In this blog, we will try our best to illustrate the differences between eToro and Coinbase. Here, we will also include the topics eToro vs coinbase vs binance, etoro vs coinbase vs kraken, etoro vs coinbase cual es Mejor, etc.
Let’s have a look at how both are different from each other.
i) Type of Account:
The accounts on eToro are professional ones. If you have a retail account then you will get a membership on eToro Club that emphasizes restricted bonuses and rights relying on the capital size. The drawback is that it does not benefit clients’ deposits. They have Silver, Gold, Platinum, Platinum Plus, and Diamond.
Coinbase on the other hand does not possess different types of accounts. They have 2 cryptocurrency types such as Coinbase and Coinbase Pro.
You can utilize fiat money on both platforms for trading coins. If you are new to trading then Coinbase best suits your position. Coinbase Pro can be used by professionals as they provide upgraded features.
ii) Demo Account:
In trading, there are certain accounts that are provided by the firms in order to run the platform without utilizing the capital of that firm.
In this case, eToro has the option to use it as a Demo account. But for Coinbase no such option is available because Coinbase is a digital platform.
On eToro, you can just click the option that will be available on its screen and use the virtual portfolio. Create an account if you are interested and then only invest in it.
In order to register into the eToro account, you will need the username and the password, and also the email id. After that, if you want you can follow the steps to complete the verification process. The verification procedure is not mandatory to complete on that very day of registration.
Whereas on Coinbase, you need to furnish the email address, first and last name, and also the password. As you complete the above steps you will be quickly asked for identity verification to prevent fraud.
iv) What is the minimum deposit:
In eToro, the minimum deposit amount varies according to the region you reside. As for, the US or UK need to deposit $10, Germany or Australia deposit $50. The amount to deposit ranges from $10 – $1000.
Whereas, Coinbase does not have any such requirements for the minimum deposit. You can add $1 and start your trading.
If you want to trade through eToro you can have two platforms: browsers like chrome, firefox, Apple Safari, or Microsoft Edge using a PC, Tablet, and mobile. The second one is to install the app on the mobile phone.
If you are using Coinbase then tap www.coinbase.com on any browser and also install the app from the app or play store.
Both trading sites cannot be accessed on Windows and Mac.
In the field of trading, diversifying is the best option to prevent risk because more markets then there will be more investments.
eToro has more than 3000 instruments and Coinbase has over 4500 cryptocurrencies.
eToro is the online platform diversifying to different markets so that they would receive more investments. They are in the stocks, currencies, commodities, cryptos, and ETFs. But Coinbase trades only cryptocurrencies.
As a client, you will always want to have more than one payment method for making deposits.
This wish is fulfilled by eToro because you will find different methods to fund your account like Debit or credit card, Neteller, PayPal, Skrill, iDEAL, Rapid Transfer, Klarna or Sofort Banking, local banking, or bank transfer. You might not get all the options accessed while funding the account as this might be restricted in your country.
Coinbase also has different options for payments but is limited to ACH, wire transfer, debit card, and PayPal only.
viii) How they offer Customer Service:
In eToro you will get customer support through live chat or email. The cons of eToro are that there is no support over the phone. But they added a few more ways to reach out to their customers by asking them to submit an online query or clicking on the Help Center button.
In Coinbase, you can contact customer service through phone, live chat, or email. You cannot chat with the agent over the phone.
eToro is regulated by Cyprus Securities & Exchange Commission (CySEC), FCA (UK), and ASIC.
Coinbase is regulated by the Security and Exchange Commission (SEC).
x) eToro vs Coinbase fees:
eToro – On withdrawal $5 fee is charged, the monthly fee for inactivity is $10 and if you convert the money to USD while depositing and withdrawals you will charge a fee.
eToro vs Coinbase vs Binance
If you go through these 3 platforms Binance has the best option for trading cryptocurrency using fiat money. But fees are lower in eToro. If you go through the Reddit site, some users might report that Coinbase charges are high than Binance and eToro.
eToro vs Coinbase vs Kraken
If you compare Kraken and eToro, then Kraken is considered the best option for crypto exchange. Again if you had to deal with Kraken and Coinbase then in terms of fees Kraken is free of the cost compared to Coinbase.
Furthermore, eToro fees are also lower than Coinbase.
As we sum up, let’s have a look at the points at once.
- The minimum deposit ranges from $10 – to $1000
- Type of markets – stocks, ETFs, Commodities, Currencies
- Deposit Modes – Credit or Debit card, PayPal, Rapid Transfer, etc.
- Has Demo Account
- Regulated by ASIC, CySEC, FCA
- Get in touch with the customer team through email and live chat.
- The fee charged is less
- Minimum Deposit is $1
- Types of Markets – Cryptos
- Deposit Modes – ACH, Debit Card, PayPal, and Wire Transfer
- No Demo Account
- Regulated by SEC
- Customer Support through live chat, phone, and email
- Charges more fees compared to other platforms
Both platforms are best in their own ways. But eToro is considered as advantageous than Coinbase because you can get cryptos easily, wallet service, and an advanced crypto exchange.
Coinbase benefits from digital coins as it only trades crypto exchanges.
In case you only wish to trade cryptos then select Coinbase but if you wish to deal in different markets then eToro is the only option.
At last, it’s up to you how much risk you can take according to the platform you choose.