What are the differences between eToro and Revolut? As it is apparent, eToro is a social trading and investment network which plays the role of connecting traders from all over the globe to help them in their trading ventures.
On the other hand, Revolut is one of the easiest to use trading platforms that will help you to reach your financial goals in the fastest way possible.
In addition to this basic difference, there are lots of others that separate one platform from the other. This article deals with them all.
Ideally, Revolut is a platform that will meet the trading needs of all those companies who are looking for a set of powerful tools that will help them in their trading efforts and at the same time will allow them to have a greater control over their finances.
The same applies to the individual and professional traders. However, eToro is a crypto exchange designed for the audience looking for a reliable, efficient, and productive social trading platform.
A quick research on these two of the most popular online brokers today will enable you to know the features of them but that may not be of much help when you need to determine which among the two is better for your trading needs.
This is where this article will come to your rescue. Going through the article will help you to weigh these two trading platforms on different scales and determine the true champion by judging their services separately.
11 Differences Between eToro and Revolut
Some of the major differences between eToro and Revolut are listed below for your knowledge.
However, when you make your final choice you should not rely solely on the differences. Instead, you should visit their respective websites for the latest updates.
Nevertheless, these basic differences will make your research job quite simple and fast.
1. General Information
The Revolut platform is a digital banking startup based in London and established in 2015.
Apart from being a reliable platform that is easy to use, this platform is actually an intuitive and useful mobile app which comes with different features that facilitates using a prepaid debit card, making P2P payments, and acts as a fiat currency exchange as well.
It allows free trading of stocks, the account opening process is fast and easy, and, most importantly, it offers a superb mobile trading experience.
As if that was not all and the company added another service to their list – allowing people to buy, exchange, or hold Bitcoin, Litecoin and Ethereum.
This platform operates under the UK E-Money License as well as Banking License in Lithuania.
On the other hand, the eToro platform is a reliable broker platform that is regulated in 140 countries and established in 2007 that allows trading cryptocurrencies.
This company has its head office located in Israel. You can also trade stocks for free and indulge in ETF trading on this platform which offers social trading experience in the best possible way.
The account opening process, use of the app, deposit and withdrawal process, everything on this platform is easy, validating the reason that this platform has over 6 million users worldwide.
2. Regulation and License
The eToro platform offers a wide range of broker services and is registered as Cypriot Investment Firm or CIF. Its operation in Europe is regulated by CySEC or The Cyprus Securities and Exchange Commission.
And, especially in the United Kingdom its operation is regulated and overseen by the Financial Conduct Authority or FCA. All the time, both in the UK and Europe, the company complies with the Markets in Financial Instruments Directive.
As for its operations in Australia, they hold the Australian Financial Services License or AFSL issued by the ASIC or The Australian Securities and Investments Commission.
Here in Australia, the company may either act as an agent or as the principal issuer of the financial product, depending on the financial product you choose.
Revolut, on the other hand, acts primarily as a bank in more than ten countries all over Central Europe, and for that, it uses a Lithuanian banking license.
These countries include Cyprus, Croatia, Bulgaria, Estonia, Malta, Romania, Greece, Latvia, Slovakia, and Slovenia.
In addition to that, this company also has applied for a banking license for operating in the United Kingdom especially to enhance its profitability.
This British-born startup company also offers a financial app and operates as a bank in Lithuania and Poland since last year.
It continues to offer its services to other European countries using the e-money license. This license adds to the advantages provided by Revolut.
You can use them for making deposits as well as a wallet.
3. Payment Methods
When it comes to the payment methods supported, the eToro platform is more favored than Revolut. This is because Revolut only allows making payments through bank transfers.
In contrast, eToro allows making payment not only through bank transfers but also supports paying through credit cards, Skrill, PayPal, and other payment gateways such as Sofort by Klarna.
You will find significant differences between eToro and Revolut if you consider the different categories of the platforms. Revolut supports crypto payments, business bank accounts, money transfers, and online banking.
On the other hand, the categories of eToro are crypto exchange, crypto margin trading, crypto staking, and forex trading.
The two apps can also be differentiated based on the integrations as well. As for Revolut, the software can be integrated with Aurelia, FreshBooks, Integromat, Modulr, QuickBooks, Shift, Slack, Wufoo, Xero, and Zapier, all arranged chronologically.
On the other hand, the eToro software can be integrated with only a few such as Algorand, Bitcoin, Cardano, CoinGecko, CoinMarketCap, CryptoTrader.Tax, Ethereum, TokenTax, VoiceSpin, and ZenLedger.
6. Ease of Use
The eToro platform is much easier to use in comparison to Revolut because it has been in this field for over a decade now. Therefore, it is quite natural to believe that it has refined the features and functionalities of the platform to provide the ultimate convenience and trading experience to its users.
Add to that, the fact that this platform is loaded with some of the most powerful and useful technical tools that will help the users a lot in their trading and market analysis makes it one of the easiest platforms around to use.
In contrast, Revolut has a much shorter life and history than eToro. It only offers an app for the users. This is quite easy to use and intuitive as well but the fact that the platform cannot be accessed via a PC drags it behind a bit in comparison to eToro.
However, the app is great and supports both iOS and Android devices. It is good to use to navigate different markets before placing your orders in spite of the fact that it does not allow the users to have that additional precision while trading by studying different markets.
