Several years after the launch of the first cryptocurrency, there are various players in the market, catering to an array of use cases. In this eToro vs Binance review, we will discuss multiple factors that make these two exchanges the best in the industry.
|Variety of educational material||Very low transaction fee: 0.1%|
|Dummy account so newbies can get used to the platform||100+ coins to trade|
|Seamless verification process||2 BTC withdrawals per day; easy KYC procedure allows withdrawal of 100 BTCs per 24 hours|
|Copy trading / Margin trading||Margin trading|
|Customer support: Email and Phone||Customer support: Email and Social Media|
Its popularity is growing and as of now, eToro nests more than 10M users across the World, which is quite massive. Moreover, just to clue you in, even though it’s a cryptocurrency exchange and offers multiple products, the core focus is social trading.
They also implement a strict risk-control strategy to ensure that neither the leaders nor copy traders suffer any unexplained losses. Secondly, since the number of users is extensive, you have a decent choice of leaders to pick from. While you must be thinking that such kind of feasibility is available on several other platforms as well, please note that eToro is the only one facilitating social media communication as well.
Above all, in the crypto business, where plenty of traders are newbies and try different platforms for ‘mere exploration’, all exchanges must have a decent customer support system. Fortunately, eToro overtakes many ventures from this aspect as they are always available to solve the issues and respond to any question that a potential customer might have.
Initially, the exchange was launched with a keen focus on forex and ETFs. But, in the first quarter of 2019, they made pretty bold decisions to make their standing clear in the crypto sphere as well. Firstly, the platform rolled out its blockchain wallets for iOS as well as Android. Secondly, they extended their operations in multiple US states and took several crypto tokens onboard, thus increasing the feasibility.
Is There Anything Else eToro Is Known for?
Short answer? Yes.
In this eToro vs Binance article, it is worth mentioning that they are quite popular when it comes to leveraging.
Please note that eToro does not have fixed leverage. They start off from 2X and then go up depending upon the amount of principal investment.
Most importantly, it must be kept in mind that when you go for leverage, you are not given possession of the ‘extra’ amount. In fact, it is just a contract between the trader and eToro which allows the user to buy more than what he possesses in the account.
They also have social trading which is something that makes eToro stand out vs Binance.
A Major Concern
Unfortunately, for everyone trading on eToro, withdrawal is a major concern. Apart from the regular bank charges and any possible conversion fee in between, they charge you $25 straightaway for withdrawal.
It should also be noted that your account must hit a minimum threshold of $50 before you can withdraw the funds.
However, despite the fact that trading cost is relatively higher and it is a con for many users, it also allows eToro to have a genuine customer base.
Please click here to read more about eToro.
Binance is one of the top choices for crypto trading, particularly when we talk about the variety of tokens and affordability. Initially, they were focused to provide an all-crypto solution, but in 2019, they started entertaining credit cards as well, thus allowing the traders to purchase different coins. But, this service comes at a cost of 3.5%, which might be expensive for some people.
Moreover, they also have two types of interfaces (i.e. basic and advanced) to facilitate newbies as well as experienced traders who want to explore an array of factors before making a trade. As soon as you navigate to the charting tool, there is a wealth of indicators to aid you.
If you happen to be a volume trader, it is worth mentioning that Binance has KYC check in place. While there is not any limit for deposits, you are only allowed to withdraw up to 2 BTCs per 24 hours. But, if you have passed the KYC phase, you can withdraw 100 BTCs every day.
A major pro is that since Binance is used all over the World, it is offered in 15 different languages to ensure there is not any problem with usability.
What’s The Best Thing at Binance?
Well, they are known for a variety of competitive features and one of the best ones is their transaction fee, which is fairly lower than the rest. Binance is offering a 0.1% fee and it gets reduced by 25% if you decide to pay in the native token (BNB).
If you want to weigh in Binance’s popularity and success, please note that initially, their native token was at $0.1 and as of now, it is ‘dancing’ right in front of some market leaders by establishing value in double-digits.
A Major Concern
Since I have talked about the importance of customer support, in the beginning, it is necessary to explore Binance from that aspect as well.
Unfortunately, some people do have problems with that and it is mainly because Binance has expanded its operations a lot in recent years. With such exponential growth, some issues and inefficiencies are bound to happen.
Mostly, customers contact the support team with the help of an embedded contact form, but there is chatbot as well. However, some of its responses are automated.
Please click here to read more about Binance.
In this eToro vs Binance review, it is quite evident that both of these exchanges have their own pros and cons and are equally popular in the community. Therefore, your choice totally depends on your location, type of trades you are willing to execute and the strategy you are going to opt for (e.g. day trading, copy trading, etc.). Rest assured, both of the platforms are highly secure and are always eager to facilitate their customers so it is quite unlikely that you experience usability problems.