Crypto exchanges are gaining popularity for multi-asset investing, and various cryptocurrency exchange platforms are competing for the title of the best trading platform.
Etoro and Crypto.com both offer users a high-security platform for buying, selling, and trading cryptocurrency, bitcoin coinbase, and other assets. But Etoro is more recommended since it was started as a social and copy-trading platform – these features added quite a few services under commodities, stock, and equities. And even though it may be a little complicated for those starting off with cryptocurrency exchanges, it’s quite useful for cold storage of cryptocurrencies and Bitcoin cash.
So, let’s look at Crypto.com and Etoro to learn more about their features and trading details. Read on!
What is Crypto.com?
Based in Singapore, Crypto.com was founded by Bobby Bao and Kris Marszalek in 2016, and now it has over 4000 employees and is functioning across 180 countries. This crypto exchange platform provides various services, including social trading, wallet services, lending, staking, etc. It is compatible with over 200 cryptocurrencies, like SOL, AVAX, DOT, BTC, ATOM, and many others.
Crypto.com is popular for its affordable trading fees, ease of use, promotions, and secure two-factor authentication. Moreover, it offers its users a separate Crypto.com Visa Debit Card, where you can spend your rewards, wire transfer money, and other holdings. It has a user-friendly app that is compatible with iOS and Android.
What is Etoro?
Available in 140 countries, Etoro USA LLC offers a diverse range of assets, including commodities, stocks, and currencies, and is compatible with over 80 cryptocurrencies. This platform is known for its ease of use and innovative copy-trading and social trading features, which is a big hit among investors.
Moreover, Etoro provides a one-of-a-kind cryptocurrency exchange feature that has attracted over 30 million users. According to reviews, Etoro can follow and copy-trade strategies of experienced risk-takers and investors who use unique trading methods.
Crypto.com Vs. Etoro: Key Features
Let’s compare the key features of both crypto exchange apps to help you make an informed decision regarding which platform to invest in.
1. Signup Process And KYC
Even though both platforms require you to enter your KYC, the signup process is slightly different. Signing up for Etoro is simple and usually takes a couple of minutes. All you have to do is enter your username and email and confirm their verification.
Once the verification is done, you must submit personal information, such as valid government ID, country of residence, location, etc. However, they’ll take at least 1-2 business days to process your information and get your account start.
Alternatively, you only need an email and username to get your account started with Crypto.com. And upon verification, you must add your legal name and upload a government-issued ID. The only difference between the two is that opening an account with Crypto.com is faster than Etoro.
2. Products And Services
Compared to Crypto.com, Etoro is a more versatile platform, offering various types of financial assets, including cryptocurrencies (more famously, bitcoin and ETH), stocks, indices, etc. You can also buy and sell commodities such as gold, silver, and aluminum to increase your credit score. Moreover, users can invest in over 300 Exchange-Traded Funds (ETFs) and 50 fiat currencies.
For beginners who want to learn crypto exchange and trading without risk, Etoro offers a demo account where you can exchange virtual money and copy-trade with high security. However, we think that Etoro should gather more data regarding user-friendly asset navigation since it can be quite lagging sometimes.
Meanwhile, Crypto.com is a free trading service app that offers over 250 cryptocurrencies, warrants, and perps. Another unique feature you’ll get with Crypto.com accounts is their trading bots that provide ample support for grid trading and average USD dollar costs. They are also more beginner-friendly and offer digital multi-asset lending and borrowing via debit cards and NFTs.
3. Different Types Of Fees
Etoro charges traders flat 1% trading fees for cryptocurrency exchanges and stocks. And even though this fee structure seems quite straightforward for beginners starting with bitcoins and other currencies, it’s relatively higher than other platforms. Customers who purchase and sell high-end cryptocurrencies will pay much more than the standard minimum deposit.
Compared to Etoro, Crypto.com is a more traditional platform for crypto exchange, charging competitive trading fees, which can be lowered after meeting certain requirements. You’ll have to pay 0.075% as a spot maker and taker fee.
