Etoro vs. Binance: Which is more preferable?
Crypto trading is quite in trend nowadays. Etoro and Binance are both popular and trustworthy platforms having their individual perks and offerings. It is always preferable to choose a good crypto exchange to trade cryptocurrency as it is a place to sell and purchase it. In this article we will be discussing the two most popular crypto exchange platforms and their details.
What is Binance?
Binance is the popular cryptocurrency exchange where you can trade with low fees. It contains advanced trading tools. As far as the security concern, it is the safest platform. Its strong system offers hardware 2FA, a real-time monitoring system which is used to detect suspicious activity, security notifications through email, and many other advanced security features. Its high security plan makes it a much safer option as it allows the user to keep the majority of crypto in “cold wallets”. It is not connected to the internet. It prevents losses during hack and makes it unlikely that an attack will cause Binance to become insolvent. This means that if the exchange suffers a major attack, users are likely to be reimbursed by the company.
Binance is a versatile platform
According to binance reviews, it is one of the best platforms for people all around the world as it has tremendous language options like English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian. It is reachable through different devices like Desktop,Android,iPhone/iPad,Mac. The traders on Binance are given various benefits like a mobile app that is available on Android and iOS devices and there is a desktop interface that gives access to sophisticated trading tools and investment instruments such as margin trading, a launchpad, and even a crypto-based derivatives trading market.
Advantages:
- It supports various cryptocurrency.
- It offers a crypto-based derivatives market
- It features multiple crypto trading pairs
- It has reliable levels of liquidity
- It has secure hot wallets enabled with 2FA
Disadvantages:
- Binance is much more limited.
- Its user interface requires a steeper learning curve.
- Higher withdrawal limits are only available to verified users.
- There are many complaints from users about site crashes.
What is etoro?
Etoro is an innovative platform allowing users to copy trades of other users. It is older than Binance, founded in 2007. More than 25 million users in 140 countries worldwide and the U.S are using it. eToro runs multi-asset brokerages (offering stocks, commodities and forex trading) in other countries. But one of its major shortcomings is that eToro is currently unavailable for actual cryptocurrency trading for residents in Hawaii, Minnesota, Nevada and New York. It has a limited 200 ETFs range.
Etoro is a trustworthy platforms
EToro provides a free digital wallet to store cryptocurrency, known as eToro wallet. It is available in both iOS and Android. It requires a 2% fee to transfer funds from eToro’s investment app to its crypto wallet. It is possible for the users to transfer cryptocurrency from the eToro platform to their own digital wallet.
Advantages:
- It is worthy for Cryptocurrency, stock and ETF traders, social or copy trading.
- It has the ability to match moves of popular traders.
- It offers advanced trading features in mobile apps.
Disadvantages:
- Its service is not available in all states.
- There are no crypto-to-crypto trading pairs available.
- eToro notes coin transfers are one-way.
- Any coins transferred can’t be transferred back to the eToro trading platform.
Binance Vs Etoro
Both are well known crypto exchange platforms. We will discuss binance vs etoro, to better know which one is more suitable for you. Binance is the greatest crypto exchange initiated from China. It is widely known for its crypto-to-crypto services. According to data, it became prevalent in the cryptocurrency world in 2017. Whereas
eToro, has evolved into an international sensation. First it was established in 2006 and provides an extensive range of trading services. It has diversified its offering during the recent years. It also offers exclusive benefits and convenient features like fee-free trading, margin trading, copy trading, and cryptocurrency purchases using PayPal.
Trading fees
Binance is quite renowned for its lowest fees. It utilizes its fixed 0.1 percent trading fees that can be discounted even further by 25 percent if the consumer uses the platform’s BNB token for payment. Whereas eToro charges a trading fee varying between 0.75 percent and 2.9 percent, depending on the currency and the state of the market. It also deducts other fees as well. For example; A penalty fee, stock trading fees and other financial tools are also evaluated differently on the platform.
Supported Cryptocurrencies
When it comes to cryptocurrency support, Binance offers one of the most extensive ranges as over 350 cryptocurrency assets. Whereas eToro carries multiple assets, it enables consumers to trade over a thousand financial instruments. The financial instruments also feature around 29 cryptocurrencies. But as compared to Binance, eToro’s crypto assets list is not as extensive.
Supported Countries
It is not clearly mentioned by Binance which countries are supported by the platform and which countries are not. For users residing in the US, Binance has created a separate platform for them. eToro is available in more than 140 countries excluding Japan, Canada, Syria, Cuba, Iran, Sudan, Albania, and Serbia.
Features
Binance offers a large variety of cryptocurrencies for trading and derivatives, margin trading, and other advanced crypto-centric trading tools. On the other hand, eToro offers an extensive range of investment and trading tools, and it does so without making the process complicated or confusing.
Funding method
Since Binance’s main platform is limited to cryptocurrencies, users can deposit funds into any of the coins supported on the platform. It’s the same process with withdrawals, users just need the address on the blockchain of the digital currency they wish to withdraw. eToro excels as one of the platforms that allows users to buy cryptocurrency using PayPal along with other funding options. Many other withdrawal methods are also available.
Verdict:
Binance and etoro are the most reliable cryptocurrency platforms with a commendable range of investment tools suited to most cryptocurrency traders. If you’re an experienced trader Binance is more suitable and eToro offers more beginner-friendly and safe experience to its users with tools that make trading and learning a lot easier. As far as the safety concerns, no platform is 100% secure but using the Traders Union while trading on the Forex Market with a broker company, you have nothing to lose. No matter you’re a beginner or pro, it will help you to save money and be more wise with it!