eToro vs Binance – Which Crypto Exchange is Best?

In this eToro vs Binance guide, we compare two of the best crypto exchanges in 2024. We discuss all their key features and tell you why they stand out. We contrast their key strengths and take a dig at their differences. This should help decide which is the better place to buy cryptocurrencies.

By the end of this guide, you will have decided which of the two is the best place for you to buy the best future cryptos.

eToro vs. Binance – Summary

eToro and Binance are two of the most popular crypto exchanges in the world. They share a wide range of similarities but also have their fair share of differences. When deciding which of the two is the best crypto exchange, we compared these strengths and weaknesses. Ultimately, our analysts and most expert investors agree that eToro is a better crypto exchange than Binance.

Here is a highlight of the key factors making eToro the better crypto trading platform:

• Multi-regulated: eToro comes off as one of the safest crypto & altcoin exchanges because it is regulated. It is licensed by such top-tier regulatory agencies as SEC, FCA, ASIC, and CySEC. The same cannot be said of Binance, which holds a tough anti-regulatory stance. This has placed at loggerheads with multiple governments and regulators across the world. The anti-regulatory stance is partly responsible for Binance’s expulsion in Toronto, Canada. It has also played a role in the ongoing lawsuit by the SEC-US against Binance.US.
• Multiple payment options: You can deposit into the eToro account using all the popular payment options. These include debit cards, credit cards, bank transfers, ACH checks, and eWallets like PayPal, Skrill, and Neteller. Binance only supports a handful of these payment options. This gives eToro an edge over Binance.
• Copy trading: Both eToro and Binance support a number of passive investing options, especially crypto staking. eToro, however, takes this a notch higher with its copy and passive investing tools. The automation of the entire copy trading process helps it appeal more to beginner investors. The high rewards and interest also go a long way in ensuring it appeals to different classes of investors. These make eToro one of the best crypto exchanges for beginners.
• User-friendliness: Both eToro and Binance have also made significant strides in making their trading platform as user-friendly as possible. They have made their websites and apps as intuitive as possible. Nevertheless, eToro takes the day as the most user-friendly crypto exchange. It features a more simplistic app and trading interfaces.

In the US, eToro appeals the most to long-term traders. Much of this may be attributed to its multi-regulated status. It can also be attributed to its user-friendliness and solid reputation. It is also preferred by long-term traders because of the free standalone wallet and the fact that it has never been hacked.

Binance is, on the other hand, the best place to day trade cryptos. Much of this may be attributed to its comparatively lower trading fees and deep liquidity. Other contributing factors may be its support for more crypto coins and feature-rich platforms.

In the table below, we compare the eToro vs Binance key features: 

Cryptoassets are a highly volatile unregulated investment product.

What are eToro and Binance?

eToro and Binance are some of the most popular crypto exchanges in the world. Note, however, that while eToro is a multi-asset brokerage, Binance is a crypto-only trading platform.

eToro launched in 2007 as a forex brokerage. It only started processing cryptos in 2013, starting with Bitcoins. Over time, however, it has integrated tens of the best altcoins – from meme coins to top DeFi coins. It has also extended its reach to over 140 countries, where it has onboarded more than 25 million registered users. 

There are two primary ways of buying cryptocurrencies on eToro today. First, you can buy cryptos instantly with a fiat deposit. Alternatively, you can copy trade crypto trades made by the more experienced and highly successful crypto traders. You only need $10 to start buying Bitcoin and Ethereum instantly on eToro. To copy trades and portfolios, however, you will need a $200 account balance.

In the US, crypto trades and that of other assets are facilitated by eToro.US. And in addition to crypto, you can buy or sell stocks, ETFs, and bonds.

Binance launched in the second half of 2017 in China. Within the first six months of operation, it had morphed into the most liquid crypto exchange in the world. Today, Binance processes more than half of the spot trades made in the crypto industry. It has also extended its reach to 200+ countries and territories of the world. Here, it has onboarded more than 140+ million registered users.

There are three primary ways of buying the best cryptos on Binance. First, you can buy cryptos instantly using credit cards or debit cards. Secondly, you may choose to open a market or limit orders on the Binance trading platform. 

Thirdly, you may buy crypto safely on the peer-to-peer trading platform integrated into the Binance exchange. In the US, Binance.US – the subsidiary of Binance exchange, facilitates crypto trading.

