In the past few decades, stocks and cryptocurrency trading have become two of the highest ROI generating fields, accumulating more than nine billion dollars in value alone, it isn’t surprising that lots of investors are rushing into the stocks and cryptocurrency market. The Covid-19 lockdown saw many third-world countries and citizens becoming six to seven-figure earners, especially with the high inflations in Bitcoin and other cryptocurrency pairs.
Binance and eToro are both top-notch investment platforms albeit, for slightly similar and different purposes, Binance is a trading platform dedicated to the trading of both prominent and rising cryptocurrencies, while eToro is a social platform that involves the trading of major cryptocurrency pairs and stock exchange.
Cryptocurrency has grown into one of the highest valued assets in the stock market, it is also known as one of the best assets to invest in to generate more ROI. Outlined below is a detailed analysis of the two trading and investment platforms to help you in choosing the best platform for generating more ROI as an investor in 2022.
» MORE: Top eToro Alternatives & Competitors
Main Differences Between eToro and Binance (Summarized)
Below is a table that highlights the main differences between eToro and Binance;
| eToro | Binance | |
| Copy-trading | It allows you to copy the methods of top-earning traders to make more profits | It doesn’t offer copy trading options |
| Cryptocurrency Exchange | eToro provides a reasonable amount of cryptocurrencies for exchange, staking, and trading. | Binance offers a large number of cryptocurrencies for crypto exchange, staking, and trades. |
| Visa Card | It provides no Crypto Visa card | It provides for a Crypto Visa Card |
| Cryptocurrency Loans | It doesn’t offer cryptocurrency loans | Binance offers cryptocurrency loans to its users |
| Transaction Fee | It requires a 1% fee for trading crypto. | It requires a trading fee of 0.02% to 0.10% |
| Withdrawal Fee | It requires a $5 withdrawal fee for non-US citizens | It doesn’t require withdrawal fees |
| Debit Card Purchase and Credit Transaction Fee | It doesn’t require a debit card purchase or Credit Transaction fee | It requires a Debit Card purchase and Credit Transaction fee of 3.5% or $10. |
» MORE: Binance: Is It Safe? How Trustworthy & Legit Are They Actually?
eToro Vs Binance: Features and Capabilities
Below is an outline of the different features and capabilities of Active Campaign and Send in Blue;
Key Features and Capabilities of eToro
The following is a list of Active Campaign’s key features and capabilities;
- Copytrading: Maximize profits by following a seasoned trader’s marketing strategy
- Cryptocurrency trading: Invest in cryptocurrency to generate ROI
- Data Analytics: Make use of simple reporting tools for analyzing stocks
- How-to guides: A detailed tutorial on how to trade on the platform
- Multiple payment methods: Multiple payment methods for users all around the world
- Stock trading: Invest in the stocks market
Key Features and Capabilities of Binance
The following is a list of Active Campaign’s key features and capabilities;
- Cryptocurrency Trading: Participate in cryptocurrency trades for maximized profits
- Multiple Payment Methods: Multiple payment methods for numerous countries all around the world
- Large Cryptocurrency Market: A large variety of cryptocurrencies to trade-in
- Crypto loans: Collect crypto loans for trading
- Crypto VISA: Get your VISA Card for Cryptocurrency trading
- Staking: Place wagers on cryptocurrency to generate ROI faster
- Crypto Exchange: Send and receive cryptocurrency on Binance
» MORE: Which Is Better for You, Bittrex or Binance?
