What are the differences between eToro and Crypto.com? There is a lot of difference between the two crypto exchanges eToro and Crypto.com in spite of being two of the most popular and widely used platforms.
These differences are in terms of their trading and withdrawal fees, supported coins, deposit methods, trading types, and more. Check out Differences Between Coinbase and eToro.
A few of these aspects are covered in this article. If you go through it you will find it easy to make a choice between eToro and Crypto.com, if you really have to.
Remember, choosing a crypto exchange will not only depend on how efficient and reliable the platform itself is but also on your crypto trading needs that the platform must meet successfully.
While reviewing and researching are some of the best and proven ways to make a choice, knowing the different features, benefits, and downsides are also important. This is where this article steps in for your rescue.
8 Differences Between eToro and Crypto.com
When it comes to trading crypto coins, it is needless to say that you will need one of the most dependable platforms, preferably with a large user base.
Both of these platforms, eToro and Crypto.com, come with their unique and useful features and functionalities that make them characteristically different from one another.
Below are the major differences between these two platforms for your information.
1. Basic Information
As for the basics of the two crypto companies, Crypto.com was founded in 2016 and has its head office located in Hong Kong. This is one of the popular crypto exchanges which is also considered to be one of the best DeFi service providers.
This unregulated platform also offers services such as token lending, NFTs, pre-paid cards, and more. The Crypto.com platform is one of the leading crypto platforms which is also a good platform for making payments.
It also offers other services such as a wallet service, MCO Visa cards, and portfolio building services for more than 50 cryptocurrencies.
On the other hand, the eToro platform was founded in 2007 and its head office is in Israel. This is one of the most popular and widely used broker platforms that can also be used for trading crypto coins.
This is a multi-asset platform which means that you will be able to invest in stocks, forex, as well as crypto assets along with trade CFDs by using this platform.
Apart from that, the platform also offers its own wallet service. The eToro platform however follows the regulations of the FCA.
2. Target Audience
The Crypto.com platform is designed to cater to the needs of those users who are looking for a reliable exchange as well as a crypto lending platform. This platform is also a good one for those users who want to create a reliable and productive savings account.
In contrast, the audience of eToro comprises those individuals who are looking for a reliable crypto exchange as well as a useful social trading platform.
3. Trading Features
When it comes to trading, the eToro platform will offer much wider support with its more useful features. It includes an auto trading feature with which you can automate your trades.
The Copy Trading feature will allow you to follow the trading signals as well as the profitable crypto traders and automatically open or close your trades as and when they do.
The platform also supports social trading. Whether it is a general or an Islamic account, the platform supports USD currencies.
As for Crypto.com, it lacks all these additional features but that does not pull it back from performing well.
4. Crypto Coin Support
In terms of cryptocurrency support, the Crypto.com platform supports more of these in comparison to eToro. In fact, on Crypto.com you can trade with more than a hundred crypto coins and several hundred Altcoins.
The list is pretty long and includes BTC, CRO, LTC, EOS, ETH, XRP, XLM, USDC, XTZ, BCH, ATOM, LINK, VET, ICX, ALGO, KNC, ADA, ENJ, NEO, DAI, COMP, OMG, PAXG, BAT, MANA, QTUM, UNI, YFI, CELR, MKR, BAND, EGLD, DOT, REN, WBTC, AAVE, ONT, LRC, GRT, BNT, CRV, ZIL, KSM, SKL, BAL, STX, ALICE, NEAR, SNX, DOGE, UMA, ZRX, FIL, FLOW, SAND, THETA, ANKR, OCEAN, WAVES, MATIC, CHZ, RLY, STORJ, OGN, ONE, HOT, 1INCH, KAVA, CHR, AVAX, NKN, SUSHI, SOL, VTHO, RARI, SHIB, RLC, AUDIO, RSR, SC, CKB, CTSI, MIR, FORTH, INJ, TRB, TFUEL, GTC, AMP, AXS, NANO, BOSON, IQ, SLP, KEEP, LUNA, RUNE, FET, PENDLE, HNT, PLA, EFI, ETC, CQT, MASK, QUICK, YGG, DERC.
