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CN eToro and Binance are leading platforms in the global trading space. eToro excels in multi-asset products and copy trading, while Binance dominates in cryptocurrency products and futures trading. Both platforms are regulated globally, with eToro being considered the safer overall platform due to its regulation and licensing in the US and UK. There are differences in fees, with eToro charging a spread fee while Binance has a tiered fee structure. Both platforms offer a wide variety of deposit methods, making them widely used around the world.
Now let’s discuss these two exchanges in detail, first what they are and the investment landscape in Malaysia. Then we’ll explore the pros and cons of each.
目录表
eToro vs Binance Basic Overview
eToro Exchange
eToro is a leading multi-asset trading platform that offers trading services on thousands of CFDs, stocks and crypto assets. Founded in 2007, the brand has millions of active traders worldwide and is authorized by Tier 1 regulators including the FCA and CySEC. eToro is popular for its comprehensive social trading platform. It is suitable for investors interested in copying the trades of others, cryptocurrency traders and investors looking for a user-friendly interface.
advantage
- Supports over 20 cryptocurrencies
- Has a wide network of social trading capabilities
- Intuitive user interface, easy for beginners
- Provides a variety of tools for learning and practicing trading
- High trust and good regulation
| score | handling fee | Promotions | eToro registration portal (Promo code:3tX） |
| 3.9
Best for Cryptocurrency Exchanges |
1%
Depends on the currency being traded |
Get a $10 bonus
When you buy $100 worth of cryptocurrency (US only) |
Open an account now |
Binance Exchange
Binance is currently the leader in the cryptocurrency space, with the platform boasting some of the highest trading volumes in the industry, with around $20 billion traded daily. Launched in 2017 at the height of the last market bull run, Binance is a relatively new trading platform compared to eToro, but has managed to amass over 13 million users during its short existence.
Binance offers a wide range of trading tools for traders to choose from, not to mention supporting over 350 cryptocurrencies for trading. Due to regulatory restrictions, Binance has a Binance US platform for US traders and an international Binance platform. The US platform has some restrictions, such as supporting only 50 cryptocurrencies. Compared to eToro, Binance US has stricter restrictions.
advantage
- Supports multiple cryptocurrencies
- Providing a cryptocurrency-based derivatives market
- Multiple cryptocurrency trading pairs
- Reliable liquidity levels
- Secure hot wallet with 2FA support
| score | handling fee | Promotions | Binance registration entrance (Promotion code:Q0H56M7T） |
| 4.9
One of the industry's leading cryptocurrency trading platforms |
0.10%-4.5%
Depends on payment method |
no promotion | Open an account now |
eToro and Binance’s regulatory status
Both eToro and Binance are well-regulated platforms that offer their products and services in more than 100 countries around the world. Binance currently holds licenses under localized entities in France, Italy, Lithuania, Spain, Cyprus, Poland, Sweden, Australia, and 20 other countries. These exchanges are well audited and supervised by well-regarded financial authorities, so they can be considered safe and reliable.
Similar to Binance, eToro also has similar licenses, but differs from Binance in terms of usability, especially in the United States and the United Kingdom. eToro is specifically licensed by the Financial Crimes Enforcement Network (FinCEN) in the United States and the Financial Conduct Authority (FCA) in the United Kingdom. They adhere to the regulations set by these well-known financial institutions, indicating a higher level of commitment to compliance. Therefore, eToro can be considered a safer financial institution that demonstrates stricter regulatory compliance standards.
Functional Trading Type Analysis: eToro vs Binance
As leaders in the cryptocurrency trading market, eToro and Binance provide a wealth of features to meet the wide range of needs of global digital asset traders. Here is a detailed introduction to their unique products:
Features of eToro:
- Cryptocurrency and Stock Trading: eToro is one of the few platforms that offers seamless cryptocurrency and traditional stock trading. It offers competitively tight spreads on CFDs and allows up to 10x leverage.
- Copy Trading: This innovative feature enables users to mimic the trading strategies of experienced investors and is an excellent resource for beginners.
- eToro Wallet: This wallet allows for secure storage and management of multiple cryptocurrencies and easy conversion between cryptocurrencies.
- Security: eToro implements state-of-the-art security measures such as two-factor authentication (2FA) and withdrawal approval. It also conducts comprehensive KYC (Know Your Customer) and identity verification.
- User Experience: eToro offers a user-friendly and intuitive interface suitable for both new and experienced traders and is available on web, iOS, and Android.
- Social Trading Network: In addition to the trading platform, eToro also offers a robust social trading network where traders can discuss, learn and share investment strategies.
Features of Binance:
- Cryptocurrency Trading: Binance is known for offering one of the most comprehensive cryptocurrency support, ensuring deep liquidity and competitive trading fees.
- Futures and Options: Binance offers futures and options trading on BTC, ETH, BNB, and SOL, with up to 25x returns.
- Binance Earn: This is a savings feature that provides flexible and locked savings products to generate returns in cryptocurrencies.
- Binance Launchpad: This platform introduces new cryptocurrency projects and provides exclusive token sale opportunities to Binance users.
- Security: Binance employs industry-leading security protocols such as two-factor authentication (2FA), multi-signature withdrawals and cold storage, and conducts comprehensive KYC and identity verification.
- User Interface: Binance offers an intuitive and feature-rich trading interface suitable for both beginners and experienced traders and is available on multiple platforms.
- Binance Smart Chain (BSC): This is an innovative blockchain that facilitates high-performance transactions and provides a vast ecosystem of DeFi applications for Binance users.
