Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been growing at an exponential rate since its launch in mid-2017. In less than a year, Binance has become the go-to exchange for many cryptocurrency traders and investors.
eToro, on the other hand, is a multi-asset brokerage platform with over 10 million registered users. The company offers a social trading and investment platform that allows users to copy the trades of other successful investors on the eToro network.
So, which platform is better? Binance or eToro?
Let’s compare the two platforms side by side to see which one comes out on top.
Binance vs eToro: Fees
Binance charges a 0.1% fee on each trade. There’s also a 0.5% discount for trades made with Binance Coin (BNB).
With the discount, the effective trading fee is 0.05%.
eToro also charges a 0.1% fee on each trade but doesn’t offer any discounts.
So, in terms of fees, Binance is the better option.
Binance vs eToro: Supported Cryptocurrencies
Binance supports over 100 cryptocurrencies while eToro only supports 16 cryptocurrencies. So, if you’re looking to trade a wide range of cryptocurrencies, Binance is the better option.
However, if you’re only interested in major cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin, eToro would be a better choice.
Binance vs eToro: Trading Platforms
Binance has two different trading platforms – the basic platform and the advanced platform. The basic platform is designed for newbies and casual investors while the advanced platform is for more experienced traders and investors.
Both platforms are available on web and mobile devices (iOS and Android).
eToro also has two different trading platforms – a web-based platform and a mobile app (iOS and Android). The web-based platform is more user-friendly while the mobile app is more suited for experienced traders who want to trade on the go.
Overall, both Binance and eToro offer good trading platforms that are suitable for both newbies and experienced investors.