eToro Vs Binance: Pricing
eToro and Binance share different subscription plans. Highlighted below is an outline of their pricing details;
eToro Pricing Details
eToro’s minimum deposit for first-time transfers varies depending on various countries. These are the minimum deposits of eToro for various countries:
- United Kingdom, United States – $10
- Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Guernsey, Hungary, Indonesia, Ireland, Italy, Latvia, Lichtenstein, Luxembourg, Malaysia, Monaco, Malta, Netherlands, Norway, Philippines, Poland, Portugal, Slovakia, Slovenia, Spain, Switzerland, Taiwan, Thailand, United Arab Emirates, Vatican City, Vietnam – $50
- Cayman Islands, French Polynesia, Gibraltar, Iceland, Isle of Man, Jersey Island, Kuwait, Lithuania, Reunion Island – $1000
- Israel – $10000
- Other eligible countries – $200
- The minimum deposit for a first-time bank transfer is $500
- The minimum deposit for corporate accounts is $10000
Binance Pricing Details
- Minimum Trading – $10
» MORE: Is Coinbase or Binance Better for You?
Reasons to Choose eToro over Binance
The following are the reasons why you should choose eToro over Binance;
- It maximizes profitability with copy trading
- It offers up to 90% yield on stakes
- It has an intuitive interface
- It offers advanced analytical tools
- It doesn’t require a debit card purchase fee
- It doesn’t require a credit transaction fee
- It doesn’t have a maximum trading limit
- It offers a demo account with an affluent portfolio
» MORE: Between Binance and BlockFi, which is better for you?
Reasons to Choose Binance over eToro
The following are the reasons why you should choose Binance over eToro;
- It has low transaction fees
- It has a large variety of cryptocurrencies
- It requires no deposit fees
- It provides highly secure wallets
- It offers Peer to Peer trading options
- It offers coupons and discounts to its users
- It provides crypto loans to its users
» MORE: Between Binance and Webull, which is better for you?
The Similarities between eToro and Binance
Here are some of the major similarities between eToro and Binance;
- They both support cryptocurrency trading
- They both make use of advanced analytical tools
- They both have multiple payment options
- They both have a mobile version
- They both require a minimum deposit of $10
- They both offer a large variety of cryptocurrencies for trading
- They both specialize in margin trading
- They both provide digital wallets to their users
- They both have cold storage.
» MORE: Whic Is Ideal For You, Uphold Or Binance
eToro and Binance Alternatives
The following are some noteworthy alternatives to eToro and Binance;
- Coinbase – The world’s largest cryptocurrency market
- Luno – The best trading platform for cryptocurrency trading
- KuCoin – Keep track of your trades with simplified analytical tools
- Bitfinex – It is an easy and agile solution for trading
» MORE: Which is better for you, Bittrex or Binance?
eToro Vs Binance: Final Verdicts
With so many cryptocurrency trading platforms being created it can be difficult to choose the right platform for maximum profitability, especially with the increasing rate of crypto scams. However, Binance and eToro are two reliable platforms for crypto trading.
eToro is more suitable for large-scale copy traders while Binance is the preferred option for cryptocurrency traders and beginners. The final choice is however solely dependent on your requirements and budget.
» MORE: Choosing Between Bybit And Binance.
Frequently Asked Questions
The following are some of the most asked questions on eToro and Binance;
What is the difference between eToro and Binance?
eToro and Binance are both cryptocurrency trading platforms, however, eToro also offers copy trading features and stock exchange, while Binance focuses mainly on cryptocurrency trades.
Which software is more beginner-friendly?
Both eToro and Binance have an intuitive interface, however, eToro is the clear master in terms of intuition, it is very easy to use and it also offers copy trading features for beginners. Copy trading is a type of cryptocurrency trading that involves copying the steps of seasoned crypto traders to maximize profit and minimize loss. The minimum deposit for copy trading on eToro is $200.
However, Binance is also suitable for beginners with a basic understanding of the crypto stock market and analytical tools such as graphs and margins.
Which software offers the best value for cryptocurrency trading?
Binance offers the best tools for cryptocurrency, it has numerous cryptocurrency assets for trading and an amazing stock market dedicated to it.
» MORE: Which Do You Think Is Better, Binance or Bison?
References and Links
- https://en.m.wikipedia.org/wiki/EToro
- https://www.binance.com/en
- https://coinmarketcap.com/exchanges/binance/