So if your looking for the difference between Binance US vs eToro Crypto in 2023 you’ve landed in the right place. In the cryptocurrency space both of these exchanges are a couple of the most popular currently. This is why constant comparisons are made between the two to determine which platform provides the best services. However don’t you worry one bit as we will go in depth on the key differences for both of them. Let’s begin.
Why Get Involved In Cryptocurrency
First, why should anyone get involved in cryptocurrency? With the global economy gradually gravitating towards a more digital system, cryptocurrency has become widely known and even accepted in some parts of the world. But its popularity shouldn’t be the reason why you get involved in cryptocurrency. Here are some good reasons;
- Cryptocurrency is decentralized. This means that it is not owned or controlled by anybody but you; no bank or government controls it, so its value cannot be affected by their policies
- Because of its decentralized nature, cryptocurrency is also secure. It gives the user the highest level of privacy and autonomy over their investments, which means all the transactions’ data are adequately recorded without the risk of infiltration.
- Cryptocurrency transactions are speedy and widespread, given their digital nature. Anybody can go about their financial dealings in crypto, regardless of geographical barriers, and this alone is a great reason to get involved.
- Although cryptocurrency is highly volatile, it offers excellent returns on investments if traded/bought wisely. One bitcoin in 2011 was worth $3.19, fast forward to ten years later, and one bitcoin is worth a little over $37,000.
Who Is Binance US?
So is Binance US or eToro Crypto better in 2023? Binance US is an arm of the cryptocurrency exchange platform dedicated solely to residents of the United States of America. It is available in 41 US states and offers only 100 cryptocurrencies in line with the US’s regulations.
This offering can be considered paltry when placed beside the 259 cryptocurrencies provided by its mother company, Binance. The company was launched in September 2019 and moved to become one of the largest cryptocurrency exchange platforms. It is also one of the fastest and most secure digital asset marketplaces in the United States.
Who Is eToro?
eToro is a social trading platform that provides cryptocurrency trading services.
Coins Available On Binance US
There are over 100 cryptocurrencies and 104 trading pairs available on Binance.US. These coins include but are not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple, and many others.
Coins Available On eToro
On eToro’s crypto trading platform, there is a wide range of some of the most popular cryptocurrencies, and traders can build a portfolio with 40 popular ones. These popular ones include Bitcoin, Ethereum, Litecoin, ,Dash, Bitcoin Cash, Stellar Lumens, Ethereum Classic, NEO, Cardano (ADA), IOTA, Tron, Tezidand EOS.
Binance US Fees
When comparing Binance US vs eToro we also have to look at fee’s. Binance US has one of the lowest trading fees in the industry, standing at 0.1%. Whether you are buying or selling, the 0.1% trading fee will be deducted from the cryptocurrency you’re receiving. Also, Binance has a method to deduct up to 50% off your trading fee. The catch is that you need to have enough of their coin, BNB (Binance Coin), in your wallet so they can cut your regular trading fee down by 50% and remove the fees from your BNB wallet.
In your first four years using BNB for your trading fees, the discount percentage will decrease, and by the fifth year, it will be totally removed. Withdrawal fees, on the other hand, are different for each currency. For BTC, the withdrawal fee is 0.0005, while it is 0.005 for ETH.
eToro Crypto Fees
On the other side, we have eToro’s crypto fees with relatively low trading fees and one of the industry’s highest non-trading costs. Their withdrawal fees are very straightforward- a flat rate of $5 per withdrawal. But then, for cryptocurrencies, the type of fees commonly charged are called spreads.
This spread fee refers to the difference between the asking and buying prices of a commodity, stock, or cryptocurrency. You don’t have to pay a dime to make deposits. Also, overnight fees apply for cryptocurrencies once you maintain an open position from one trading day to the next.
Benefits To Both Exchanges
Each trading platform boasts of its unique benefits that make its offering more appealing to the users.
Binance US boasts of very low trading fees, making it easier for the user to buy, sell, and trade cryptocurrency. Binance and Binance US use the same matching engine and wallet technologies, and as such, they can process over 1.4 million orders per second. With Binance, a higher-than-usual liquidity rate is also offered to its customers. Plus, customer support is near excellent. You can buy bitcoin with your debit card, an ACH, or even a bank wire on this platform.
Unarguably, one of the major selling points of the eToro platform is the copy trading feature, which gives beginners and new investors the avenue to copy financial moves made by expert traders and hopefully arrives at similar results. Of all the brokerage firms in existence, eToro has the highest number of cryptocurrencies available for trading. Its user interface has also been praised for being very responsive and friendly, thereby easing the transaction process.
A rare feature you wouldn’t find on most brokerage sites is the $100,000 virtual practice portfolio that eToro offers to its users to help them practice and get better at their trading strategies. The mobile platform also syncs perfectly to the desktop version, making all the required trading functions you might need.
We hop you enjoyed our comparison on Binance US vs eToro. As mentioned earlier, how much success you have as a trader is largely determined by which trading platform you use. Both Binance US. and eToro are excellent platforms for trading cryptocurrencies. They both offer innovative and highly secure digital financial services to their users; you just need to find the one whose features are better suited to your needs. You can start your crypto journey by clicking here.
Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.