Which is better for Cryptocurrency Trading: Binance or eToro?

Asked 3 years ago

This is a Binance vs. eToro kind of question. Which platform do you say is the best and why?

Andia Rispah Igobwa

Wednesday, August 04, 2021

Binance is the best.

It depends on what kind of trader you are, as well as your personal preferences. eToro works like a pyramid scheme but with virtual money and they rake in a lot of trading fees.

It's not uncommon to see an eToro commercial where traders make millions or billions trading virtual currency.

Most likely with all your savings since there's no qualitative indication of profit to encourage risk-taking, as you can find on other trading platforms.

Binance has roughly $2 billion worth of volume every day and trades 22 different coins using simple order forms that novice users will quickly understand (SPOT orders).

Osasere Okunloye

Thursday, September 09, 2021

Both brokers are safe and are regulated by very reputable financial regulatory organisations, so the final decision on which broker you should trade with will ultimately depend on what you want to trade. This is the major reason I will recommend Binance over eToro for cryptocurrency trading. On Binance, you have several currencies to choose from, including popular currencies and emerging currencies. Personally, I like trading emerging currencies, so I use Binance.

However, Etoro also has some features that may interest you as a crypto trader. For example, Etoro offers the lowest spreads (from 1% for BTC) and they also have their wallet where you can keep your currencies without having to move them outside eToro.

Etoro also offers copy trading. This means that you can automate trades on eToro and copy from other more experienced traders. This may be useful if you do not have the time to trade or if you are still learning the act of trading.

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