Comparison of fees between eToro and Binance
eToro charges a fee of 1% for cryptocurrency trading. Deposits in cryptocurrencies are free, but if the deposit is inactive for a year, a $10 inactivity fee will be charged per month. Simply log in to your account to avoid paying this fee.
Binance charges some of the lowest fees among cryptocurrency exchanges. The standard transaction fee for trading crypto assets on Binance is 0.1%, but if you have a positive BNB balance on your Binance account, the transaction fee is reduced to 0.075%. For customers using a credit/debit card to place an instant buy order, a fee of 2% is charged, while fees for non-instant trades range from 0.012-0.100% of the trade value, depending on the cumulative trading volume and your BNB balance. Binance does not charge an inactivity fee or any account management fees. There are no deposit fees unless you deposit via credit/debit card, but there is a fee of 1.8% using this method. All withdrawal options on Binance have corresponding price tags.
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eToro and Binance: Account opening restrictions
eToro welcomes clients from all over the world, with some exceptions, including Russia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Saudi Arabia and Turkey. Account opening is very quick, and the minimum deposit for most clients is $200. Residents of Australia and the United States are required to deposit a minimum initial amount of $50. Please note that the minimum amount for bank transfers is $500.
eToro offers two simple account types: a real account and a demo (or virtual) account. You can test the platform on a demo account using virtual money.
Binance is available in many countries and regions around the world, but not in the United States. In the United States, you can use Binance's partner site, Binance.US. Binance.US uses Binance's licensed matching engine and wallet technology, but the product selection and number of available cryptocurrency pairs are limited compared to Binance.
Binance.US has no minimum deposit requirement and customers can choose from four types of accounts. The account opening process is very simple and fully digital, and usually only takes a few minutes to complete the verification (although we sometimes encountered some problems when testing the service provider).
eToro and Binance - Deposits and Withdrawals in 2024
Deposits and withdrawals on Binance:
Deposit: To deposit funds on Binance, investors have two options. One is to deposit using cryptocurrencies such as Bitcoin and Ethereum through a shared address; the other is to deposit using local currency through the payment method of the investor's choice, such as bank transfer, PayPal, Skril, credit or debit card, or cash balance. There are no fees for deposits.
Withdrawals: For withdrawals, investors can choose the same methods as for deposits. However, there are certain restrictions on withdrawals involving cryptocurrencies. If the account is not verified, investors can withdraw up to 2 BTC of cryptocurrencies per day. For verified account holders, the maximum withdrawal amount can be up to 100 BTC, and multiple withdrawals can be made in a single day. The minimum withdrawal amount may vary depending on the cryptocurrency being withdrawn.
Deposits and Withdrawals at eToro:
Deposits: Similar to Binance, investors can choose to deposit via PayPal, bank transfer, bank card or e-wallet (depending on the country they are in). At eToro, account balances are limited to USD, but deposits can be made by converting to other currencies.
Withdrawals: The withdrawal process on eToro is similar to Binance, except that there is a $5 withdrawal fee and there is no withdrawal limit.
eToro vs Binance: Customer Service
When it comes to customer service, eToro and Binance have different characteristics.
For eToro, customer service is a relatively weak part of the user experience. You can mainly contact the broker through a web-based ticket system, but it may take quite a long time to get an answer. The live chat function is only available to members of the eToro Club. The lowest level of eToro Club membership is Silver Member, which requires an account net value of more than $5,000 to reach Silver Membership. According to eToro officials, they support 21 languages, covering the customer service support network and mobile trading platform.
In contrast, Binance offers 24/7 customer service, but live chat is the only option for contacting them. Although you initially have to interact with a hit-and-miss chatbot, the live agents provide helpful support and relevant information. In addition, Binance experts also post opinions and offer help on third-party forums such as Reddit.
Exchange Registration Process
The process of registering an account is very simple on both eToro and Binance. Once you have completed the registration, you will need to go through the KYC (Know Your Customer) and AML (Anti-Money Laundering) processes. On eToro, it only takes a few minutes to complete these processes.
For Binance, they have a system that rates accounts based on the level of verification that users have completed. Users who complete each level of account verification will enjoy higher withdrawal limits. The highest level of verification is done manually and can take several days to complete.
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Are eToro and Binance really safe to use in Malaysia?
Both exchanges have a good reputation worldwide and have been operating in the market for many years. They have adopted strict security measures to protect users’ funds and personal information.
Firstly, both eToro and Binance use advanced encryption technologies, such as SSL (Secure Sockets Layer) encryption, to ensure the security of user data during transactions and communications.
Secondly, they are subject to regulatory and compliance requirements everywhere, including those of Malaysia’s financial regulators. This means they must meet strict security standards and be subject to oversight and audits by regulators.
Additionally, these exchanges have implemented multi-factor authentication and account security measures such as two-step verification (2FA) and protection against unauthorized access.
Conclusion: Both eToro and Binance are must-haves for Malaysian cryptocurrency traders
In summary, Binance and eToro are outstanding representatives in the field of trading. Binance attracts users who are mainly focused on cryptocurrency trading with its wide range of cryptocurrency products and high liquidity. On the other hand, eToro stands out through its multi-asset trading platform and becomes the first choice for those who seek diversified investment opportunities such as cryptocurrencies, stocks, ETFs, etc.
Each platform’s regulatory commitment further highlights their uniqueness. eToro’s presence in the heavily regulated US and UK markets fully demonstrates its commitment to strict regulation. These unique characteristics, coupled with diverse deposit methods and user-friendly interfaces, make both platforms powerful tools in the growing digital asset investment space.