When you use eToro, you will have to pay fees only on a few specific transactions. On this platform, deposit fees are completely free but in order to make any withdrawals, you will need to pay a fee of $5.
And, if you place orders on CFD trades you will also be charged a spread but those orders placed for the non-leveraged products will only need paying the conversion fees.
This is a good feature in a way because it will ensure that you as a trader do not need to pay too much trading costs, especially if you trade quite frequently.
On the other hand, the fees on Revolut are not as low as eToro all around. However, the platform tries to offer convenient and affordable trading on it by making it possible for the users to trade without commission and eliminating a majority of its fees but that is up to a certain point.
On this platform, any user holding a standard account is allowed to open and trade but that is limited to only 3 free trades in a month. If you do more than that, you will be charged a commission on every additional trade.
However, if you are a premium customer of the platform and pay a fee of £6.99 in a month, in return you will get to make as many as 8 free trades every month.
And, if you are a Metal member and pay a subscription of £12.99 every month, you can make unlimited trades in a month without having to pay any commission on those.
8. Deposit Methods
Ideally, every user wants to have a trading account wherein they can deposit money easily, and eToro seems to take care of it most comprehensively with its support to a large variety of payment methods.
This adds to the convenience of using this platform by the traders. The different payment methods that are made available to the users by this platform include bank transfer which is quite easy and convenient.
However, if you want a speedier process and do not want to wait for a few days to begin trading, then you can also make instant deposits by using your credit card or debit card as well as several e-wallets such as Skrill and PayPal. You can also make crypto deposits in your eToro wallet, if you prefer that is.
On the other hand, Revolut limits the options of making deposits by its users to bank transfer and crypto only. However, if you choose to make crypto deposits, you will be allowed to do so only from one Revolut address to the other.
This means that you will not be able to use any external wallets for that matter. However, you may consider linking your credit card to the Revolut account to carry out your trades from it as well.
9. Available Assets
As for Revolut, the primary objective of creating this platform was to offer its users an opportunity to trade stocks without needing to pay any commissions for that.
The platform offers its users more than 450 US stocks to trade along with five major crypto coins. However, the trading experience of the users may not be as impressive as it will be on eToro in spite of the impressive number of stocks available for trade due to the limitations of this platform on other markets.
As for eToro, on the other hand, the platform operates on a wider and diverse market allowing its users easy access. The assets offered by this platform for their users to trade with include and are not limited to stocks, forex pairs, ETFs, bonds, indices, commodities, and crypto coins.
In every particular category, the users will find a lot of options to choose from. This makes the list of assets available on this platform pretty long.
10. Exclusive Features
Both these platforms, eToro and Revolut, are unique in their own way. Each comes with an exclusive feature that adds to its functionality. When you consider eToro, one of the most unique features of it is social trading.
You will not find this feature in any of the trading platforms in the world as of now. The gigantic network of traders using this platform allows them to publish and copy the trades of other profitable traders.
This feature not only helps the beginners to make handsome returns even without possessing the relevant skill sets in this field but also helps the experienced and professional traders to find a new way to make more money by making the most of their expertise.
On the other hand, the unique feature of Revolut makes it one of the revolutionary digital banking services that serve its users by offering them an opportunity in stock trading for free.
However, the significant downside of this platform is that everyone cannot avail of its service because this platform is available only within Europe.
11. Few Minor Differences
Here are some smaller differences between eToro and Revolut that will help in making a decision if you have to choose one among the two.
The pricing of Revolut is quite affordable for all since they charge $32 per month for using this platform for trading. In comparison, the trading price of eToro is $25 for each trade made.
As for customer support, you can only have it during the business hours of Revolut but if you use eToro, you can get online support when you need it.
Which is Better – eToro or Revolut?
If you look at the two trading platforms eToro and Revolut apparently, it may seem that eToro is the winner.
Well, as of now and based on the given conditions it can be concluded likewise. However, that should not be your final verdict because there are other aspects to consider as well.
You may choose to go with eToro for its low trading fees but also keep in mind that this platform will charge high non-trading fees. Also, the customer support of this platform cannot be considered to be exceptional.
On the other hand, if you wish to go with Revolut, you will have a limited product portfolio and poor customer service.
Also, if you want to research and learn more about trading, you will be disappointed to find that the educational and basic research tools are missing on this platform.
If you want safety while trading then Revolut may seem to be a bit more reliable than eToro though both platforms are not listed in the stock exchange and most of the clients on both these platforms belong to the top-class financial authority.
As for eToro, this platform will however offer negative balance protection and will also make all financial information available publicly but it does not have a banking license.
However, Revolut comes from a banking background, remember, and therefore, its safety features are also quite good presumably. And yes, it supports 2FA for additional safety and security of the accounts.
Therefore, it can be said that although eToro seems to surpass Revolut in most of the tested metrics, it is worth saying that Revolut is not lagging far behind eToro to beat it in the long run.
In short, eToro is the platform of choice for those traders who want to copy other traders and investors using its unique social trading and copy trading feature.
And in comparison, Revolut is a platform for the beginners in this field and for those traders who want free trading on a mobile-only platform.
It is true that eToro allows the traders and investors to choose from a wide variety of services and options unlike the limited options offered by Revolut, but to make the right decision and the right call, this article will let you know it all in depth.