Tradeable Cryptocurrencies on eToro and Binance

One of the primary differences between eToro and Binance is the number of supported crypto assets. At Binance, you get to invest in cryptos like Shiba Inu, Ripple, Ethereum, Dogecoin, Compound and 600+more, including new cryptos. 

For Binance.US, however, only 50 virtual assets are available for spot trading. But what it lacks in the number of cryptos, Binance matches with an NFT marketplace.

At eToro.US, you get to buy top trending coins, meme coins, and even DeFi coins. In total, you can invest in 50+ of the next cryptos to explode. You can buy these directly from the brokerage or embrace the copy trading tool. 

eToro emerges as the better crypto exchange in this section. First, because it supports more cryptos in the US and, secondly, because it embraces copy trading. Not forgetting that in addition to cryptos, eToro lets you invest in stocks, ETFs, and bonds.

Account Types

Both eToro and Binance do not maintain different account types. All their users will have access to a single type of trading account. They also share a rather straightforward account creation process. Both will only ask for your basic personal information. 

They will also require you to verify your identity and ask about your income sources. Note that they have also committed to not sharing your sensitive data with third parties.

eToro Fees vs Binance Fees

When comparing eToro vs Binance, you need to pay close attention to fees. These have a serious impact on your take home. In this case, you will want to consider both the trading and non-trading fees charged by both crypto exchanges.

Trading fees

Both eToro and Binance crypto exchanges maintain crypto trading fees. These are charged when you execute a crypto trade – either a buy or sell order. Binance maintains a volume-based maker-taker fee model. It ranges between 0.1% and 0.00#% for spot trades.

eToro, on the other hand, maintains a fixed transaction fee and a crypto market spread. Crypto trading fees on the platform are fixed at 1% of the trade amount. But they also attract a variable market spread. Crypto transfers from the eToro brokerage to the non-custodial eToro Money wallet app are charged a 0.5% fee (capped at $50).

Non Trading fees

Non-trading fees, on the other hand, refer to any other charge maintained by the exchange. eToro maintains a few but largely negligible non-trading fees.

eToro vs Binance User Experience

Both eToro and Binance have invested heavily in great user interfaces. In fact, their popularity can be partly attributed to their ease of use.

eToro’s great user experience begins with a quick and straightforward client onboarding process. You are then ushered into a highly intuitive trading interface – both web and app. Here, all the important features and icons are neatly packed into the home screen. We believe that eToro is the best crypto trading app. 

This is informed by the fact that it includes all the important features without overcrowding the app. These do not even have a negative impact on page load speeds.

Binance also maintains an easy and straightforward account opening process. This introduces you to their feature-rich web and mobile app trading platforms. These have integrated many trading, market research, analysis, and risk management tools. 

They even have price alerts and peer-to-peer trading tools integrated. These features make Binance’s web and mobile trading platforms appealing to experienced crypto investors. But it may prove to overwhelm novice and intermediate traders. 

Cryptoassets are a highly volatile unregulated investment product.

eToro vs. Binance Mobile Trading Apps

Both eToro and Binance have some of the best crypto mobile trading apps. They are both available on the App Store and the Play Store.

The eToro mobile trader app has a simpler design. It has faster page load speeds and doesn’t lag even in periods of high trading activity. It also captures all the important features of the trading platform. 

These include price charts, analysis tools, and even educational resources. And it does all these while remaining easily navigable. In addition to the trading app, eToro has the free and non-custodial money Wallet app. Both are highly rated on both the App Store and Play Store, with thousands of positive reviews.

Binance has an equally powerful and highly rated mobile trading app. It, too, fits all the important features of the app without compromising its ease of use. Here, you will get to interact with virtually all the tools and features hosted on the Binance web trader. These include the research and analysis tools, the P2P trader, and the NFT marketplace.

Trading Tools & Features on eToro & Binance

As we have mentioned in this article, both eToro and Binance trading platforms are feature-rich. They have embraced a lot of tools and features in their platforms. And they are all aimed at making your crypto investing experience as seamless as possible. Below, we look at some of their key tools and features:

Crypto analysis

Both Binance and eToro integrate a number of crypto analysis tools on their crypto trading platforms. They both provide you with research and price data for all the hottest cryptos. They also have news feeds and real-time market information. eToro will also provide you with a trader sentiment rating for all the supported digital assets.

Technical charts

Both eToro and Binance have integrated technical charts into their trading platforms.

eToro’s are, however, considered more beginner-friendly because they have a narrow scope. At the moment, you can interact with line, bar, and candlestick charts on the platform. You also have access to 75+ customizable technical indicators. 

