What is the difference between eToro and Binance?
Both eToro and Binance are cryptocurrency investing platforms or ‘centralised cryptocurrency exchanges’. The main difference between the two platforms are that eToro offers more asset classes to invest in compared to Binance. Binance only allows its users to invest in cryptocurrencies on its platform.
eToro offers its users the option to invest in cryptocurrencies, fiat currencies, stocks, indices, ETFs and commodities. This is one of the reasons that experienced traders and beginner investors prefer to use the eToro platform as it offers a wider selection of assets. In addition to assets, eToro is regulated and licensed to operate in Australia whereas Binance isn’t.
Fees Schedule
eToro charges 0% commission on stocks, 1% on cryptocurrencies, 0% deposit fees and a flat $5 fee whenever you withdraw fiat currencies from the platform.
Binance withdrawals fees are between $2 - $20 AUD, the fees vary for different tokens and currencies. The spot fee is 0.2%, for futures/derivatives the maker fee starts from 0.02% and the taker fee starts from 0.04%. Deposits are between 1% - 3% depending on what method you choose.
Winner: eToro has overall lower withdrawal and deposit fees, but do charge higher crypto trading fees, however offers tighter spreads than Binance. Therefore eToro in the end charges lower trading fees than Binance.
Security, Regulation & Licensing in Australia
eToro is regulated and licensed in over 60 countries and it’s widely regarded as one of the most secure cryptocurrency exchanges in the world. It operates in accordance with the AUSTRAC under the ABN 66 612 791 803. All of eToro’s funds are kept in secure tier 1 banks and their information is guarded under SSL encryption.
Binance is also regulated by AUSTRAC to operate as a digital asset exchange. However, Binance has been the subject of three cyber attacks in the past three years making it a low security exchange. It has had a total of $50M worth of users' funds stolen from the platform.
Winner: eToro has never been subjected to a hacking incident in its 15 years of operation. This highlights that the platform is battle-tested, secure and in a good relationship with global financial regulators.
Which platform has a better mobile app?
eToro offers a mobile version of their website for both iOS and Android users. The application is rated 3.6 stars from 1.7K reviews on the app store and is ranked #107 overall in the Finance category. The eToro app has the same functionality as its web version, users have access to their portfolio and can open trades freely.
Binance is also supported on both iOS and Android and has an impressive 4.7 stars from 31K reviews on the Apple store. It is ranked #20 in the Finance category, making it one of the most popular apps on the app store. The application offers the same features as its web counterpart, you can check the market, open trades, stake cryptocurrencies and more.
Winner: Binance has a higher ranking and rating overall on both the Apple store and the Google Play store.
Customer Support & Online Communities
eToro has a 24/7 available support team can be contacted via Live Chat, email (support@etoro.com), telephone (in Australia), Instagram, Twitter, Youtube & Facebook. The platform is rated 4.2 stars from 15K reviews on Trust Pilot, which is still considered quite high for a cryptocurrency exchange.
Binance also has a 24/7 support team and has a live chat feature on its platform, you can contact Binance on email, Discord, Telegram, Facebook, Twitter, Reddit, LinkedIn, Instagram and VK. The exchange is rated an extremely low 2 stars on Trust Pilot out of 3K reviews and most of the reviews are directed towards the customer support team.
Winner: eToro has a better online presence in comparison to Binance and has a higher rating on Trust Pilot.
Supported Cryptocurrencies and Assets
eToro is the only multi-asset brokerage platform in the entire world and currently supports six asset classes, which are cryptocurrencies, ETFs, stocks, commodities, currencies & indices. Users can buy over 2500 digital assets on the eToro platform including 70 cryptocurrencies, 50 fiat currency pairs, 15 indices, 264 ETFs, 32 commodities, and 2257 stocks.
Binance only allows its users to invest in cryptocurrencies on its platform and are yet to announce whether they will be adding more digital asset classes in the future. On Binance you can buy over 340 cryptocurrencies, which is considerably higher than eToro.
Winner: Although Binance may offer more cryptocurrencies, eToro offers significantly more asset classes.
Can I transfer funds from eToro to Binance?
Yes, to transfer funds from your eToro account to your Binance account, you will first need to send it the funds to your eToro crypto wallet from the eToro platform. You will need to download the eToro Money app, once it’s been installed, sign into the app with your eToro login details. Once you have signed in follow the below steps:
- Click on ‘Portfolio’ in the eToro platform
- Find the cryptocurrency you want to send and click the trade you want to transfer
- Select Edit Trade and click ‘Transfer to wallet’, review the transaction and select ‘Transfer’
Your funds will arrive in your eToro Money up momentarily, once they have, follow the next steps:
- Go on the eToro Money app and under the crypto tab, find the cryptocurrency you want to send
- Select 'Send', then select the amount to send and enter the recipient’s wallet address
- You will receive an SMS with a verification code, enter the code you receive and tap ‘Verify’
Final Verdict
eToro is the better platform for Australian investors as it offers better security, more asset classes and overall lower fees. The support team are also rated higher than Binances support team on Trust Pilot. If you are interested in learning more about eToro, you can visit our eToro Review to read more about its features and assets.