On the other hand, the eToro platform supports quite a lot of crypto coins but not as many as Crypto.com. The list includes BTC, ETH, DASH, LTC, BCH, ZEC, BNB, XRP, ETC, ADA, EOS, NEO, MIOTA, XLM, and VET.
The good thing about this platform is that it has the lowest spread for BTC which is less than 1% and 2% for ETH.
5. Payment Methods
The eToro platform supports multiple payment methods which include bank transfer, Sofort or Klarna, PayPal, Skrill, and credit card.
In comparison, the Crypto.com platform supports making payments through bank transfer and with a credit card only, that too for a fee of 3%.
6. Exchange Fees
As for the fees charged by the two platforms, when it comes to Crypto.com the taker and maker fees are 0.40% and the withdrawal fee is 0.0004 BTC.
In comparison, the maker and the taker fee of the eToro platform is 0.75% and a withdrawal fee of 5 USD.
7. Demo Account
You will get to use a demo account offered by the eToro platform which will help you to gain first-hand knowledge about crypto trading and the market without risking your money.
In comparison, the Crypto.com platform does not offer such a demo account to the users.
8. A Few Other Differences
In order to differentiate the two platforms in a much better way, here are a few other aspects to know about.
As for the platforms supported, the Crypto.com exchange supports SaaS, iPhone and Android platforms. In comparison, eToro too supports all of the above platforms but also supports iPad as well in addition to those.
The minimum deposits and trading requirements of the Crypto.com platform are $0 and 0.0003 BTC respectively. And, in comparison, on the eToro platform the minimum deposit requirements are $200 in general and $50 in the US and that for trading on this platform it is $1.
As for the account support, the eToro platform offers STP and ECN accounts which are found lacking in the case of Crypto.com.
As for the mobile apps of these platforms, that of the Crypto.com platform supports both iOS and Android but that of the eToro platform not only supports those but also works perfectly on Windows.
Which is Better – eToro and Crypto.com?
It is quite difficult to answer this question because both these platforms come with different features.
While providing larger coin support is a forte of Crypto.com, allowing the users to start trading with a minimal deposit is what drives most users towards it.
Still, here are a few important aspects that will help you somewhat in choosing the platform that will suit you the best.
Crypto traders who are looking for a large selection of crypto coins to trade with would find Crypto.com to be more useful than eToro.
They will also get access to other useful features such as crypto staking, wallet storage, crypto Visa card along with perks for spending, NFT trading, and more.
As for the businesses, this platform offers suitable payment services as well.
If you consider the advantages of using Crypto.com and tally it with those of eToro, you will find it easier to determine which among the two is more suitable for your crypto trading needs. It includes:
- Using a separate NFT platform
- Zero fees to send or deposit crypto coins through its mobile app to other users
- Getting up to 8% cashback on purchases made by using the Crypto.com Visa Card
- Setting up price movement alerts of more than 200 crypto coins
- No fees for crypto to crypto exchange and
- Earning up to 14.5% annually on specific crypto assets.
However, do not overlook the downsides of this platform. This will enable you to make a better comparison.
You will have to pay more if you maintain a low balance in your Crypto.com account.
Most importantly, if you reside in the US, you will be offered limited services by this platform and if you stay in New York, you will not be able to access this platform.
On the other hand, eToro is a good platform for those users who want a platform that will allow them to trade crypto coins for as little as $50.
The platform is also quite innovative with its features that allow the users to copy the traders who have a successful track record, have made profits on a consistent basis, and follow every move made by them with its Copy Trading feature.
In fact, it is the best platform for users who are into social trading.
However, this platform too comes with its significant downsides such as it is not accessible in all the states of the US and the US customers are also offered limited options when it comes to crypto coin trading.
Therefore, with all these facts and figures in front of you, it is best to choose one of these two crypto exchanges for you based on your crypto trading needs and your preference.
Both eToro and Crypto.com platforms will seem similar to you if you do not know the differences between them. Going through this article is one of the best ways to gain knowledge about it and make the right choice among them in the end.