These range from Bollinger bands to RSI, MACD, moving averages, and more. You can also have a price chart comparing two digital assets on eToro.

Binance has integrated more advanced charting tools. These are specialized and designed for use by professional day traders and investors. Here, you get to interact with candlestick charts and depth charts. You are also exposed to more than 100 specialized technical indicators. These range from volume to Bollinger bands, moving averages, MACD, and more.

Staking

Crypto staking is one of the most popular and lucrative passive investing options. It involves locking your funds in an exchange or crypto trading platform that pays a regular interest. Both eToro and Binance offer crypto staking services at highly competitive rates.

Today, you can stake three popular digital assets at eToro. These are Ethereum (ETH), Cardano (ADA), and Tron (TRX).

Binance, on the other hand, lets you stake more than 100 digital currencies. These include Ethereum, Solana, Cardano, Avalanche, Polkadot, and Cosmos. In addition to staking, Binance supports such other passive income generators as saving and yield farming.

Copy and social investing

Both eToro and Binance integrate the copy trading feature into their trading platform. But eToro’s is more popular for the copy trader tool than Binance. This may be attributed to the fact that their tool is easier to use and complemented by social investing.

Furthermore, eToro lets you copy more than spot trades. It has smart portfolios, allowing you to diversify your crypto investment. Most of these smart portfolios are also specially designed to appeal to your investment goals. Note that you only need $200 to start copying trades and smart portfolios.

eToro vs. Binance academy

Both eToro and Binance have dedicated sections of their websites and mobile apps to crypto education. On either platform, you gain exposure to everything you need to know about cryptos. You learn how to invest in cryptos and how to keep your investment safe different asset classes and how to find the best cryptos to buy. You also learn about day trading, long-term investing, and risk management.

Demo account

Demo accounts are no-risk trading accounts available to crypto platform users. They help beginner crypto investors learn how to interact with trading platforms. They also help professionals create and test new trading strategies.

At eToro, every user has access to a free demo account loaded with $100,000 in virtual funds. Binance, on the other hand, does not provide users with demo accounts.

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

eToro vs. Binance Payments & Minimum Deposit

Both Binance and eToro accept payments from a range of payment processors. But when deciding which crypto exchange has better payment structures, we considered more than support deposit methods. We also looked at the minimum trade amounts and the transaction processing speed. We even looked at the minimum deposit requirement.

At eToro, supported deposit and withdrawal methods include bank transfers and ACH checks. It also supports credit cards, debit cards, and eWallets like Skrill, PayPal, and Neteller. Additionally, both the minimum deposit and trade limits are set at $10.

Supported payment methods on Binance include credit cards, debit cards, and bank transfers. Their peer-to-peer trading platform also processes funding from 700+ international payment processors. Binance doesn’t maintain a minimum deposit limit. However, you will need at least $10 to start buying the best altcoins on Binance.US.

eToro vs Binance Customer Service

There are two primary ways of contacting the support team on eToro. First, you are advised to contact the exhaustive FAQ page on the eToro website or app. Here, you get tutorials for common challenges facing eToro users. You also get to interact with multiple how-to guides. Alternatively, raise a support ticket on the web or mobile trading platform.

Binance also maintains two primary ways of contacting its support team. First, you can consult their comprehensive FAQs page. You also have access to a live chat and will, at first, get responses from a chatbot. You, however, have the option to request human help.

eToro vs Binance Regulation & Security

Binance maintains an anti-regulation stance and proposes self-governance for crypto exchanges. This has seen it expelled from some jurisdictions, like Toronto, Canada and Singapore. In the US, Binance.US is not a regulated company. In fact, the SEC recently filed 13 cases against the top crypto exchange and its founder, Changpeng Zhao.

eToro is a pro-regulation crypto exchange. Over the years, it has subjected itself to regulation and licensing by all the top-tier regulatory agencies in the world. In the US, eToro.US is regulated by the SEC and is a member of FINRA.

eToro vs Binance – The Verdict

There goes everything you need to know about eToro and Binance. In this comparative guide, we discussed their key similarities and pointed out their differences. We vetted their user-friendliness, their fees, and mobile trading experience. We also looked at the level of their customer service and differences in approach to regulation.  

Our verdict? eToro is the better crypto trading platform, especially for beginners and intermediate investors. Binance and its feature-rich platforms are designed to serve experienced investors and crypto day traders.

Reviewed and Fact Checked by Kamal Masri, Crypto Writer and Investment Analyst.