4. Deposit Methods
Etoro provides a variety of deposit methods to its users. As of 2022, it supported four fiat currencies, including EUR, USD, GBP, and AUD, and it allows deposits via bank transfer, PayPal, Neteller, Skrill, and Credit/Debit card. One thing that makes deposits worthwhile in Etoro is that they’re free of charge, so it’s a good option for saving up deposit fees.
On the other hand, Crypto.com is quite limited – it only accepts USD for deposits via bank transfer. However, there’s no deposit fee for wire or bank transfer, so it’s good enough for people who trade in USD.
Overall, Etoro is more versatile when it comes to deposits.
5. Withdrawal Methods
Neither of these cryptocurrency exchange apps provides its user with a variety of withdrawal methods. In Etoro, users can withdraw their money via a Debit card or bank account, but they’ll have to pay a $5 withdrawal fee. Moreover, if you want to have fiat currencies besides USD in your account, there’ll be additional conversion fees charged.
Crypto.com is even more limited – it only allows withdrawal (in USD) through bank transfers. However, it’s good to know they don’t charge any fees for such withdrawals. For bitcoins, you’ll have to pay 0.001 BTC, while cryptocurrencies like Solana, ETH, and Tether will have a higher charge as a withdrawal fee. For example, Crypto.com charges 0.04 ETH, 10 USDT, and 0.03 SOL for each respective withdrawal.
6. Security And Licensing
100% of user assets are stored in cold storage and wallets by Crypto.com. Plus, they are coveted for their 75 million investment in insurance against third-party theft, physical destruction, and damage. However, users must remember that the crypto and stock market have their own risks that they must be willing to take to get started with an active cryptocurrency exchange.
Both Crypto.com and Etoro have legal licensing in the United States, and they strictly follow regulations provided by the Securities Exchange Commission (SEC) and Financial Industry Regulatory Authority (FIRA).
7. Additional Features
Crypto.com is a more traditional platform for investing, but Etoro is a gift that keeps on giving. Besides its multi-asset brokerage and social trading market, there are two flagship features that set Etoro apart from other platforms. They are:
a) Copy Trading
You can follow real-time trades by successful investors and follow them with a minimum investment of $500 per trader you wish to follow. This method brings more profits and revenue than eye-balling it.
b) Crypto CopyPortfolio
This is a portfolio management product that uses predetermined investment strategies to automatically copy popular portfolios. However, users must invest at least $2000 to $5000 depending on the portfolio they’re interested in.
Etoro Vs. Crypto.com: Pros And Cons
Pros of Etoro
- Versatile service – provides a great portfolio for crypto, stocks, commodities, and other assets.
- 2FA verification and a lengthy yet secure signup process
- FDIC-insured USD balances
- Multi-signature facilities
- Users can invest in EFTs and over 50 fiat currencies
- Allows deposit via bank transfer, PayPal, Skrill, Neteller, Credit/ Debit card
- Free-of-charge deposits with four fiat currencies
Cons of Etoro
- Relatively higher trading fees
- Faulty and lagging demo accounts
- $5 withdrawal fees
- Additional conversion fees for non-USD withdrawals
Pros of Crypto.com
- Compatible with over 200 cryptocurrencies
- Competitive trading fees
- User-friendly interface for iOS and Android
- Personalized Crypto.com debit card to cash rewards
- Speedy signup process
- Trading bots to support users in grid trading and averaging USD costs
- Insurances against physical damage and third-party theft
Cons of Crypto.com
- Limited assets
- Only accepts USD deposits via bank transfer
- Cannot withdraw any other fiat currency besides USD
- Relatively lower security level
While Etoro is a versatile platform where users can invest in multiple assets, Crypto.com offers a more traditional solution with over 250 cryptocurrencies, which may be easier for beginners. But if you’re a pro at stock trading, lending, and crypto exchange, you’ll benefit from Etoro’s diversified portfolio.
However, Crypto.com offers a wider variety of cryptocurrencies and margins, so your chances of risk are lowered significantly. And what’s more, there’s quite a difference in their trading fees, with Etoro charging a whopping 1% on each trade.
Overall, we recommend starting off with Crypto.com but slowly making your way to Etoro when you gain more capital and experience. We hope this comparison between the two platforms helps you make an informed decision.
See you next time!
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