as there are crypto assets available in your wallet, you can start making conversions. Simply select the conversion feature and choose one of the available assets.

Can you day trade on Binance?

Yes, Binance enables day trading. Though day trading may seem like an interesting option to make money, it is difficult. To get familiar with the platform, without risking any real money, you can use the Binance testnet. Available on the Binance futures platform, the testnet is something close to a Binance demo account.

How to sell crypto on eToro?

To sell crypto on eToro, first access your portfolio. Select the crypto asset you want to sell and select the red x on the far right-hand end of the field. Next, you will be offered the option to close the trade. By selecting the field, you have sold the crypto asset.

Is Binance better than eToro?

That would depend on many different factors. Simply put, Binance is better for all who want to benefit from its low fees and advanced features. eToro, in contrast, is better for all who intend to utilize the options for copy-trading. Read our full Binance vs eToro comparison to see which category you fit into.

ABOUT AUTHOR

A problem-solver by day and content writer by night. In between, you’ll probably find me somewhere outside, reaching my daily step goal or admiring sunsets. My interests span multiple fields and creative pursuits. Having a background in linguistics, I’m now exploring the social aspects of information technology and I’m glad to be a part of the journey to hitting your financial targets.

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